U.S. patent application number 13/077917 was filed with the patent office on 2012-10-04 for virtual accounts linked to financial accounts.
Invention is credited to Erik D. Anderson.
Application Number | 20120254033 13/077917 |
Document ID | / |
Family ID | 46760749 |
Filed Date | 2012-10-04 |
United States Patent
Application |
20120254033 |
Kind Code |
A1 |
Anderson; Erik D. |
October 4, 2012 |
VIRTUAL ACCOUNTS LINKED TO FINANCIAL ACCOUNTS
Abstract
Virtual accounts having alphanumeric identifiers different from
an alphanumeric identifier of a financial account are linked to the
financial account. Financial transactions performed in relation to
the virtual accounts result in changing the current value of the
financial account. The virtual accounts themselves do not have a
current value apart from a current value of the financial account
to which the virtual accounts are linked. Performance of the
financial transactions in relation to the virtual accounts does not
expose the alphanumeric identifier of the financial account that
would otherwise be exposed if the financial transactions were
performed in relation to the financial account. A given financial
account is also linked to another financial account. Performance of
a financial transaction in relation to this given virtual account
thus results in changing the current value of one of the financial
accounts to which it is linked.
Inventors: |
Anderson; Erik D.; (Austin,
TX) |
Family ID: |
46760749 |
Appl. No.: |
13/077917 |
Filed: |
March 31, 2011 |
Current U.S.
Class: |
705/44 ;
705/39 |
Current CPC
Class: |
G06Q 20/351 20130101;
G06Q 40/02 20130101; G06Q 20/385 20130101; G06Q 20/405
20130101 |
Class at
Publication: |
705/44 ;
705/39 |
International
Class: |
G06Q 40/00 20060101
G06Q040/00 |
Claims
1. A computer-readable data storage medium storing a computer
program executable by a processor, such that execution of the
computer program by the processor causes a method to be performed,
the method comprising: receiving an alphanumeric identifier of a
financial account having a current value; generating a plurality of
virtual accounts, each virtual account having an alphanumeric
identifier different from the alphanumeric identifier of the
financial account; and, linking the virtual accounts to the
financial account, such that financial transactions performed in
relation to the virtual accounts result in changing the current
value of the financial account, such that the virtual accounts
themselves do not have a current value apart from the current value
of the financial account to which the virtual accounts are linked,
and such that performance of the financial transactions in relation
to the virtual accounts does not expose the alphanumeric identifier
of the financial account that would otherwise be exposed if the
financial transactions were performed in relation to the financial
account, wherein at least one virtual account has an account type
identical to an account type of the financial account, and at least
one other virtual account has an account type different than the
account type of the financial account.
2. The computer-readable data storage medium of claim 1, wherein
the method further comprises, for a given virtual account of the
virtual machines, setting a limit associated with the given virtual
account but not with the financial account, such that attempted
performance of a financial transaction in relation to the given
virtual account does not succeed and does not change the current
value of the financial account if the financial transaction
violates the limit.
3. The computer-readable data storage medium of claim 2, wherein
the limit provides one of: that deposits can be made into the
financial account via the given virtual account but that
withdrawals and payments cannot be made from the financial account
via the given virtual account; and, that withdrawals and payments
can be made from the financial account via the given virtual
account but that deposits cannot be made into the financial account
via the given virtual account.
4. The computer-readable data storage medium of claim 2, wherein
the limit provides one of: a maximum amount of a withdrawal or a
payment that can be made from the financial account via the given
virtual account on a per-financial transaction basis; and, a
maximum amount of withdrawals or payments that can be made from the
financial account via the given virtual account on a per-time
period basis.
5. The computer-readable data storage medium of claim 1, wherein
the financial account is a first financial account, and wherein the
method further comprises: receiving an alphanumeric identifier of a
second financial account having a current value; linking a given
virtual account of the virtual accounts to the second financial
account, such that the given virtual account is linked to both the
first financial account and the second financial account, such that
performance of a financial transaction in relation to the given
virtual account results in changing the current value of one of the
first financial account and the second financial account.
6. The computer-readable data storage medium of claim 5, wherein
the method further comprises associating one or more rules with the
given virtual account, wherein the one or more rules are evaluated
when the financial transaction is performed in relation to the
given virtual account to determine whether the current value of the
first financial account or the current value of the second
financial account is to be changed as a result of the performance
of the financial transaction.
7. The computer-readable data storage medium of claim 6, wherein
the rules comprise one or more of: a first rule specifying that one
of the first financial account and the second financial account is
a default financial account of which the current value is to be
changed as a result of the performance of the financial transaction
when no other rule applies to the financial transaction; a second
rule specifying that when the financial transaction involves an
amount greater than a predetermined amount, the current value of a
particular one of the first financial account and the second
financial account is to be changed as a result of the performance
of the financial transaction; a third rule specifying that when the
financial transaction relates to one of a particular merchant and a
particular type of merchant, the current value of a particular one
of the first financial account and the second financial account is
to be changed as a result of the performance of the financial
transaction; a fourth rule specifying that when the financial
transaction relates to a particular type of currency, the current
value of a particular one of the first financial account and the
second financial account is to be changed as a result of the
performance of the financial transaction; a fifth rule specifying
that a particular one of the first financial account and the second
financial account is to be changed as a result of the performance
of the financial transaction, based on a parameter of each of the
first financial account and the second financial account, the
parameter being one of a statement date and a foreign currency
exchange rate.
