ELECTRONIC SYSTEM FOR SELECTING THE BEST CARD FROM A COLLECTION OF CONSUMER CREDIT, DEBIT, AND DISCOUNT CARDS

• US 20090119204A1
• Filed: 11/07/2007
• Published: 05/07/2009
• Est. Priority Date: 11/07/2007
• Status: Active Grant

• Current Assignee: Edison Vault, LLC
• Original Assignee: International Business Machines Corporation
• Inventors: Akella, Raji L., Jain, Gaurav, McArdle, James M., Behnen, Marion
• Granted Patent: US 8,615,467 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method, system and computer program product for enabling completion of purchase transactions by retrieving purchase card information from an electronic database of consumer cards and applying the appropriate card to the transaction. The database, managed by a central card authority, stores client account information for cards such as debit, credit, phone, and discount cards, which are accessible via a unique, secure login/access credential, such as a username and password combination. During registration with the central card authority, a client classifies key/important factors to consider when performing purchases. The central card authority is accessed by the client during purchases from a retail facility and/or other purchasing environment. The central card authority automatically selects the best card to utilize during a purchase, after weighing the important purchasing factors related to the credit, debit, phone, and discount cards registered with the central card authority.

Claims

1. A method comprising:

receiving a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms;

responsive to authenticating the first credential;

accessing the customer account;

dynamically selecting one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction; and

outputting the selected one of the electronic payment mechanisms for use in completing electronic payment for the financial transaction.

2. The method of claim 1, further comprising:

authenticating the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein when the payment mechanisms include credit cards, said selection criteria includes account balance, credit limit, available credit, reward points, interest rate, percentage rate, and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

3. The method of claim 1 further comprising:

displaying a graphical user interface to receive one or more of a customer identifier (ID), database login credential information, payment access credential, and payment mechanism identifier (ID) and selection criteria;

receiving one or more of the customer identifier (ID), the database login credential information, the payment access credential, and the payment mechanism ID and selection criteria;

storing the received one or more of the customer ID, database login credential information, payment access credential, and the payment mechanism ID and selection criteria within a customer account maintained within a database; and

assigning a unique login credential, including the customer ID and the database login credential, to the customer account within the database.

4. The method of claim 3, further comprising:

receiving a payment mechanism ID for an electronic payment mechanism to associated with the customer account, said payment mechanism ID identifying one of a payment mechanism that includes a credit card, a debit card, a discount card, and a phone card;

receiving a selection of one or more selection criteria to utilize when selecting a best payment mechanism from among multiple available payment mechanisms provided within the customer account, wherein the selection criteria enable a ranking of payment mechanisms based on a customer preference, a type of financial transaction, and purchasing factors attributable to the payment mechanisms.

storing the payment mechanism ID and selection criteria within the customer account.

5. The method of claim 1, further comprising:

on receipt of a new payment mechanism, validating that the new payment mechanism is a usable payment mechanism of the customer that is selectable for completing electronic payment for a financial transaction;

wherein, when said payment mechanism is one of a credit card and a debit card, said validating includes;

forwarding the payment mechanism ID and other information associated with the payment mechanism to a verification company of the payment mechanism; and

received a validation response for the payment mechanism;

automatically linking the payment mechanism to the customer account following said validating;

dynamically updating information about the payment mechanism within the customer account when updated information corresponding to the payment mechanism is retrieved from the verification company.

6. The method of claim 1, further comprising:

enabling access to the database and to the customer account from a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

receiving, via a credential input mechanism associated with the customer device, a customer ID and a payment access credential for one of multiple customer accounts maintained on the database; and

when the payment access credential is validated as belonging to the received customer ID, triggering a selection mechanism at the database to initiate selection of the best payment mechanism, wherein access privilege to the customer account on the database is enabled via the customer device and credential input mechanism when the received payment access credential matches the payment access credential of the customer account identified by the customer ID.

7. The method of claim 1, wherein the credential information includes biometric information of a customer that is associated with the customer account, said method further comprising:

receiving biometric information at a credential input mechanism associated with a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

comparing the biometric information with stored biometric information within the database; and

providing access to and triggering the selection mechanism to retrieve a best payment mechanism only when the biometric identification matches the stored biometric identification of the customer account.

