Systems and methods for controlling payment processing

• US 10,719,876 B2
• Filed: 01/21/2011
• Issued: 07/21/2020
• Est. Priority Date: 01/22/2010
• Status: Active Grant

• Current Assignee: Verient Incorporated
• Original Assignee: Verient Incorporated
• Inventors: Shakkarwar, Rajesh G.
• Primary Examiner(s): King, Joseph W.
• Application Number:
  US13/011,525
• Publication Number:
  US 20110184857A1
• Time in Patent Office: 3,469 Days
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions. The method includes receiving a selection of a plurality of core accounts for providing financial backing for the financial product, and generating the financial product based on one or more control parameters that define use restrictions for the financial product.

Claims

1. A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions, the method comprising:

receiving, from a user interface executing on a user device via a network, a user selection of a core account and a credit card account for providing financial backing for the financial product;

receiving, from the user interface, a plurality of user-selected parameters associated with the financial product;

generating, by operation of at least one computer processor, the financial product from at least the core account and the credit card account, wherein the financial product has a number that is different from an account number of the credit card account and comprises a virtual card made available to a user through a web browser, wherein the financial product is associated with the plurality of parameters that specify a plurality of use restrictions for payment transactions to be debited from the credit card account, wherein each parameter in the plurality of parameters is assigned a different weight value, the associated plurality of parameters being stored to a parameter database;

causing the financial product to be distributed to the user device via the network;

receiving a payment transaction initiated with the financial product;

identifying, by operation of at least one computer processor, the plurality of parameters associated with the financial product by implementing the number of the financial product as a reference pointer to identify the associated plurality of parameters stored to the parameter database;

determining a sum of weight values assigned to parameters in the plurality of parameters that are satisfied by the payment transaction;

upon determining that the sum of weight values does not meet a threshold value, rejecting the payment transaction; and

upon determining that the sum of weight values meets the threshold value, performing the steps of;

debiting from the credit card account, by operation of at least one computer processor, a first amount of funds to satisfy the payment transaction; and

scheduling, by operation of at least one computer processor, an automatic transfer of the first amount of funds from the core account to the credit card account.

2. The computer-implemented method of claim 1, wherein the automatic transfer is scheduled to occur prior to midnight of the day on which funds from the credit card are withdrawn.

3. The computer-implemented method of claim 1, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

4. The computer-implemented method of claim 1, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

14. The computer-implemented method of claim 1, further comprising determining, using the financial product card number and stored mappings between financial product card numbers and account numbers of accounts backing financial products, one or more account numbers of the core account and the credit card account.

17. The computer-implemented method of claim 1, wherein the financial product comprises a virtual card available through an electronics medium.

18. The computer-implemented method of claim 1, wherein the plurality of use restrictions comprises a plurality of products or services permitted to be payable by the financial product.

5. A non-transitory computer-readable storage medium storing instructions that, when executed by a processor, cause a computer system to generate a financial product that is configured to be used for one or more payment transactions, by performing the steps of:

receiving, from a user interface executing on a user device via a network, a user selection of a core account and a credit card account for providing financial backing for the financial product;

receiving, from the user interface, a plurality of user-selected parameters associated with the financial product;

generating the financial product from at least the core account and the credit card account, wherein the financial product has a number that is different from an account number of the credit card account and comprises a virtual card made available to a user through a web browser, wherein the financial product is associated with the plurality of parameters that specify a plurality of use restrictions for payment transactions to be debited from the credit card account, wherein each parameter in the plurality of parameters is assigned a different weight value, the associated plurality of parameters being stored to a parameter database;

causing the financial product to be distributed to the user device via the network;

receiving a payment transaction initiated with the financial product;

identifying the plurality of parameters associated with the financial product by implementing the number of the financial product as a reference pointer to identify the associated plurality of parameters stored to the parameter database;

determining a sum of weight values assigned to parameters in the plurality of parameters that are satisfied by the payment transaction;

upon determining that the sum of weight values does not meet a threshold value, rejecting the payment transaction; and

upon determining that the sum of weight values meets the threshold value, performing the steps of;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction; and

scheduling an automatic transfer of the first amount of funds from the core account to the credit card account.

