U.S. patent application number 12/881080 was filed with the patent office on 2011-01-06 for customer on-boarding system.
This patent application is currently assigned to BANK OF AMERICA CORPORATION. Invention is credited to Hitesh Bajaj, Douglas G. Brown, Joseph A. Giordano, Christopher R. Griggs, Jade M. Vo-Dinh.
Application Number | 20110004550 12/881080 |
Document ID | / |
Family ID | 40427176 |
Filed Date | 2011-01-06 |
United States Patent
Application |
20110004550 |
Kind Code |
A1 |
Giordano; Joseph A. ; et
al. |
January 6, 2011 |
CUSTOMER ON-BOARDING SYSTEM
Abstract
Embodiments of the invention provide a system and method for
on-boarding customers via a viral account opening or account
registration process that uses aliases, such as telephone numbers,
email addresses, and social networking identifiers, to identify
payee accounts. If an alias is received for which a payee account
cannot be identified, embodiments of the invention use the alias to
contact the payee and request that the payee register an existing
account or open a new account.
Inventors: |
Giordano; Joseph A.;
(Waxhaw, NC) ; Griggs; Christopher R.; (Hickory,
NC) ; Bajaj; Hitesh; (Charlotte, NC) ; Brown;
Douglas G.; (Waxhaw, NC) ; Vo-Dinh; Jade M.;
(Charlotte, NC) |
Correspondence
Address: |
MOORE & VAN ALLEN, PLLC FOR BOFA
430 DAVIS DRIVE, SUITE 500, POST OFFICE BOX 13706
RESEARCH TRIANGLE PARK
NC
27709
US
|
Assignee: |
BANK OF AMERICA CORPORATION
Charlotte
NC
|
Family ID: |
40427176 |
Appl. No.: |
12/881080 |
Filed: |
September 13, 2010 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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12038177 |
Feb 27, 2008 |
|
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12881080 |
|
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60991172 |
Nov 29, 2007 |
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Current U.S.
Class: |
705/40 |
Current CPC
Class: |
G06Q 20/102 20130101;
G06Q 20/384 20200501; G06Q 20/403 20130101; G06Q 20/229 20200501;
G06Q 20/04 20130101; G06Q 20/10 20130101; G06Q 20/227 20130101;
G06Q 20/40 20130101; G06Q 40/02 20130101 |
Class at
Publication: |
705/40 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00 |
Claims
1. A method comprising: receiving a payment request from a payment
sender, wherein the payment request comprises an alias and a
request by the payment sender to transfer funds from the payment
sender's financial account to an entity associated with the alias;
and using the alias to send a communication to the entity regarding
the payment request.
2. The method of claim 1, wherein the alias comprises a telephone
number, email address, or social networking identifier of the
entity.
3. The method of claim 1, further comprising: accessing a data
repository to determine whether the alias is linked in the data
repository to a financial account; and using the alias to send the
communication to the entity regarding the payment request based at
least partially on a determination as to whether the alias is
linked in the data repository to a financial account.
4. The method of claim 3, wherein the communication to the entity
comprises an offer for the entity to open a new financial
account.
5. The method of claim 4, further comprising: opening the new
financial account for the entity; and transferring the funds
identified in the payment request from the payment sender's
financial account to the entity's new financial account.
6. The method of claim 4, wherein the new financial account
comprises a sub-account.
7. The method of claim 3, wherein the communication to the entity
comprises an offer for the entity to register a financial account
and thereby associate the financial account with the alias.
8. The method of claim 7, further comprising: registering the
financial account for the entity by associating, in a data
repository, the alias with the financial account.
9. The method of claim 1, wherein the communication to the entity
regarding the payment request comprises a notice of the intended
payment request.
10. The method of claim 1, further comprising: accessing a data
repository to determine whether the alias is linked in the data
repository to a financial account; determining that the alias is
not linked to a financial account; and canceling the payment
transaction based at least partially on the determining that the
alias is not linked to a financial account.
11. The method of claim 1, wherein the alias is not a financial
account number.
12. The method of claim 1, wherein the alias comprises a telephone
number, and wherein using the alias to send the communication to
the entity regarding the payment request comprises: using the
telephone number to send a message to the entity's mobile phone,
the message comprising an offer for the entity to open or register
a financial account.
13. The method of claim 1, wherein the alias comprises an email
address, and wherein using the alias to send the communication to
the entity regarding the payment request comprises: using the email
address to send an email message to the entity, the email message
comprising an offer for the entity to open or register a financial
account.
14. The method of claim 1, wherein the alias comprises a social
networking identifier, and wherein using the alias to send the
communication to the entity regarding the payment request
comprises: using the social network identifier to send a message to
the entity via a social network, the message comprising an offer
for the entity to open or register a financial account.
15. An apparatus comprising: at least one communication interface
configured to receive a payment request from a payment sender,
wherein the payment request comprises an alias and a request by the
payment sender to transfer funds from the payment sender's
financial account to an entity associated with the alias; at least
one processor communicably coupled to the at least one
communication interface; and at least one memory communicably
coupled to the at least one processor and having stored thereon
executable instructions that, when executed by the at least one
processor, cause the apparatus to use the alias to send a
communication to the entity regarding the payment request.
