System and method for universal instant credit

• US 8,352,370 B1
• Filed: 05/16/2011
• Issued: 01/08/2013
• Est. Priority Date: 03/28/2011
• 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: Mann, William F. III, White, Tanya M.
• Primary Examiner(s): Patel, Jagdish
• Assistant Examiner(s): HAMILTON, SARA CHANDLER
• Application Number:
  US13/108,345
• Time in Patent Office: 603 Days
• Field of Search: 705/38, 705/39, 705/44
• US Class Current: 705/44
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods for universal instant credit are disclosed. In one embodiment, a method of offering a financial instrument to a customer includes (1) using a computer processor, an issuer providing a customer with an application for a financial instrument; (2) the issuer receiving from the customer a completed application for the financial instrument; (3) using the computer processor, the issuer determining whether to approve the customer for the financial instrument; (4) using the computer processor, the issuer transmitting a first portion of an account identifier to a merchant; and (5) using the computer processor, the issuer transmitting a second portion of the account identifier to the customer. The financial instrument may be a credit card, a stored value card, a line of credit, etc.

Claims

1. A method for conducting a transaction with a financial instrument having an account identifier, the account identifier having a first portion and a second portion, comprising:

receiving, by one or more computer processors of an issuer, from a customer, a completed application for the financial instrument;

determining, by the one or more computer processors of the issuer, whether to approve the customer for the financial instrument;

when the customer is approved for the financial instrument;

transmitting, by the one or more computer processors of the issuer, a first portion of an account identifier to a merchant; and

transmitting, by the one or more computer processors of the issuer, a second portion of the account identifier to the customers;

wherein the first portion of the account identifier and the second portion of the account identifier, when combined, constitute the account identifier; and

receiving, by the one or more computer processors of the issuer, from the merchant, the account identifier, wherein the second portion of the account identifier was provided to the merchant by the customer.

2. The method of claim 1, wherein the first portion of the account identifier comprises a first 12 digits of the account identifier.

3. The method of claim 1, wherein the second portion of the account identifier comprises a last 4 digits of the account identifier.

4. The method of claim 1, further comprising:

completing the transaction using the account identifier.

5. The method of claim 4, wherein the transaction is an on-line transaction.

6. The method of claim 1, wherein the second portion of the account identifier is transmitted to a web browser.

7. The method of claim 1, wherein the second portion of the account identifier is transmitted in a SMS message.

8. The method of claim 1, wherein the second portion of the account identifier is transmitted as an email.

9. The method of claim 1, wherein the financial instrument is one of a credit card, a stored value card, and a line of credit.

10. The method of claim 1, further comprising:

the issuer offering an incentive to the customer to apply or be issued the financial instrument.

11. The method of claim 10, wherein the incentive is one of an account credit, a discount on a transaction, a discounted shipping incentive, a reduced interest rate incentive, and a reward point incentive.

12. The method of claim 1, wherein the account identifier expires after at least one of a predetermined number of uses and a passage of a predetermined amount of time.

13. A system for conducting a transaction with a financial instrument having an account identifier, the account identifier having a first portion and a second portion, comprising:

one or more computer processors of an issuer configured to;

receive, from a customer, a completed application for a financial instrument;

determine whether to approve the customer for the financial instrument;

when the customer is approved for the financial instrument;

transmit a first portion of an account identifier to a merchant;

transmit a second portion of the account identifier to the customer,

wherein the first portion of the account identifier and the second portion of the account identifier, when combined, constitute the account identifier; and

receive, from the merchant, the account identifier, wherein the second portion of the account identifier was provided to the merchant by the customer.

14. The system of claim 13, wherein the first portion of the account identifier comprises a first 12 digits of the account identifier, and the second portion of the account identifier comprises a last 4 digits of the account identifier.

15. The of claim 13, wherein the second portion of the account identifier is transmitted in a SMS message.

16. The of claim 13, wherein the second portion of the account identifier is transmitted as an email.

17. The system of claim 13, wherein the financial instrument is one of a credit card, a stored value card, and a line of credit.

18. The system of claim 13, wherein the account identifier expires after at least one of a predetermined number of uses and a passage of a predetermined amount of time.

19. The system of claim 13, wherein the one or more computer processors of the issuer are further configured to offer an incentive to the customer to apply or be issued the financial instrument.

20. The system of claim 19, wherein the incentive is one of an account credit, a discount on a transaction, a discounted shipping incentive, a reduced interest rate incentive, and a reward point incentive.