8. The computer-readable data storage medium of claim 1, wherein
the financial account is one of: a checking account, a savings
account, a money market account, an investment account, and a
credit card account.
9. The computer-readable data storage medium of claim 1, wherein
the alphanumeric identifier of the financial account comprises one
or more of: an account number, and a financial institution routing
number.
10. A method comprising: receiving, by a processor, an attempt to
perform a financial transaction in relation to an account; in
response to determining that the account is a virtual account
linked to a first financial account having a current value and to a
second financial account having a current value, selecting, by the
processor, a selected financial account from at least the first
financial account and the second financial account based on the
financial transaction; changing, by the processor, the current
value of the selected financial account to effectuate performance
of the financial transaction, wherein the virtual account itself
does not have a current value apart from the current value of the
first financial account and the current value of the second
financial account to which the virtual account is linked, wherein
the performance of the financial transaction in relation to the
virtual account does not expose an alphanumeric identifier of the
selected financial account that would otherwise be exposed if the
financial transaction were performed in relation to the selected
financial account, and wherein the virtual account has an
alphanumeric identifier different than the alphanumeric identifier
of the selected financial account.
11. The method of claim 10, further comprising, in response to
determining that the financial transaction violates a limit
associated with the account, declining, by the processor, the
financial transaction such that the financial transaction is not
performed.
12. The method of claim 11, wherein the limit provides one or more
of: that deposits can be made into the financial account via the
given virtual account but that withdrawals and payments cannot be
made from the financial account via the given virtual account; that
withdrawals and payments can be made from the financial account via
the given virtual account but that deposits cannot be made into the
financial account via the given virtual account; a maximum amount
of a withdrawal or a payment that can be made from the financial
account via the given virtual account on a per-financial
transaction basis; and, a maximum amount of withdrawals or payments
that can be made from the financial account via the given virtual
account on a per-time period basis.
13. The method of claim 10, wherein selecting the selected
financial account based on the financial transaction comprises
evaluating one or more rules associated with the given virtual
account to determine, and wherein the rules comprise one or more
of: a first rule specifying that one of the first financial account
and the second financial account is a default financial account of
which the current value is to be changed as a result of the
performance of the financial transaction when no other rule applies
to the financial transaction; a second rule specifying that when
the financial transaction involves an amount greater than a
predetermined amount, the current value of a particular one of the
first financial account and the second financial account is to be
changed as a result of the performance of the financial
transaction; a third rule specifying that when the financial
transaction relates to one of a particular merchant and a
particular type of merchant, the current value of a particular one
of the first financial account and the second financial account is
to be changed as a result of the performance of the financial
transaction; a fourth rule specifying that when the financial
transaction relates to a particular type of currency, the current
value of a particular one of the first financial account and the
second financial account is to be changed as a result of the
performance of the financial transaction; and, a fifth rule
specifying that a particular one of the first financial account and
the second financial account is to be changed as a result of the
performance of the financial transaction, based on a parameter of
each of the first financial account and the second financial
account, the parameter being one of a statement date and a foreign
currency exchange rate.
14. The method of claim 10, wherein the financial account is one
of: a checking account, a savings account, a money market account,
an investment account, and a credit card account.
15. The method of claim 10, wherein the alphanumeric identifier of
the financial account comprises one or more of: an account number,
and a financial institution routing number.
16. A system comprising: a processor; a computer-readable data
storage medium storing a computer program executable by the
processor to: receive an alphanumeric identifier of a financial
account having a current value; generate a plurality of virtual
accounts, each virtual account having an alphanumeric identifier
different from the alphanumeric identifier of the financial
account; and, link the virtual accounts to the financial account,
such that financial transactions performed in relation to the
virtual accounts result in changing the current value of the
financial account, such that the virtual accounts themselves do not
have a current value apart from the current value of the financial
account to which the virtual accounts are linked, and such that
performance of the financial transactions in relation to the
virtual accounts does not expose the alphanumeric identifier of the
financial account that would otherwise be exposed if the financial
transactions were performed in relation to the financial account,
wherein at least one virtual account has an account type identical
to an account type of the financial account, and at least one other
virtual account has an account type different than the account type
of the financial account.
17. The system of claim 16, wherein the computer program is
executable by the processor further to, for a given virtual account
of the virtual machines, set a limit associated with the given
virtual account but not with the financial account, such that
attempted performance of a financial transaction in relation to the
given virtual account does not succeed and does not change the
current value of the financial account if the financial transaction
violates the limit.
18. The system of claim 17, wherein the limit provides one or more
of: that deposits can be made into the financial account via the
given virtual account but that withdrawals and payments cannot be
made from the financial account via the given virtual account; that
withdrawals and payments can be made from the financial account via
the given virtual account but that deposits cannot be made into the
financial account via the given virtual account; a maximum amount
of a withdrawal or a payment that can be made from the financial
account via the given virtual account on a per-financial
transaction basis; and, a maximum amount of withdrawals or payments
that can be made from the financial account via the given virtual
account on a per-time period basis.
