Formation and funding of a shared token

• US 9,830,597 B2
• Filed: 03/04/2014
• Issued: 11/28/2017
• Est. Priority Date: 03/04/2014
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Bondesen, Laura Corinne, Blackhurst, Jason P., Harkey, Scott Lee, Belchee, William Blakely, Brunswig, Tammy L.
• Primary Examiner(s): NGUYEN, TIEN C
• Application Number:
  US14/196,802
• Publication Number:
  US 20150254653A1
• Time in Patent Office: 1,365 Days
• Field of Search: 705 30, 705 40, 705 39, 705 41, 705 45, 705 268, 705 10, 705 14, 705 44, 705 37, 705 38, 705 67, 709225, 709227, 709231, 709234, 235492
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes

Abstract

Embodiments of the present invention disclose utilizing a token associated with a payment device. Particularly, embodiments of the present invention may create a single token for use by a plurality of users on one or more of the payment devices of each user. The token may be made available for use by various users that can be added and removed as the group of users associated with the token changes. The token may be associated with various types of accounts, such as but not limited to a business account from a business client, a retail account from a retail client, or other like clients. In some embodiments the token may be associated with a specific account that already has funds in the account, or the token may be associated with a specific account that is unfunded or a new account that the users associated with the token may fund.

Claims

1. A system for use in a token based financial transaction system, whereby a shared token associated with a financial account is utilized by a collaborative group of users, comprising a plurality of users, to enter into transactions, whereby funds for the financial account are provided by the collaborative group of users, the system comprising:

one or more memory devices; and

one or more processing devices operatively coupled to the one or more memory devices, wherein the one or more processing devices are configured to execute computer-readable program code to;

associate the shared token with the financial account, wherein the shared token is a digital token that corresponds to the financial account without including a financial account number of the financial account, wherein the financial account provides a centralized location of the funds for the plurality of users to enter into the transactions using the shared token, and wherein the shared token and the financial account association are stored by a tokenization system or a financial institution system;

associate the shared token with a payment device of each of the plurality of users, wherein the payment device is a mobile phone with a digital wallet, and wherein the shared token is distributed to and stored on the mobile phone within the digital wallet, or token information for accessing the shared token is distributed to and stored on the mobile phone within the digital wallet;

receive a contribution amount from two or more of the plurality of users, wherein the two or more of the plurality of users fund the financial account associated with the shared token with two or more other user financial accounts;

set one or more limits on the use of the shared token by the plurality of users, wherein the one or more limits comprise global limits on the plurality of users and individual limits on at least one of the plurality of users, wherein the one or more limits are associated with the the financial account associated with the shared token, wherein the one or more limits define the transactions that will be authorized when using the shared token, and wherein the one or more limits are stored on the tokenization system or the financial institution system;

receive an indication that the shared token is used in a transaction through the use of the digital wallet on the mobile phone, wherein the indication is received from merchant systems;

receive transaction information associated with the transaction, wherein the transaction information at least includes an identity of a user, wherein the transaction information is received from the merchant systems or the mobile phone;

determine that the shared token and the user are associated with the plurality of users;

identify the global limits placed on the shared token of the user and the individual limits placed on the user based on determining that the shared token is associated with the plurality of users;

determine that the transaction information meets the global limits and the individual limits to allow the transaction when the global limits and the individual limits are met and deny the transaction when the global limits or the individual limits fail to be met;

identify that the shared token has been misappropriated, wherein the shared token is determined misappropriated when the user loses the shared token by losing the mobile phone; and

replace the shared token with a replacement token when the determination is made that the shared token is misappropriated, wherein replacing the shared token comprises removing the shared token from each of the plurality of users by removing the shared token from the digital wallet of the mobile phone of each of the plurality of users and issuing and storing the replacement token on the digital wallet of the mobile phone of each of the plurality of users, wherein the one or more limits on the financial account remain unchanged, wherein the replacement token and the financial account association are stored by the tokenization system or the financial institution system.

2. The system of claim 1, wherein the financial account is a first financial account, and wherein the processing device is further configured to execute computer-readable program code to:

associate the shared token with one or more additional financial accounts in addition to the first financial account, wherein the shared token corresponds to a plurality of financial accounts including the first financial account and the one or more additional financial accounts without including the financial account numbers of the plurality of financial accounts;

after receiving the indication that the shared token is used in the transaction and allowing the transaction, allocate the transaction automatically to a best financial account from the plurality of financial accounts associated with the shared token and complete the transaction.

