US 2014/0279409 A1Published application

Recommending retroactive vehicle for payment based on in-flows and out-flows

AssigneeBank of America Corporation

InventorsDavid M. Grigg, Matthew A. Calman, Scott Lee Harkey, Laura Corinne Bondesen, Robert Scott Ellis, Tony England

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Abstract

Embodiments of the invention are directed to a system, method, or computer program product for recommending a payment vehicle for a transaction, retroactively. In this way, the invention provides retroactive payment vehicle recommendation after the transaction has occurred based on criteria from customer inputs, customer in-flows, and customer out-flows. In this way, the customer may complete a transaction with a merchant using a temporary line of credit. Subsequently the system may apply the transaction to the determined recommended payment vehicle. Then the temporary line of credit may be terminated.

Claims23

Dependent claims

A system for recommending a payment vehicle for a transaction retroactively, the system comprising:

a memory device with computer-readable program code stored thereon;
a communication device;
a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to:
determine one or more payment vehicles available to a customer;
review financial flow of the customer;
receive indication of a transaction between the customer and a merchant;
receive transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, products of the transaction, and total purchase amount;
provide a temporary line of credit to satisfy the total purchase amount of the transaction;
determine a recommended payment vehicle for the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the financial flow of the customer, and the transaction details;
provide the customer with the recommended payment vehicle after the transaction has been completed;
and
apply the recommended payment vehicle to the temporary line of credit.

9 more elements

A computer program product for recommending a payment vehicle for a transaction retroactively, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for determining one or more payment vehicles available to a customer;
an executable portion configured for reviewing financial flow of the customer;
an executable portion configured for receiving indication of a transaction between the customer and a merchant;
an executable portion configured for receiving transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, products of the transaction, and total purchase amount;
an executable portion configured for providing a temporary line of credit to satisfy the total purchase amount of the transaction;
an executable portion configured for determining a recommended payment vehicle for the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the financial flow of the customer, and the transaction details;
an executable portion configured for providing the customer with the recommended payment vehicle after the transaction has been completed;
and
an executable portion configured for applying the recommended payment vehicle to the temporary line of credit.

6 more elements

A computer-implemented method for recommending a payment vehicle for a transaction retroactively, the method comprising:

providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations:
determining one or more payment vehicles available to a customer;
reviewing financial flow of the customer;
receiving indication of a transaction between the customer and a merchant;
receiving transaction details associated with the transaction between the customer and the merchant, wherein transaction details include merchant type, merchant name, products of the transaction, and total purchase amount;
providing a temporary line of credit to satisfy the total purchase amount of the transaction;
determining, using a computer processing device, a recommended payment vehicle for the transaction, wherein the recommended payment vehicle is determined based at least in part on the one or more payment vehicles available to the customer, the financial flow of the customer, and the transaction details;
providing the customer with the recommended payment vehicle after the transaction has been completed;
and
applying the recommended payment vehicle to the temporary line of credit.

7 more elements

Dependencies are inferred from the claim text.