U.S. patent application number 12/316996 was filed with the patent office on 2010-05-06 for payment vehicle with on and off function.
This patent application is currently assigned to Wachovia Corporation. Invention is credited to Michael T. Duke, Dean Patrick Nolan.
Application Number | 20100114768 12/316996 |
Document ID | / |
Family ID | 42132639 |
Filed Date | 2010-05-06 |
United States Patent
Application |
20100114768 |
Kind Code |
A1 |
Duke; Michael T. ; et
al. |
May 6, 2010 |
Payment vehicle with on and off function
Abstract
A computer-based network system and method for using a payment
vehicle having an on and off function. The system comprises a
payment vehicle comprising an on and off function to enable or to
disable the payment vehicle in the computer-based network for
processing an electronic payment transaction, a holder of the
payment vehicle, and a computer payment network wherein the
computer payment network comprises a transaction engine for
enabling or for disabling the payment vehicle at a request of the
holder of the payment vehicle.
Inventors: |
Duke; Michael T.; (Monroe,
NC) ; Nolan; Dean Patrick; (Charlotte, NC) |
Correspondence
Address: |
Wells Fargo;c/o K& L Gates
Hearst Tower, 47th Floor, 214 North Tryon Street
Charlotte
NC
28202
US
|
Assignee: |
Wachovia Corporation
Charlotte
NC
|
Family ID: |
42132639 |
Appl. No.: |
12/316996 |
Filed: |
December 18, 2008 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
|
|
61197872 |
Oct 31, 2008 |
|
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|
Current U.S.
Class: |
705/41 ;
705/35 |
Current CPC
Class: |
G06Q 20/105 20130101;
G06Q 40/00 20130101; G06Q 20/40 20130101; G06Q 20/382 20130101;
G06Q 20/405 20130101; G06Q 20/42 20130101 |
Class at
Publication: |
705/41 ;
705/35 |
International
Class: |
G06Q 20/00 20060101
G06Q020/00; G06Q 40/00 20060101 G06Q040/00 |
Claims
1. A payment vehicle comprising an on and off function to enable or
to disable the payment vehicle in a computer-based network for
processing an electronic payment transaction.
2. The payment vehicle according to claim 1, wherein the payment
vehicle is enabled or disabled prior to the electronic payment
transaction.
3. The payment vehicle according to claim 1, wherein the payment
vehicle is enabled or disabled pursuant to an instruction from a
holder of the payment vehicle.
4. The payment vehicle according to claim 3, wherein the
instruction is sent as a short message service (sms), a phone
recording, or an email.
5. The payment vehicle according to claim 1, wherein the payment
vehicle is selected from the group consisting of a debit card,
credit card, pre-paid card, stored value card, automated teller
machine (ATM), wire, automated clearinghouse (ACH), online banking,
online bill pay, and internet payment account.
6. A computer-based network system comprising: a payment vehicle
having an on and off function, a holder of the payment vehicle, and
a computer-based payment network wherein the computer-based payment
network comprises a transaction engine for enabling or for
disabling the payment vehicle at a request of the holder of the
payment vehicle.
7. The computer-based network system according to claim 6, wherein
the computer-based payment network system further comprises a
funding source.
8. The computer-based network system according to claim 6, wherein
the computer-based payment network system further comprises an
issuer of the payment vehicle.
9. A method of using a payment vehicle in a computer-based payment
network, the method comprising: receiving a message from a payment
vehicle holder to enable a payment vehicle of the payment vehicle
holder, and enabling the payment vehicle by removing a block placed
on the payment vehicle by a transaction engine in the
computer-based payment network.
10. The method of using a payment vehicle according to claim 9, the
method further comprising issuing a payment vehicle having an on
and off function to enable or to disable the payment vehicle.
11. The method of using a payment vehicle according to claim 9, the
method further comprising confirming removal of block placed on the
payment vehicle by electronically sending a notice to the payment
vehicle holder.