3. The system of claim 1, wherein the contribution amount from the one or more of the plurality of users is a recurring contribution to continuously fund the financial account.

4. The system of claim 1, wherein the shared token is limited to a time period, such that after the time period is over the shared token associated with the financial account is removed from the payment devices of the plurality of users.

5. The system of claim 1, wherein the one or more limits comprise at least a spending limit on a spending amount for each of the plurality of users based at least in part on the contribution amount contributed by each of the plurality of users.

6. The system of claim 1, wherein the processing device is further configured to execute computer-readable program code to:

remove the replacement token from the payment device associated with at least one of the plurality of users and replace the replacement token with a new token when an administrator dissociates the at least one of the plurality of users from the collaborative group of users.

7. The system of claim 1, wherein the processing device is further configured to execute computer-readable program code to:

add the shared token to a new payment device associated with a new user to add the new user to the plurality of users that may enter into the transactions using the shared token; and

receive a new contribution amount from the new user to fund the financial account.

8. The system of claim 1, wherein the processing device is further configured to execute computer-readable program code to:

assign an administrator to set the one or more limits on the use of the shared token.

9. The system of claim 1, wherein associating the shared token with the payment device of each of the plurality of users comprises associating the shared token with the digital wallet of each of the plurality of users.

10. The system of claim 1, wherein a financial institution stores the association between the shared token, the financial account, and the plurality of users.

11. The system of claim 1, wherein a third party institution stores the association between the shared token, the financial account, and the plurality of users.

12. A computer program product for use in a token based financial transaction system, whereby a shared token associated with a financial account is utilized by a collaborative group of users, comprising a plurality of users, to enter into transactions, whereby funds for the financial account are provided by the collaborative group of users, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for associating the shared token with the financial account, wherein the shared token is a digital token that corresponds to the financial account without including a financial account number of the financial account, wherein the financial account provides a centralized location of the funds for the plurality of users to enter into the transactions using the shared token, and wherein the shared token and the financial account association are stored by a tokenization system or a financial institution system;

an executable portion configured for associating the shared token with a payment device of each of the plurality of users, wherein the payment device is a mobile phone with a digital wallet, and wherein the shared token is distributed to and stored on the mobile phone within the digital wallet, or token information for accessing the shared token is distributed to and stored on the mobile phone within the digital wallet;

an executable portion configured for receiving a contribution amount from two or more of the plurality of users, wherein the two or more of the plurality of users fund the financial account associated with the shared token with two or more other user financial accounts;

an executable portion configured for setting one or more limits on the use of the shared token by the plurality of users, wherein the one or more limits comprise global limits on the plurality of users and individual limits on at least one of the plurality of users, wherein the one or more limits are associated with the financial account associated with the shared token, wherein the one or more limits define the transactions that will be authorized when using the shared token, and wherein the one or more limits are stored on the tokenization system or the financial institution system

an executable portion configured for receiving an indication that the shared token is used in a transaction through the use of the digital wallet on the mobile phone, wherein the indication is received from merchant systems;

an executable portion configured for receiving transaction information associated with the transaction, wherein the transaction information at least includes an identity of a user, and wherein the transaction information is received from the merchant systems or the mobile phone;

an executable portion configured for determining that the shared token and the user are associated with the plurality of users;

an executable portion configured for identifying the global limits placed on the shared token of the user and the individual limits placed on the user based on determining that the shared token is associated with the plurality of users;

an executable portion configured for determining that the transaction information meets the global limits and the individual limits to allow the transaction when the global limits and the individual limits are met and deny the transaction when the global limits or the individual limits fail to be met;

an executable portion configured for identifying that the shared token has been misappropriated, wherein the shared token is determined misappropriated when the user loses the shared token by losing the mobile phone; and

an executable portion configured for replacing the shared token with a replacement token when the determination is made that the shared token is misappropriated, wherein replacing the shared token comprises removing the shared token from each of the plurality of users by removing the shared token from the digital wallet of the mobile phone of each of the plurality of users and issuing and storing the replacement token on the digital wallet of the mobile phone of each of the plurality of users, wherein the one or more limits on the financial account remain unchanged, wherein the replacement token and the financial account association are stored by the tokenization system or the financial institution system.

