Method and system for implementing a card product with multiple customized relationships

• US 8,752,759 B1
• Filed: 06/24/2013
• Issued: 06/17/2014
• Est. Priority Date: 05/27/2005
• 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: Pletz, Tracy M., Rochford, Joseph, Seidel, Howard C.
• Primary Examiner(s): TRAIL, ALLYSON NEEL
• Application Number:
  US13/924,998
• Time in Patent Office: 358 Days
• Field of Search: 235/375, 235/379, 235/380
• US Class Current: 235/375
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/3555 Personalisation of two or more cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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 7/10 together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric data

Abstract

According to one embodiment, the present invention relates to a method and a system for implementing a card product or access mechanism with multiple relationships with an issuing entity (e.g., bank, etc.) where each relationship may be defined by one or more sets of rules that are customized for a particular customer. A computer implemented method and system for implementing a mechanism with multiple customized relationships may involve identifying one or more customized rules for an access mechanism associated with a customer; establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics; and invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules; wherein the plurality of accounts share at least one funding account.

Claims

1. A computer implemented method for implementing a payment mechanism with multiple customized relationships, the method comprising the steps of:

associating, by at least one computer processor, a plurality of accounts with a payment mechanism for a customer wherein the plurality of accounts are funded by a funding account, each account having different account characteristics;

identifying one or more priority rules for defining which account to invoke for the customer;

monitoring, by at least one computer processor, customer behavior; and

invoking one account from the plurality of accounts for the customer based at least in part on the one or more priority rules and customer behavior.

2. The method of claim 1, wherein each of the plurality of accounts represents a relationship with a bank.

3. The method of claim 1, wherein the step of monitoring customer behavior comprises monitoring a checking account balance associated with the customer.

4. The method of claim 1, further comprising the step of:

based on the customer behavior, generating one or more incentives, rewards and offers for the customer.

5. The method of claim 1, further comprising the step of:

modifying at least one account from the plurality of accounts.

6. The method of claim 1, wherein the funding account funding the plurality of accounts comprises a checking account.

7. The method of claim 1, wherein the one or more priority rules are defined by a financial institution.

8. The method of claim 1, wherein one or more features and benefits associated with each of the plurality of accounts is based at least in part on customer data.

9. The method of claim 1, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

10. The method of claim 1, wherein at least two or more of the plurality of accounts share benefits with each other.

11. The method of claim 1, wherein the one or more customized rules are adjusted.

12. A computer implemented system for implementing a mechanism with multiple customized relationships, the system comprising:

an accounts module, comprising at least one computer processor, configured to associate a plurality of accounts with a payment mechanism for a customer wherein the plurality of accounts comprise different accounts with different account characteristics;

the plurality of accounts comprising at least one or more;

debit account, checking account and savings account;

a monitor module, comprising at least one computer processor, configured to monitor customer behavior; and

a rules module, comprising at least one computer processor, configured to identify one or more priority rules for defining which account to invoke from the plurality of accounts for the customer based at least in part on the one or more priority rules and customer behavior.

13. The system of claim 12, wherein each of the plurality of accounts represents a relationship with a bank.

14. The system of claim 12, wherein the monitor module is further configured to monitor a checking account balance associated with the customer.

15. The system of claim 12, wherein the rules module is further configured to generate one or more incentives, rewards and offers for the customer based on the customer behavior.

16. The system of claim 12, wherein at least one account from the plurality of accounts is modified.

17. The system of claim 12, wherein the funding account funding the plurality of accounts comprises a checking account.

18. The system of claim 12, wherein the one or more priority rules are defined by a financial institution.

19. The system of claim 12, wherein one or more features and benefits associated with each of the plurality of accounts is based at least in part on customer data.

20. The system of claim 12, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

21. The system of claim 12, wherein at least two or more of the plurality of accounts share benefits with each other.

22. The system of claim 12, wherein the one or more customized rules are adjusted.