Method and apparatus for transaction management

• US 20080147523A1
• Filed: 12/18/2006
• Published: 06/19/2008
• Est. Priority Date: 12/18/2006
• Status: Active Grant

• Current Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Original Assignee: Mastercard International Incorporated (MasterCard Incorporated)
• Inventors: Mulry, Tatiana, Blythe, Simon, Nambiar, Anant
• Granted Patent: US 8,706,575 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• 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 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A system, method, apparatus, means and computer program products for establishing, monitoring and maintaining spending controls in a payment system are provided.

Claims

1. A method, comprising:

establishing an account holder profile for an account holder, the account holder profile identifying at least one payment account held by the account holder and at least one spending profile for said account holder, said spending profile including at least a first spending target;

receiving, on a scheduled basis, transaction data identifying individual payment transactions associated with said at least one payment account;

updating said spending profile based on said transaction data; and

comparing said transaction data to said at least first spending target.

2. The method of claim 1, further comprising:

determining, based on said comparing, whether said at least first spending target has been reached.

3. The method of claim 2, further comprising:

generating a spending alert message if said at least first spending target has been reached.

4. The method of claim 2, wherein said at least first spending target has been reached if a threshold amount has been reached within a specified time period.

5. The method of claim 2, wherein said at least first spending target has been reached in a spending category within a specified time period.

6. The method of claim 1, wherein said spending profile includes at least a first spending category.

7. The method of claim 1, wherein said spending profile includes a plurality of spending categories selected by said account holder.

8. The method of claim 6, wherein said at least a first spending category includes at least one of:

an automobile expense category, a cash expense category, a dining category, a groceries-category, a travel category, and a utilities category.

9. The method of claim 1, wherein said at least one payment account includes at least one of a credit card account, a debit card account, a checking account, and a savings account.

10. The method of claim 3, wherein said spending alert message is at least one of:

a text message, an update to a Web page, a telephone message, a page, and an email message.

11. The method of claim 1, wherein said spending profile further includes at least a first transaction alert trigger, said at least first transaction alert trigger specifying at least one transaction alert trigger condition.

12. The method of claim 11, wherein said at least first transaction alert trigger condition includes at least one of:

a transaction size, a daily transaction limit, a transaction medium, a transaction location, and a transaction type.

13. The method of claim 11, further comprising:

comparing said transaction data to said at least first transaction alert trigger to determine if any transaction alert trigger conditions are met.

14. The method of claim 13, further comprising:

transmitting a transaction alert message to said account holder if said at least first transaction alert trigger condition is met.

15. The method of claim 1, further comprising a medium storing processor-executable code to perform each of said establishing, receiving, updating and comparing steps.

16. An apparatus, comprising:

a processor;

a communications device in communication with said processor to receive transaction data; and

a memory unit in communication with said processor and storing a program, wherein the processor is operative with said program to

establish an account holder profile for said account holder, the account holder profile identifying at least one payment account held by the account holder and at least one spending profile for said account holder, said spending profile including at least a first spending target;

receive, on a scheduled basis, transaction data identifying individual payment transactions associated with said at least one payment account;

update said spending profile based on said transaction data; and

compare said transaction data to said at least first spending target.

17. The apparatus of claim 16, wherein said account holder profile further identifies at least one of a short term goal and a long term goal, each goal including at least a goal date and a goal category.

18. The apparatus of claim 17, wherein the processor is further operative with said program to:

update said at least one of a short term goal and a long term goal based on said transaction data; and

provide information regarding a progress toward said at least one of a short term goal and a long term goal.

19. The apparatus of claim 16, wherein the processor is further operative with said program to:

determine, based on said comparison of said transaction data to said at least first spending target, whether said at least first spending target has been reached.

20. The apparatus of claim 19, wherein the processor is further operative with said program to:

generate a spending alert message if said at least first spending target has been reached.