16. The apparatus of claim 15, wherein the alias comprises a
telephone number, email address, or social networking identifier of
the entity.
17. The apparatus of claim 15, wherein the at least one memory
further comprises executable instructions that, when executed by
the at least one processor, cause the apparatus to: access a data
repository to determine whether the alias is linked in the data
repository to a financial account; and use the alias to send the
communication to the entity regarding the payment request based at
least partially on a determination as to whether the alias is
linked in the data repository to a finical account.
18. The apparatus of claim 17, wherein the communication to the
entity comprises an offer for the entity to open a new financial
account.
19. The apparatus of claim 18, wherein the at least one memory
further comprises executable instructions that, when executed by
the at least one processor, cause the apparatus to: open the new
financial account for the entity; and transfer the funds identified
in the payment request from the payment sender's financial account
to the entity's new financial account.
20. The apparatus of claim 17, wherein the communication to the
entity comprises an offer for the entity to register a financial
account and thereby associate the financial account with the
alias.
21. The apparatus of claim 20, wherein the at least one memory
further comprises executable instructions that, when executed by
the at least one processor, cause the apparatus to: register the
financial account for the entity by associating, in a data
repository, the alias with the financial account.
22. The apparatus of claim 15, wherein the communication to the
entity regarding the payment request comprises a notice of the
intended payment request.
23. The apparatus of claim 15, wherein the at least one memory
further comprises executable instructions that, when executed by
the at least one processor, cause the apparatus to: access a data
repository to determine whether the alias is linked in the data
repository to a financial account; determine that the alias is not
linked to a financial account; and cancel the payment transaction
based at least partially on the determining that the alias is not
linked to a financial account.
24. The apparatus of claim 15, wherein the alias is not a financial
account number.
25. A computer readable medium having computer executable
instructions stored therein, wherein the computer executable
instructions comprise: instructions operable to receive a payment
request from a payment sender, wherein the payment request
comprises an alias and a request by the payment sender to transfer
funds from the payment sender's financial account to an entity
associated with the alias; and instructions operable to use the
alias to send a communication to the entity regarding the payment
request.
26. The computer readable medium of claim 25, wherein the alias
comprises a telephone number, email address, or social networking
identifier of the entity.
27. The computer readable medium of claim 25, further comprising:
instructions operable to access a data repository to determine
whether the alias is linked in the data repository to a financial
account; and instructions operable to use the alias to send the
communication to the entity regarding the payment request based at
least partially on a determination as to whether the alias is
linked in the data repository to a financial account.
28. The computer readable medium of claim 27, wherein the
communication to the entity comprises an offer for the entity to
open a new financial account.
29. The computer readable medium of claim 28, further comprising:
instructions operable to open the new financial account for the
entity; and instructions operable to transfer the funds identified
in the payment request from the payment sender's financial account
to the entity's new financial account.
30. The computer readable medium of claim 27, wherein the
communication to the entity comprises an offer for the entity to
register a financial account and thereby associate the financial
account with the alias.
31. The computer readable medium of claim 30, further comprising:
instructions operable to register the financial account for the
entity by associating, in a data repository, the alias with the
financial account.
32. The computer readable medium of claim 25, wherein the alias is
not a financial account number.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of and claims priority
from co-pending U.S. patent application Ser. No. 12/038,177, filed
on Feb. 27, 2008 and entitled "SUB-ACCOUNT MECHANISM," which claims
priority from U.S. Provisional Patent Application No. 60/991,172,
filed on Nov. 29, 2007 and entitled "SUB-ACCOUNT MECHANISM," the
entire contents of both of these applications are hereby
incorporated herein by reference.
BACKGROUND
[0002] Today, individuals, such as parents, do not have an easy and
seamless process to manage and dispense money to their dependents.
Besides managing and controlling their dependents spending
activities, safety in dependents carrying large amounts of cash may
be a concern for parents.
[0003] Dependents are increasingly purchasing goods and services
on-line where they cannot use cash but need a payment card. Since
they may not have their own direct deposit account (DDA) or credit
card account, they cannot use traditional methods of payment for
this channel to purchase goods. At the physical point of service
(POS), dependents generally use cash to make their purchases, which
excludes financial entities from the payment transactions and
associated revenues. In addition, merchants that sell digital
media, e.g., music, movies, videos, etc., do not have a low cost
micropayment solution.
[0004] Today, individuals and dependents may attain prepaid cards
such as the Allowcard.RTM. and the American Express Gift Card for
Teens.RTM. to use towards on-line purchases or physical retailers.
Another alternative is using a parent's credit card where there are
no controls on dependents spending activities. For physical
retailers, the majority of purchases by dependents is made using
cash or "additional" credit cards. Credit cards issued by
competitors and cash as payment instruments remove financial
entities from payments revenue.
[0005] ECommerce merchants whose business requires micropayments
are currently dependent on credit/debit card transactions for
payment. These companies are looking for processes that reduce
their payment expense.
[0006] In addition, individuals may want to budget their resources
across different financial needs. For example, a family may decide
that a monthly income of $2000 may need to be budgeted for known
and other expenses. The family may decide to restrict use of the
monthly income to only $100 for gas, $100 a month for clothing
items, $100 a month for entertainment items/services, and $200 a
month for food items/services. In such a case, the family must
maintain detailed records of who is spending what, where, when, and
under what category.
