18421291. SYSTEM AND METHOD FOR AUCTIONING A FIRST-IN-WALLET PAYMENT ACCOUNT STATUS simplified abstract (Capital One Services, LLC)

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SYSTEM AND METHOD FOR AUCTIONING A FIRST-IN-WALLET PAYMENT ACCOUNT STATUS

Organization Name

Capital One Services, LLC

Inventor(s)

Luke A. Hammock of Washington DC (US)

Janusz Michael Niczyporuk of Vienna VA (US)

SYSTEM AND METHOD FOR AUCTIONING A FIRST-IN-WALLET PAYMENT ACCOUNT STATUS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18421291 titled 'SYSTEM AND METHOD FOR AUCTIONING A FIRST-IN-WALLET PAYMENT ACCOUNT STATUS

Simplified Explanation

The patent application abstract describes a system and method for providing first-in-wallet payment account auctioning, where consumer preference data, financial situation data, and account terms are used to determine the optimal payment account to be the first-in-wallet account.

  • Explanation of the patent/innovation:
 * The system receives consumer preference data, financial situation data, and account terms for multiple payment accounts.
 * Each payment account is scored based on the data received to determine the optimal first-in-wallet account.
 * The system then selects the best payment account to be the first-in-wallet account based on the scoring.

Potential Applications

This technology could be applied in:

  • Financial institutions
  • E-commerce platforms
  • Mobile payment apps

Problems Solved

This technology helps in:

  • Personalizing payment account selection
  • Optimizing consumer financial management
  • Enhancing user experience in payment transactions

Benefits

The benefits of this technology include:

  • Improved financial decision-making
  • Enhanced user convenience
  • Tailored payment solutions for consumers

Potential Commercial Applications

The potential commercial applications of this technology could be seen in:

  • Banking and financial services
  • Retail and online shopping platforms
  • Fintech companies

Possible Prior Art

There may be prior art related to:

  • Payment account optimization algorithms
  • Consumer financial data analysis tools

Unanswered Questions

How does the system ensure data security and privacy in handling consumer financial information?

The system should have robust security measures in place to protect sensitive consumer data from unauthorized access or breaches.

What are the potential regulatory challenges associated with implementing this technology in the financial industry?

Compliance with data protection regulations and financial industry standards may pose challenges in the adoption of this technology.


Original Abstract Submitted

A system and method in accordance with exemplary embodiments may include systems and methods for providing first-in-wallet payment account auctioning. In an exemplary embodiment, a method for providing first-in-wallet payment account auctioning includes, receiving, via a network, consumer preference data, current consumer financial situation data associated with a plurality of payment accounts, and account terms associated with each of the plurality of payment accounts; scoring each of the plurality of payment accounts based on the consumer preference data, the current consumer financial situation data, and the account terms and determining an optimal payment account to be the first-in-wallet account out of the plurality of payment accounts based on the scoring.

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