Patent ID: 11922400
Assignee: nan
Field: Computer technology (Electrical engineering)
Classification: CPC G | IPC G

Claim 0:
1. A method for activating a dynamic transaction instrument, comprising:
receiving, by a computer program for an issuer of a dynamic financial instrument and from an electronic device, an identification of an inactive dynamic financial instrument to activate comprising information from a scan of a component of the inactive dynamic financial instrument selected from the group consisting of a machine-readable code, a magnetic stripe, a Europay, Mastercard, and Visa (EMV) chip, or a Near Field Communication (NFC) chip, wherein the inactive financial instrument is configured to be activated as any of a plurality of card types comprising a credit card, a debit card, and a stored value card;
receiving, by the computer program and from the electronic device, a specification of the card type for the activation;
receiving, by the computer program and from the electronic device, at least one parameter that restricts a use of the dynamic financial instrument after it is activated;
receiving, by the computer program and from the electronic device, a funding account and a funding amount for the dynamic financial instrument;
activating, by the computer program, the inactive dynamic financial instrument as the specified card type and subject to the at least one parameter;
confirming, by the computer program, approval to fund the activated dynamic financial instrument via Short Messaging Service (SMS) or in-application message to the electronic device;
in response to the SMS or in-application message, receiving, by the computer program and from the electronic device, approval to fund the activated dynamic financial instrument;
in response to the approval, funding, by the computer program, the activated dynamic financial instrument with the funding amount from the funding account;
communicating, by the activated dynamic financial instrument, a customer preference for operation of an internet of things (IoT) device associated with a merchant and provided at a merchant location;
implementing, by the IoT device, the customer preference; and
returning, by the computer program, an unused funding amount stored on the activated dynamic financial instrument to the funding account upon expiration of the activated financial instrument.