Patent ID: 8265998
Filing Date: 2012-09-11
Classification: G06Q,G07F

Abstract:
1. A personal financial account management system for payment of a point of sales payment transaction related to a purchase by a user comprising: a point of sale financial transaction account management system having a processor, a memory, a network interface and computer executed instructions configuring the system for management and administration of a primary account for use with a financial point of sale transaction card having a magnetic strip readable by a magnetic reader at one or a plurality of transaction process systems and for reviewing and authorizing in at least near real time the payment transactions received from a point of sale transaction processing system's reading of the magnetic strip on the financial point of sale transaction car, the primary account having a plurality of subaccounts, the financial transaction account management system including a prefunded amount for each of the subaccounts within the primary account; and the point of sale transaction processing system having a processor, a memory, a data communication interface and computer executed instructions configuring the point of sale transaction processing system for payment of a sales transaction having a point of sale transaction amount and for receiving input including a primary account number PAN from a magnetic financial card reader and for receiving a user selected subaccount indicator from among the plurality of subaccounts to be used for payment of the transaction amount, the point of sale transaction processing system transmitting the transaction amount, the received primary account number and the received subaccount indicator as a point of sale payment transaction request via the data communication interface that is communicatively coupled to the network interface of the financial transaction account management system, wherein the financial transaction account management system includes computer executable instructions for receiving from the point of sale transaction processing system the point of sale payment transaction request including the primary account, the subaccount indicator and the transaction amount, comparing the received point of sale transaction amount with the prefunded amount of the subaccount associated with the received subaccount indicator, determining an availability of the prefunded amount within the subaccount of the subaccount indicator and transmitting over the network interface a verification of available prefunded amount to the data communication interface of the point of sale transaction processing system responsive to a successful determination of availability of prefunded amount and transmitting over the network interface a lack of funds indication to the data communication interface of the point of sale transaction processing system responsive to an unsuccessful determination of availability of prefunded amounts, at least one of which is provided in at least near real time with the receipt of the payment transaction, and wherein the point of sale transaction processing system is configured to accept verification from the financial transaction account management system and provide an authorization indication of the verified point of sale payment transaction for the point of sale payment amount from the user selected subaccount.