System and method for providing instant-decision, financial network-based payment cards

• US 7,668,777 B2
• Filed: 07/23/2004
• Issued: 02/23/2010
• Est. Priority Date: 07/25/2003
• 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: White, Brigette A., Sabharwal, Mohit, Levinson, Ronald
• Primary Examiner(s): Colbert; Ella
• Application Number:
  US10/898,518
• Publication Number:
  US 20050097036A1
• Time in Patent Office: 2,041 Days
• Field of Search: 705/1, 705/38, 705/40, 235/380, 700/92
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• 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 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system and method for issuance of a financial network-based payment card (generally known as a “credit card”) almost instantaneously after application, wherein an applicant applies for a credit card by entering data into a data entry system, advantageously by filling in a plurality of predefined forms in a computer-based data entry system. The applicant'"'"'s data is sent via a data network to a central decision center, which approves or disapproves the application. If the application is approved, data is generated and delivered to a card production system, which embosses and magnetically encodes a card blank. The card is then delivered to the applicant.

Claims

1. A computer-implemented method for issuing a payment card, comprising the steps of:

receiving, at a first site, personal data from an applicant located at the first site;

sending the personal data from the first site to a decision system;

determining at the decision system, whether to issue the payment card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to an imprinting device located at the first site, responsive to a determination to issue the payment card to the applicant;

imprinting, at the first site, a blank payment card with the unique identifying information;

activating the payment card for use in a limited geographic area comprising the first site; and

issuing the payment card to the applicant at the first site.

2. The computer-implemented method of claim 1 wherein the financial information regarding the applicant comprises a credit score and the determining is based on information further comprising a result of a fraud screening.

3. The computer-implemented method of claim 1 wherein the determining results in a decision, and the method further comprises:

sending the decision to a database that is accessible to personnel involved with issuing the payment card to the applicant.

4. The computer-implemented method of claim 1 further comprising:

providing a credit line and annual percentage rate information to the applicant.

5. The computer-implemented of claim 1 further comprising:

activating the payment card for use at a single merchant located at the first site.

6. The computer-implemented method of claim 1 wherein the personal data is received from the applicant via an interactive electronic device.

7. The computer-implemented method of claim 6 further comprising:

sending a result of the decision system to the interactive electronic device.

8. The computer-implemented method of claim 6 wherein the interactive electronic device communicates wirelessly and wherein sending the personal data comprises:

communicating personal data between the interactive electronic device and a first wireless network and forwarding the personal data through said wireless network to the decision system.

9. The computer-implemented method of claim 1 wherein imprinting the blank card with the unique identifying information further comprises:

encoding at least a portion of said information on a machine readable strip.

10. The computer-implemented method of claim 1 wherein the payment card is a temporary payment card.

11. The computer-implemented method of claim 10 further comprising the step of conducting further evaluation of the applicant to determine whether to issue a permanent payment card.

12. The computer-implemented method of claim 11 wherein based on a determination to issue the permanent payment card, the temporary payment card is changed into the permanent payment card.

13. The computer-implemented method of claim 11 wherein based on a determination to issue the permanent payment card, the temporary payment card is replaced by the permanent payment card.

14. A system for issuing a payment card accepted by one or more financial networks comprising:

an input device located at a first site configured to receive personal data from an applicant located at the first site;

a decision system configured to;

receive the personal data from the input device,

determine credit worthiness of the applicant based upon at least the personal data, and

generate credit card information responsive to determining that the applicant is credit worthy;

a data network communicatively connecting the input device and the decision system, and

a card encoding system located at the first site and communicatively connected to the data network, the card encoding system configured to receive credit card information from the decision system and to generate a payment card having the credit card information, for issuance of the payment card to the applicant at the first site,

wherein the payment card is activated for use in a limited geographic area comprising the first site.

15. The system of claim 14 wherein said input device comprises a tablet computer system.

16. The system of claim 14 wherein said input device comprises a personal digital assistant.

17. The system of claim 14 wherein said input device comprises a laptop computer.

18. The system of claim 14, wherein said input device includes a wireless network interface and the network includes a wireless network portion;

and wherein the wireless network interface and the wireless network portion are configured to communicate with each other.

19. The system of claim 18 wherein the wireless network interface and the wireless network portion are configured to communicate via WiFi.

20. The system of claim 14 wherein the input device comprises a plurality of input screens configured to receive the personal data from the applicant.

21. The system of claim 20 wherein at least a portion of the personal data received from the applicant is required.

22. The system of claim 14 wherein the input device is configured to encrypt data prior to transmission to said decision system.

23. The system of claim 14, wherein the payment card is activated for use at a single merchant located at the first site.

24. The system of claim 14 wherein the payment card is a temporary payment card.

25. The system of claim 24 wherein the decision system is configured to conduct further evaluation of the applicant to determine whether to issue a permanent payment card.

26. The system of claim 25 wherein based on a determination to issue the permanent payment card, the temporary payment card is changed into the permanent payment card.

27. The system of claim 25 wherein based on a determination to issue the permanent payment card, the temporary payment card is replaced by the permanent payment card.