8. The method of claim 7, further comprising:

receiving a selection of a second one of the payment mechanisms within the customer account overriding the dynamic selection of the best payment mechanism outputted;

replacing the best payment mechanism with the second payment mechanism selected; and

completing the financial transaction with the second payment mechanism selected.

9. The method of claim 1, further comprising:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction; and

selecting the best payment mechanism following an application of the discount card.

10. The method of claim 1, further comprising:

receiving a selection of a panic card as the second payment mechanism, wherein said panic card is a pre-set trigger mechanism that activates an alarm to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

immediately forwarding the signal to the pre-identified response personnel.

11. A computer program product comprising:

a computer readable medium; and

program code on the computer readable medium that when executed on a processing device provides the functions of;

receiving a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms;

authenticating the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

responsive to authenticating the first credential;

accessing the customer account;

dynamically selecting one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction;

outputting the selected one of the electronic payment mechanisms for use in completing electronic payment for the financial transaction;

detecting when a selection of a second one of the payment mechanisms within the customer account is received to override the dynamic selection of the best payment mechanism outputted; and

when the selection is received;

replacing the best payment mechanism with the second payment mechanism selected; and

completing the financial transaction with the second payment mechanism selected.

12. The computer program product of claim 11, wherein said code for dynamically selecting further comprises program code for:

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein when the payment mechanisms include credit cards, said selection criteria includes account balance, credit limit, available credit, reward points, interest rate, percentage rate, and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

13. The computer program product of claim 11, wherein said program code further comprises code for:

displaying a graphical user interface to receive one or more of a customer identifier (ID), database login credential information, payment access credential, and payment mechanism identifier (ID) and selection criteria;

receiving one or more of the customer identifier (ID), the database login credential information, the payment access credential, and the payment mechanism ID and selection criteria;

storing the received one or more of the customer ID, database login credential information, payment access credential, and the payment mechanism ID and selection criteria within a customer account maintained within a database;

assigning a unique login credential, including the customer ID and the database login credential, to the customer account within the database;

receiving a payment mechanism ID for an electronic payment mechanism to associated with the customer account, said payment mechanism ID identifying one of a payment mechanism that includes a credit card, a debit card, a discount card, and a phone card;

on receipt of a new payment mechanism, validating that the new payment mechanism is a usable payment mechanism of the customer that is selectable for completing electronic payment for a financial transaction, wherein, when said payment mechanism is one of a credit card and a debit card, said validating includes forwarding the payment mechanism ID and other information associated with the payment mechanism to a verification company of the payment mechanism; and

received a validation response for the payment mechanism;

automatically linking the payment mechanism to the customer account following said validating;

dynamically updating information about the payment mechanism within the customer account when updated information corresponding to the payment mechanism is retrieved from the verification company;

receiving a selection of one or more selection criteria to utilize when selecting a best payment mechanism from among multiple available payment mechanisms provided within the customer account, wherein the selection criteria enable a ranking of payment mechanisms based on a customer preference, a type of financial transaction, and purchasing factors attributable to the payment mechanisms; and

storing the payment mechanism ID and selection criteria within the customer account.

14. The computer program product of claim 11, wherein said program code further comprises code for:

enabling access to the database and to the customer account from a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

receiving, via a credential input mechanism associated with the customer device, a customer ID and a payment access credential for one of multiple customer accounts maintained on the database;

when the payment access credential is validated as belonging to the received customer ID, triggering a selection mechanism at the database to initiate selection of the best payment mechanism, wherein access privilege to the customer account on the database is enabled via the customer device and credential input mechanism when the received payment access credential matches the payment access credential of the customer account identified by the customer ID; and

wherein, when the credential information includes biometric information of a customer that is associated with the customer account, said code further comprises code for;

receiving biometric information at a credential input mechanism associated with a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

comparing the biometric information with stored biometric information within the database; and

providing access to and triggering the selection mechanism to retrieve a best payment mechanism only when the biometric identification matches the stored biometric identification of the customer account.

