Transaction device and processing system

• US 9,111,269 B2
• Filed: 09/23/2011
• Issued: 08/18/2015
• Est. Priority Date: 09/23/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James G., Zanzot, Mark D., Griggs, Christopher R., Gibson, Lisa
• Primary Examiner(s): Hayles, Ashford S
• Application Number:
  US13/200,433
• Publication Number:
  US 20130080270A1
• Time in Patent Office: 1,425 Days
• Field of Search: 705/16
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices

Abstract

According to some embodiments, a transaction device for performing a transaction between a customer and a merchant comprises an account selection engine and a communication link. The account selection engine operable to receive information identifying at least one characteristic of a proposed transaction, identify a plurality of accounts associated with the customer, and select a first account from among the plurality of accounts based on the at least one characteristic. The communication link is operable to transmit identification of the first account to a point of sale interface of a transaction device, the point of sale interface operable to transmit a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

Claims

1. A transaction processing system for selecting an account for a transaction between a customer accessing a transaction device comprising a point of sale interface and a merchant having a point of sale receiver, the system comprising:

an account selection engine that;

receives information identifying a merchant name, a merchant category, a product name, a product category, and an amount of a proposed transaction;

identifies a plurality of accounts associated with the customer;

determines an account status of the plurality of accounts;

determines account selection criteria of the plurality of accounts;

determines a plurality of selection rules associated with the customer, the account status, and the account selection criteria, wherein each selection rule is associated with a prioritization category and the plurality of selection rules comprises at least one selection rule associated with a mandatory rule category, at least one selection rule associated with a preferential rule category, and at least one selection rule associated with an optimal rule category;

prioritizes the plurality of selection rules from the mandatory rule category, the preferential rule category, and the optimal rule category based on a monetary amount classification of the customer; and

selects a first account from among the plurality of accounts based on the at least one characteristic merchant name, the merchant category, the product name, the product category, and the amount of the proposed transaction, the account status, the account selection criteria, and the prioritization of the plurality of selection rules; and

a communication link that transmits identification of the first account to the point of sale interface of the transaction device, the point of sale interface transmits a transaction request to the point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

2. The transaction processing system of claim 1, wherein the account selection engine and the communication link are housed within the transaction device.

3. The transaction processing system of claim 1, wherein the account selection criteria comprises at least one of the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

4. The transaction device of claim 1, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.

12. The transaction processing system of claim 1, wherein the account status comprises at least one of the group consisting of a minimum account balance, a maximum account balance, and an amount of time between the time of the transaction and the time payment is due on the first account.

13. The transaction processing system of claim 1, wherein the monetary amount classification of the customer comprises at least one of the group consisting of a mass affluent customer, a low-income customer, and a teenager customer.

14. The transaction processing system of claim 1, the account selection engine further:

determines user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules, the weights being varied from less important to more important; and

selects the first account from among the plurality of accounts based on the user criteria.

5. A system comprising:

a memory that stores information identifying;

a merchant name, a merchant category, a product name, a product category, and an amount of a proposed transaction between a customer and a merchant;

a plurality of accounts associated with the customer;

an account status of the plurality of accounts;

account selection criteria of the plurality of accounts;

a plurality of selection rules associated with the customer, the account status, and the account selection criteria, wherein each selection rule is associated with a prioritization category and the plurality of selection rules comprises at least one selection rule associated with a mandatory rule category, at least one selection rule associated with a preferential rule category, and at least one selection rule associated with an optimal rule category; and

a processor coupled to the memory, the memory including executable instructions that upon execution cause the system to;

prioritize the plurality of selection rules from the mandatory rule category, the preferential rule category, and the optimal rule category based on a monetary amount classification of the customer;

select a first account from among the plurality of accounts based on the merchant name, the merchant category, the product name, the product category, and the amount of the proposed transaction, the account status, the account selection criteria, and the prioritization of the plurality of selection rules; and

transmit identification of the first account to a point of sale interface of a transaction device, the point of sale interface transmits a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

6. The system of claim 5, wherein the memory and the processor are housed within the transaction device.

7. The system of claim 5, wherein the account selection criteria selected from comprises at least one of the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

8. The system of claim 5, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.

15. The system of claim 5, wherein the account status comprises at least one of the group consisting of a minimum account balance, a maximum account balance, and an amount of time between the time of the transaction and the time payment is due on the first account.

16. The system of claim 5, wherein the monetary amount classification of the customer comprises at least one of the group consisting of a mass affluent customer, a low-income customer, and a teenager customer.

17. The system of claim 5, the processor further:

determines user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules, the weights being varied from less important to more important; and

selects the first account from among the plurality of accounts based on the user criteria.

9. A computerized method for selecting an account for a transaction between a customer and a merchant, comprising:

receiving, by an interface, information identifying a merchant name, a merchant category, a product name, a product category, and an amount of a proposed transaction between the customer and the merchant;

identifying, by a processor, a plurality of accounts associated with the customer;

determining, by the processor, an account status of the plurality of accounts;

determining, by the processor, account selection criteria of the plurality of accounts;

determining, by the processor, a plurality of selection rules associated with the customer, the account status, and the account selection criteria, wherein each selection rule is associated with a prioritization category and the plurality of selection rules comprises at least one selection rule associated with a mandatory rule category, at least one selection rule associated with a preferential rule category, and at least one selection rule associated with an optimal rule category;

prioritizing, by the processor, the plurality of selection rules from the mandatory rule category, the preferential rule category, and the optimal rule category based on a monetary amount classification one or more characteristics of the customer;

selecting, by the processor, a first account from among the plurality of accounts based on the merchant name, the merchant category, the product name, the product category, and the amount of the proposed transaction, the account status, the account selection criteria, and the prioritization of the plurality of selection rules; and

transmitting, by the interface, identification of the first account to a point of sale interface of a transaction device, the point of sale interface transmits a transaction request to a point of sale receiver associated with the merchant, the transaction request comprising an account number associated with the first account.

10. The computerized method of claim 9, wherein the account selection criteria selected from comprises at least one of the group consisting of an amount of rewards associated with using the first account, an amount of fees the customer will owe by using the first account, and an amount of interest the customer will owe by using the first account.

11. The computerized method of claim 9, wherein the plurality of accounts comprises the first account and a second account, the first account is associated with a first financial institution, and the second account is associated with a second financial institution different from the first financial institution.

18. The computerized method of claim 9, wherein the account status comprises at least one of the group consisting of a minimum account balance, a maximum account balance, and an amount of time between the time of the transaction and the time payment is due on the first account.

19. The computerized method of claim 9, wherein the monetary amount classification of the customer comprises at least one of the group consisting of a mass affluent customer, a low-income customer, and a teenager customer.

20. The computerized method of claim 9, further comprising:

determining, by the processor, user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules, the weights being varied from less important to more important; and

wherein selecting, by the processor, the first account from among the plurality of accounts further comprises selecting, by the processor, the first account from among the plurality of account based on the user criteria.