Registers – Systems controlled by data bearing records – Credit or identification card systems
Reexamination Certificate
2002-12-13
2004-02-03
Le, Thien M. (Department: 2876)
Registers
Systems controlled by data bearing records
Credit or identification card systems
Reexamination Certificate
active
06685088
ABSTRACT:
FIELD OF INVENTION
The present invention relates generally to transaction cards, and more particularly, to a system and method which allows one card or selecta-card number to be used for several transaction accounts, wherein each transaction account is identified by a unique indicia, e.g., an account identification (“AI”) number.
BACKGROUND OF THE INVENTION
The proliferation of plastic transaction cards, which typically allow the cardholder to pay with credit rather than cash, started in the United States in the early 1950s. Initial transaction cards were often restricted to select restaurants and hotels and were often limited to an exclusive class of individuals. Since their introduction, the use of transaction cards have rapidly proliferated from the United States, to Europe, and then to the rest of the world. Transaction cards are not only information carriers, but also typically allow a consumer to pay for goods and services without the need to possess or distribute cash. Moreover, if a consumer needs cash, many transaction cards allow access to funds through an automatic teller machine (ATM).
Stored value cards, charge cards and credit cards are examples of transaction cards that can be used to provide cash equivalent value within an existing payment/transaction infrastructure. Stored value cards are frequently referred to as prepaid or cash cards, in that money is deposited in the account associated with the card before use of the card is allowed. For example, if a cardholder deposits ten dollars of value into the account associated with the card, the card can be used for payments up to ten dollars. In contrast, credit cards are backed not by cash, but by a line-of-credit that has been issued to the cardholder by a financial institution. As such, upon use of the credit (or charge) card, the cash payment from the cardholder is required after the purchase from the merchant, namely, when the cardholder is billed for using the line-of-credit associated with the card.
Transaction cards also reduce the exposure to the risk of cash loss through theft and reduce the need for currency exchanges when traveling to various foreign countries. Due to the advantages of transaction cards, hundreds of millions of cards are now produced and issued annually, thereby resulting in the need for companies to differentiate their cards from competitor's cards. Moreover, due to the popularity of transaction cards, numerous companies, banks, airlines, trade groups, sporting teams, clubs and other organizations have developed their own transaction cards. As such, many companies continually attempt to differentiate their transaction cards and increase market share not only by offering more attractive financing rates and low initiation fees, but also by offering unique, aesthetically pleasing features on the transaction cards. As a result, consumers are possessing more transaction cards, using them with a variety of service establishments and for a variety of transaction events. As such, consumers usually possess multiple transaction cards for multiple purposes, with many consumers carrying five, ten or even more transaction cards while shopping. However, consumers are becoming increasingly frustrated with the inconvenience of having to carry multiple cards. Thus, there is a need within the transaction card industry to have a single card that can be used with multiple accounts.
SUMMARY OF THE INVENTION
The present invention relates generally to a single transaction card that can be used for multiple transaction accounts, wherein the selecta-card number located on the transaction card, often associated with a debit card network, is used in conjunction with an account identification (“AI) number to identify one of several associated transaction accounts. In one exemplary embodiment, the selecta-card provider is a financial institution which hosts both the selecta-card transaction processor for associating multiple accounts, and an internal transaction processor for accessing multiple pre-defined transaction accounts during a transaction event.
In another exemplary embodiment, the selecta-card provider comprises a selecta-card transaction processor that interfaces with external financial institutions which host various transaction accounts for the cardholder. In this embodiment, the selecta-card processor receives the card number and the AI number associated with a particular cardholder transaction account. The selecta-card transaction processor translates this information into the native transaction account information for processing. Using an existing card processing network, the transaction card information is processed according to existing card network standards.
Still another exemplary embodiment encompasses both internal and external transaction account functionalities, allowing a selecta-card provider, which offers transaction account services, to access third party institution accounts associated with the selecta-card provider transaction card.
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Armes David
Royer Coby
American Express Travel Related Services Company Inc.
Le Thien M.
Snell & Wilmer L.L.P.
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