Systems and methods for creating and monitoring geofence zones

A computer-implemented method for creating and monitoring geofence zones, the method implemented using a geofence computing device including a processor in communication with a memory, a user device, and a payment processor, the method comprising:

• receiving geofence data from the user device, the geofence data including a user defined geofence zone, a user defined geofence rule associated with the geofence zone, and an account identifier of the user associated with the geofence zone, wherein the geofence zone is a geographic area, and wherein the geofence rule is a transaction limitation;
• storing the geofence data within the memory;
• receiving transaction data associated with the account identifier and included within an authorization request message, the transaction data representing a payment transaction initiated by the user with a merchant, the transaction data including at least one of a merchant location and a merchant identifier;
• determining a geographic location of the merchant;
• retrieving the geofence data from the memory based upon the account identifier including the user defined geofence zone;
• comparing the merchant geographic location to the user defined geofence zone;
• applying the geofence rule based on the comparison of the merchant geographic location to the user defined geofence zone;
• and
• adding a flag to the authorization request message indicating whether the transaction satisfies or violates the geofence rule.

A non-transitory computer-readable storage medium having computer-executable instructions embodied thereon, wherein when executed by a geofence computing device including a processor in communication with a memory, a user device, and a payment processor, the computer-executable instructions cause the geofence computing device to:

• receive geofence data from the user device, the geofence data including a user defined geofence zone, a user defined geofence rule associated with the geofence zone, and an account identifier of the user associated with the geofence zone, wherein the geofence zone is a geographic area, and wherein the geofence rule is a transaction limitation;
• store the geofence data within the memory;
• receive transaction data associated with the account identifier and included within an authorization request message, the transaction data representing a payment transaction initiated by the user with a merchant, the transaction data including at least one of a merchant location and a merchant identifier;
• determine a geographic location of the merchant;
• retrieve the geofence data from the memory based upon the account identifier including the user defined geofence zone;
• compare the merchant geographic location to the user defined geofence zone;
• apply the geofence rule based on the comparison of the merchant geographic location to the user defined geofence zone;
• and
• add a flag to the authorization request message indicating whether the transaction satisfies or violates the geofence rule.