12. The method of using a payment vehicle according to claim 11,
wherein the notice is sent electronically to the payment vehicle
holder over the internet.
13. The method of using a payment vehicle according to claim 11,
wherein the transaction engine disables the payment vehicle.
14. The method of using a payment vehicle according to claim 13,
wherein the transaction engine resides in a computer-based network
of the issuer of the payment vehicle.
15. A method of using a payment vehicle in a computer-based payment
network, the method comprising: receiving a message from a payment
vehicle holder to disable a payment vehicle of the payment vehicle
holder, and disabling the payment vehicle by placing a block on the
payment vehicle by a transaction engine in the computer-based
payment network.
16. The method of using a payment vehicle according to claim 15,
wherein the method further comprises issuing a payment vehicle
having an on and off function to enable or to disable the payment
vehicle.
17. The method of using a payment vehicle according to claim 15,
wherein the method further comprises confirming block placed on the
payment vehicle by electronically sending a notice to the payment
vehicle holder.
18. The method of using a payment vehicle according to claim 17,
wherein the notice is sent electronically to the payment vehicle
holder over the internet.
19. The method of using a payment vehicle according to claim 15,
wherein the transaction engine enables the payment vehicle.
20. The method of using a payment vehicle according to claim 19,
wherein the transaction engine resides in a computer-based payment
network of the issuer of the payment vehicle.
21. A method of using a payment vehicle, the method comprising:
receiving a request from a user to use a payment vehicle of a
payment vehicle holder for an electronic payment transaction in a
computer-based payment network, checking by the computer-based
payment network to see if a block has been placed or removed by the
payment vehicle holder on the payment vehicle, and terminating the
electronic payment transaction in the computer-based payment
network if the block has been placed on the payment vehicle.
22. The method of using a payment vehicle according to claim 21,
wherein the payment vehicle is selected from the group consisting
of a debit card, credit card, pre-paid card, stored value card,
automated teller machine (ATM), wire, automated clearinghouse
(ACH), online banking, online bill pay, and internet payment
account.
23. The method of using a payment vehicle according to claim 22,
wherein the payment vehicle is a credit card or a debit card.
24. The method of using a payment vehicle according to claim 22,
wherein the payment vehicle is an online bill pay or online banking
account.
25. The method of using a payment vehicle according to claim 21,
wherein the payment vehicle holder set rules as to when to enable
or disable the payment vehicle.
26. The method of using a payment vehicle according to claim 25,
wherein the rules are set by time period.
27. The method of using a payment vehicle according to claim 25,
wherein the rules are set by merchant category code.
28. The method of using a payment vehicle according to claim 25,
wherein the rules are set by country code.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application claims priority from U.S. Provisional
Application Ser. No. 61/197,872 filed on Oct. 31, 2008, the
disclosure of which is incorporated herein by reference in its
entirety.
FIELD OF THE INVENTION
[0002] The present invention relates to a payment vehicle having an
on and off function for use in a computer-based network for
processing electronic payment transactions.
BACKGROUND OF THE INVENTION
[0003] In today's payment environment, there are a very few number
of payment transactions or other financial transactions that occur
with cash. Most purchases occur with forms of payment other than
cash using various payment instruments such as credit cards, debit
cards, among others. Furthermore, there are an increasing number of
payment transactions that occur electronically or via a web
interface such as over the internet or worldwide web. With an
increasing volume of transactions conducted with payment
instruments other than cash and often not by the purchaser in
person at point of sale, there is an increased likelihood of
fraudulent transactions and lack of personal control over the
payment transaction.
[0004] Additionally, in today's payment environment, a payment
instrument is always turned "on" leading to abuse and fraud.