19. The system of claim 16, wherein the financial account is a
first financial account, and wherein the computer program is
executable by the processor further to: receive an alphanumeric
identifier of a second financial account having a current value;
link a given virtual account of the virtual accounts to the second
financial account, such that the given virtual account is linked to
both the first financial account and the second financial account,
such that performance of a financial transaction in relation to the
given virtual account results in changing the current value of one
of the first financial account and the second financial
account.
20. The system of claim 19, wherein the computer program is
executable by the processor further to associate one or more rules
with the given virtual account, wherein the one or more rules are
evaluated when the financial transaction is performed in relation
to the given virtual account to determine whether the current value
of the first financial account or the current value of the second
financial account is to be changed as a result of the performance
of the financial transaction, and wherein the rules comprise one or
more of: a first rule specifying that one of the first financial
account and the second financial account is a default financial
account of which the current value is to be changed as a result of
the performance of the financial transaction when no other rule
applies to the financial transaction; a second rule specifying that
when the financial transaction involves an amount greater than a
predetermined amount, the current value of a particular one of the
first financial account and the second financial account is to be
changed as a result of the performance of the financial
transaction; a third rule specifying that when the financial
transaction relates to one of a particular merchant and a
particular type of merchant, the current value of a particular one
of the first financial account and the second financial account is
to be changed as a result of the performance of the financial
transaction; a fourth rule specifying that when the financial
transaction relates to a particular type of currency, the current
value of a particular one of the first financial account and the
second financial account is to be changed as a result of the
performance of the financial transaction; and, a fifth rule
specifying that a particular one of the first financial account and
the second financial account is to be changed as a result of the
performance of the financial transaction, based on a parameter of
each of the first financial account and the second financial
account, the parameter being one of a statement date and a foreign
currency exchange rate.
Description
BACKGROUND
[0001] Financial accounts are the lifeblood of many consumers,
including people, businesses, and so on. Consumers have a wide
variety of different financial accounts from which to choose.
Banking accounts, held at institutions like banks, credit unions,
and so on, include checking accounts, savings accounts, money
market accounts, investment accounts, and other types of accounts.
Card-oriented accounts include credit card accounts, charge card
accounts, debit card accounts, and other types of accounts.
SUMMARY
[0002] A computer-readable data storage medium of an embodiment of
the invention stores a computer program that is executable by a
processor. Execution of the computer program by the processor
causes a method to be performed. The method includes receiving an
alphanumeric identifier of a financial account having a current
value. The method includes generating virtual accounts. Each
virtual account has an alphanumeric identifier different from the
alphanumeric identifier of the financial account. The method
includes linking the virtual accounts to the financial account,
such that financial transactions performed in relation to the
virtual accounts result in changing the current value of the
financial account. The virtual accounts themselves do not have a
current value apart from the current value of the financial account
to which the virtual accounts are linked. Performance of the
financial transactions in relation to the virtual accounts does not
expose the alphanumeric identifier of the financial account that
would otherwise be exposed if the financial transactions were
performed in relation to the financial account. At least one
virtual account has an account type identical to an account type of
the financial account, and at least one other virtual account has
an account type different than the account type of the financial
account.
[0003] A method of an embodiment of the invention includes
receiving, by a processor, an attempt to perform a financial
transaction in relation to an account. The method includes the
following in response to determining that the account is a virtual
account linked to a first financial account having a current value
and to a second financial account having a current value. The
processor selects a selected financial account from at least the
first financial account and the second financial account based on
the financial transaction. The processor changes the current value
of the selected financial account to effectuate performance of the
financial transaction. The virtual account itself does not have a
current value apart from the current value of the first financial
account and the current value of the second financial account to
which the virtual account is linked. Performance of the financial
transaction in relation to the virtual account does not expose an
alphanumeric identifier of the selected financial account that
would otherwise be exposed if the financial transaction were
performed in relation to the selected financial account. The
virtual account has an alphanumeric identifier different than the
alphanumeric identifier of the selected financial account.
[0004] A system of an embodiment of the invention includes a
processor and a computer-readable data storage medium. The
computer-readable data storage medium stores a computer program
that is executable by the processor to perform the following. An
alphanumeric identifier of a financial account having a current
value is received. Virtual accounts are generated. Each virtual
account has an alphanumeric identifier different from the
alphanumeric identifier of the financial account. The virtual
accounts are linked to the financial account, such that financial
transactions performed in relation to the virtual accounts result
in changing the current value of the financial account. The virtual
accounts themselves do not have a current value apart from the
current value of the financial account to which the virtual
accounts are linked. Performance of the financial transactions in
relation to the virtual accounts does not expose the alphanumeric
identifier of the financial account that would otherwise be exposed
if the financial transactions were performed in relation to the
financial account. At least one virtual account has an account type
identical to an account type of the financial account, and at least
one other virtual account has an account type different than the
account type of the financial account.
