Systems and methods for distribution of funds
AssigneeThe PNC Financial Services Group, Inc.
InventorsWilliam Albert BROWN, Beth Marie Klebacha, Saurabh JOSHI, Ryan Daniel Kneidel
Life of this patent
Estimating the term…
Abstract
A computer-implemented method and system for managing the distribution of funds received from an organization's corporate account to virtual card holders as participants of the organization. The methods and systems may include managing distributing funds to team accounts and further distributing funds received to virtual cards of each of the participants. The methods and systems may include collecting the remaining balance of funds from the virtual cards when certain termination criterion are met.
Claims19
1-20. (canceled)
A computer-implemented system comprising:
- a memory storing a set of instructions;
- a processor, in electronic communication with the memory, configured to execute the instructions to:
- associate a participant with an institution based on an access right of the participant, wherein the access right is used to authenticate the participant with the institution and a determination that the participant has at least one account associated with the institution;
- associate the at least one account with at least one participant virtual card, wherein the at least one participant virtual card is associated with the participant;
- distribute a predetermined amount of funds to the at least one participant virtual card based on a predetermined distribution amount, the predetermined distribution amount determined by the institution;
- determine at least a partial amount of the predetermined amount of funds was used within a time period;
- calculate a remaining balance of funds associated with the predetermined distribution amount;
- and
- distribute the remaining balance of funds to the at least one account.
A computer-implemented method comprising:
- associating a participant with an institution based on an access right of the participant, wherein the access right is used to authenticate the participant with the institution and a determination that the participant has at least one account associated with the institution;
- associating at least one parameter with the at least one account and at least one participant virtual card, wherein the at least one participant virtual card is associated with the participant;
- calculating at least one per diem for the participant virtual card based on predetermined limits associated with the participant;
- receiving a request to retrieve an amount of funds from the at least one account to a participant virtual card;
- verifying that the request is less than the predetermined limit for the at least one calculated per diem;
- upon determining that insufficient funds exist, presenting on a device associated with the request:
- an association between the participant virtual card and a funds account associated with the participant and an option for an automatic fund transfer request between the funds account to the participant virtual card;
- or
- an option to automatically cancel the request;
- upon receiving a determination to receive the automatic fund transfer request:
- verifying the automatic fund transfer request against termination criteria;
- and
- upon determining that the automatic fund transfer request complies with the termination criteria, automatically canceling the request.
Dependencies are inferred from the claim text.