Currently, a payment vehicle can be blocked if a credit or debit
card, for example, is lost or stolen by calling a customer service
representative of the card issuer after occurrence of the
fraudulent event and requesting that the card be canceled or
blocked after the occurrence. There are numerous disadvantages
associated with such a process. For example, there may be a delay
before a payment instrument holder even recognizes that a
fraudulent event occurred or is occurring using the payment
holder's payment instrument. There is also a real-time delay
between when a payment instrument holder recognizes that there has
been fraud or abuse associated with its payment instrument and when
the customer service representative is able to cancel or block the
account. Fraudulent use of a card can even occur while the customer
service representative is canceling or blocking the account
associated with the payment vehicle. Thus, a payment holder does
not have direct control and is limited by currently existing
processes. Likewise, a payment instrument holder who desires to
make changes to its account does not have direct control to do so
and also customarily relies upon a customer service
representative.
[0005] With respect to misuse or fraudulent use of a payment
instrument, there are ways in today's existing payment systems to
minimize fraud and abuse of the payment vehicle; however, they
require assistance outside of the control of the payment vehicle
holder. For example, a credit or debit card account can be closed,
a temporary block can be placed on the card, or a country level
block can be placed (for example, do not accept any charges being
made in a specified country). Unfortunately, such controls are
implemented after occurrence of the event.
[0006] Thus, there is a need to minimize the current risk to a
holder of a payment instrument. There is also a need to find a way
to shift control of the payment instrument to the payment
instrument holder as well as to mitigate abuse and fraud associated
with unauthorized use of a payment vehicle and the delays
associated with mitigating such loss. There is also a need to have
greater control in the payment process.
[0007] As indicated above, most payment transactions today involve
the transfer of electronic funds. For purposes of background, the
current industry practice with respect to electronic funds payment
using a payment instrument is best shown by referring now to FIG. 1
which is a flow diagram illustrating a known process for purchaser
payment. According to FIG. 1, a purchaser typically carries
multiple forms of payment to allow the purchaser to choose which
source of funding to use to pay for a given purchase. As is the
current practice in the industry, a line of communication must be
made between each form of payment used by a purchaser and each
source of funds via an existing computer payment network or system.
This occurs for each transaction. Thus, each transaction may
require a different form of payment, a different point of sale
(POS) terminal, a different computer payment system, a different
source of funds, or a combination thereof. Thus, for multiple
transactions, there are numerous communications and many
transaction processing steps that must occur.
[0008] FIG. 2A is a flow diagram which expands upon the existing
computer payment system infrastructure of FIG. 1 and is an example
of a credit or debit route for a VISA or MasterCard transaction.
The parties to an authorization and a settlement VISA or MasterCard
transaction typically comprise a purchaser, a merchant, an optional
International Sales Organization (ISO), a merchant acquirer,
VISA/MasterCard, an optional issuer processor, an issuer, and a
source of funds. A series of events shown in FIG. 2A has to occur
for each VISA/MasterCard transaction using a VISA/MasterCard
payment card used at a merchant point of sale (POS) terminal. Among
the disadvantages associated with such a system is that it requires
purchasers to carry multiple payment instruments that are always
"on," increases the risk that a payment instrument such as a credit
card or a debit card will get lost or stolen which in turn
increases the risk of fraud, and does not provide the payment
instrument holder the ability to control the terms and conditions
of the use of the payment instrument at point of sale.
[0009] FIG. 2B is a flow diagram illustrating the current industry
process for authorization of a VISA/MasterCard transaction. FIG. 2C
is a flow diagram illustrating the current industry process for
settlement of a VISA/MasterCard transaction. In the authorization
process, as shown in FIG. 2B, a purchaser uses a VISA/MasterCard
payment card to pay for goods or services at a merchant point of
sale (POS) terminal, the transaction is captured by an ISO or a
merchant acquirer. An ISO is an independent sales organization that
is a reseller of acquirer services. A merchant acquirer is
typically a bank member of a card network that collects payments on
behalf of a merchant. The transaction is then routed by the
merchant acquirer to the computer payment network which, in this
example, is VISA or MasterCard. The transaction is then routed to
an issuer. The issuer is typically a bank member of a card network
that issues network approved cards. The issuer may approve or deny
a transaction based upon the presence of fraudulent activity or
upon funds availability. The funds availability is communicatively
connected to a source of funds as shown in FIG. 2A. The transaction
is either approved or declined and returned to the merchant POS
terminal.