BRIEF DESCRIPTION OF THE SEVERAL VIEWS OF THE DRAWINGS
[0005] The drawings referenced herein form a part of the
specification. Features shown in the drawing are meant as
illustrative of only some embodiments of the invention, and not of
all embodiments of the invention, unless otherwise explicitly
indicated, and implications to the contrary are otherwise not to be
made.
[0006] FIG. 1 is a diagram of a first example of a usage scenario
of a virtual account, according to an embodiment of the
invention.
[0007] FIG. 2 is a diagram of a second example of a usage scenario
of a virtual account, according to an embodiment of the
invention.
[0008] FIG. 3 is a flowchart of a method for creating a virtual
account, according to an embodiment of the invention.
[0009] FIG. 4 is a flowchart of a method for using a virtual
account, according to an embodiment of the invention.
[0010] FIG. 5 is a diagram of a system, according to an embodiment
of the invention.
[0011] FIGS. 6A and 6B are diagrams of network topologies in
relation to which the system of FIG. 5 can be implemented,
according to different embodiments of the invention.
DETAILED DESCRIPTION
[0012] In the following detailed description of exemplary
embodiments of the invention, reference is made to the accompanying
drawings that form a part hereof, and in which is shown by way of
illustration specific exemplary embodiments in which the invention
may be practiced. These embodiments are described in sufficient
detail to enable those skilled in the art to practice the
invention. Other embodiments may be utilized, and logical,
mechanical, and other changes may be made without departing from
the spirit or scope of the present invention. The following
detailed description is, therefore, not to be taken in a limiting
sense, and the scope of the embodiment of the invention is defined
only by the appended claims.
[0013] As noted in the background section, financial accounts, such
as banking accounts and card-oriented accounts, are the lifeblood
of many consumers. Furthermore, with the widespread acceptance of
electronic payment and deposit, many consumers choose to have many
financial transactions performed electronically in lieu of using
cash and paper checks. For example, rather than paying for goods
and services using cash or paper checks, many consumers use credit
cards. As another example, rather than receiving payment via cash
or paper checks, many consumers provide their checking account
information to a payor to receive payment electronically. For
instance, a landlord may receive rent monies from tenants each
month by having the tenants directly transfer money to the
landlord's checking account, instead of writing a paper check.
[0014] However, with the increased utilization of financial
accounts, particularly in an electronic manner, potential for fraud
arises to the detriment of consumers. A consumer who pays via debit
card may have the account number and personal-identification number
(PIN) surreptitiously intercepted, or "skimmed," for nefarious
gains. The interloper may create a counterfeit card with this
information, and use the counterfeit card to purchase items that
are paid for out of the checking account to which the consumer's
debit card is linked. As another example, a landlord who provides
the routing number and account number of his or her checking
account so that tenants can pay their rent electronically may find
that a malicious tenant is able to use this information to withdraw
money from the landlord's checking account.
[0015] Embodiments of the invention thus provide for ways that can
overcome these disadvantages. A virtual account that has an
alphanumeric identifier, such as an account number, different than
an alphanumeric identifier of a financial account is generated and
linked to the financial account. Financial transactions performed
in relation to the virtual accounts cause money to be withdrawn or
added to the financial account itself; the virtual accounts
themselves do not have their own separate monetary balances.
Performance of the financial transactions in relation to the
virtual accounts further does not expose the alphanumeric
identifier of the financial account that would otherwise normally
be exposed if the financial transactions were performed directly in
relation to the financial account itself.
[0016] Furthermore, limits can be associated with the virtual
accounts in some embodiments of the invention. A transaction that
is attempted to be performed against a virtual account is declined
if any of the virtual account's limits are violated. For instance,
one limit may specify a daily or per-transaction maximum amount of
money that can be withdrawn from the financial account to which the
virtual account is linked, so that if the virtual account
information is compromised, a malicious person will be unable to
steal much money from the financial account. As another example, a
limit may specify that a virtual account can be used solely to
deposit money into the financial account to which the virtual
account is linked, and not to withdraw money from the financial
account.
[0017] In addition, a virtual account may be linked to more than
one financial account in some embodiments of the invention. Rules
may be specified for the virtual account, which dictate which
financial account should be used to perform a transaction proffered
in relation to the virtual account. For instance, one rule may
specify that transactions that are less than a predetermined amount
are to be processed in relation to a checking account, whereas
another rule may specify that transactions that are greater than
this amount are to be processed in relation to a credit card
account. As such, the same virtual account can be used for
transactions, but the transactions can in actuality be processed in
relation to different financial accounts to which this virtual
account is linked.
[0018] FIG. 1 shows a first example usage scenario 100, according
to an embodiment of the invention. The usage scenario 100 includes
a financial account 102 that has an alphanumeric identifier 104
that uniquely identifies the account 102. For example, the
financial account 102 may be a checking account. As such, the
alphanumeric identifier 104 may include an account number that
uniquely identifies the checking account at the financial
institution at which the account is held, as well as a routing
number that uniquely identifies the financial institution
itself.
