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

• US 8,469,265 B2
• Filed: 06/21/2012
• Issued: 06/25/2013
• 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: Pletz, Tracy M., Seidel, Howard C., Rochford, Joseph
• Primary Examiner(s): TRAIL, ALLYSON NEEL
• Application Number:
  US13/528,936
• Publication Number:
  US 20120265625A1
• Time in Patent Office: 369 Days
• Field of Search: 235/375, 235/379, 235/380
• US Class Current: 235/379
• 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, by at least one computer processor, one or more customized rules for an access mechanism associated with a customer;

establishing, by at least one computer processor, a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics;

the plurality of accounts comprising a combination of two or more of the following;

stored value account, debit account, credit card account, loyalty account and co-brand account;

invoking, by at least one computer processor, an account from 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 one or more customized rules comprise one or more priority rules that define conditions for selecting the account from the plurality of accounts for the transaction based on one or more transaction factors at the time of the transaction

monitoring, by at least one computer processor, customer behavior associated with the customer; and

adjusting, by at least one computer processor, one or more accounts from the plurality of accounts responsive to the monitored customer behavior.

2. The method of claim 1, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

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

4. The method of claim 1, wherein the plurality of accounts share at least one funding account.

5. The method of claim 4, wherein the at least one funding account comprises a single line of credit.

6. The method of claim 1, wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction.

7. The method of claim 1, 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.

8. The method of claim 1, 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.

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 customer comprises multiple customers wherein each customer has access to the plurality of accounts.

11. The method of claim 1, wherein at least two or more of the plurality of accounts share benefits with each other.

12. The method of claim 1, wherein the access mechanism comprises one or more of a RF1D, token, cellular phone and mobile device.

13. The method of claim 1, wherein the access mechanism comprises an identifier or password.

14. The method of claim 1, wherein the one or more customized rules are defined by one or more merchants.

15. The method of claim 1, wherein the one or more customized rules define an automatic reloading of the access mechanism based on one or more factors.

16. The method of claim 1, wherein the one or more customized rules are based on one or more of transaction environment and location.

17. The method of claim 1, wherein the one or more customized rules are based on merchant type.

18. The method of claim 1, wherein the one or more customized rules are based on transaction type.

19. The method of claim 1, wherein the one or more customized rules are based on one or more of time period of transaction, transaction environment and location.

20. The method of claim 1, wherein the one or more customized rules are based on a predetermined dollar amount.

21. The method of claim 1, wherein the one or more customized rules are adjusted.

22. The method of claim 1, wherein one or more new customized rules are added as the customer'"'"'s situation changes.

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

a rules module, comprising at least one computer processor, configured to identify one or more customized rules for an access mechanism associated with a customer;

an accounts module, comprising at least one computer processor, configured to establish a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics;

the plurality of accounts comprising a combination of two or more of the following;

stored value account, debit account, credit card account, loyalty account and co-brand account; and

further configured to invoke an account from 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 one or more customized rules comprise one or more priority rules that define conditions for selecting the account from the plurality of accounts for the transaction based on one or more transaction factors at the time of the transaction, the one or more priority rules defined by the customer through an online interface;

a monitor module, comprising at least one computer processor, configured to monitor customer behavior associated with the customer and adjust one or more accounts from the plurality of accounts responsive to the monitored customer behavior.

24. The system of claim 23, wherein the customer behavior comprises one or more of spending habits, payment habits, assets, liabilities and investments.

25. The system of claim 23, wherein the access mechanism comprises a single card product identified by an identifier.

26. The system of claim 23, wherein the plurality of accounts share at least one funding account.

27. The system of claim 26, wherein the at least one funding account comprises a single line of credit.

28. The system of claim 23, wherein the transaction factors comprise one or more of transaction type, merchant identity, merchant type, transaction amount and time period of transaction.

29. The system of claim 23, 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.

30. The system of claim 23, 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.

31. The system of claim 23, wherein invoking one of the plurality of accounts occurs at a point of sale for the transaction.

32. The system of claim 23, wherein the customer comprises multiple customers wherein each customer has access to the plurality of accounts.

33. The system of claim 23, wherein at least two or more of the plurality of accounts share benefits with each other.

34. The system of claim 23, wherein the access mechanism comprises one or more of a RFID, token, cellular phone and mobile device.

35. The system of claim 23, wherein the access mechanism comprises an identifier or password.

36. The system of claim 23, wherein the one or more customized rules are defined by one or more merchants.

37. The system of claim 23, wherein the one or more customized rules define an automatic reloading of the access mechanism based on one or more factors.

38. The system of claim 23, wherein the one or more customized rules are based on one or more of transaction environment and location.

39. The system of claim 23, wherein the one or more customized rules are based on merchant type.

40. The system of claim 23, wherein the one or more customized rules are based on transaction type.

41. The system of claim 23, wherein the one or more customized rules are based on one or more of time period of transaction, transaction environment and location.

42. The system of claim 23, wherein the one or more customized rules are based on a predetermined dollar amount.

43. The system of claim 23, wherein the one or more customized rules are adjusted.

44. The system of claim 23, wherein one or more new customized rules are added as the customer'"'"'s situation changes.