[0007] A financial entity currently allows its customers to make
payments to other financial entity customers through its online
banking service. In order to make a payment, the sender has to ask
receiver to provide their bank account number and zip code. The
receiver needs to share this confidential account information in
order to be able to get a payment. In addition, both the sender and
receiver need to be customers of the financial entity. It is not
possible for financial entity customers to send payments to anyone
outside the financial entity or make payments to merchants directly
from their bank accounts.
[0008] Person to person and person to merchant payments are not
unique. There are number of companies like PayPal, OboPay,
Revolution Money and others that allow their customers to make
payments using a stored value card or a pooled account. The stored
value card or a pooled account is like a prepaid or a gift card and
it exists separately from customer's bank accounts. The customer
has to move money into this account through automated clearing
house (ACH) transfer or credit card cash advance before these can
be used to make payments. It typically takes 2-3 business days to
move money into such accounts.
[0009] There are currently no practical and cost-effective systems
that can provide a seamless integration of a master DDA, one or
more sub-accounts, and merchant client accounts.
SUMMARY
[0010] In light of the foregoing background, the following presents
a simplified summary of the present disclosure in order to provide
a basic understanding of some aspects of the invention. This
summary is not an extensive overview of the invention. It is not
intended to identify key or critical elements of the invention or
to delineate the scope of the invention. The following summary
merely presents some concepts of the invention in a simplified form
as a prelude to the more detailed description provided below.
[0011] Aspects of the present invention are directed to a method
and system for providing a seamless integration of a master DDA,
one or more sub-accounts, and merchant client accounts. Aspects of
the present disclosure are directed to establishment of a monetary
account with an entity. An account user associated with the
monetary account may be identified. A sub-account with the entity
may be established, where the sub-account is associated with the
monetary account and includes monetary funds transferred from the
monetary account. At least one sub-account user associated with the
sub-account may be identified, where the at least one sub-account
user is different from the account user. One or more controls,
placed by the account user, may be established on at least one of
the sub-account and the at least one sub-account user. The at least
one sub-account user may be restricted from accessing monetary
funds in the monetary account and the account user is permitted to
access the sub-account.
[0012] Another aspect of the present disclosure is directed to
establishing a monetary account with an entity, the monetary
account including monetary funds maintained within the entity. An
account user associated with the monetary account may be
identified, and a partner account, with the entity, a partner
entity of the entity, the partner account including monetary funds
maintained within the entity. A request from the account user to
transfer monetary funds from the monetary account to the partner
account through a website associated with the partner entity may be
received. The monetary funds may be transferred from the monetary
account to the partner account, where the monetary funds remain
within the entity throughout the transfer.
[0013] This Summary is provided to introduce a selection of
concepts in a simplified form that are further described below in
the Detailed Description. The Summary is not intended to identify
key features or essential features of the claimed subject matter,
nor is it intended to be used to limit the scope of the claimed
subject matter.
BRIEF DESCRIPTION OF THE DRAWINGS
[0014] A more complete understanding of aspects of the present
invention and the advantages thereof may be acquired by referring
to the following description in consideration of the accompanying
drawings, in which like reference numbers indicate like features,
and wherein:
[0015] FIG. 1 illustrates a schematic diagram of a general-purpose
digital computing environment in which certain aspects of the
present invention may be implemented;
[0016] FIG. 2 is an illustrative block diagram of workstations and
servers that may be used to implement the processes and functions
of certain embodiments of the present invention;
[0017] FIG. 3 is an example block diagram of an illustrative
environment for applying a master account and associated
sub-accounts in accordance with at least one aspect of the present
invention;
[0018] FIG. 4 is another example block diagram of an illustrative
environment for applying a master account and associated
sub-accounts in accordance with at least one aspect of the present
invention;
[0019] FIG. 5 is another example block diagram of an illustrative
environment for applying a master account and associated
sub-accounts in accordance with at least one aspect of the present
invention;
[0020] FIG. 6 is an example flowchart of an illustrative method for
applying a master account and associated sub-accounts in accordance
with at least one aspect of the present invention;
[0021] FIG. 7 is an illustrative user interface for maintaining a
master account and sub-accounts with respect to a merchant in
accordance with one or more aspects of the present invention;
[0022] FIG. 8 is an example flowchart of a method for making person
to person payments in accordance with one or more aspects of the
present invention;
[0023] FIG. 9 is an example flowchart of a method for making
payments from a mobile device in accordance with one or more
aspects of the present invention; and
[0024] FIG. 10 is an example flowchart of a method for making
payments to a merchant in accordance with one or more aspects of
the present invention.
DETAILED DESCRIPTION
[0025] In the following description of the various embodiments,
reference is made to the accompanying drawings, which form a part
hereof, and in which is shown by way of illustration various
embodiments in which the invention may be practiced. It is to be
understood that other embodiments may be utilized and structural
and functional modifications may be made.
