System and method for providing instant-decision, financial network-based payment cards

• US 8,170,952 B2
• Filed: 08/03/2011
• Issued: 05/01/2012
• Est. Priority Date: 07/25/2003
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: White, Brigette A., Levinson, Ronald, Sabharwal, Mohit
• Primary Examiner(s): Colbert, Ella
• Application Number:
  US13/197,472
• Publication Number:
  US 20110288990A1
• Time in Patent Office: 272 Days
• Field of Search: 705/35, 705 38- 40, 235/379, 235/380
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system and method for issuance of a financial network-based payment card (generally known as a “payment card” or a “credit card”) almost instantaneously after application, wherein an applicant applies for a credit card by entering data into a data entry system using a handheld electronic device, advantageously by filling in a plurality of predefined forms in a computer-based data entry system. The applicant'"'"'s data is sent via a data network to a central decision center, which approves or disapproves the application. If the application is approved, data is generated, a payment card is activated, and a result of the determination to issue is sent to the handheld electronic device.

Claims

1. A computer-implemented method for activating a payment card, comprising the steps of:

receiving personal data associated with an applicant from a handheld electronic device located at a first site;

determining, at a decision system, whether to issue the payment card based on information comprising the personal data and financial information associated with the applicant;

encoding a payment card with the unique identifying information, responsive to a determination to issue the payment card to the applicant;

activating the payment card for use in a limited geographic area comprising the first site; and

transmitting a result of the determination to issue the payment card by the decision system to the handheld electronic device.

2. The computer-implemented method of claim 1, wherein the handheld electronic device communicates wirelessly with the decision system.

3. The computer-implemented method of claim 1, wherein the handheld electronic device comprises a tablet computer.

4. The computer-implemented method of claim 1, wherein the handheld electronic device comprises a personal digital assistant.

5. The computer-implemented method of claim 1, wherein the payment card is a temporary payment card.

6. The computer-implemented method of claim 5 further comprising activating a permanent payment card to replace the temporary payment card.

7. The computer-implemented method of claim 6, wherein the permanent payment card is activated for use on any point-of-sale network associated with an issuer of the permanent payment card.

8. The computer-implemented method of claim 5 further comprising re-configuring the temporary payment card into a permanent payment card.

9. The computer-implemented method of claim 1, wherein the handheld electronic device is configured to encrypt the personal data associated with the applicant prior to transmission to the decision system.

10. The computer-implemented method of claim 1, wherein the handheld electronic device is configured to include one or more input screens configured to receive the personal data from the applicant.

11. A system for activating a payment card accepted by one or more financial networks, the system comprising:

a decision computer system configured to;

receive personal data associated with an applicant from a handheld electronic device located at a first site;

determine whether to issue the payment card based on information comprising the personal data and financial information associated with the applicant;

encode a payment card with the unique identifying information, responsive to a determination to issue the payment card to the applicant;

activate the payment card for use in a limited geographic area comprising the first site; and

transmit a result of the determination to issue the payment card by the decision system to the handheld electronic device.

12. The system of claim 11, wherein the decision computer system communicates wirelessly with the handheld electronic device.

13. The system of claim 11, wherein the handheld electronic device comprises a tablet computer.

14. The system of claim 11, wherein the handheld electronic device comprises a personal digital assistant.

15. The system of claim 11, wherein the payment card is a temporary payment card.

16. The system of claim 15, wherein the decision computer system is further configured to activate a permanent payment card to replace the temporary payment card.

17. The system of claim 16, wherein the permanent payment card is activated for use on any point-of-sale network associated with an issuer of the permanent payment card.

18. The system of claim 15, wherein the decision computer system is further configured to re-configure the temporary payment card into a permanent payment card.

19. The system of claim 11, wherein the handheld electronic device is configured to encrypt the personal data associated with the applicant prior to receipt by the decision system.

20. The system of claim 11, wherein the handheld electronic device is configured to include one or more input screens configured to receive the personal data associated with the applicant.