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Methods and apparatus for facilitating a financial transaction

  • US 8,676,708 B1
  • Filed: 10/27/2011
  • Issued: 03/18/2014
  • Est. Priority Date: 10/29/2010
  • Status: Active Grant
First Claim
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1. A method for authorizing a financial transaction of a consumer, comprising:

  • in an account establishment phase;

    issuing a credit card to a cardholder by a card-issuing financial institution;

    creating a credit card account associated with the card and the cardholder;

    creating or designating a deposit account associated with the cardholder;

    creating a liability payment remittance account associated with the cardholder;

    associating in a database in a memory of a computer system the credit card with the deposit account and the payment remittance account; and

    placing or crediting cardholder money in the deposit account;

    in a transaction authorization phase;

    receiving a request for authorization for a transaction from a clearing system via a network connected to the clearing system by the card-issuing financial institution;

    accessing an open to buy file, using a computer processor, to determine if adequate resources exist to complete the transaction, wherein the open to buy file reflects financial aspects of both the card account and the deposit account; and

    if adequate resources exist, then;

    authorizing, using the computer processor, a purchase transaction; and

    transferring funds, utilizing the computer processor, from the deposit account to the payment remittance account;

    thereby building an outstanding balance on the credit card account;

    in a payment processing phase, after a predetermined period of time or presentment of the card account balance due;

    applying, using the computer system, a funds debit or charge to the payment remittance account; and

    crediting, using the computer system, the credit card account for an amount of payment.

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