[0026] FIG. 1 illustrates a block diagram of a generic computing
device 101 (e.g., a computer server) that may be used according to
an illustrative embodiment of the invention. The computer server
101 may have a processor 103 for controlling overall operation of
the server and its associated components, including RAM 105, ROM
107, input/output module 109, and memory 115.
[0027] I/O 109 may include a microphone, keypad, touch screen,
and/or stylus through which a user of device 101 may provide input,
and may also include one or more of a speaker for providing audio
output and a video display device for providing textual,
audiovisual and/or graphical output. Software may be stored within
memory 115 and/or storage to provide instructions to processor 103
for enabling server 101 to perform various functions. For example,
memory 115 may store software used by the server 101, such as an
operating system 117, application programs 119, and an associated
database 121. Alternatively, some or all of server 101 computer
executable instructions may be embodied in hardware or firmware
(not shown). As described in detail below, the database 121 may
provide centralized storage of account information and account
holder information for the entire business, allowing
interoperability between different elements of the business
residing at different physical locations.
[0028] The server 101 may operate in a networked environment
supporting connections to one or more remote computers, such as
terminals 141 and 151. The terminals 141 and 151 may be personal
computers or servers that include many or all of the elements
described above relative to the server 101. The network connections
depicted in FIG. 1 include a local area network (LAN) 125 and a
wide area network (WAN) 129, but may also include other networks.
When used in a LAN networking environment, the computer 101 is
connected to the LAN 125 through a network interface or adapter
123. When used in a WAN networking environment, the server 101 may
include a modem 127 or other means for establishing communications
over the WAN 129, such as the Internet 131. It will be appreciated
that the network connections shown are illustrative and other means
of establishing a communications link between the computers may be
used. The existence of any of various well-known protocols such as
TCP/IP, Ethernet, FTP, HTTP and the like is presumed, and the
system can be operated in a client-server configuration to permit a
user to retrieve web pages from a web-based server. Any of various
conventional web browsers can be used to display and manipulate
data on web pages.
[0029] Additionally, an application program 119 used by the server
101 according to an illustrative embodiment of the invention may
include computer executable instructions for invoking user
functionality related to communication, such as email, short
message service (SMS), and voice input and speech recognition
applications.
[0030] Computing device 101 and/or terminals 141 or 151 may also be
mobile terminals including various other components, such as a
battery, speaker, and antennas (not shown).
[0031] The invention is operational with numerous other general
purpose or special purpose computing system environments or
configurations. Examples of well known computing systems,
environments, and/or configurations that may be suitable for use
with the invention include, but are not limited to, personal
computers, server computers, hand-held or laptop devices,
multiprocessor systems, microprocessor-based systems, set top
boxes, programmable consumer electronics, network PCs,
minicomputers, mainframe computers, distributed computing
environments that include any of the above systems or devices, and
the like.
[0032] The invention may be described in the general context of
computer-executable instructions, such as program modules, being
executed by a computer. Generally, program modules include
routines, programs, objects, components, data structures, etc. that
perform particular tasks or implement particular abstract data
types. The invention may also be practiced in distributed computing
environments where tasks are performed by remote processing devices
that are linked through a communications network. In a distributed
computing environment, program modules may be located in both local
and remote computer storage media including memory storage
devices.
[0033] Referring to FIG. 2, an illustrative system 200 for
implementing methods according to the present invention is shown.
As illustrated, system 200 may include one or more workstations
201. Workstations 201 may be local or remote, and are connected by
one or communications links 202 to computer network 203 that is
linked via communications links 205 to server 204. In system 200,
server 204 may be any suitable server, processor, computer, or data
processing device, or combination of the same. Server 204 may be
used to process the instructions received from, and the
transactions entered into by, one or more participants.
[0034] Computer network 203 may be any suitable computer network
including the Internet, an intranet, a wide-area network (WAN), a
local-area network (LAN), a wireless network, a digital subscriber
line (DSL) network, a frame relay network, an asynchronous transfer
mode (ATM) network, a virtual private network (VPN), or any
combination of any of the same. Communications links 202 and 205
may be any communications links suitable for communicating between
workstations 201 and server 204, such as network links, dial-up
links, wireless links, hard-wired links, etc.
[0035] As understood by those skilled in the art, the steps that
follow in the Figures may be implemented by one or more of the
components in FIGS. 1 and 2 and/or other components, including
other computing devices.
[0036] Aspects of the present disclosure allow a financial entity
to capture more cash-to-card payment volume and provide partners to
the financial entity a reduction in payment expense. A company has
the ability to bring users to a financial entity and can partner
with the financial entity to create an affinity relationship and
product.
[0037] The integration of companion cards, whether debit or stored
value, to sub-accounts and a master direct deposit account (DDA) is
described. The companion cards do not have access to the master
DDA, which allows the primary account holder to have complete
control over spending activities of the sub-accounts. The primary
account holder can transfer funds between the master DDA and
sub-accounts through her preferred channel of banking, e.g.,
automated teller machine (ATM), online banking, mobile banking,
etc. Until the money is spent using the companion cards, deposit
balances remain in the sub-accounts, which keep the funds in the
financial entity banking system. Also, the companion card enables a
financial entity to capture new payment transactions where cash may
have been used previously.