6. The non-transitory computer-readable storage medium of claim 5, wherein the automatic transfer is scheduled to occur prior to midnight of the day on which funds from the credit card are withdrawn.

7. The non-transitory computer-readable storage medium of claim 5, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

8. The non-transitory computer-readable storage medium of claim 5, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

15. The non-transitory computer-readable storage medium of claim 5, further comprising the step of determining, using the financial product card number and stored mappings between financial product card numbers and account numbers of accounts backing financial products, one or more account numbers of the core account and the credit card account.

9. A computer system, comprising:

a processor; and

a memory storing instructions that when executed by the processor cause the computer system to generate a financial product that is configured to be used for one or more payment transactions, by performing the steps of;

receiving, from a user interface executing on a user device via a network, a user selection of a core account and a credit card account for providing financial backing for the financial product;

receiving, from the user interface, a plurality of user-selected parameters associated with the financial product;

generating the financial product from at least the core account and the credit card account, wherein the financial product has a number that is different from an account number of the credit card account and comprises a virtual card made available to a user through a web browser, wherein the financial product is associated with the plurality of parameters that specify a plurality of use restrictions for payment transactions to be debited from the credit card account, wherein each parameter in the plurality of parameters is assigned a different weight value, the associated plurality of parameters being stored to a parameter database;

causing the financial product to be distributed to the user device via the network;

receiving a payment transaction initiated with the financial product;

identifying the plurality of parameters associated with the financial product by implementing the number of the financial product as a reference pointer to identify the associated plurality of parameters stored to the parameter database;

determining a sum of weight values assigned to parameters in the plurality of parameters that are satisfied by the payment transaction;

upon determining that the sum of weight values does not meet a threshold value, rejecting the payment transaction; and

upon determining that the sum of weight values meets the threshold value, performing the steps of;

debiting, from the credit card account, a first amount of funds to satisfy the payment transaction; and

scheduling an automatic transfer of the first amount of funds from the core account to the credit card account.

10. The computer system of claim 9, wherein the automatic transfer is scheduled to occur prior to midnight of the day on which funds from the credit card are withdrawn.

11. The computer system of claim 9, wherein the automatic transfer is scheduled to occur after the first amount of funds is debited from the credit card account.

12. The computer system of claim 9, wherein the core account comprises a checking account, a savings account, a home equity account, a money market account, a debit card account, a prepaid card account, a gift card account, a healthcare savings account, an educational savings account, a credit card account, an employee benefits account, a rewards account, a billing account, or a promotion fund account.

16. The computer system of claim 9, further comprising the step of determining, using the financial product card number and stored mappings between financial product card numbers and account numbers of accounts backing financial products, one or more account numbers of the core account and the credit card account.

13. A computer-implemented method for generating a financial product that is configured to be used for one or more payment transactions, the method comprising:

receiving, from a user interface executing on a user device via a network, a user selection of a core account and a credit card account for providing financial backing for the financial product;

receiving, from the user interface, a plurality of user-selected parameters associated with the financial product;

generating, by operation of at least one processor, the financial product from at least the core account and the credit card account, wherein the financial product has a number that is different from an account number of the credit card account and comprises a virtual card made available to a user through a web browser, wherein the financial product is associated with the plurality of parameters that specify a plurality of use restrictions for payment transactions to be debited from the credit card account, wherein each parameter in the plurality of parameters is assigned a different weight value, the associated plurality of parameters being stored to a parameter database;

causing the financial product to be distributed to the user device via the network;

receiving a payment transaction initiated with the financial product;

identifying, by operation of at least one computer processor, the plurality of parameters associated with the financial product by implementing the number of the financial product as a reference pointer to identify the associated plurality of parameters stored to the parameter database;

determining a sum of weight values assigned to parameters in the plurality of parameters that are satisfied by the payment transaction;

upon determining that the sum of weight values does not meet a threshold value, rejecting the payment transaction; and

upon determining that the sum of weight values meets the threshold value, performing the steps of;

debiting from the credit card account, by operation of at least one computer processor, a first amount of funds to satisfy the payment transaction; and

receiving, by operation of at least one processor and from the user via the user interface, a selection of the payment transaction; and

scheduling, by operation of at least one processor and based on the selection of the payment transaction, an automatic transfer of the first amount of funds from the core account to the credit card account.