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

• US 8,027,914 B2
• Filed: 01/05/2010
• Issued: 09/27/2011
• 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: Sabharwal, Mohit, White, Brigette A., Levinson, Ronald
• Primary Examiner(s): Colbert; Ella
• Application Number:
  US12/652,540
• Publication Number:
  US 20100114758A1
• Time in Patent Office: 630 Days
• Field of Search: 705/38, 705/39, 705/35, 705/40, 235/379, 235/380
• 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 issuance of a credit card by an issuer, 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 credit card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to a card-generating device located at the first site, responsive to a determination to issue the credit card to the applicant;

generating, at the first site, a temporary credit card with the unique identifying information;

issuing the temporary credit card to the applicant at the first site, wherein the temporary credit card is configured for use in a limited geographic area comprising the first site;

conducting a further evaluation of the applicant to determine whether to issue a permanent payment card configured for use on any point-of-sale network associated with the issuer of the permanent credit card; and

issuing the permanent credit card at a second site.

2. The method of claim 1, wherein issuing the permanent credit card comprises replacing the temporary card.

3. The method of claim 1, wherein issuing the permanent credit card comprises re-configuring the temporary card into the permanent card.

4. A computer-implemented method for issuance of a credit card by an issuer, 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 credit card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to a card-generating device located at the first site, responsive to a determination to issue the credit card to the applicant;

generating, at the first site, a permanent credit card with the unique identifying information;

activating the permanent credit card for use in a limited geographic area comprising the first site;

issuing the permanent credit card to the applicant at the first site; and

following a predetermined amount of time, activating the permanent credit card for use on any point-of-sale network associated with the issuer of the permanent credit card.

5. A computer-implemented method for issuance of a credit card by an issuer, 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 credit card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to a card-generating device located at the first site, responsive to a determination to issue the credit card to the applicant;

generating, at the first site, a permanent credit card with the unique identifying information;

activating the permanent credit card for use in a limited geographic area comprising the first site;

issuing the permanent credit card to the applicant at the first site; and

following further evaluation of the applicant, activating the permanent credit card for use on any point-of-sale network associated with the issuer of the permanent credit card.

6. A computer-implemented method for issuance of a credit card by an issuer, 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 credit card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to a card-generating device located at the first site, responsive to a determination to issue the credit card to the applicant;

generating, at the first site, a temporary credit card with the unique identifying information;

issuing the temporary credit card to the applicant at the first site, wherein the temporary card is a limited-use credit card;

conducting a further evaluation of the applicant to determine whether to issue a permanent credit card configured for use on any point-of-sale network associated with the issuer of the permanent credit card; and

issuing the permanent credit card at a second site.

7. A computer-implemented method for issuance of a credit card by an issuer, 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 credit card based on information comprising the personal data and financial information regarding the applicant;

sending unique identifying information to a card-generating device located at the first site, responsive to a determination to issue the credit card to the applicant;

generating, at the first site, a temporary credit card with the unique identifying information;

issuing the temporary credit card to the applicant at the first site, wherein the temporary card is a limited-use credit card;

conducting a further evaluation of the applicant to determine whether to issue a permanent credit card configured for use on any point-of-sale network associated with the issuer of the permanent credit card; and

determining, based on the further evaluation, not to issue the permanent credit card.