Multi-party payment card processing systems and methods including virtual prepaid foreign currency account management

Patent metadata

Field	Value
Publication number	US-2020111084-A1
Application number	US-201816151152-A
Country	US
Kind code	A1
Filing date	Oct 3, 2018
Priority date	Oct 3, 2018
Publication date	Apr 9, 2020
Grant date	—

Abstract

A payment card processing system and method includes a computing device in communication with a multi-party payment processing system and network for processing payment card transactions. The computing device accepts a foreign currency deposit into a virtual foreign currency account linked to a cardholder account designated for payment in a home currency, receives payment card transaction data, identifies a foreign exchange transaction between the cardholder and a merchant designated for payment in a foreign currency, and applies at least a portion of the foreign currency deposit in the virtual foreign currency account to satisfy the payment for the transaction.

First claim

What is claimed is:

1 . An electronic payment card processing system comprising:
at least one host computing device comprising at least one processor in communication with a memory device and a multi-party payment processing system and network for processing payment card transactions; wherein the at least one host computing device is configured to:
receive transaction data for a plurality of payment card transactions;
identify, based on the received transaction data, at least one foreign exchange transaction including a payment card account designated for payment in a home currency and a merchant designated for payment in a foreign currency;
for each payment card account in an identified foreign exchange transaction, identify whether at least one virtual prepaid foreign currency account that is linked to the payment card account is available; and
if the at least one available virtual prepaid foreign currency account is available, apply at least a portion of the funds from the at least one virtual prepaid foreign currency account to satisfy the payment for the foreign exchange transaction.

2 . The system of claim 1 , wherein the at least one host computing device is configured to:
compare a bank identification number (BIN) of the cardholder account to a merchant id in the transaction data to identify the at least one foreign exchange transaction.

3 . The system of claim 1 , wherein the at least one host computing device is configured to:
identify, in reference to a primary account number (PAN) of the cardholder account, whether the at least one available virtual prepaid foreign currency account is available.

4 . The system of claim 1 , wherein the at least one host computing device is further configured to:
determine whether an available virtual prepaid foreign currency account has sufficient funds to satisfy the entire payment for the foreign exchange transaction; and notify the cardholder when the at least one virtual foreign currency account has insufficient funds to satisfy the entire payment for the foreign exchange transaction.

5 . The system of claim 1 , wherein the at least one host computing device is further configured to:
apply a partial payment from a first available virtual foreign currency account, and apply a partial payment from a second available virtual foreign currency account to satisfy the entire payment for the foreign exchange transaction.

6 . The system of claim 1 , wherein the at least one host computing device is further configured to:
apply a partial payment in the home currency and a partial payment from an available virtual foreign currency account to satisfy the entire payment for the transaction in the foreign currency.

7 . The system of claim 1 , wherein the at least one host computing device is further configured to:
determine a location of a cardholder, and based on the location of the cardholder, make at least one virtual foreign currency account available to satisfy at least a portion of the payment for the for the foreign exchange transaction.

8 . The system of claim 1 , wherein the at least one host computing device is further configured to:
determine whether an available virtual foreign currency account has sufficient funds to satisfy the entire payment for the foreign exchange transaction; and decline the foreign exchange transaction when the at least one virtual foreign currency account has insufficient funds to satisfy the entire payment for the transaction in the foreign currency.

9 . The system of claim 1 , wherein the at least one host computing device is further configured to:
accept a foreign currency deposit to at least one virtual prepaid foreign currency account by a cardholder via a payment card transaction.

10 . The system of claim 1 , further comprising at least one of an ACH payment system or a checking payment system, and wherein the at least one host computing device is further configured to accept a foreign currency deposit to at least one virtual prepaid foreign currency account via the ACH payment system or a checking payment system.

11 . The system of claim 1 , wherein the at least one host computing device is further configured to:
lock or unlock the at least one virtual foreign currency account according to a cardholder provided switch parameter.

12 . A method for electronically responding to disputed charges for payment card transactions processed by a multi-party payment processing system, the method implemented with at least one host computing device having at least one processor in communication with a memory device and the multi-party payment processing system, the method comprising:
receiving transaction data for a plurality of payment card transactions; identifying, by the at least one host computing device and based on the received transaction data, at least one foreign exchange transaction including a payment card account designated for payment in a home currency and a merchant designated for payment in a foreign currency; for each payment card account in an identified foreign exchange transaction, identifying by the at least one host computing device whether at least one virtual prepaid foreign currency account that is linked to the payment card account is available; and if the at least one available virtual prepaid foreign currency account is available, applying at least a portion of the funds from the at least one virtual prepaid foreign currency account to satisfy the payment for the foreign exchange transaction.

13 . The method of claim 12 , further comprising:
comparing, by the at least one host computing device, a bank identification number (BIN) of the cardholder account to a merchant id in the transaction data to identify the at least one foreign exchange transaction.

14 . The method of claim 12 , further comprising:
identifying, by the at least one host computing device and in reference to a primary account number (PAN) of the cardholder account, whether the at least one available virtual prepaid foreign currency account is available.

15 . The method of claim 12 , further comprising:
determining whether an available virtual prepaid foreign currency account has sufficient funds to satisfy the entire payment for the foreign exchange transaction; and notifying the cardholder when the at least one virtual foreign currency account has insufficient funds to satisfy the entire payment for the foreign exchange transaction.

16 . The method of claim 12 , further comprising:
applying a partial payment from a first available virtual foreign currency account, and applying a partial payment from a second available virtual foreign currency account to satisfy the entire payment for the foreign exchange transaction.

17 . The method of claim 12 , further comprising:
applying a partial payment in the home currency and a partial payment from an available virtual foreign currency account to satisfy the entire payment for the transaction in the foreign currency.

18 . The method of claim 12 , further comprising:
determining a location of a cardholder, and based on the location of the cardholder, make at least one virtual foreign currency account available to satisfy at least a portion of the payment for the for the foreign exchange transaction.

19 . The method of claim 18 , further comprising:
determining whether an available virtual foreign currency account has sufficient funds to satisfy the entire payment for the foreign exchange transaction; and declining the foreign exchange transaction when

Assignees

• Mastercard International Inc

Inventors

• Ward Robert
• Lakin Simon Wright
• Mizon Amy

Classifications

• G06Q20/381 Primary

  Currency conversion · CPC title

• G06Q20/023 Primary

  the neutral party being a clearing house · CPC title

• G06Q20/108

  Remote banking, e.g. home banking · CPC title

• G06Q20/4097

  using mutual authentication between devices and transaction partners · CPC title

• G06Q20/28

  Pre-payment schemes, e.g. "pay before" · CPC title