US Patent Application 17752163. SYSTEM FOR RECURRING TIME-BASED BOUND TOKENS simplified abstract

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SYSTEM FOR RECURRING TIME-BASED BOUND TOKENS

Organization Name

Capital One Services, LLC

Inventor(s)

Allison Fenichel of Brooklyn NY (US)

Varun Gupta of Brooklyn NY (US)

Amanda Sneider of New York NY (US)

SYSTEM FOR RECURRING TIME-BASED BOUND TOKENS - A simplified explanation of the abstract

This abstract first appeared for US patent application 17752163 titled 'SYSTEM FOR RECURRING TIME-BASED BOUND TOKENS

Simplified Explanation

The patent application describes a method, system, and computer program for generating and managing a time-bound virtual payment card. Here are the key points:

  • The invention allows a primary account holder to request a virtual payment card linked to their account.
  • The virtual payment card is intended to be shared with a third party while maintaining the security of the primary account.
  • The account holder specifies the recipient and conditions for use of the virtual payment card, including recurring temporal parameters.
  • The card issuing financial institution receives the request and generates a virtual card that is configured according to the specified parameters.
  • The virtual card is then sent to the specified recipient.
  • The recipient activates the virtual payment card and attempts a purchase at a merchant.
  • The merchant sends a request to a service managed by the card issuing financial institution.
  • Based on the transaction information in the request, the service determines whether the transaction meets the specified conditions for use.
  • The service then approves or denies the transaction accordingly.


Original Abstract Submitted

A method, system and computer program product for generating and managing a time-bound virtual payment card are disclosed. A primary account holder requests a virtual payment card linked to their account to share spending with a third party while maintaining the security of their account. In the request, the account holder specifies a recipient and conditions for use of the virtual payment card including recurring temporal parameters. A service managed by the card issuing financial institution receives the request and generates a virtual card configured to the parameters specified. Thereafter, the service sends the virtual card to the specified recipient. After activating the virtual payment card, the recipient attempts a purchase at a merchant. Upon checkout, the service receives a request from the merchant and based on the transaction information in the request, determines whether the transaction meets the conditions for use and approves or denies the transaction accordingly.

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