[0038] Additionally, when a customer of a financial entity makes a
purchase on-line from a partner of the financial entity, the
payment may be linked to the sub-accounts described above. The
deposits may be moved from the consumer's sub-account to the
affinity partner's corporate account real-time. This process is
more cost efficient for the affinity partners since it optimizes
transaction routing. Also, deposit balances remain in the financial
entity banking system. This account to account transfer process is
a faster and cheaper method of processing payments for affinity
merchants.
[0039] Aspects of the present disclosure integrate the dependent
payment instrument, e.g., companion card, to the sub-accounts of
the master DDA without allowing access to the master DDA by users
of the sub-accounts.
[0040] Traditional transactions using prepaid cards decreases
balances, by removing money deposited in the bank, even before
actual purchase transactions are made. This situation decreases the
cash amount remaining in the bank, thus decreasing a source of
revenues for banks. Additionally, using cash as a payment
instrument also decreases balances, another source of bank
revenues.
[0041] Aspects of the present disclosure address the above problems
and creates new revenue streams for a financial entity through an
increase of point of service (POS) transactions by shifting payment
instrument from cash to debit or stored value cards at the physical
retailer. At the same time, this concept creates the incremental
DDA balances by delaying the withdrawal of funds until spending
activity. The system also provides an instantaneous control
mechanism for the primary DDA holder to track and control spending
activities made by dependents.
[0042] Furthermore, aspects of the present disclosure allow
eCommerce partners in the micropayment business to have a more
cost-effective process to settle their payment transactions through
the system. For customers of a financial entity, the financial
entity may optimize transaction routing for payment processing
real-time. The consumer account of the financial entity may be
debited much like a debit card transactions while the affinity
partner's business client account may be credited. Thus, funds stay
in the banking system of the financial entity.
[0043] The integration of companion cards to sub-accounts directly
linked to a DDA is an aspect of the present disclosure. In
addition, optimizing transaction routing for eCommerce affinity
partners is another aspect. For transactions between affinity
merchants of a financial entity and customers of the financial
entity, the financial entity may identify these payment
transactions and process them in the lowest cost manner. The
financial entity may use account to account transfer mechanism to
move money from the customer to the merchant instead of the
traditional payment processes using the credit/debit/ACH network
(described below in FIG. 5). In one embodiment, the financial
entity may determine pricing for the account to account transfer
mechanism that will be cost effective for the merchant.
[0044] As should be understood by those skilled in the art, various
combinations and sub-combinations of the descriptions included
herein may be utilized absent the illustrative example provided.
For example, in accordance with one or more aspects of the present
disclosure, there is no requirement in place to mandate a user to
open a master account with a financial entity before a sub-account
may be opened. A person using an account with a merchant that is
linked to the financial entity is able to open a sub-account
anytime without first having to apply for a master DDA with the
financial entity. In such a situation, the sub-account is an
account of the user in which the user does not have other accounts
affiliated with the financial entity. As such, the merchant, such
as a media downloading web site, may have a link to open such a
sub-account with the financial entity. In addition, a person
receiving payment who does not have a sub-account may open one to
get access to those funds. A P2P/P2M account may be such an opened
account. A P2P/P2M account described herein may exist on its
own.
[0045] FIG. 3 is an example block diagram of an illustrative
environment 300 for applying a master account and associated
sub-accounts in accordance with at least one aspect of the present
invention.
[0046] A customer 301 has access to a master direct deposit account
(DDA) 303 through any of a number of different channels of
communication, including, but not limited to, online banking,
mobile banking, and ATM, shown by A. Customer 301 may make money
transfers between the master DDA 303 and one or more sub-accounts,
such as sub-account 1 305 and sub-account 2 307 without any cost,
shown by B.
[0047] One or more companion cards, such as companion card 1 313
and companion card 2 315, are linked to the sub-accounts, as shown
by C, and cannot access deposits in the master DDA 303. This allows
the customer/primary account holder to have control of the level of
spending activities made by both the existing debit cards 311 and
all companion cards 313 and 315.
[0048] Companion cards 313 and 315 may be used for eCommerce with
non-entity merchants and entity non-affinity merchants 317, at a
physical POS and at ATMs in the same manner that the primary
cardholder debit card 311 is used, as shown by D. For eCommerce
businesses that have an affinity partnership with the financial
entity 309, payments between an entity consumer and merchant may be
processed real-time and transaction routing may be optimized, as
shown by E. FIG. 5 provides further details below.
[0049] FIG. 4 is another example block diagram of an illustrative
environment 400 for applying a master account and associated
sub-accounts for non-financial entity merchants and financial
entity non-affinity merchants in accordance with at least one
aspect of the present invention. A customer may make money
transfers between a master DDA 401 and one or more sub-accounts,
such as sub-account 1 403 and sub-account 2 405, without any cost,
as shown by B.
[0050] One or more companion cards, such as companion card 1 409
and companion card 2 411, are linked to the sub-accounts 403 and
405, as shown by C, and cannot access deposits in the master DDA
401. This allows the customer/primary account holder to have
control of the level of spending activities made by both the
existing debit cards 407 and all companion cards 409 and 411.
Companion cards 409 and 411 may be used for eCommerce 413, at a
physical POS 415 and at ATMs 417 in the same manner that the
primary cardholder debit card 407 is used, as shown by D.
