Dual-activation financial products

• US 8,762,278 B2
• Filed: 06/07/2013
• Issued: 06/24/2014
• Est. Priority Date: 04/13/2010
• Status: Active Grant

• Current Assignee: Enservio Incorporated (Solera Holdings Incorporated)
• Original Assignee: Enservio Incorporated (Solera Holdings Incorporated)
• Inventors: Miller, Paul Colin
• Primary Examiner(s): Maguire, Lindsay M
• Assistant Examiner(s): Fu, Hao
• Application Number:
  US13/912,568
• Publication Number:
  US 20140040118A1
• Time in Patent Office: 382 Days
• Field of Search: 705/35, 705/44
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/229 Hierarchy of users of accounts
• CPC Class Codes: G06Q 20/322 Aspects of commerce using mobile devices [M-devices]
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 20/354 Card activation or deactivation
• 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 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A system operating in conjunction with a financial account permits joint activation of a virtual card associated with the financial account. An event-detection module detects an event related to the virtual card and an authorization component for permitting certain individuals to use the virtual card. A messaging module generates account-related messages and transmitting these messages to individuals associated with the financial account.

Claims

1. A system, operating in conjunction with a financial account of an issuing institution having at least one card associated therewith for accessing funds in the financial account, the system requiring joint activation of usage of the at least one card by at least two cardholders associated therewith, the system comprising:

a computational processing unit for data processing and execution of stored instructions; and

connected with the computational processing unit, memory for storing computer-readable instructions executable by the processing-unit, the instructions, when executed by the computational processing unit, implementing an event-detection module configured to

(a) detect a first activation event, related to the at least one card, received from one of a plurality of cardholders associated with the financial account, and

(b) subsequently detect, from each of the other cardholders associated with the financial account, a subsequent activation event, wherein the at least one card (i) comprises a virtual card, (ii) cannot be used by any of the cardholders until all of the cardholders have activated the at least one card in accordance with step (b), and (iii) is authorized to be used by each cardholder once all of the cardholders have activated the at least one card.

2. The system of claim 1, further comprising a data storage component for storing activation and usage rules associated with the at least one card.

3. The system of claim 2, wherein the usage rules limit use of the at least one card to purchases of items within specified categories.

4. The system of claim 2, wherein the usage rules limit use of the at least one card to purchases of specified items.

5. The system of claim 4, wherein the specified items comprise replacement items for items claimed on an insurance claim.

6. The system of claim 2, wherein the usage rules limit use of the at least one card to purchases from specific retail establishments.

7. The system of claim 1, wherein the virtual card comprises at least one of an electronic funds transfer, a direct deposit, or a mobile payment.

8. The system of claim 1, wherein the virtual card is configured to be activated from a mobile device and used from the mobile device after all cardholders have activated the card.

9. The system of claim 1, wherein the virtual card comprises at least one of an online credit, an online gift certificate, or an online balance made available to the cardholders.

10. The system of claim 1, wherein the at least one card comprises at least two cards.

11. The system of claim 10, wherein the at least one card comprises the virtual card and a physical card.

12. The system of claim 11, wherein the physical card comprises a debit card, a credit card, or a gift card.

13. A computer-implemented method for activating one or more virtual cards associated with a single financial account of an issuing institution, the one or more virtual cards requiring joint activation of usage by at least two cardholders associated therewith and facilitating access to funds within the financial account upon activation, the method comprising:

executing, by a computational processing unit, computer-readable instructions, stored in a non-transitory memory associated with the computational processing unit, for

(i) detecting, using the computational processing unit, a first activation event, related to the one or more virtual cards, received from a first cardholder associated with the financial account,

(ii) subsequently to the detection of the first detection event, detecting, using the computational processing unit, activation events from each of the other cardholders associated with the financial account, and

(iii) preventing, using the computational processing unit, use of the one or more virtual cards until all of the cardholders associated with the financial account have activated the one or more virtual cards and authorizing the one or more virtual cards for use once all cardholders associated with the financial account have activated the one or more virtual cards.

14. The method of claim 13, further comprising using the computational processing unit to execute instructions for limiting use of the one or more virtual cards to purchases of pre-specified merchandise.

15. The method of claim 14, wherein the pre-specified merchandise corresponds to items claimed as lost in an insurance claim filed by the cardholders.

16. The method of claim 13, further comprising using the computational processing unit to execute instructions for limiting use of the one or more virtual cards to purchases at pre-specified retail establishments.

17. The method of claim 13, wherein the one or more virtual cards comprise at least one of an electronic funds transfer, a direct deposit, or a mobile payment.

18. The method of claim 13, wherein the one or more virtual cards comprise at least one of an online credit, an online gift certificate, or an online balance made available to the cardholders.

19. The method of claim 13, wherein the first activation event is received from a mobile device, and authorizing the one or more virtual cards for use comprises authorizing the one or more virtual cards from use from the mobile device.

20. A system, operating in conjunction with a financial account of an issuing institution providing an electronic funds transfer (EFT) capability for transferring funds in the financial account, the system requiring joint activation for the EFT by all of a plurality of entities associated therewith, the system comprising:

a computational processing unit for data processing and execution of stored instructions; and

connected with the computational processing unit, non-transitory memory for storing computer-readable instructions executable by the computational processing unit, wherein the computational processing unit is configured to;

(a) detect a first activation event, related to an EFT, received from one of the plurality of the entities associated with the financial account, and

(b) subsequently detect from each of the other of the plurality of entities associated with the financial account, a subsequent activation event related to the EFT,

wherein the EFT cannot be processed until all of the plurality of entities have performed at least one of the activation event in accordance with step (a) or the subsequent activation event in accordance with step (b).

21. The system of claim 20, wherein the processing-unit further comprises instructions for electronically transferring funds from the financial account of the issuing institution by the EFT.

22. The system of claim 20, wherein the processing-unit further comprises instructions for enabling purchases of pre-specified merchandise by the plurality of entities by the EFT.

23. The system of claim 22, wherein the pre-specified merchandise corresponds to items claimed as lost in an insurance claim filed by the plurality of entities.

24. The system of claim 20, wherein the processing-unit further comprises instructions for enabling purchases at pre-specified retail establishments by the plurality of entities by the EFT.

25. The system of claim 20, wherein the EFT is associated with at least one of an online credit card, an online gift certificate, or an online balance made available to the entities.

26. The system of claim 20, wherein the processing-unit further comprises instructions for initiating a direct deposit transaction of funds from the financial account of the issuing institution by the EFT.

27. The system of claim 20, wherein the processing-unit further comprises instructions for initiating a mobile payment transfer of funds from the financial account of the issuing institution by the EFT.