13. The computer program product of claim 12, wherein the financial account is a first financial account, and wherein the computer-readable program code portions further comprise:

an executable portion configured for associating the shared token with one or more additional financial accounts in addition to the first financial account, wherein the shared token corresponds to a plurality of financial accounts including the first financial account and the one or more additional financial accounts without including the financial account numbers of the plurality of financial accounts;

an executable portion configured for allowing the transaction after receiving the indication that the shared token is used in the transaction, and allocating the transaction automatically to a best financial account from the plurality of financial accounts associated with the shared token and complete the transaction.

14. The computer program product of claim 12, wherein the contribution amount from the one or more of the plurality of users is a recurring contribution to continuously fund the financial account.

15. The computer program product of claim 12, wherein the shared token is limited to a time period, such that after the time period is over the shared token associated with the financial account is removed from the payment devices of the plurality of users.

16. The computer program product of claim 12, wherein the one or more limits comprise at least a spending limit on a spending amount for each of the plurality of users based at least in part on the contribution amount contributed by the one or more of the plurality of users.

17. The computer program product of claim 12, wherein the computer-readable program code portions further comprise:

an executable portion configured for removing the replacement token from the payment device associated with at least one of the plurality of users and replace the replacement token with a new token when an administrator dissociates the at least one of the plurality of users from the collaborative group of users.

18. The computer program product of claim 12, wherein the computer-readable program code portions further comprise:

an executable portion configured for adding the shared token to a new payment device associated with a new user to add the new user to the plurality of users that may enter into the transactions using the shared token; and

an executable portion configured for receiving a new contribution amount from the new user to fund the financial account.

19. The computer program product of claim 12, wherein the computer-readable program code portions further comprise:

an executable portion configured for assigning an administrator to set the one or more limits on the use of the shared token.

20. A method for using a token based financial transaction system, whereby a shared token associated with a financial account is utilized by a collaborative group of users, comprising a plurality of users, to enter into transactions, whereby funds for the financial account are provided by the collaborative group of users, the method comprising:

associating, by one or more processing devices, the shared token with the financial account, wherein the shared token is a digital token that corresponds to the financial account without including a financial account number of the financial account, wherein the financial account provides a centralized location of the funds for the plurality of users to enter into the transactions using the shared token, and wherein the shared token and the financial account association are stored by a tokenization system or a financial institution system;

associating, by the one or more processing devices, the shared token with a payment device of each of the plurality of users, wherein the payment device is a mobile phone with a digital wallet, and wherein the shared token is distributed to and stored on the mobile phone within the digital wallet, or token information for accessing the shared token is distributed to and stored on the mobile phone within the digital wallet;

receiving, by the one or more processing devices, a contribution amount from two or more of the plurality of users, wherein the two or more of the plurality of users fund the financial account associated with the shared token with two or more other user financial accounts; and

setting, by the one or more processing devices, one or more limits on the use of the shared token by the plurality of users, wherein the one or more limits comprise global limits on the plurality of users and individual limits on at least one of the plurality of users, wherein the one or more limits are associated with the financial account associated with the shared token, wherein the one or more limits define the transactions that will be authorized when using the shared token, and wherein the one or more limits are stored on the tokenization system or the financial institution system

receiving, by the one or more processing devices, an indication that the shared token is used in a transaction through the use of the digital wallet on the mobile phone, wherein the indication is received from merchant systems;

receiving, by the one or more processing devices, transaction information associated with the transaction, wherein the transaction information at least includes an identity of a user, and wherein the transaction information is received from the merchant systems or the mobile phone;

determining, by the one or more processing devices, that the shared token and the user are associated with the plurality of users;

identifying, by the one or more processing devices, the global limits placed on the shared token of the user and the individual limits placed on the user based on determining that the shared token is associated with the plurality of users;

determining, by the one or more processing devices, that the transaction information meets the global limits and the individual limits to allow the transaction when the global limits and the individual limits are met and deny the transaction when the global limits or the individual limits fail to be met;

identifying, by the one or more processing devices, that the shared token has been misappropriated, wherein the shared token is determined misappropriated when the user loses the shared token by losing the mobile phone; and

replacing, by the one or more processing devices, the shared token with a replacement token when the determination is made that the shared token is misappropriated, wherein replacing the shared token comprises removing the shared token from each of the plurality of users by removing the shared token from the digital wallet of the mobile phone of each of the plurality of users and issuing and storing the replacement token on the digital wallet of the mobile phone of each of the plurality of users, wherein the one or more limits on the financial account remain unchanged, wherein the replacement token and the financial account association are stored by the tokenization system or the financial institution system.