Transactions may be processed through a debit, credit, or ATM
network.
[0051] FIG. 5 is another example block diagram of an illustrative
environment 500 for applying a master account and associated
sub-accounts for financial entity affinity merchant partners 507 in
accordance with at least one aspect of the present invention. A
customer may make money transfers between a master DDA 501 and one
or more sub-accounts, such as sub-account 1 503 and sub-account 2
505, without any cost, as shown by B. For eCommerce businesses 507
that have an affinity partnership with the financial entity,
payments between consumers and merchants of the financial entity
are processed real-time and transaction routing is optimized, as
shown by E. The real-time payment may initiate money transfer
between the financial entity consumer account 501 or sub-account,
such as 503 and 505, and the merchant 507 corporate account, where
the merchant account is credited 509 and the consumer account is
debited 511, as shown by F. A small processing fee may be charged
to the merchant 507.
[0052] FIG. 6 is an example flowchart 600 of an illustrative method
for applying a master account and associated sub-accounts in
accordance with at least one aspect of the present invention.
Various web interfaces 601 may be utilized in accordance with
aspects of the present invention. Customers may work with and
access master accounts and sub-accounts via mobile banking 603,
online banking application 605, and/or merchant account 607. A
customer may have a master account, such as master DDA 609,
associated with a financial entity. The master account 609 may
include a plurality of sub-accounts. As shown, master account 609
includes sub-account 1 611, sub-account 2 613, and sub-account 3
615. sub-accounts 611, 613, and 615 may be restricted child
accounts with one or more parental controls in place.
[0053] As described herein, there may be any of a number of
different controls on a sub-account and different controls may be
placed on different accounts. Controls include the ability to
transfer funds out of the sub-account, whether the amount, to the
particular recipient, to a particular time period, etc. Controls
also include the ability to receive funds into the sub-account,
whether from particular individuals or entities, the amount, to a
particular time period, etc. Controls further may include other
functions associated with the account including ability to change
access passwords or IDs, ability to allow others to access the
sub-account, and ability to restrict others from accessing the
sub-account.
[0054] The master account 609 and one or more of the sub-accounts
611, 613, and 615, may have access mechanisms in place, such as a
debit card 619, one or more companion cards 621, and a user ID and
password 623. The access mechanisms allow for purchases to web
pages 625, other eCommerce 627, ATMs 629 and point of service
device 631, such as telephone orders. With the controls in place,
any of a number of different restrictions may be placed on a
sub-account. For example, sub-account 611 may be for a sixteen year
old minor while sub-account 613 may be for a twelve year old minor.
A parent of the master account 609 may allow the sixteen year old
to access certain web sites 625 or an ATM 629 while restricting the
twelve year old from the same. With controls in place on the
sub-accounts, the twelve year old associated with the sub-account
613 cannot access the restricted web sites 625 and/or ATMs 629. Any
of a number of different controls schemes may be in place with
respect to the sub-accounts. The examples included herein are
merely illustrative and should not be limited to the same.
[0055] FIG. 7 is an illustrative user interface 700 for maintaining
a master account and sub-accounts with respect to a merchant in
accordance with one or more aspects of the present invention. A
user profile for a customer of a financial entity 711 is shown with
respect to a particular merchant 713. As shown, various data fields
are included to input data and to see current data. Data field 701
allows a user to enter account owner information, such as name,
address, etc. Data field 703 allows the user to enter additional
account owner data including user ID, cellular phone number, and
email address. Data field 705 allows the user to enter a password
or web site key.
[0056] Data field 707 includes card number data, such as an account
number and an expiration date, for an account number associated
with a master account of the user. Data field 709 includes a
listing of individuals and corresponding information for one or
more sub-accounts associated with that account. Data field 715
shows merchant account balance information. Data field 717 shows
financial entity and non-financial entity account data for funding
accounts. Input 719 allows a user to add funds to an account in
which one or more other screens may be provided. Input 721 allows a
user to transfer funds to a friend in which one or more other
screens may be provided.
[0057] A parent may manage one or more children sub-accounts from
the parent's master account. As part of the parent account, the
parent can see all of her accounts associated with the master
account in addition to the sub-accounts. The parent may transfer
funds form one or more of her accounts in the master account to one
or more of the children's sub-accounts through any of a number of
different interfaces. An email may be sent to the child to inform
them of the transfer. The child may access a web site, such as a
music downloading website, to see the new net balance on his child
sub-account. Alternatively, the child may see the balance by
directly accessing the web site or online banking of the financial
entity. If not restricted by control mechanisms described herein,
the child may immediately purchase music from the music downloading
website from funds in the child's sub-account. In another
embodiment, the child may request funds through an interface
associated with the financial entity and/or a particular merchant
web site.
[0058] Further aspects of the present disclosure describe a payment
product for online banking integrated person to person (P2P) and
person to merchant (P2M) payments that allows customers of a
financial entity to make payments directly from their bank
accounts, whether checking, savings, line of credit, credit card
and other accounts, to anyone, including non-financial entity
customers, without having to share any confidential account
information. The product may be used to make payments to consumers
as well as merchants.
