EP-4736096-A1 - APPARATUS AND METHOD FOR MAKING FINANCIAL TRANSACTIONS USING AN INTELLIGENT CARD

EP4736096A1EP 4736096 A1EP4736096 A1EP 4736096A1EP-4736096-A1

Abstract

An apparatus for making financial transactions is provided, including an instrument and an electronic storage element provided with the instrument configured to receive information pertinent to a user. The instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the instrument and electronic storage element and refrain from distributing funds to any payee other than the one payee. The instrument and the electronic storage element are further configured to receive and cause distribution of funds unencumbered by any plan instructions.

Inventors

IMREY, G. CHRISTOPHER
HOUSE III, WILLIAM J.

Assignees

Imrey, G. Christopher
House III, William J.

Dates

Publication Date: 20260506
Application Date: 20240522

Claims (20)

1. An apparatus for making financial transactions, comprising: an instrument; and an electronic storage element provided with the instrument configured to receive information pertinent to a user; wherein the instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the instrument and electronic storage element and refrain from distributing funds to any payee other than the one payee; wherein the instrument and the electronic storage element are further configured to receive and cause distribution of funds unencumbered by any plan instructions.
2. The apparatus of claim 1, wherein the plan comprises a payment schedule for the one payee.
3. The apparatus of claim 1, wherein the user may provide information on the instrument and electronic storage element to a merchant and direct the funds unencumbered by any plan instructions to the merchant.
4. The apparatus of claim 1, wherein the user may propose plan changes and a remote device may receive the instrument and the electronic storage element and provide plan modifications to the instrument and the electronic storage element approved by the one payee.
5. The apparatus of claim 1, wherein the plan instructions comprise fees associated with payments made and anticipated distribution of the fees to entities provided in the plan instructions.
6. The apparatus of claim 1 , wherein any entity may provide funds to the instrument and provide instructions for distribution of funds in the plan instructions.
7. The apparatus of claim 1, wherein the instrument is configured to interface with an external decision engine configured to provide at least one offer to pay an amount owed, wherein the at least one offer is selectable to form one of the plan instructions.
8. A system comprising: an instrument; an electronic storage element provided with the instrument configured to receive information pertinent to a user; and a decision engine configured to receive decision information comprising user relevant information, plan information, payer information, payee information, and proposed plan amendments and process the decision information to provide amended plan terms to the user that are amenable to the payee; wherein the instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the instrument and electronic storage element and refrain from distributing funds to any payee other than the one payee; wherein the instrument and the electronic storage element are further configured to receive and cause distribution of funds unencumbered by any plan instructions.
9. The system of claim 8, wherein the payer comprises one of a non-govemment organization (NGO), a government organization, and a benefactor.
10. The system of claim 8, wherein the instrument and electronic storage element may receive information for multiple payers and multiple payees.
11. The system of claim 8, wherein the instrument and the electronic storage element connect the instrument to a financial institution.
12. The system of claim 8, wherein the plan instructions comprise fees associated with payments made and anticipated distribution of the fees to entities provided in the plan instructions.
13. The system of claim 8, wherein any entity may provide funds to the instrument and provide instructions for distribution of funds in the plan instructions.
14. The system of claim 8, wherein the decision engine is configured to provide at least one offer to pay an amount owed, wherein the at least one offer is selectable to form one of the plan instructions.
15. A system comprising: a financial instrument; an electronic storage element provided with the financial instrument configured to receive information pertinent to a user; and a decision engine configured to receive decision information comprising user relevant information, plan information, payer information, payee information, and proposed plan amendments and process the decision information to provide amended plan terms to the user that are amenable to the payee; wherein the financial instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the financial instrument and electronic storage element; wherein the financial instrument and the electronic storage element are further configured to receive and cause distribution of funds unencumbered by any plan instructions.
16. The system of claim 15, wherein the payer comprises one of a nongovernment organization (NGO), a government organization, and a benefactor.
17. The system of claim 15, wherein the financial instrument and electronic storage element may receive information for multiple payers and multiple payees.
18. The system of claim 15, wherein the financial instrument and the electronic storage element connect the financial instrument to a financial institution.
19. The system of claim 15, wherein the plan instructions comprise fees associated with payments made and anticipated distribution of the fees to entities provided in the plan instructions.
20. The system of claim 15, wherein any entity may provide funds to the financial instrument and provide instructions for distribution of funds in the plan instructions.

