Method for linking accounts corresponding to different products together to create a group

• US 7,050,996 B1
• Filed: 04/23/1999
• Issued: 05/23/2006
• Est. Priority Date: 04/24/1998
• Status: Expired due to Term

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Grear, Michael B., Donlin, Gretchen L., Blagg, Lynn Holm, Kathol, Eugene F.
• Primary Examiner(s): Fischer, Andrew J.
• Application Number:
  US09/298,505
• Time in Patent Office: 2,587 Days
• Field of Search: 705/35, 705/40, 705/30, 705/31, 705/32, 705/33, 705/34
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

Abstract

Linking accounts corresponding to different products together to create a group so that group processing can be performed at the group level while independent processing of the accounts is performed at the account level. The method links the accounts into a group by linking a financial record for each account to group master data for the group. The group master data includes information about the group, including group parameters and a group identifier. A group typically includes a key account and one or more dependent accounts. The relationship between a dependent account and the group is specified by a dependent strategy. A dependent strategy specifies group level processing options for the account. The relationships between the accounts and the group are flexible to accommodate changes in the status of the group cardholders.

Claims

1. A method for linking two or more distinct financial records to create a group of financial records that facilitates group-level processing of the group of financial records while allowing individual processing of the distinct financial records, the method comprising:

identifying a first financial record associated with a first product, wherein individual processing of the first financial record is at least partially controlled by a first individual processing control (“

IPC”

) implemented by a computer;

identifying a second financial record associated with a second product, wherein individual processing of the second financial record is at least partially controlled by a second IPC implemented by the computer;

creating a first master record, wherein the first master record is used by the computer to associate the first financial record and the second financial record;

defining a first group processing control (“

GPC”

), wherein the first GPC is used by the computer in conjunction with at least one of the IPCs to provide said group-level processing;

defining a first relationship control, wherein the first relationship control at least partially controls an interaction between the second financial record and the first master record;

identifying a third financial record associated with a third product, wherein individual processing of the third financial record is at least partially controlled by a third IPC implemented by the computer;

identifying a fourth financial record associated with a fourth product, wherein individual processing of the fourth financial record is at least partially controlled by a fourth IPC implemented by the computer;

creating a second master record, wherein the second master record is used by the computer to associate the third financial record and the fourth financial record;

defining a second relationship control, wherein the second relationship control at least partially controls an interaction between the third financial record and the second master record;

wherein a first set of parameters defining a relationship between the first financial record and the first master record is distinct from a second set of parameters defining a relationship between the third financial record and the second master record.

2. The method of claim 1, wherein using the first GPC in conjunction with the first IPC comprises, overriding the first IPC.

3. The method of claim 1, wherein the first financial record is associated with a contact information, and wherein the contact information designates a group owner.

4. The method of claim 3, wherein the first GPC indicates that the second financial record is related to the first master record for a first purpose and the second GPC indicates that the third financial record is related to the second master record for a second purpose.

5. The method of claim 4, wherein the first purpose is to share liability with the group owner, and wherein the second purpose is to provide communications in relation to the third financial record to the group owner, and wherein the method further comprises:

sharing liability for the first financial record with the group owner; and

providing communications in relation to the third financial record to the group owner.

6. The method of claim 1, wherein the first master record comprises one or more data elements selected from a group consisting of:

a group credit line;

a history of current group members;

a history of former group members;

an aggregate financial amount comprised of financial amounts associated with the first and second financial records in the group of financial records;

a set of component financial amounts associated with the first and second financial records in the group of financial records;

a demographic of users associated with the first and second financial records;

a cycle code; and

a collection identification.

7. The method of claim 1, wherein the first relationship control includes at least one option selected from a group consisting of:

an option for statement generation, an option for communication with one or more users associated with the first or second financial records, and an option for pooling rewards associated with activity occurring in relation to the first or second financial records.

8. The method of claim 1, wherein the first relationship control includes at least one option selected from a group consisting of:

an option governing authorization of transactions associated with the first or second financial records, an option governing distribution of payments received to one or both of the first financial record and the second financial record, an option indicating a liable party associated with the first financial record, and an option indicating a liable party associated with the second financial record.

9. The method of claim 8, wherein the first GPC includes at least one option selected from a group consisting of:

an option governing authorization of transactions associated with the first or second financial records, and an option governing distribution of payments received to one or both of the first financial record and the second financial record.

10. The method of claim 1, wherein the first relationship control indicates a first user is liable for both the first financial record and the second financial record, the method further comprising:

modifying the first relationship control to indicate that a second user is at least jointly liable for the second financial record.

11. The method of claim 1, wherein the first product and the second product are selected from a group consisting of:

a revolving financial account, a recurring financial account, and a fixed financial account.

12. The method of claim 1, wherein the first product is a first credit card product, and wherein the second product is a second credit card product.

13. The method of claim 1, wherein the first GPC includes a first group processing option that interacts with the first IPC, and a second group processing option that interacts with the second IPC, and wherein the first group processing option is independent from the second group processing option.

14. The method of claim 1, wherein at least one of the master records further includes a group identifier and group aggregate data.

15. The method of claim 1, the method further comprising:

determining whether the second financial record satisfies a business rule.

16. The method of claim 1, wherein identifying a first financial record further comprises:

creating the first financial record.

17. The method of claim 1, wherein the first and second IPCs each comprise a plurality of processing rules.

18. The method of claim 1, wherein a processing option indicates a first user is liable for both the first account and the second account, the method further comprising:

modifying the first GPC to indicate the second user is at least jointly liable for the second account.