[0019] Three virtual accounts 106A, 106B, and 106C, which are
collectively referred to as the virtual accounts 106, are linked to
the financial account 102. The virtual accounts 106 also have
alphanumeric identifiers 108A, 108B, and 108C, respectively, which
are referred to as the alphanumeric identifiers 108. The
alphanumeric identifiers 108 uniquely identify the virtual accounts
106, and further are different than one another and different than
the alphanumeric identifier 104 of the financial account 102.
[0020] The virtual accounts 106 may each be of the same account
type, or a different account type, as that of the financial account
102. For instance, the financial account 102 is a checking account
in the example of FIG. 1. The virtual account 106A, by comparison,
may be a credit card account or a debit card account. As such, the
alphanumeric identifier 108A may specify a card number, an
expiration date, and a three- or four-digit "secret" number. By
comparison, the virtual accounts 106B and 106C may be checking
accounts, and thus their alphanumeric identifiers 108B and 108C may
have the same routing number as the alphanumeric identifier 104 of
the financial account 102, but different account numbers.
[0021] The virtual accounts 106 also have limits 110A, 110B, and
110C, respectively, which are collectively referred to as the
limits 110A. For example, the limit 110A of the virtual account
106A specifies a maximum daily amount that may be charged against
the financial account 102 using the virtual account 106A. The
holder of the financial account 102 may thus use the virtual
account 106A for his or her regular and smaller purchases, knowing
that if the virtual account 106A becomes compromised, the holder
knows that if this fact is discovered within a day, that only the
maximum daily amount can be stolen from the underlying financial
account 102.
[0022] The limit 110B of the virtual account 106B may specify that
the virtual account 106B can only be used for deposit purposes, and
not for withdrawal or payment purposes. The holder of the financial
account 102 may thus use the virtual account 106B to receive
payment from payors. The holder knows that even if an unscrupulous
payor tries to use the virtual account 106B to make a purchase,
such a transaction will be declined as violating the limit
110B.
[0023] The limit 110C of the virtual account 106C may specify no
restrictions on the utilization of the virtual account 106C. The
holder of the financial account 102 may thus use the virtual
account 106C sparingly, with particularly trusted parties and/or
for unusually large purchases. An advantage of using the virtual
account 106C instead of the financial account 102 directly,
however, is that if the virtual account 106C does become
compromised, the holder only has to obtain a new virtual account in
replacement, instead of a new financial account.
[0024] FIG. 2 shows a second example usage scenario 200, according
to an embodiment of the invention. The usage scenario 200 includes
a virtual account 202 that has an alphanumeric identifier 204 that
uniquely identifies the account 202. For example, the virtual
account 202 may be a credit card account. The virtual account 202
is linked to three financial accounts 206A, 206B, and 206C, which
are collectively referred to as the financial accounts 206. The
financial accounts 206 likewise have alphanumeric identifiers 208A,
208B, and 208C, respectively, and which are collectively referred
to as the alphanumeric identifiers 208.
[0025] The financial account 206A may be a credit card account,
such that the virtual account 202 and the financial account 206A
are of the same account type. The financial account 206B may also
be a credit card account, such that the virtual account 202 and the
financial account 206B are also of the same account type. The
financial account 206C by comparison may be a checking account,
meaning that the virtual account 202 and the financial account 206C
are of different account types.
[0026] The virtual account 202 has a number of rules 210, which
specify against which financial account 206 a financial transaction
is to be processed when using the virtual account 202. For example,
online purchases 212A made using the virtual account 202 may be
processed against the financial account 206A. By comparison,
in-person, or physical, purchases 212B made using the virtual
account 202 may be processed against the financial account 206B.
Foreign purchases 212C, or purchases that otherwise are denominated
in foreign currency, made using the virtual account 202 may be
processed against the financial account 206C. The holder of the
financial accounts 206 is thus able to segment his or her purchases
even when using the same virtual account 202 for all purchases.
[0027] FIG. 3 shows a method 300, according to an embodiment of the
invention. The method 300 can be performed by a processor of a
computing device. As such, the method 300 can be implemented as a
computer program stored on a computer-readable data storage medium.
Execution of the method 300 by the processor thus performs the
method 300.
[0028] Alphanumeric identifiers of one or more financial accounts
are received (302). Each financial account is a real, as opposed to
a virtual, financial account, that has a current monetary balance,
which may be zero. Examples of financial accounts include checking
accounts, savings accounts, money market accounts, investment
accounts, credit card accounts, and other types of financial
accounts. The alphanumeric identifiers may thus include account
numbers, financial institution routing numbers, and/or other types
of alphanumeric identifiers.
[0029] A monetary balance is more generally a value. As such, a
financial account can include such accounts that have actual
monetary balances, such as checking accounts, savings accounts, and
so on, as noted above. However, a financial account can also
include such accounts that have a value, but that do not have a
monetary balance per se. For instance, a brokerage account, such as
a retirement account, can include shares of stocks and/or bonds.
The current number of shares may be considered the current value of
the account, even if there is no current monetary balance of the
account.
