18523193. SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS simplified abstract (JPMORGAN CHASE BANK, N.A.)
Contents
- 1 SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS
- 1.1 Organization Name
- 1.2 Inventor(s)
- 1.3 SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS - A simplified explanation of the abstract
- 1.4 Simplified Explanation
- 1.5 Potential Applications
- 1.6 Problems Solved
- 1.7 Benefits
- 1.8 Potential Commercial Applications
- 1.9 Possible Prior Art
- 1.10 Unanswered Questions
- 1.11 Original Abstract Submitted
SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS
Organization Name
Inventor(s)
James P. White, Iii of Middletown DE (US)
Eric Han Kai Chang of Wilmington DE (US)
Howard Spector of Street MD (US)
William F. Mann, Iii of Avondale PA (US)
SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS - A simplified explanation of the abstract
This abstract first appeared for US patent application 18523193 titled 'SYSTEMS AND METHODS FOR ACTIVATING AND USING DYNAMIC CARDS
Simplified Explanation
The patent application describes systems and methods for activating and using dynamic cards.
- The method involves receiving an identification of an inactive financial instrument to activate, receiving at least one parameter that restricts the use of the instrument after activation, and activating the instrument subject to the parameter by associating an account with it at a backend.
Potential Applications
This technology could be applied in the financial industry for activating and managing dynamic transaction instruments.
Problems Solved
This technology solves the problem of securely activating and controlling the use of financial instruments.
Benefits
The benefits of this technology include enhanced security, control over financial instruments, and flexibility in managing transactions.
Potential Commercial Applications
One potential commercial application of this technology could be in the development of secure payment systems for various industries.
Possible Prior Art
One possible prior art for this technology could be existing systems for activating and managing financial instruments, although the specific method described in the patent application may be novel.
Unanswered Questions
How does the system ensure the security of the financial instruments during activation and use?
The patent application does not provide detailed information on the security measures employed to protect the financial instruments.
Are there any limitations to the types of financial instruments that can be activated using this method?
The patent application does not specify if there are any restrictions on the types of financial instruments that can be activated using this method.
Original Abstract Submitted
Systems and methods for activating and using dynamic cards are disclosed. In one embodiment, in an information processing apparatus comprising at least one computer processor, a method for activating a dynamic transaction instrument may include: (1) receiving, from an electronic device, an identification of an inactive financial instrument to activate; (2) receiving, from the electronic device, at least one parameter that restricts the use of the inactive financial instrument after it is activated; and (3) activating the inactive financial instrument subject to the at least one parameter by associating, at a backend, an account with the inactive financial instrument.
