20240029065. METHOD AND SYSTEM FOR FEDERATED VIRTUAL CARD simplified abstract (Visa International Service Association)

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METHOD AND SYSTEM FOR FEDERATED VIRTUAL CARD

Organization Name

Visa International Service Association

Inventor(s)

Akon Samir Dey of Foster City CA (US)

Kingdom Nwachi Iweajunwa of Cedar Park TX (US)

METHOD AND SYSTEM FOR FEDERATED VIRTUAL CARD - A simplified explanation of the abstract

This abstract first appeared for US patent application 20240029065 titled 'METHOD AND SYSTEM FOR FEDERATED VIRTUAL CARD

Simplified Explanation

Embodiments of this patent application provide methods and systems for associating a single token with multiple user accounts and allowing the user to define rules for processing transactions using the token. This is achieved through the use of a federated virtual card (FVC) provisioned on a digital wallet of a user device.

  • The FVC is associated with a token, which allows transactions to be conducted using the FVC.
  • The FVC can be divided among two or more user accounts based on user-defined rules.
  • User accounts, such as cards, can be added to or removed from the FVC without disrupting the card holder's ability to use the card outside the FVC.
  • A mobile application or online platform can be provided for managing the FVC.

Potential applications of this technology:

  • Streamlining payment processes by allowing users to manage multiple accounts with a single token.
  • Enabling users to define rules for how transactions are processed, providing flexibility and customization.
  • Simplifying the management of multiple cards or accounts within a digital wallet.

Problems solved by this technology:

  • Reducing the need for users to carry multiple physical cards or remember multiple account details.
  • Providing a centralized and customizable solution for managing multiple accounts and transactions.
  • Allowing users to easily divide transactions among different accounts based on their preferences.

Benefits of this technology:

  • Convenience for users by consolidating multiple accounts into a single token.
  • Flexibility in defining transaction rules, allowing users to tailor their payment preferences.
  • Enhanced security through the use of digital tokens and digital wallets.


Original Abstract Submitted

embodiments provide methods and systems for associating a single token with multiple accounts of a user, and enabling the user to define rules for processing transactions using the token. a federated virtual card (fvc) may be provisioned on a digital wallet of a user device through a token associated with the fvc. transactions conducted using the fvc may be divided among the two or more user accounts based on user-defined rules. an account (e.g. card) may be added to or removed from the fvc without disrupting the card holder's ability to use the card to transact outside the fvc. a mobile application or an online platform may be provided for managing the fvc.

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