[0030] Virtual accounts are generated (304). Each virtual account
has an alphanumeric identifier that is different from the
alphanumeric identifier of the financial accounts. At least one
virtual account may have an account type identical to an account
type of one of the financial accounts, and at least one other
virtual account may have an account type different than the account
type of one of the financial accounts. Examples of account types
include card-type accounts, banking accounts, and so on.
[0031] The virtual accounts are each linked to at least one of the
financial accounts (306). As such, financial transactions performed
in relation to each virtual account result in changing the current
monetary balance of one of the accounts to which the virtual
account is linked. The virtual accounts do not themselves have
current monetary balances apart from the current monetary balance
of each financial account to which the virtual accounts are linked.
Performance of financial transactions in relation to a virtual
account further does not expose the alphanumeric identifier of any
financial account to which the virtual account is link, as would
otherwise normally be exposed if the financial transactions were
performed directly in relation to the financial account.
[0032] Limits associated with each virtual account may be set
(308). As such, attempted performance of a financial transaction in
relation to a virtual account does not succeed, and does not change
the current monetary balance of any financial account to which the
virtual account is linked, if the financial transaction violates
the limit. The limits can include specifying that deposits can be
made into a financial account to which a virtual account is linked,
via the virtual account, but that payments or withdrawals cannot be
made from this financial account via the virtual account.
[0033] The limits can similarly include specifying that withdrawals
and payments can be made from a financial account to which a
virtual account is linked, via the virtual account, but that
deposits cannot be made into this financial account via the virtual
account. The limits may further include a maximum amount of
withdrawals or payments that can be made from a financial account
to which a virtual account is linked, via the virtual account, on a
per-transaction basis and/or on a per-time period basis. For
example, a given financial transaction may not be permitted to
exceed a given amount, and the transactions for a particular day
may not be permitted to exceed the same or different amount.
[0034] For virtual accounts that are each linked to more than one
financial account, rules may be associated with each such virtual
account (310). When a financial transaction is presented to a
virtual account that is linked to more than one financial account,
one of the financial accounts is selected of which the current
monetary balance is to change in accordance with the transaction.
The rules can thus be evaluated to determine which financial
account should be used for a particular transaction presented
against the virtual account to which a number of virtual accounts
are linked.
[0035] A first rule may specify that one of the financial accounts
to which a virtual account is linked is a default financial
account. As such, the current monetary balance is to change when a
financial transaction is presented against the virtual account, if
no other rule applies to the financial transaction. A second rule
may specify that if the financial transaction involves an amount
greater than a predetermined amount, a particular financial account
to which the virtual account is linked is to be selected for its
current monetary balance to change when the transaction is
performed.
[0036] A third rule may specify that when a financial transaction
relates to a particular merchant and/or a particular type of
merchant, a particular financial account to which the virtual
account is linked to is to be selected for its current monetary
balance to change when the transaction is performed. As such, the
same virtual account can be used at different merchants and/or
different types of merchants, while the underlying financial
accounts that are used to make such purchases can vary. A fourth
rule can specify that when a financial transaction relates to a
particular type of currency, such as foreign currency, a particular
financial account to which the virtual account is linked is to be
selected for its current monetary balance to change when the
transaction is performed.
[0037] A fifth rule can specify that a particular financial account
to which the virtual account is linked based on a parameter
associated with each financial account. For instance, of all the
financial accounts to which the virtual account is linked, a
particular financial account that has a statement date farthest
from the present date may be selected, to achieve a maximum amount
of "float" for the financial transaction. As another example, of
all the financial accounts to which the virtual account is linked,
a particular financial account that has the most favorable exchange
rate for a foreign currency in which the financial transaction is
denominated may be selected.
[0038] FIG. 4 shows a method 400, according to another embodiment
of the invention. As with the method 300 of FIG. 3, the method 400
can be performed by a processor of a computing device. As such, the
method 400 can be implemented as a computer program stored on a
computer-readable data storage medium. Execution of the method 400
by the processor thus performs the method 400.
[0039] An attempt to perform a financial transaction in relation to
an account is received (402). For example, a credit card may have
been presented by a consumer to make payment for goods or services
using the credit card. As another example, a payor may have
presented the alphanumeric identifier of the account to attempt to
make payment to the account.
[0040] If the account is a virtual account (404), if the virtual
account has an associated limit (406), and if the transaction
violates the limit (408), then the financial transaction is
declined (410). As such, the financial transaction is not
performed. However, if the account is a virtual account (404), and
if the virtual account does not have an associated limited (406),
or if the virtual account has an associated limit (406) but the
financial transaction does not violate this limit (408), and if the
virtual account is linked to multiple financial accounts (414),
then one of these financial accounts is selected (416). The current
monetary balance of the selected financial account is thus changed
to effect the financial transaction (418). For instance, if the
financial transaction is a withdrawal or a purchase, then the
current monetary balance is decremented by the amount of the
transaction, whereas if the financial transaction is a deposit,
then the current monetary balance is incremented by the amount of
the transaction.