[0010] With respect to the process for settlement shown in FIG. 2C,
VISA/MasterCard facilitates settlement between the merchant
acquirer and issuer. The merchant acquirer then settles with the
merchant. The issuer then settles with the purchaser using the
funding source that is linked to the VISA MasterCard payment
card.
[0011] The above process is known and currently occurs for each
such payment transaction. As indicated above, there is no means for
a payment holder to have direct control over the payment
instrument's availability for use because it is always "on." There
is no means to address fraudulent use until after the occurrence of
the fraud or misuse. Thus, there remains a need for an alternative
payment instrument that addresses these enumerated concerns as well
as others of the payment instrument holder.
SUMMARY OF THE INVENTION
[0012] The present invention is directed to a computer-based
network system and method for using a payment vehicle having an on
and off function. The system comprises a payment vehicle comprising
an on and off function to enable or to disable the payment vehicle
in the computer-based network for processing an electronic payment
transaction. The system also comprises a holder of the payment
vehicle and a computer payment network. The computer payment
network preferably comprises a transaction engine for enabling or
for disabling the payment vehicle at a request of the holder of the
payment vehicle.
[0013] The present invention also provides for a method of using
the payment vehicle having an on and off function. The method
generally comprises receiving a message from a payment vehicle
holder to enable a payment vehicle of the payment vehicle holder
prior to a payment transaction and enabling the payment vehicle by
removing a block placed on the payment vehicle. Alternatively, the
method generally comprises receiving a message from a payment
vehicle holder to disable a payment vehicle of the payment vehicle
holder and disabling the payment vehicle by placing a block on the
payment vehicle.
[0014] The method of using a payment vehicle having an on and off
function also generally comprises receiving a request from a user
to use a payment vehicle of a payment vehicle holder for an
electronic payment transaction in a computer-based payment network
prior to a payment transaction, checking to see if a block has been
placed or removed by the payment vehicle holder on the payment
vehicle, and terminating the electronic payment transaction if the
block has been placed on the payment vehicle.
[0015] There are also numerous features and functions associated
with the payment vehicle having an on and off function in
accordance with the present invention. Many of which are described
in detail herein. Further areas of applicability of the present
invention will become apparent from the detailed description
provided hereinafter. It should be understood that the detailed
description and specific examples, while indicating the preferred
embodiment of the invention, are intended for purposes of
illustration only and are not intended to limit the scope of the
invention.
BRIEF DESCRIPTION OF THE DRAWINGS
[0016] The present invention will become more fully understood from
the detailed description and the accompanying drawings, which are
not necessarily to scale, wherein:
[0017] FIG. 1 is a flow diagram illustrating a known process for
making purchaser payments with a traditional payment instrument and
computer network payment system.
[0018] FIG. 2A is a flow diagram which expands upon the existing
computer payment system infrastructure of FIG. 1 and is an example
of a credit or debit route for a typical VISA or MasterCard
transaction.
[0019] FIG. 2B is a flow diagram of the current industry process
for authorization of a VISA/MasterCard transaction using a
traditional payment card and computer network payment system.
[0020] FIG. 2C is a flow diagram of the current industry process
for settlement of a VISA/MasterCard transaction.
[0021] FIG. 3 is a flow diagram of the overall system and method of
the present invention.
[0022] FIG. 4A is a flow diagram of the authorization process for a
payment transaction using a payment vehicle having the on and off
feature of the present invention.
[0023] FIG. 4B is a flow diagram illustrating the overall
environment in which the computer-based payment system and payment
vehicle of the present invention operates.
