Multiple account advanced payment card and method of routing card transactions

• US 8,515,868 B2
• Filed: 10/18/2011
• Issued: 08/20/2013
• Est. Priority Date: 07/24/2001
• 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: Hirka, Jeffrey L., Fellner, Debra C., Fox, Steven, Knackstedt, Lee
• Primary Examiner(s): Bartley, Kenneth
• Application Number:
  US13/275,927
• Publication Number:
  US 20120036068A1
• Time in Patent Office: 672 Days
• Field of Search: 705/39, 705/41
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/3576 Multiple memory zones on card
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• 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 of accessing through a financial processing network multiple accounts associated with a single financial card. Data is input to the financial network in addition to the transaction data and the account identification data that is read from the card. This additional data permits the proper account to be accessed. The data may be input at the point of sale as an account selection. In this instance, the selection may be used to route the transaction data through the financial processing network or may be used to read data regarding one of multiple accounts encoded on the card. The data may also be stored as conditional routing rules at transfer points in the financial processing network. In this instance, the transaction is routed to the proper account based on the stored rules.

Claims

1. A computer-implemented method for using a financial transaction device associated with multiple accounts, comprising:

linking, by a computer processor, multiple accounts to a master account associated with a financial transaction device wherein the multiple accounts are held by a cardholder and the linking is performed prior to issuing the financial transaction device to the cardholder and wherein further the multiple accounts are maintained by a single financial institution that issues the financial transaction device and each of the multiple accounts is in existence prior to issuing the financial transaction device,

wherein the multiple accounts comprise two or more of;

a credit account;

a debit account;

an ATM account; and

a stored value account;

issuing the financial transaction device to the cardholder wherein the financial transaction device comprises machine readable data pertaining to the master account;

determining pre-defined rules comprising a set of criteria which set conditions for a transaction account to be accessed following a transaction with the master account, wherein the transaction account is selected from among the multiple accounts,

wherein the set of criteria comprises one or more of the following;

type of merchant involved in the transaction;

type of goods involved in the transaction;

type of services involved in the transaction;

a location of the transaction; and

an amount of funds involved in the transaction;

receiving a preliminary transaction request, based upon the transaction with the master account, from a point of sale or merchant processor, wherein the preliminary transaction request comprises data containing master account information appended with selection information indicating the transaction account to process the transaction against;

determining, by the computer processor, that the transaction meets the predefined rules for the transaction account indicated in the preliminary transaction request; and

processing the transaction against the transaction account based upon the preliminary transaction request.

2. The method of claim 1, further comprising:

determining, by the computer processor, that at least one arbitration rule exists comprising logic to resolve conflicts in the set of criteria for accessing the transaction account based upon the transaction, wherein the at least one arbitration rule presents an option for override.

3. The method of claim 2, wherein the option for override of the at least one arbitration rule is an option for the cardholder to override the at least one arbitration rule.

4. The method of claim 1, wherein a personal identification number is required to complete the transaction.

5. The method of claim 1, wherein the machine readable data is stored on a magnetic stripe.

6. The method according to claim 1, wherein the processing includes multiple processors including merchant processors, merchant acquires, card associations and member processors.

7. The method of claim 1, wherein the pre-defined rules are established by the cardholder.