Payment vehicle with on and off function
A computer-based network system and method for using a payment vehicle having an on and off function. The system comprises a payment vehicle comprising an on and off function to enable or to disable the payment vehicle in the computer-based network for processing an electronic payment transaction, a holder of the payment vehicle, and a computer payment network wherein the computer payment network comprises a transaction engine for enabling or for disabling the payment vehicle at a request of the holder of the payment vehicle.
1. A financial institution computing system associated with a financial institution, the financial institution computing system comprising a transaction engine configured to cause the financial institution computing system to:
accept, from a user device of a user, a transmission comprising a rule to be imposed on future transactions with a credit or debit card of the user, the rule including a criterion to be used in evaluating future transaction authorization requests in determining whether to authorize future transactions;
in response to receiving the transmission with the rule, update logic associated with the credit or debit card stored at the financial institution computing system so as to incorporate the criterion, wherein the logic includes an activation status of the credit or debit card indicating whether the credit or debit card is active or inactive;
accept, from a merchant computing system associated with a merchant, a first transaction authorization request to authorize a first transaction;
determine, by applying the updated logic to the first transaction authorization request, that the first transaction is either permitted by the rule based on the criterion, or otherwise that the first transaction is not permitted by the rule based on the criterion; and
in response to determining that the first transaction is not permitted by the rule based on application of the updated logic to the first transaction authorization request, transmit to the merchant computing system an indication that the first transaction is not authorized.
2. The financial institution computing system of claim 1 , wherein the transaction engine is configured to accept the rule via an e-mail transmission.
3. The financial institution computing system of claim 1 , wherein the transaction engine is configured to accept the rule via a text message transmission.
4. The financial institution computing system of claim 3 , wherein the transaction engine is configured to accept the rule via a short message service (sms) transmission.
5. The financial institution computing system of claim 1 , wherein the transaction engine is further configured to cause the financial institution computing system to:
accept, from the user device of the user, a request for information regarding the logic associated with the credit or debit card; and
in response to receiving the request, transmit the information regarding the logic to the user device of the user.
6. The financial institution computing system of claim 1 , wherein the transaction engine is configured to implement rules, received in transmissions, that inactivate the credit or debit card.
7. The financial institution computing system of claim 1 , wherein the transaction engine is configured to implement rules, received in transmissions, that inactivate the credit or debit card for transactions above an amount.
8. The financial institution computing system of claim 1 , wherein the transaction engine is configured to implement rules, received in transmissions, that inactivate the payment vehicle for transactions at a set of merchants.
9. The financial institution computing system of claim 1 , wherein the transaction engine is configured to implement rules, received in transmissions, that inactivate the credit or debit card for transactions occurring within a specified time interval.
10. The financial institution computing system of claim 1 , wherein the transaction engine is further configured to cause the financial institution computing system to, in response to updating the logic associated with the credit or debit card, transmit confirmation of updating the logic to the user device of the user.
11. The financial institution computing system of claim 1 , wherein the transaction engine is further configured to cause the financial institution computing system to:
accept a second transaction authorization request for a second transaction;
determine, by applying the logic to the transaction authorization request, that the second transaction is permitted by the rule; and
in response to the determining that the second transaction is permitted by the rule, transmit to the user device of the user a second indication that the second transaction is permitted by the rule prior to authorizing the second transaction.
12. A computer-implemented method, comprising:
receiving, by a financial institution computing system, from a user device associated with a user, a transmission comprising a rule to be imposed on future transactions with a credit or debit card of the user, the rule including a criterion to be used in evaluating future transaction authorization requests in determining whether to authorize future transactions;
in response to receiving the transmission with the rule, updating, by the financial institution computing system, logic associated with the credit or debit card stored at the financial institution computing system so as to incorporate the criterion, wherein the logic includes an activation status of the credit or debit card indicating whether the credit or debit card is active or inactive;
receiving, by the financial institution computing system, from a merchant computing system associated with a merchant, a first transaction authorization request to authorize a first transaction;
determining, by the financial institution computing system applying the updated logic to the first transaction authorization request, that the first transaction is either permitted by the rule based on the criterion, or is otherwise is not permitted by the rule based on the criterion; and
in response to determining that the first transaction is not permitted by the rule based on application of the updated logic to the first transaction authorization request, transmit, by the financial institution computing system to the merchant computing system, an indication that the first transaction is not authorized.
13. The computer-implemented method of claim 12 , wherein the transmission comprises an e-mail message with the rule.
14. The computer-implemented method of claim 12 , wherein the transmission comprises a text message with the rule.
15. The computer-implemented method of claim 12 , further comprising:
receiving, by the financial institution computing system, from the user device, a request for information regarding the logic associated with the credit or debit card; and
in response to receiving the request, transmitting, by the financial institution computing system, the information regarding the logic to the user device.
16. The computer-implemented method of claim 12 , wherein the rule associated with the credit or debit card places the credit or debit card into an inactivated state.
17. The computer-implemented method of claim 12 , wherein the rule in the transaction inactivates the credit or debit card for transactions above an amount.
18. The computer-implemented method of claim 12 , wherein the rule in the transmission inactivates the credit or debit card for transactions at a set of merchants.
19. The computer-implemented method of claim 12 , wherein the rule in the transmission inactivates the credit or debit card for transactions occurring within a specified time interval.
20. The computer-implemented method of claim 12 , further comprising, in response to updating the logic associated with the credit or debit card, transmitting, by the financial institution computing system to the user device, confirmation of updating the logic.