[0041] Likewise, if the account is a virtual account (404), and if
the virtual account does not have an associated limit (406), or if
the virtual account has an associated limit (406) but the financial
transaction does not violate this limit (408), and if the virtual
account is linked to just one financial account (414), then the
current monetary balance of this financial account is changed to
effect the transaction (418). Similarly, if the account is not a
virtual account (404), then the current monetary balance of this
financial account is changed to effect the transaction (418). The
method 400 thus permits a consumer to use a virtual account to
perform a financial transaction, where the current monetary balance
of an underlying financial account is changed to effect the
transaction. The virtual account may or may not have a limit, and
may be linked to one financial account or to more than one
financial account.
[0042] FIG. 5 shows a rudimentary system 500, according to an
embodiment of the invention. The system 500 may be implemented over
one or more computing devices. As such, the system 500 includes a
processor 502 and a computer-readable data storage medium 504. The
computer-readable data storage medium 504 stores a computer program
506. Execution of the computer program 506 from the
computer-readable data storage medium 504 causes the system 500 to
perform the functionality of the method 300 and/or the method 400
that have been described.
[0043] The system 500 can be implemented in a wide variety of
different network topologies, or architectures. FIGS. 6A and 6B
show two different such topologies 600, according to different
embodiments of the invention. In FIG. 6A, there is a client 602
that is communicatively connected to a server 604 over a network
606. The network 606 may be or included wired and/or wireless
networks, intranets, extranets, telephony networks, local-area
networks, wide-area networks, the Internet, and/or other types of
networks.
[0044] The client 602 may be a computing device of an end user that
holds the financial accounts. For instance, the client 602 may be a
desktop or a laptop computer, a tablet computing device, a mobile
phone-type computing device, and so on. The client 602 may
alternatively be a computing device of a retailer that is
processing a transaction on behalf of the end user that holds the
financial accounts. In this respect, too, the client 602 may be a
desktop or a laptop computer, a tablet computing device, a mobile
phone-type computing device, as well as a point-of-sale (POS)
terminal or device, and so on. What is represented as the client
602 in FIG. 6A may include both of these types of devices as
well.
[0045] In FIG. 6A, what is represented is the server 604 can be or
include one or more computing devices that performs the methods 300
and 400 of FIGS. 3 and 4 that have been described. For instance,
the server 604 may be a single computing device. Alternatively, the
server 604 may be more than one computing device that interact with
one another to perform the methods 300 and 400. It is contemplated
that a single entity, such as a single bank or other financial
institution, controls the server 604 in the embodiment of FIG. 6A,
and as such, maintains both the virtual accounts for the end user,
as well as the actual financial accounts for the end user.
[0046] By comparison, in FIG. 6B, while the client 602 and the
network 606 are as in FIG. 6A, the server 604 of FIG. 6A has been
bifurcated into two server devices: a virtualization server 604A
and a financial server 604B. As in FIG. 6A, however, each of the
servers 604A and 604B can in actuality be more than one computing
device that performs particular functionality. However, the server
604 of FIG. 6A is divided into two servers 604A and 604B to convey
that the entity that controls the server 604A is different than the
entity that controls the server 604B.
[0047] For instance, the virtualization server 604A may be
controlled by an entity that provides for and maintains the virtual
accounts for the end user. As such, the virtualization server 604A
performs the method 300 of FIG. 3, as well as the method 400 of
FIG. 4 except for part 418 thereof. By comparison, the financial
server 604B may be controlled by an entity (or entities) that
maintain the actual financial accounts for the end user. As such,
the financial server 604B performs part 418 of the method 400, as
directed by the virtualization server 604A.
[0048] Consider, for example, a situation in which an end user has
a number of different financial accounts, maintained by different
financial institutions. Each financial institution thus has or
maintains a corresponding financial server 604B. However, to link
these different financial accounts with one or more different
virtual accounts, the end user employs the services of a
potentially different entity that controls the virtualization
server 604A. In this respect, then, the end user is not limited to
virtual account services provided by his or her financial
institutions in the example of FIG. 6B, as may be the case in the
example of FIG. 6A. Furthermore, the end user is not limited to
having a virtual account that is linked to just his or her
financial accounts maintained by the same financial
institution.
[0049] While FIGS. 6A and 6B show two different example topologies
in relation to which embodiments of the invention can be
implemented, other embodiments are not so limited. Rather, FIGS. 6A
and 6B serve to show two particular scenarios in which embodiments
of the invention can be implemented. In FIG. 6A, the entity that
maintains the financial accounts of an end user is also likely the
entity that maintains the virtual accounts of this end user. By
comparison, in FIG. 6B, the entity or entities that maintain the
financial accounts of an end user is likely different than the
entity that maintains the virtual accounts of this end user.
[0050] It is noted that, as can be appreciated by one those of
ordinary skill within the art, aspects of the present invention may
be embodied as a system, method or computer program product.
Accordingly, aspects of the embodiments of the invention may take
the form of an entirely hardware embodiment, an entirely software
embodiment (including firmware, resident software, micro-code,
etc.) or an embodiment combining software and hardware aspects that
may all generally be referred to herein as a "circuit," "module" or
"system." Furthermore, aspects of the present invention may take
the form of a computer program product embodied in one or more
computer readable medium(s) having computer readable program code
embodied thereon.
