SYSTEM AND METHOD FOR AUTOMATIC RECONCILIATION OF TRANSACTION ACCOUNT SPEND
A system and method for facilitating automatic reconciliation of transaction card transactions is disclosed, wherein a user may request single-use account codes via the Internet. The system comprises various hardware and software systems to enable a card member, program administrator, or any other designated third-party to request one or more single-use account codes. The requestor may further assign a descriptor for each of the one or more account codes. After receiving a requested account code, the requestor may communicate the account code to a merchant to facilitate a purchase transaction. The system retrieves a list of transactions from the card issuer at regular intervals, matches the account codes in the list to an account code and associated descriptor, and records the reconciled transaction within a database.
1 . A method comprising:
comparing, by a reconciliation computer, transaction details of transactions with a transaction descriptor of an account code record to verify said transactions;
categorizing, by said computer and based on said transaction descriptor, said transactions into a grouping; and
reconciling, by said computer, said transactions to an accounting system based upon said transaction descriptor.
2 . The method of claim 1 , wherein at least one of said groupings and said transaction descriptor are user-defined.
3 . The method of claim 1 , wherein said transaction descriptor is associated with at least one of a product category, a budget category, and an entry in an accounting system.
4 . The method of claim 1 , wherein said account code record is associated with a use constraint.
5 . The method of claim 1 , wherein said account code record is associated with a use constraint, and wherein said use constraint comprises at least one of a transaction amount limit, an expiration date, a list of authorized service establishments, authorized locations, authorized product types, authorized manufacturers, authorized industry, and authorized transaction dates.
6 . The method of claim 1 , wherein said account code record is associated with a use constraint, and wherein said use constraint enables said account code to be used to facilitate a purchase transaction with a service establishment according to at least one of: manufacturer, industry, product type, and service type.
7 . The method of claim 1 , wherein said transaction descriptor is associated with an account code to create an account code record.
8 . The method of claim 1 , wherein a statement is produced and said statement comprises at least one of said grouping and said transaction descriptor.
9 . The method of claim 1 , wherein said account code record causes at least one of a decline, a partial decline, a request to use personal finds, a request to use another account, a request for additional authentication credentials, a decline based upon a status of said transaction account, a request to use loyalty points, a request to charge at least a portion of said transaction to another company, and a request to charge at least a portion of said transaction to a vendor.
10 . The method of claim 1 , further comprising retrieving said account code record from an account issuer.
11 . The method of claim 1 , wherein said account code record is associated with an account code that is restricted to a certain geographic area.
12 . The method of claim 1 , further comprising receiving request for an account code record.
13 . The method of claim 1 , further comprising receiving said transaction details from a transaction processor.
14 . An article of manufacture including a non-transitory, tangible computer readable medium having instructions stored thereon that, in response to execution by a computer-based system for reconciliation, cause the computer-based system to perform operations comprising:
comparing, by said computer-based system, transaction details of transactions with a transaction descriptor of an account code record to verify said transactions;
categorizing, by said computer-based system and based on said transaction descriptor, said transactions into a grouping; and
reconciling, by said computer-based system, said transactions to an accounting system based upon said transaction descriptor.
15 . The article of claim 14 , wherein at least one of said groupings and said transaction descriptor are user-defined.
16 . The article of claim 14 , wherein said transaction descriptor is associated with at least one of a product category, a budget category, and an entry in an accounting system.
17 . The article of claim 14 , wherein said account code record is associated with a use constraint.
18 . The article of claim 14 , wherein said account code record is associated with a use constraint, and wherein said use constraint comprises at least one of a transaction amount limit, an expiration date, a list of authorized service establishments, authorized locations, authorized product types, authorized manufacturers, authorized industry, and authorized transaction dates.
19 . The article of claim 14 , wherein said account code record is associated with a use constraint, and wherein said use constraint enables said account code to be used to facilitate a purchase transaction with a service establishment according to at least one of: manufacturer, industry, product type, and service type.
20 . A system comprising:
a processor configured for reconciliation,
a. tangible, non-transitory memory configured to communicate with the processor,
the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising:
comparing, by said processor, transaction details of transactions with a transaction descriptor of an account code record to verify said transactions;
categorizing, by said processor and based on said transaction descriptor, said transactions into a grouping; and
reconciling, by said processor, said transactions to an accounting system based upon said transaction descriptor.