[0059] The person to person and person to merchant payment product
allows customers to make payments to anyone, consumers and
merchants, directly from their financial entity accounts. Currently
no other entity offers such a product that allows payments directly
from bank accounts. In addition, this process results in
non-financial entity customers to open a new type of checking
account, for P2P/P2M use, with the financial entity in order to
receive their funds. Currently no other entity offers such a viral
bank account opening process.
[0060] This product also lets the customers of the financial entity
open a P2P/P2M account and use it for making payments or send money
to minors who currently cannot open their own accounts, creating a
separate P2P/P2M account that will have funds for the minor. The
minor may only access this P2M/P2M account especially set up for
them whereas the parents will have full access to the P2P/P2M
account in addition to their own account(s) at the financial
entity. Currently such an account, which parents can access along
with their other regular accounts but where minors can only access
the account set up for them, is also not offered.
[0061] The product described below will allow its customers to make
P2P payments to anyone. FIG. 8 is an example flowchart of a method
800 for making person to person payments in accordance with one or
more aspects of the present invention. A customer 801 with an
eligible account 807, e.g., checking (DDA), savings, line of
credit, credit card, of a financial entity is be able to register
and make use of this service. During the registration process, the
customer 801 is able to set up an Alias ID 817 that maps back to
their online banking ID and optionally also provide one or multiple
additional unique identifiers, e.g., mobile number 819, email
address 821, social networking ID 823. The information provided by
the customer 801 may be verified to confirm that they do have
access to the mobile number 819, email address 821, or social
networking ID 823 provided. Once the information is verified, then
it will be linked to their online banking ID, i.e., to all of their
financial entity accounts. If outgoing payments are not received by
a receiver in 803, payment may be canceled in 805.
[0062] Customer 801 also is able to set preferences for accounts to
be used for outgoing payments, default account(s) for incoming
payments, and alternatively also has an option of opening a new
financial entity P2P/P2M account 809 that she may use for making
payments. This financial entity P2P/P2M account 809 may be like any
other account hosted at the financial entity and so money may be
moved instantly into this account 809 through the regular online
banking transfer process for moving money between accounts. This
account 809 may be a type of checking account except that it may
come with certain limitations, e.g. no checks, maximum balance
limits, number of daily transactions, and may be opened by
customers by providing much less information as compared to a
regular checking account. The financial entity may, at minimum,
require customers to provide certain information, such as name,
address, date of birth, and social security number, in order to
comply with Anti-Money Laundering regulations.
[0063] Customers 801 of the financial entity also have an option to
set up P2P/P2M accounts 809 for minors 825. Customers 801 are able
to access these accounts just like any of their other accounts. In
addition, customer 801 are able to set up an online banking access
ID for the minor 825 that the minor 825 may use to sign into online
banking but have access only to the specific minor P2P/P2M account
809 set up for them.
[0064] Customers 801 of the financial entity are able to make
payments to other people through any of a number of different
methods. Payments may be made by a routing number/account number
813. Payments may also be made by providing an account number or
zip code 815. If there is a match to an existing financial entity
account in 827, then the funds are transferred instantly to that
account. Else, an error message 829 may be generated. Payments may
be made by providing an Alias ID 817. If there is a match to an
Alias ID of another customer in 831, then payment may be initiated
to that person. Else, an error message 829 may be generated.
[0065] If the receiver has set up default account(s) for incoming
payments in 837, then the funds may be transferred instantly to
that account(s). If the receiver has not set up a default account
in 837, then the funds may be moved to a master settlement account
835 and the receiver may see the payment as an incoming payment
within online banking 833. The receiver may then be able to move
instantly the funds to any of their accounts.
[0066] Payment may be made by providing a mobile phone number. This
operation may perform exactly as described above for Alias ID if
there is a match in 839 on the mobile number. If there is no match
in 839, then a text message may be sent to the mobile number
provided. If the receiver of the message is an existing financial
entity online banking customer, then that person may be allowed to
sign into their online banking account 841, register the phone
number, and then receive funds similar to the process described
above for Alias ID. If the receiver is a financial entity customer
who is not registered for online banking, then that customer may be
able to register 851 for online banking and access funds following
the same process as described above. If the receiver is not a
financial entity customer with an account eligible for receiving
funds, then they may be given the option to sign up 851 for a
P2P/P2M account 843 at the financial entity that they can access
through online banking or return funds to the sender 853.
[0067] After completion of registration 851, the receiver 849 may
get access to the funds from this account. Subsequently the
receiver may keep the funds in the account or add more funds from
an external bank account 845 using the financial entity's existing
ACH transfer capability and then use the funds to make P2P/P2M
payments to others. They will also have the option to move the
funds to their external bank account 845 anytime making use of the
financial entity's existing ACH transfer capability.
[0068] Payment also may be made by providing an email address 821.
This operation may perform exactly as described above for a mobile
number 819 except that the message may be sent to the email address
input by the sender. Payment may be made by providing a social
networking ID 823. The financial entity may extend availability of
this product to various social networking platforms. In that
situation, the process operates in the same way as described above
for mobile phone number 819 and email address 821 except the social
networking platform may be used to notify the receiver based on the
social networking ID 823 provided by the sender. In this situation,
if the receiver is not a financial entity customer, then she may be
given the option to sign up 851 for a P2P/P2M account 843 at the
financial entity, which she may access through online banking to
access the funds sent to them. The financial entity P2P/P2M account
843 may include a companion ATM/debit card 847.