15. The computer program product of claim 11, further comprising code for:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction;

selecting the best payment mechanism following an application of the discount card;

detecting a selection of a panic card as the second payment mechanism, wherein said panic card is a pre-set trigger mechanism that activates an alarm to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

when the selection of a panic card is detected, immediately forwarding the signal to the pre-identified response personnel.

16. A central card authority server comprising:

a processor;

a database within which is stored one or more customer accounts having one or more electronic payment mechanisms that may be selected for completing a financial transaction;

a customer card selection (CCS) utility that executes on the processor to provide the following functions;

receiving a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms;

authenticating the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

responsive to authenticating the first credential;

accessing the customer account;

dynamically selecting one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction;

outputting the selected one of the electronic payment mechanisms for use in completing electronic payment for the financial transaction;

detecting when a selection of a second one of the payment mechanisms within the customer account is received to override the dynamic selection of the best payment mechanism outputted; and

when the selection is received;

replacing the best payment mechanism with the second payment mechanism selected; and

completing the financial transaction with the second payment mechanism selected.

17. The central card authority server of claim 16, wherein said CCS utility further provides the functions of:

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein when the payment mechanisms include credit cards, said selection criteria includes account balance, credit limit, available credit, reward points, interest rate, percentage rate, and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

18. The central card authority server of claim 16, wherein said CCS utility further provides the functions of:

displaying a graphical user interface to receive one or more of a customer identifier (ID), database login credential information, payment access credential, and payment mechanism identifier (ID) and selection criteria;

receiving one or more of the customer identifier (ID), the database login credential information, the payment access credential, and the payment mechanism ID and selection criteria;

storing the received one or more of the customer ID, database login credential information, payment access credential, and the payment mechanism ID and selection criteria within a customer account maintained within a database;

assigning a unique login credential, including the customer ID and the database login credential, to the customer account within the database;

receiving a payment mechanism ID for an electronic payment mechanism to associated with the customer account, said payment mechanism ID identifying one of a payment mechanism that includes a credit card, a debit card, a discount card, and a phone card;

on receipt of a new payment mechanism, validating that the new payment mechanism is a usable payment mechanism of the customer that is selectable for completing electronic payment for a financial transaction, wherein, when said payment mechanism is one of a credit card and a debit card, said validating includes forwarding the payment mechanism ID and other information associated with the payment mechanism to a verification company of the payment mechanism; and

received a validation response for the payment mechanism;

automatically linking the payment mechanism to the customer account following said validating;

dynamically updating information about the payment mechanism within the customer account when updated information corresponding to the payment mechanism is retrieved from the verification company;

receiving a selection of one or more selection criteria to utilize when selecting a best payment mechanism from among multiple available payment mechanisms provided within the customer account, wherein the selection criteria enable a ranking of payment mechanisms based on a customer preference, a type of financial transaction, and purchasing factors attributable to the payment mechanisms; and

storing the payment mechanism ID and selection criteria within the customer account.

19. The central card authority server of claim 16, said CCS utility further provides the functions of:

enabling access to the database and to the customer account from a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

receiving, via a credential input mechanism associated with the customer device, a customer ID and a payment access credential for one of multiple customer accounts maintained on the database;

when the payment access credential is validated as belonging to the received customer ID, triggering a selection mechanism at the database to initiate selection of the best payment mechanism, wherein access privilege to the customer account on the database is enabled via the customer device and credential input mechanism when the received payment access credential matches the payment access credential of the customer account identified by the customer ID; and

wherein, when the credential information includes biometric information of a customer that is associated with the customer account, said code further comprises code for;

receiving biometric information at a credential input mechanism associated with a customer device within a location of the financial transaction, said location being a different physical location from a second location of the database, and wherein the customer device is connected to the database via one of a direct wired connection and a networked connection;

comparing the biometric information with stored biometric information within the database; and

providing access to and triggering the selection mechanism to retrieve a best payment mechanism only when the biometric identification matches the stored biometric identification of the customer account.

20. The central card authority server of claim 16, wherein said CCS utility further provides the functions of:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction;

selecting the best payment mechanism following an application of the discount card;

detecting a selection of a panic card as the second payment mechanism, wherein said panic card is a pre-set trigger mechanism that activates an alarm to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

when the selection of a panic card is detected, immediately forwarding the signal to the pre-identified response personnel.