Multiple account advanced payment card and method of routing card transactions

• US 7,890,422 B1
• Filed: 07/09/2008
• Issued: 02/15/2011
• Est. Priority Date: 07/24/2001
• 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: Fellner, Debra C., Knackstedt, Lee, Fox, Steven, Hirka, Jeffrey L.
• Primary Examiner(s): Patel; Jagdish N
• Assistant Examiner(s): Bartley; Kenneth
• Application Number:
  US12/169,898
• Time in Patent Office: 951 Days
• Field of Search: 705/39, 705/41
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/3576 Multiple memory zones on card
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02
• 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 of accessing through a financial processing network multiple accounts associated with a single financial card. Data is input to the financial network in addition to transaction data and account identification data that is read from the card. This additional data permits the proper account to be accessed. The data may be input at the point of sale as an account selection. In this instance, the selection may be used to route the transaction data through the financial processing network or may be used to read data regarding one of multiple accounts encoded on the card. The data may also be stored as conditional routing rules at transfer points in the financial processing network. In this instance, the transaction is routed to the proper account based on the stored rules.

Claims

1. A computer-implemented method for using a financial transaction device associated with multiple accounts, comprising:

issuing the financial transaction device to a cardholder wherein the financial device comprises machine readable data pertaining to the multiple accounts wherein the multiple accounts are held by the cardholder and the multiple accounts are maintained by a financial institution that issues the financial transaction device;

determining a default account for the financial transaction device to be accessed during a transaction;

determining, by a computer processor, a set of criteria which set conditions for a second account to be accessed during the transaction, wherein the second account is selected from the multiple accounts associated with the financial transaction device;

processing, by the computer processor, a transaction initiated by the financial transaction device;

determining, by the computer processor, that the transaction meets the set of criteria for the second account;

determining, by the computer processor, that at least one arbitration rule exists comprising logic to resolve conflicts in the set of criteria for accessing the second account based upon the transaction, wherein the at least one arbitration rule presents an option for override; and

routing, by the computer processor, the transaction through a financial processing chain based on the default account if the set of criteria is not met.

2. The method of claim 1, wherein the default account and the second account are the same account.

3. The method of claim 1, wherein the selection of the default account is performed by the cardholder.

4. The method of claim 1, wherein the default account is automatically altered to the second account if the set of criteria is met.

5. The method of claim 1, wherein the multiple accounts comprise two or more of:

a credit account;

a debit account;

an ATM account; and

a stored value account.

6. The method of claim 1, wherein the default account is altered to the second account during the transaction.

7. The method of claim 1, wherein the set of criteria comprises one or more of the following:

type of merchant involved in the transaction;

type of goods involved in the transaction;

type of services involved in the transaction;

a location of the transaction; and

an amount of funds involved in the transaction.

8. The method of claim 1, wherein the determining of a set of criteria is conducted jointly between a card issuer and the cardholder.

9. The method of claim 1, wherein a personal identification number is required to complete the transaction.

10. The method of claim 1, wherein the machine readable data is stored on a magnetic stripe.

11. The method of claim 1, wherein the machine readable data is capable of being selectively read.

12. A computer-implemented method for using a financial transaction device associated with multiple accounts, comprising:

linking, by a computer processor, the multiple accounts with the financial transaction device wherein the multiple accounts are held by a cardholder wherein the linking is performed prior to issuing the financial transaction device to the cardholder and the multiple accounts are maintained by a financial institution that issues the financial transaction device;

wherein the multiple accounts comprise two or more of;

a credit account;

a debit account;

an ATM account; and

a stored value account;

issuing the financial transaction device to the cardholder wherein the financial device comprises machine readable data pertaining to the multiple accounts;

determining a default account for the financial transaction device to be accessed during a transaction;

determining a set of criteria which set conditions for a second account to be accessed during the transaction, wherein the second account is selected from the multiple accounts associated with the financial transaction device;

wherein the set of criteria comprises one or more of the following;

type of merchant involved in the transaction;

type of goods involved in the transaction;

type of services involved in the transaction;

a location of the transaction; and

an amount of funds involved in the transaction;

processing, by the computer processor, the transaction initiated by the financial transaction device;

determining, by the computer processor, if the transaction meets the set of criteria for the second account;

determining, by the computer processor, that at least one arbitration rule exists comprising logic to resolve conflicts in the set of criteria for accessing the second account based upon the transaction, wherein the at least one arbitration rule presents an option for override; and

routing, by the computer processor, the transaction through a financial processing chain based on the default account if the set of criteria is not met.

13. The method of claim 12, wherein the default account and the second account are the same account.

14. The method of claim 12, wherein the selection of the default account is performed by the cardholder.

15. The method of claim 12, wherein the default account is automatically altered to the second account if the set of criteria is met.

16. The method of claim 12, wherein the default account is altered to the second account during the transaction.

17. The method of claim 12, wherein the determining of a set of criteria is conducted jointly between a card issuer and the cardholder.

18. The method of claim 12, wherein a personal identification number is required to complete the transaction.

19. The method of claim 12, wherein the machine readable data is stored on a magnetic stripe.

20. The method of claim 12, wherein the machine readable data is capable of being selectively read.