[0024] FIG. 4C is a flow diagram illustrating the settlement
process for a payment transaction using a payment vehicle having
the on and off feature of the present invention.
DETAILED DESCRIPTION OF THE INVENTION
[0025] The following detailed description of the embodiment(s) is
merely exemplary in nature and is in no way intended to limit the
invention, its application, or uses.
[0026] The present invention relates to a payment vehicle having an
"on" and "off" function. The "on" and "off" feature of the payment
vehicle of the present invention permits the holder of a payment
vehicle to provide instructions as to whether to turn its payment
vehicle "on" when it is ready to be used and to be turned "off" to
prevent use when the holder of the payment vehicle so chooses. The
use to be prevented may either be of the payment vehicle holder
itself or to prevent unauthorized use by another.
[0027] The present invention provides a way in which a holder of a
payment vehicle, preferably a customer of the card issuer, can
exert leverage or control over its payment vehicle.
[0028] A payment vehicle, as referred to herein, refers to an
instrument used to conduct a payment transaction excluding cash.
Examples of payment vehicles suitable for use in the present
invention include, but are not limited to, a debit card, credit
card, pre-paid card, stored value card, automated teller machine
(ATM), wire, automated clearinghouse (ACH), online banking, online
bill pay, and internet payment account. The payment vehicle of the
present invention may be extended to other online payment services
or instruments.
[0029] For example, a payment vehicle holder can use a device such
as a personal data assistant (PDA) or a cell phone to send a text
message that reads "card on" or to send a text message that reads
"card off" to the bank or other institution that issued the payment
vehicle to the cardholder.
[0030] The payment vehicle holder can keep the payment vehicle
"off" and then send a text message to the payment vehicle issuer to
turn it "on" for any number of reasons or at any time the holder of
the payment vehicle so chooses. Likewise, a text message can be
sent to turn it back "off" when done. There are any number of
methods that are able to be used to notify to turn the payment
vehicle "on" and "off" within the scope of the present invention. A
text message is just one non-limiting example. The payment vehicle
holder can establish or set rules with the card issuer as to when
the card is to be turned "on" or "off." The holder of the payment
vehicle can check card status at any time. The payment vehicle can
be set to have time-based access. For example, rules may be set by
time period such as the payment vehicle holder instructs to turn
the payment vehicle off from 11 pm to 8 am daily. Another example
is that the payment vehicle can be turned on or off based upon a
specified transaction type such as by a merchant category code.
Still yet another example is that the payment vehicle holder could
determine that the payment vehicle only is "on" for gas and grocery
purchases but "off" for internet purchases, international
purchases, among others. Any number of rules could be set alone or
in combination. Another example is that the payment vehicle can be
turned on or off based upon country code.
[0031] In addition, the present invention relates to a payment
vehicle having the "on" and "off" feature such as where the payment
vehicle is an online banking account having established rules for
when access is turned on and off. For example, the holder of the
online banking account could set a rule that there can be no
payments made using the online banking account, for example,
between 11 pm and 8 am daily. Alternatively, the online banking
account can be set such that fund status can be viewed but funds
cannot be moved or transferred.
[0032] The "on" and "off" feature could be utilized in an
authorization environment or in an environment where authorizations
are not utilized. An important aspect to the present invention is
the "on" and "off" functionality and the ability to give a payment
vehicle holder who is typically a customer of a financial
institution control of the payment vehicle in a computer-based
network system leveraging that functionality.
[0033] The logic which is the basis for the "on" and "off"
functionality in the computer-based network system is comprised
within the payment vehicle's processing environment. The following
non-limiting example relates to the processing of credit cards and
debit cards although the logic is readily applied to other types of
payment vehicles.
