17851514. SYSTEMS AND METHODS FOR ACCOUNTS WITH MULTIPLE PROFILES simplified abstract (Capital One Services, LLC)

SYSTEMS AND METHODS FOR ACCOUNTS WITH MULTIPLE PROFILES

Organization Name

Capital One Services, LLC

Inventor(s)

Wendy Wu of Falls Church VA (US)

Kevin Osborn of Newton Highlands MA (US)

Andrew M. Marr of Midlothian VA (US)

SYSTEMS AND METHODS FOR ACCOUNTS WITH MULTIPLE PROFILES - A simplified explanation of the abstract

This abstract first appeared for US patent application 17851514 titled 'SYSTEMS AND METHODS FOR ACCOUNTS WITH MULTIPLE PROFILES

Simplified Explanation

The disclosed patent application describes a method for using accounts with multiple profiles, allowing a primary user to create secondary user profiles with their own Virtual Card Numbers (VCNs) and spending limits.

• The system allows a primary user to create one or more secondary user profiles with their own VCNs and attributes.
• Each secondary user profile can have individual spending limits, including merchant category, overall spending, and geographic limits.
• Soft spending limits can be set, allowing the primary user to approve purchases that exceed the limits.
• The primary user can assemble attributes to create specific and creative spending limits for each secondary user profile.
• Each transaction is associated with the user profile using the specific VCN, and a graphical user interface (GUI) is generated for the primary user to view the second user profile, its current balance, and transaction history.

Potential applications of this technology:

• Family budgeting: The primary user can create secondary user profiles for family members, allowing them to have their own spending limits and track their transactions.
• Business expense management: The primary user can create secondary user profiles for employees, enabling them to have separate spending limits for business expenses.
• Parental control: The primary user can create secondary user profiles for children, setting spending limits and monitoring their transactions.

Problems solved by this technology:

• Lack of control over spending: The system allows the primary user to set spending limits for each secondary user profile, preventing excessive spending.
• Difficulty in tracking transactions: The GUI generated by the system provides the primary user with an overview of the second user profile's balance and transaction history, making it easier to track expenses.

Benefits of this technology:

• Enhanced financial management: The system allows for better control and management of finances by providing separate profiles and spending limits.
• Flexibility and customization: The primary user can assemble attributes to create unique spending limits for each secondary user profile.
• Improved transparency: The GUI provides a clear overview of the second user profile's balance and transaction history, promoting transparency in financial management.

Original Abstract Submitted

Disclosed embodiments may include a method for using accounts with multiple profiles where the system allows a primary user to create one or more secondary user profiles. Each secondary user profile is associated with its own VCN and one or more attributes. The one or more attributes can be used to limit the spending ability of each secondary user individually with hard and soft spending limits including merchant category, overall spending, and geographic limits. Purchases by a secondary user that violate the soft limits may be allowed by the primary user using an application associated with the primary account number. Attributes can be assembled by the primary user to create specific and creative spending limits. The system associates each transaction with the user profile using the specific VCN and generates a GUI for the primary user showing the second user profile, its current balance, and transaction history.