[0069] In all cases described above, if the receiver is already a
registered P2P/P2M customer at the financial entity, a text message
and/or email may be sent to that customer irrespective of
information entered by sender if there is one found in their
profile.
[0070] FIG. 9 is an example flowchart of a method 900 for making
payments from a mobile device in accordance with one or more
aspects of the present invention. A customer 901 who is signed up
for the service has the option to initiate payment from a DDA,
savings, line of credit, and/or credit card of the financial entity
903 and/or from a P2P/P2M account 905 through the financial
entity's mobile banking web site 909 or a mobile banking handset
application 907 downloaded on the phone by providing any of the
above information, e.g., phone number, email address, Alias ID,
social networking ID. Customers also are able to initiate payments
by sending a text message 911 to the financial entity that contains
the receiver's phone number, email address, Alias ID, or social
networking ID. Whether via a mobile banking handset application
907, mobile web site 909, or short message service 911, a receiver
associated with the financial entity 917 may receive funds at her
DDA, savings, etc. 913 and/or P2P/P2M account 915. A receiver not
associated with the financial entity 921 may receive funds at her
P2P/P2M account 919.
[0071] FIG. 10 is an example flowchart of a method 1000 for making
payments to a merchant in accordance with one or more aspects of
the present invention. For all customers 1001 who are signed up for
the service, the financial entity lets them create a unique
shopping ID and password 1005 linked to each of their accounts
which may be used to make purchases at merchant 1019 web sites
1013. Such customers 1001 are able to input their shopping ID and
shopping password 1005 on any merchant's 1019 web site 1013 who has
signed up for the service. Upon successful validation of the
credentials and if the customer 1001 has sufficient funds in their
account, the money may instantly be transferred from the customer's
account 1007 and/or 1009 to the merchant's checking account 1017.
Alternatively, the financial entity may offer merchants 1019 the
ability to consolidate such payments 1015 and receive one lump sum
payment from the financial entity.
[0072] Customers will also have ability to link their bank accounts
to any Near Field Communications (NFC) enabled phone 1003. In that
situation, customers 1001 may initiate instant movement of funds
1011 from their financial entity account 1007 and/or 1009 to the
merchant 1019 from their phone 1003. In accordance with some
aspects, the customer may have a non-NFC enabled phone. In such a
situation, a merchant 1019 may key in the customer's phone number
in a cash register or other computing device. The customer then may
be alerted about the payment amount on her phone. The customer may
authenticate, such as by use of a personal identification number
(PIN) or scanning of a fingerprint of the customer, to ensure that
the phone has not been stolen and that may authorize the payment.
In accordance with other aspects, a customer who uses her companion
card at a retailer, such as a branded coffee cafe, immediately may
receive a receipt on her phone and, at the same time, may be
prompted on her phone to make additional purchases, such as at a
media store on the Internet or a discount offer on a certain
product.
[0073] The customers may be given an option to open multiple
P2P/P2M accounts 1009 and use those for different needs, e.g., one
account may be used for P2P payments, one account may be used for
general purchase, and another account may be used just for a
specific merchant 1019 who might be high risk in customer's
perception. The customer 1001 is able to keep only as much money as
she wants in these accounts and is given the option to set limits
that help prevent fraud, e.g., maximum transaction amount, number
of transactions in a day, etc.
[0074] These processes and systems lets customers of a financial
entity send payments to anyone outside the financial entity, let
non-financial entity customers open accounts with the financial
entity through a viral account opening process, and provides
customers the ability to make P2P/P2M payments from an account that
may be instantly funded.
[0075] As should be understood by those skilled in the art, various
combinations and sub-combinations of the descriptions included
herein may be utilized absent the illustrative example provided.
For example, in accordance with one or more aspects of the present
disclosure, there is no requirement in place to mandate a user to
open a master account with a financial entity before a sub-account
may be opened. A person using an account with a merchant that is
linked to the financial entity is able to open a sub-account
anytime without first having to apply for a master DDA with the
financial entity. In such a situation, the sub-account is an
account of the user in which the user does not have other accounts
affiliated with the financial entity. As such, the merchant, such
as a media downloading web site, may have a link to open such a
sub-account with the financial entity. In addition, a person
receiving payment who does not have a sub-account may open one to
get access to those funds. A P2P/P2M account may be such an opened
account is a P2P/P2M account described herein may exist on its
own.
[0076] While illustrative systems and methods as described herein
embodying various aspects of the present invention are shown, it
will be understood by those skilled in the art, that the invention
is not limited to these embodiments. Modifications may be made by
those skilled in the art, particularly in light of the foregoing
teachings. For example, each of the elements of the aforementioned
embodiments may be utilized alone or in combination or
subcombination with elements of the other embodiments. It will also
be appreciated and understood that modifications may be made
without departing from the true spirit and scope of the present
invention. The description is thus to be regarded as illustrative
instead of restrictive on the present invention.
* * * * *