[0051] Any combination of one or more computer readable medium(s)
may be utilized. The computer readable medium may be a computer
readable signal medium or a computer readable storage medium. A
computer readable storage medium may be, for example, but not
limited to, an electronic, magnetic, optical, electromagnetic,
infrared, or semiconductor system, apparatus, or device, or any
suitable combination of the foregoing. More specific examples (a
non-exhaustive list) of the computer readable storage medium
include the following: an electrical connection having one or more
wires, a portable computer diskette, a hard disk, a random access
memory (RAM), a read-only memory (ROM), an erasable programmable
read-only memory (EPROM or Flash memory), an optical fiber, a
portable compact disc read-only memory (CD-ROM), an optical storage
device, a magnetic storage device, or any suitable combination of
the foregoing. In the context of this document, a computer readable
storage medium may be any tangible medium that can contain, or
store a program for use by or in connection with an instruction
execution system, apparatus, or device.
[0052] A computer readable signal medium may include a propagated
data signal with computer readable program code embodied therein,
for example, in baseband or as part of a carrier wave. Such a
propagated signal may take any of a variety of forms, including,
but not limited to, electro-magnetic, optical, or any suitable
combination thereof. A computer readable signal medium may be any
computer readable medium that is not a computer readable storage
medium and that can communicate, propagate, or transport a program
for use by or in connection with an instruction execution system,
apparatus, or device. Program code embodied on a computer readable
medium may be transmitted using any appropriate medium, including
but not limited to wireless, wireline, optical fiber cable, RF,
etc., or any suitable combination of the foregoing.
[0053] In general, a computer program product includes a
computer-readable medium on which one or more computer programs are
stored. Execution of the computer programs from the
computer-readable medium by one or more processors of one or more
hardware devices causes a method to be performed. For instance, the
method that is to be performed may be one or more of the methods
that have been described above.
[0054] The computer programs themselves include computer program
code. Computer program code for carrying out operations for aspects
of the present invention may be written in any combination of one
or more programming languages, including an object oriented
programming language such as Java, Smalltalk, C++ or the like and
conventional procedural programming languages, such as the "C"
programming language or similar programming languages. The program
code may execute entirely on the user's computer, partly on the
user's computer, as a stand-alone software package, partly on the
user's computer and partly on a remote computer or entirely on the
remote computer or server. In the latter scenario, the remote
computer may be connected to the user's computer through any type
of network, including a local area network (LAN) or a wide area
network (WAN), or the connection may be made to an external
computer (for example, through the Internet using an Internet
Service Provider).
[0055] Aspects of the present invention have been described above
with reference to flowchart illustrations and/or block diagrams of
methods, apparatus (systems) and computer program products
according to embodiments of the invention. It will be understood
that each block of the flowchart illustrations and/or block
diagrams, and combinations of blocks in the flowchart illustrations
and/or block diagrams, can be implemented by computer program
instructions. These computer program instructions may be provided
to a processor of a general purpose computer, special purpose
computer, or other programmable data processing apparatus to
produce a machine, such that the instructions, which execute via
the processor of the computer or other programmable data processing
apparatus, create means for implementing the functions/acts
specified in the flowchart and/or block diagram block or
blocks.
[0056] These computer program instructions may also be stored in a
computer readable medium that can direct a computer, other
programmable data processing apparatus, or other devices to
function in a particular manner, such that the instructions stored
in the computer readable medium produce an article of manufacture
including instructions which implement the function/act specified
in the flowchart and/or block diagram block or blocks.
[0057] The computer program instructions may also be loaded onto a
computer, other programmable data processing apparatus, or other
devices to cause a series of operational steps to be performed on
the computer, other programmable apparatus or other devices to
produce a computer implemented process such that the instructions
which execute on the computer or other programmable apparatus
provide processes for implementing the functions/acts specified in
the flowchart and/or block diagram block or blocks.
[0058] The flowchart and block diagrams in the figures illustrate
the architecture, functionality, and operation of possible
implementations of systems, methods and computer program products
according to various embodiments of the present invention. In this
regard, each block in the flowchart or block diagrams may represent
a module, segment, or portion of code, which comprises one or more
executable instructions for implementing the specified logical
function(s). It should also be noted that, in some alternative
implementations, the functions noted in the block may occur out of
the order noted in the figures. For example, two blocks shown in
succession may, in fact, be executed substantially concurrently, or
the blocks may sometimes be executed in the reverse order,
depending upon the functionality involved. It will also be noted
that each block of the block diagrams and/or flowchart
illustration, and combinations of blocks in the block diagrams
and/or flowchart illustration, can be implemented by special
purpose hardware-based systems that perform the specified functions
or acts, or combinations of special purpose hardware and computer
instructions.
[0059] It is finally noted that, although specific embodiments have
been illustrated and described herein, it will be appreciated by
those of ordinary skill in the art that any arrangement calculated
to achieve the same purpose may be substituted for the specific
embodiments shown. This application is thus intended to cover any
adaptations or variations of embodiments of the present invention.
As such and therefore, it is manifestly intended that this
invention be limited only by the claims and equivalents
thereof.
* * * * *