United Services Automobile Association – InsuranceNewsNet
2022 APR 22 (NewsRx) — By a
The assignee of this patent, patent number 11295313, is
Journalists obtained the following quote from background information provided by the inventors: “For families with teenage and/or college-aged members, it may be desirable for guardians of these young people to have some supervision in regarding the use of bank accounts and other financial concerns. Similarly, an employer may also have similar concerns regarding a corporate account that may be used by an employee. That is, the employer may wish to act as a guardian of this account with some oversight and control over what it is used for, however such oversight is generally not available in real time, i.e. at the point of sale. Currently available monitoring comes after purchases have already been made. Guardians of family and business accounts do not have real-time opt-out rights to prevent an unwanted purchase. Additionally, there may be a desire to encourage good lifestyle habits with monetary incentives. However, when a person is away from home, such as in college, it is difficult to track their daily activity.
“This disclosure addresses one or more of the issues discussed above.”
In addition to obtaining general information about this patent, the editors of NewsRx have also obtained the inventors’ summary information for this patent: “In one aspect, this disclosure relates to a financial management system, comprising a device processor and a non-transitory computer readable medium comprising instructions, executable by the processor The computer readable medium may comprise instructions for receiving purchase information regarding a pending purchase from a user of the system using an account; purchase information, along with a request for purchase approval, to one or more personal electronic devices of an account guardian; receive a response selected by the guardian; and selectively authorize the purchase based on the answer selected by the tutor.
“In another aspect, this disclosure relates to a financial management method. The method may include performing, with a device processor, the following steps stored in a non-transitory computer readable medium: receiving purchase information regarding a pending purchase from a user of the system using an account; send purchase information, along with a purchase approval request, to one or more personal electronic devices of an account guardian; receive an answer selected by the tutor; and selectively allowing the purchase based on the response selected by the tutor.
“In another aspect, this disclosure relates to a financial management system. The system may include a device processor and a non-transitory computer-readable medium comprising instructions executable by the processor. The computer-readable medium may include instructions for receiving information about a user’s actions from the system and sending the information about the user’s actions to a user’s guardian, as well as a proposal to send to the user a financial reward based on the information regarding the user’s actions.
“Other systems, methods, features, and advantages of the disclosure will be, or become, apparent to those skilled in the art upon review of the following figures and the detailed description. It is intended that all such systems, methods, features and additional benefits are included in this description and summary, are within the scope of the disclosure, and are protected by the following claims.
The claims provided by the inventors are:
A purchase authorization and communication system, comprising: a controller computing device, the controller computing device being in electronic communication with a smartphone; the controller computing device being configured to: receive purchase information relating to a waiting for a system user using an account; sending the purchase information, together with a purchase approval request, to the smartphone, the smartphone being associated with a guardian of the account; wherein the smartphone is configured to receive input from the guardian indicating whether the approval request is approved or denied; receive a response selected by the guardian from the smartphone; selectively authorize the purchase based on the response selected by the guardian; and send a option for guardian to match funds from pending purchase by depositing an equal amount into an account associated with the user system sator.
“2. The system of claim 1, wherein the controlling computing device is further configured to receive different levels of authentication for different types of purchases.
The system of claim 2, wherein the controlling computing device is further configured to receive different levels of authentication for purchases of different amounts.
“4. The system of claim 2, wherein the controlling computing device is further configured to receive different levels of authentication for purchases of different things.
“5. The system of claim 1, wherein the controlling computing device is further configured to: categorize a pending purchase; determine one or more guardians authorized to approve the current purchase category; and send an approval request to all guardians determined to have permission to approve the pending purchase category.
The system of claim 5, wherein the controlling computing device is further configured to: receive responses from more than one tutor regarding the pending purchase; and determine, based on the received responses, whether the pending purchase is approved.
The system of claim 5, wherein the controlling computing device is further configured to limit approval authority differently for different guardians.
“8. The system of claim 1, wherein the smartphone is configured to receive input from the guardian in the form of one or more of: voice recognition, facial recognition, retinal scan, and fingerprint scan .
“9. A purchase authorization and communication method, comprising: receiving purchase information regarding a pending purchase from a system user using an account; sending the purchase information, together with a purchase approval request, to a smartphone associated with a guardian of the account; receive a response selected by the guardian and entered into the smartphone by the guardian; selectively authorize the purchase based on the response selected by the guardian and presenting the tutor with an option to match funds from the pending purchase by depositing an equal amount into a system user’s account.
10. A method according to claim 9, further comprising receiving different levels of authentication for different types of purchases.
A method according to claim 10, further comprising receiving different levels of authentication for purchases of different amounts.
A method according to claim 10, further comprising receiving different levels of authentication for purchases of different things.
“13. The method of claim 9, further comprising: categorizing a pending purchase; determining one or more authorized guardians to approve the pending purchase category; and sending an approval request to all determined guardians to have permission to approve the pending purchase category.
The method of claim 13, further comprising: receiving responses from more than one tutor regarding the pending purchase; and determining, based on the responses received, whether the pending purchase is approved.
15. The method of claim 13, further comprising throttling approval authority differently for different guardians.
“16. The method of claim 9, wherein the smartphone is configured to receive input from the tutor in the form of one or more of: voice recognition, facial recognition, retinal scan, and fingerprint scan . »
For more information, see this patent: Russell, Ryan Thomas. Financial management system with account guardian oversight.
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