SYSTEM AND METHOD FOR MANAGING A TRANSACTION PROTOCOL
The invention teaches a system and method for managing a transaction account using the BIN number included in a transaction account number. The transaction account number is provided to a transaction account issuer configured to retrieve the BIN number from the transaction account. A portion of the BIN number, called the BIN identifier, is retrieved by the transaction account issuer and used to locate a corresponding use or issuer-defined transaction processing protocol stored on the account issuer system. The account issuer may then process the transaction request in accordance with the protocol located.
1 . A method comprising:
retrieving, by a computer-based system for facilitating management of a transaction request, bank identification number (BIN) identifier from a portion of a BIN, the BIN identifier identifying a funding protocol for a transaction account;
in response to a transaction request satisfying predefined parameters of the funding protocol, processing, by the computer-based system, the transaction request in accordance with the funding protocol identified by the BIN identifier, and
in response to the transaction request not satisfying the predefined parameters of the funding protocol, processing, by the computer-based system, the transaction request with a non-customer-defined protocol.
2 . The method of claim 1 , further comprising receiving, by the computer-based system, a funding protocol parameter from a customer.
3 . The method of claim 1 , wherein the transaction request includes a transaction account number associated with a transaction account.
4 . The method of claim 1 , further comprising retrieving, by the computer-based system, a BIN from the transaction account number, wherein the BIN indicates a transaction account issuer of a transaction account number.
5 . The method of claim 1 , further comprising routing, by the computer-based system, a transaction request to a transaction account issuer identified by the BIN.
6 . The method of claim 1 , wherein the predefined parameters define a class of transactions to be processed according to the funding protocol, wherein a first transaction class is associated with a first funding source and a second transaction class is associated with a second funding source.
7 . The method of claim 1 , further comprising associating the BIN identifier to at least one of a first funding source and a second funding source.
8 . The method of claim 1 , comprising associating a transaction account number of the transaction account to a transaction device.
9 . The method of claim 1 , further comprising defining the BIN identifier as a fixed portion of the BIN, the BIN being fixed for a particular funding source.
10 . The method of claim 1 , further comprising updating the funding protocol prior to processing the transaction request.
11 . The method of claim 1 , further comprising defining the funding protocol in accordance with at least one of a first funding source and a second funding source.
12 . The method of claim 1 , comprising forwarding a portion of the transaction request to at least one of a first funding source and a second funding source for processing in accordance with the funding protocol.
13 . The method of claim 1 , further comprising forwarding a portion of the transaction request to at least one of a first funding source and a second funding source in accordance with the BIN.
14 . The method of claim 1 , further comprising receiving the transaction request from a merchant system, wherein the merchant system receives a transaction account number at least one of via radio frequency and in magnetic stripe format.
15 . The method of claim 1 , wherein a transaction account issuer determines if the transaction request is part of a class of transactions predetermined to be processed according to the funding protocol.
16 . The method of claim 1 , wherein a transaction account issuer determines if the funding protocol requires the transaction account issuer to switch funding the transaction request from a first funding source to a second funding source.
17 . The method of claim 1 , wherein the transaction account issuer combines funds from a first funding source and a second funding source to satisfy the transaction request, in response to a spending limit on the first funding source being exceeded.
18 . The method of claim 1 , wherein a transaction account issuer switches funding of the transaction request from a first funding source to a second funding source, in response to a spending limit on the first funding source being exceeded.
19 . An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for facilitating management of a transaction request, cause the computer-based system to perform operations comprising:
retrieving, by the computer-based system, bank identification number (BIN) identifier from a portion of a BIN, the BIN identifier identifying a funding protocol for a transaction account;
in response to a transaction request satisfying predefined parameters of the funding protocol, processing, by the computer-based system, the transaction request in accordance with the funding protocol identified by the BIN identifier, and
in response to the transaction request not satisfying the predefined parameters of the funding protocol, processing, by the computer-based system, the transaction request with a non-customer-defined protocol.
20 . A system comprising:
a processor for facilitating management of a transaction request,
a tangible, non-transitory memory configured to communicate with the processor,
a retrieving module in communication with the processor and configured to retrieve a bank identification number (BIN) identifier from a portion of a BIN, the BIN identifier identifying a funding protocol for a transaction account;
a processing module in communication with the processor and configured to, in response to a transaction request satisfying predefined parameters of the funding protocol, process the transaction request in accordance with the funding protocol identified by the BIN identifier, and
the processing module configured to, in response to the transaction request not satisfying the predefined parameters of the funding protocol, process the transaction request with a non-customer-defined protocol.