[0034] As mentioned previously, a typical credit card transaction
involves a two-part transaction, namely authorization and
settlement. During authorization, the question is asked if the
money or funds are there and the question is asked if the card is
valid. It can be a signature-based transaction or a PIN-based
transaction. A pin-based transaction is a transaction in which
authorization and settlement occur at same time. The method of
authorization is card specific and is known in the industry. For
example, VISA has a different payment network than other card
providers. With the payment vehicle having the "on" and "off"
feature of the present invention, the merchant would know that an
invalid card is turned "off" for purposes of the transaction.
[0035] Settlement processing occurs with purchases made by
internet, mail order, phone order, or card on file. Some of these
go through an authorization transaction coming in looking for
settlement from a merchant. A payment vehicle having the "on" and
"off" feature of the present invention could be used in these
transactions as well as other transactions that may involve
interlink, automated teller machine (ATM), ACH, wires and
others.
[0036] Referring now to the figures, FIG. 3 is a flow diagram
illustrating the overall system and method of the present
invention. As shown in FIG. 3, a payment vehicle holder sends an
"on" or "off" message regarding its payment vehicle. After receipt
of the message, the payment vehicle is either disabled (i.e. turned
off) by a block being placed or enabled (i.e. turned on) by a block
being removed. A confirmation of whether the block is on or off is
electronically sent to the payment vehicle holder. The payment
vehicle holder uses its payment vehicle to for example, make a
purchase, sign-on to online banking, make an ATM withdrawl, make an
ACH deposit, or money transfer. It is checked to see if the block
is off for the payment vehicle. If the block is not off, the
transaction ends. If the block is off, the transaction proceeds
through normal processing for that respective payment vehicle.
[0037] FIG. 4A illustrates a payment vehicle having an "on" and
"off" feature in accordance with the present invention for use in a
computer-based environment for processing electronic payment
transactions. As shown in FIG. 4A, the system comprises a user, a
payment vehicle, a computer payment network comprising an "on" and
"off" transaction engine, and a source of funds. Preferably, the
user is the holder of the payment vehicle; however, it is within
the scope of the present invention that someone other than the
payment vehicle holder would use the payment vehicle to make a
purchase or to access funds. The "on" and "off" transaction engine
further comprises the "on" and "off" logic to determine whether or
not the payment vehicle is enabled or disabled (i.e. "on" or "off")
prior to a payment transaction. If the payment vehicle is "on" and
a transaction is enabled (i.e. not disabled or blocked), it is a
valid option and the computer payment network is connected to the
source of funds. Each user potentially has access to multiple
payment vehicles having this "on" and "off" functionality.
[0038] FIG. 4B is a flow diagram of the authorization process for a
payment transaction using a payment vehicle having the "on" and
"off" feature of the present invention. As shown in FIG. 4B, a
purchaser uses a payment card to pay for goods and services at a
merchant point of sale terminal. The transaction is captured by the
ISO or merchant acquirer. The transaction is routed to
VISA/Mastercard. From VISA/Mastercard, the transaction is routed to
the issuer. The "on" and "off" transaction engine of the computer
payment network queries whether the payment card is "off." If it is
"off," the transaction is declined and returned to merchant point
of sale terminal. If the payment card is not "off," it is further
processed to determine if there is fraud associated with the
transaction. If there is fraud, the transaction is declined and
returned to merchant point of sale terminal. If there is no fraud,
the computer payment network checks to see if funds are available.
If funds are available, the transaction is approved and returned to
merchant point of sale terminal. If funds are not available, the
transaction is declined and returned to merchant point of sale
terminal.
[0039] FIG. 4C is a flow diagram illustrating the settlement
process for a payment transaction using a payment vehicle having
the "on" and "off" feature of the present invention. As shown in
FIG. 4C, the merchant acquirer settles with VISA/Mastercard. From
VISA/Mastercard, the issuer settles with VISA/Mastercard. The
"on"/"off" transaction engine queries whether the payment card is
"off." If the payment card is not "off," the issuer settles with
the purchaser. If the payment card is "off," the issuer does not
settle with the purchaser and initiates charge back to the
card.
