Systems and Methods for Settling an Allocation of an Amount Between Transaction Accounts

• US 20090125426A1
• Filed: 01/16/2009
• Published: 05/14/2009
• Est. Priority Date: 11/05/1999
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Thomas, Tracey R., Sharma, Bansi L., Bishop, Fred A.
• Granted Patent: US 7,877,325 B2
• Time in Patent Office: Days
• US Class Current: 705/34
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 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 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A financial account issuer facilitating transactions between accounts is disclosed. The invention provides sellers with an irrevocable method of receiving funds from a purchaser and for improving purchaser willingness to transact with an unknown party. The invention also enables the allocation of a portion or all of a charge or loyalty points to different transaction accounts issued by different issuers, or to sub-accounts.

Claims

1. A method for settling an allocation of an amount associated with a transaction, the method comprising:

receiving, at a first financial account issuer, a request to settle the amount and a first identifier from a merchant associated with the transaction, wherein the first financial account issuer issued a first financial account associated with the first identifier, and wherein the first financial account issuer comprises a server, and wherein the first financial account issuer acquired an allocation rule associated with the first identifier, transformed an allocation instruction based on an allocation rule, and debited, and based upon the allocation rule, a first portion of the amount from the first financial account;

acquiring allocation information associated with the first identifier and the transaction;

sending a request for a second portion of the amount to a second financial account issuer that issued a second financial account, wherein the second financial account issuer is different from the first financial account issuer, and wherein the second financial account issuer debited the second portion of the amount from the second financial account;

obtaining the second portion of the amount from the second financial account issuer;

sending at least a part of the first portion and the second portion to the merchant.

2. The method of claim 1, wherein the sending to the merchant occurs prior to the obtaining the second portion of the amount from the second financial account issuer.

3. The method of claim 1, wherein the allocation rule is based upon at least one of:

the amount, consumer goals, demographic data, location information, loyalty point information, historical transactions, frequency of transactions, time period of the transaction, past behavior of consumer, past behavior of merchant, payment system, consumer transaction fees, late fees, interest rates, merchant transaction fees, exchange rates, account fees, vendor information, company guidelines, biometric information, authorization levels, consumer information, merchant information, issuer information, payment processor information, record of charge, summary of charges, consumer confirmation, employer confirmation, lack of confirmation, type of account or financial instrument.

4. The method of claim 1, wherein at least one of the first financial account or the second financial account includes at least one of:

a transaction account, an escrow account, a digital cash account, a demand deposit account, a credit line, checking account, savings account, a gift card account, a pre-paid account, a credit union account, a bank account, an investment account, a money market account, a corporate account, personal account, a loyalty account, gift card account, procurement account, fuel account, shared account, a third party billing account, a revolving credit card account or a charge card account.

5. The method of claim 1, wherein the allocation rule is at least one of:

stored on a transaction device, stored on a personal digital assistant, acquired from an employer, acquired from a third party, generated at a point of sale, associated with the first financial account, stored in a merchant database, or stored in a payment processor database.

6. The method of claim 1, wherein the allocation rule is at least one of:

a pre-defined rule, a dynamic rule, entered via a webpage, or entered via a personal digital assistant

7. The method of claim 1, wherein the allocation rule at least one of:

initiates a notification, or requests a confirmation.

8. The method of claim 1, wherein at least one of:

the amount, the first portion or the second portion are included on a billing statement associated with at least one of the first financial account or the second financial account.

9. The method of claim 1, wherein the amount comprises at least one of a monetary amount, a non-monetary amount, loyalty points, or monetary equivalent value.

10. The method of claim 1, further comprising receiving the allocation rule from a consumer associated with the first financial account.

11. The method of claim 1, wherein the first financial account and the second financial account are associated with the same consumer.

12. The method of claim 1, further comprising retaining, by the first financial account issuer, a third portion of the amount as a transaction fee.

13. The method of claim 1, further comprising debiting a transaction fee from at least one of the first financial account or the second financial account.

14. The method of claim 1, further comprising paying interest to at least one of the first financial account or the second financial account based upon on the second portion of the amount allocated to the second financial account.

15. The method of claim 1, wherein the first financial account issuer comprises at least one of a transaction account issuer, charge card issuer, credit card issuer, debit card issuer, gift card issuer, bank, lender, credit union, or a third party issuer under contract with the financial account issuer.

16. The method of claim 1, wherein a second authorization request is received by the second financial account issuer from at least one of the first financial account issuer or a merchant associated with the transaction.

17. The method of claim 1, wherein a second authorization approval is sent from the second financial account issuer to at least one of the first financial account issuer or a merchant associated with the transaction.

18. The method of claim 1, further comprising receiving a selection of the type of at least one of the first financial account or the second financial account, to facilitate the transaction.

19. The method of claim 1, further comprising analyzing previous transactions associated with at least one of the first identifier or the second identifier.

20. A computer-readable medium having stored thereon a plurality of instructions, the plurality of instructions comprising:

instructions to receive, at a first financial account issuer, a request to settle the amount and a first identifier from a merchant associated with the transaction, wherein the first financial account issuer issued a first financial account associated with the first identifier, and wherein the first financial account issuer comprises a server, and wherein the first financial account issuer acquired an allocation rule associated with the first identifier, transformed an allocation instruction based on an allocation rule, and debited, based upon the allocation rule, a first portion of the amount from the first financial account;

instructions to acquire allocation information associated with the first identifier and the transaction;

instructions to send a request for a second portion of the amount to a second financial account issuer that issued a second financial account, wherein the second financial account issuer is different from the first financial account issuer, and wherein the second financial account issuer debited the second portion of the amount from the second financial account;

instructions to obtain the second portion of the amount from the second financial account issuer;

instructions to send at least a part of the first portion and the second portion to the merchant.