Method and system for implementing a card product with multiple customized relationships

• US 7,401,731 B1
• Filed: 08/12/2005
• Issued: 07/22/2008
• Est. Priority Date: 05/27/2005
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Rochford, Joseph, Seidel, Howard C., Pletz, Tracy M.
• Primary Examiner(s): Lee; Michael G.
• Assistant Examiner(s): SHARIFZADEH, ALI REZA
• Application Number:
  US11/202,270
• Time in Patent Office: 1,075 Days
• Field of Search: 235/375, 235/379, 235/380, 705/44
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/3555 Personalisation of two or more cards
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• 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 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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
• CPC Class Codes: G07F 7/10 together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric data

Abstract

According to one embodiment, the present invention relates to a method and a system for implementing a card product or access mechanism with multiple relationships with an issuing entity (e.g., bank, etc.) where each relationship may be defined by one or more sets of rules that are customized for a particular customer. A computer implemented method and system for implementing a mechanism with multiple customized relationships may involve identifying one or more customized rules for an access mechanism associated with a customer; establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics; and invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules; wherein the plurality of accounts share at least one funding account.

Claims

1. A computer implemented method for implementing a mechanism with multiple customized relationships, the method comprising the steps of:

identifying one or more customized rules for an access mechanism associated with a customer;

establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics;

invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules;

providing a personalized incentive to the customer based at least in part on customer behavior; and

adjusting the at least one of the plurality of accounts based at least in part on customer behavior;

wherein the plurality of accounts share at least one funding account;

wherein the one or more customized rules comprise (1) one or more priority rules that define which account of the plurality of accounts applies to the transaction;

(2) one or more payment rules that define how payments are made for at least one of the plurality of accounts; and

(3) one or more funding rules that define one or more funding sources from which funds are drawn for the at least one funding account; and

wherein at least two or more of the plurality of accounts share one or more benefits with each other.

2. The method of claim 1, further comprising the steps of:

monitoring customer behavior.

3. The method of claim 2, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

4. The method of claim 1, wherein the access mechanism comprises a single card product identified by an identifier.

5. The method of claim 1, wherein the at least one funding account comprises a single line of credit.

6. The method of claim 1, wherein the one or more priority rules are defined by the customer through an online interface.

7. The method of claim 1, wherein the one or more customized rules comprise priority rules that define conditions for invoking a particular account of the plurality of accounts based on one or more transaction factors.

8. The method of claim 7, wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction.

9. The method of claim 1, wherein the step of invoking occurs at a point of sale for the transaction.

10. The method of claim 1, wherein the plurality of accounts comprise a combination of stored value account, debit account, credit card account, loyalty account and co-brand account.

11. The method of claim 1, wherein the customer comprises multiple customers wherein each customer has access to the plurality of accounts.

12. A computer implemented system for implementing a mechanism with multiple customized relationships, the system comprising:

a rules module for identifying one or more customized rules for an access mechanism associated with a customer; and

an accounts module for establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics; and

invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules;

a monitor module for providing a personalized incentive to the customer based at least in part on customer behavior and adjusting the at least one of the plurality of accounts based at least in part on customer behavior;

wherein the plurality of accounts share at least one funding account;

wherein the one or more customized rules comprise (1) one or more priority rules that define which account of the plurality of accounts applies to the transaction;

(2) one or more payment rules that define how payments are made for at least one of the plurality of accounts; and

(3) one or more funding rules that define one or more funding sources from which funds are drawn for the at least one funding account; and

wherein at least two or more of the plurality of accounts share one or more benefits with each other.

13. The system of claim 12, wherein the monitor module monitors customer behavior.

14. The system of claim 13, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

15. The system of claim 12, wherein the access mechanism comprises a single card product identified by an identifier.

16. The system of claim 12, wherein the at least one funding account comprises a single line of credit.

17. The system of claim 12, wherein the one or more priority rules are defined by the customer through an online interface.

18. The system of claim 12, wherein the one or more customized rules comprise priority rules that define conditions for invoking a particular account of the plurality of accounts based on one or more transaction factors.

19. The system of claim 18, wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction.

20. The system of claim 12, wherein invoking one of the plurality of accounts occurs at a point of sale for the transaction.

21. The system of claim 12, wherein the plurality of accounts comprise a combination of stored value account, debit account, credit card account, loyalty account and co-brand account.

22. The system of claim 12, wherein the customer comprises multiple customers wherein each customer has access to the plurality of accounts.

23. A computer implemented method for implementing a mechanism with multiple customized relationships, the method comprising the steps of:

identifying one or more customized rules for an access mechanism associated with a customer;

establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics;

invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules;

wherein the plurality of accounts share at least one funding account; and

wherein the access mechanism comprises a single card product identified by an identifier;

monitoring customer behavior wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments; and

adjusting the at least one of the plurality of accounts in view of the monitored customer behavior;

wherein the one or more priority rules are defined by the customer through an online interface;

wherein the one or more customized rules comprise priority rules that define conditions for invoking a particular account of the plurality of accounts based on one or more transaction factors;

wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction;

wherein the one or more customized rules comprise payment rules that define how payments are made for at least one of the plurality of accounts;

wherein the one or more customized rules comprise funding rules that define one or more funding sources from which funds are drawn for the at least one funding account;

wherein the plurality of accounts comprise a combination of stored value account, debit account, credit card account, loyalty account and co-brand account; and

wherein at least two or more of the plurality of accounts share benefits with each other.

24. A computer implemented system for implementing a mechanism with multiple customized relationships, the system comprising:

a rules module for identifying one or more customized rules for an access mechanism associated with a customer;

an accounts module for establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics; and

invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules;

wherein the plurality of accounts share at least one funding account; and

wherein the access mechanism comprises a single card product identified by an identifier; and

a monitor module for monitoring customer behavior wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments; and

adjusting the at least one of the plurality of accounts in view of the monitored customer behavior;

wherein the one or more priority rules are defined by the customer through an online interface;

wherein the one or more customized rules comprise priority rules that define conditions for invoking a particular account of the plurality of accounts based on one or more transaction factors;

wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction;

wherein the one or more customized rules comprise payment rules that define how payments are made for at least one of the plurality of accounts;

wherein the one or more customized rules comprise funding rules that define one or more funding sources from which funds are drawn for the at least one funding account;

wherein the plurality of accounts comprise a combination of stored value account, debit account, credit card account, loyalty account and co-brand account; and

wherein at least two or more of the plurality of accounts share benefits with each other.