[0040] As discussed herein, a payment vehicle having the "on" and
"off" feature of the present invention allows the holder of the
payment vehicle to remotely enable or disable its payment vehicle.
The present invention provides a payment vehicle holder such as a
customer of a financial institution control over its payment
vehicle through leveraging of the "on" and "off" logic that may be
transmitted, for example, via text message, e-mail, or other
electronic means. While the present invention may be run in a
variety of settings, it is advantageous for its logic to be run in
a card processing environment.
[0041] There are numerous other features that are optionally
associated with a payment vehicle having the "on" and "off" feature
of the present invention. For example, a payment vehicle holder
such as a customer of a financial institution is able to get the
latest status of his or her payment vehicle. For example, the
status may be enabled or disabled as well as more detailed
reporting. This core functionality leads to additional features as
described below.
[0042] Among the features of the present invention include time
based access to the payment vehicles. For example, the payment
vehicle is enabled from x time to y time. This may also be used for
online banking access also.
[0043] A two credit/debit level authorization per transaction is
another feature. For example, a customer will receive a
communication, including but not limited to, a short message
service (sms), a phone recording, or email verifying that it is
permissible to allow the transaction.
[0044] Another feature of the payment vehicle of the present
invention provides for the holder of the payment vehicle to refuse
or stop a transaction that exceeds a predefined amount. The user
may also refuse or stop a transaction of a specific type or limit
the use of the payment vehicle to transactions of a certain type or
merchant category code.
[0045] Yet another feature of the payment vehicle of the present
invention is confirmation messaging. The payment vehicle holder
receives a communication, including but not limited to, a sms, a
phone recording, or email verifying that the payment vehicle
holder's request to turn the payment vehicle on or off has been
accomplished.
[0046] Still yet another feature of the payment vehicle of the
present invention is vendor messaging. For example, when a person
attempts to use a payment vehicle that has been turned off, the
vendor receives a message informing him or her that the card is
rejected as it is turned off.
[0047] It is within the scope of the present invention that this
"on" and "off" feature associated with a payment vehicle is
applicable to both existing and new customers, for example, of an
institution such as a financial institution that is a card issuer.
A customer enrolls for such a program and his/her account is marked
accordingly. A customer selects a card account and agrees to use a
card having the "on" and "off" feature. A customer then receives
notification of enrollment, instructions, and initial card status.
Such functionality is comprised, for example, in a card on/off
transaction engine.
[0048] Thus, the payment vehicle of the present invention is
advantageous for many reasons including because it provides
additional security for payment vehicles. The payment vehicle of
the present invention having the "on" and "off" feature permits
customers to easily manage the security of their payment vehicles
by switching them off when not in use. With the present invention,
it is possible to disable the payment vehicle, such as a credit
card, for safety or other purposes whenever the holder of a payment
vehicle so chooses. For example, messaging is accomplished by sms
or email.
[0049] Another advantage of the payment vehicle and method of the
present invention is that it enhances loyalty through appreciation
for the additional security, flexibility, and control that it
provides consumers over their payment vehicles.
[0050] It will therefore be readily understood by those persons
skilled in the art that the present invention is susceptible of
broad utility and application. Many embodiments and adaptations of
the present invention other than those herein described, as well as
many variations, modifications and equivalent arrangements, will be
apparent from or reasonably suggested by the present invention and
the foregoing description thereof, without departing from the
substance or scope of the present invention. Accordingly, while the
present invention has been described herein in detail in relation
to its preferred embodiment, it is to be understood that this
disclosure is only illustrative and exemplary of the present
invention and is made merely for purposes of providing a full and
enabling disclosure of the invention. The foregoing disclosure is
not intended or to be construed to limit the present invention or
otherwise to exclude any such other embodiments, adaptations,
variations, modifications and equivalent arrangements.
* * * * *