Description

APPARATUS AND METHOD FOR MAKING FINANCIAL TRANSACTIONS USING AN INTELLIGENT CARD The present application claims priority based on U.S. Provisional Patent Application Serial No. 63/468,229, entitled “Apparatus and Method for Making Financial Transactions Using an Intelligent Card,” inventors G. Christopher Imrey, et al., filed May 22, 2023, the entirety of which is incorporated herein by reference. BACKGROUND I. Field [0001] The present invention relates generally to payment processing, and more specifically to processing payments using a card exclusively directed to specific receiving entities. IL Background [0002] Credit cards, debit cards, and charge cards are ubiquitous in society today. Such instruments have rendered cash transactions nearly obsolete. Different mechanisms have been set up around these instruments, such as payment processors (Apple Pay, Venmo, etc.) and the like. Such payment processors tend to financially link their services to the foregoing instruments and solidify the necessity of such instruments. [0003] Certain persons may face financial obligations and may receive funds regularly or sporadically. However, such persons may have a variety of financial needs and requirements and may fall behind in required payments while addressing other matters. Individuals may, for example, receive funds from an entity earmarked specifically to pay for housing. If the individual receives funds via a check, he or she may deposit those funds into an account and may use the funds and/or a credit, debit, or charge card to purchase goods or services unrelated to housing and may not have funds available to make the required housing payment. As a result, the individual may miss a payment, or possibly more than one payment, falling behind on the housing obligation, and could potentially lose his or her housing. Alternately, the entity may provide funds to a credit, debit, or charge card, but such instruments typically offer no restrictions on goods or services available to be purchased, and again, the individual may miss payments he or she uses funds for other purposes. [0004] Certain types of payment instruments can restrict purchasing. As an example, certain department store charge cards can only be used to purchase items at the issuing department store. However, these instruments do not allow any flexibility based on circumstances encountered, such as differing amounts of funds being available and/or the need or desire to pay alternate payees based on situations encountered. [0005] It would be beneficial to provide a financial product or instrument that allows for flexibility for payment only to desired or permitted entities that can be changed dynamically based on circumstances. Such a design that overcomes issues with prior designs would be beneficial, and thus improve the efficiency and ease of use of such financial instruments. SUMMARY [0006] The following presents a simplified summary in order to provide a basic understanding of some aspects of the claimed subject matter. This summary is not an extensive overview, and is not intended to identify key/critical elements or to delineate the scope of the claimed subject matter. Its sole purpose is to present some concepts in a simplified form as a prelude to the more detailed description that is presented later. [0007] According to one embodiment, there is provided an apparatus for making financial transactions, comprising an instrument and an electronic storage element provided with the instrument configured to receive information pertinent to a user. The instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the instrument and electronic storage element and refrain from distributing funds to any payee other than the one payee. The instrument and the electronic storage element are further configured to receive and cause distribution of funds unencumbered by any plan instructions. [0008] According to another embodiment, there is provided a system comprising an instrument, an electronic storage element provided with the instrument configured to receive information pertinent to a user, and a decision engine configured to receive decision information comprising user relevant information, plan information, payer information, payee information, and proposed plan amendments and process the decision information to provide amended plan terms to the user that are amenable to the payee. The instrument and the electronic storage element are configured to receive an electronic indication of funds from a payer and exclusively cause distribution of the funds from the payer to one payee according to plan instructions available on the instrument and electronic storage element and refrain from distributing funds to any payee other than the one payee. The instrument and the electronic stor