Various techniques are provided for establishing financial transaction rules to control one or more subsidiary financial accounts. In one embodiment, a financial account management application stored on a processor-based device may provide an interface for defining financial transaction rules to be applied to a subsidiary account. The financial transaction rules may be based upon transaction amounts, aggregate spending amounts over a period, merchant categories, specific merchants, geographic locations, or the like. The device may update the financial transaction rules associated with a subsidiary account by communicating the rules to an appropriate financial server. Accordingly, transactions made using the subsidiary account by a subsidiary account holder may be evaluated against the defined rules, wherein an appropriate control action is carried out if a financial transaction rule is violated.
I had a difficult time to understand the meanings from this abstract and the following figures from the patent may help understanding the content.
This patent is actually pretty good way to allow parents to control how much their children on certain credit cards. Currently it's not easy for parents to monitor what their children spend using the credit cards. Although there is a limit for children's cards, parents have no way to control what their kids can buy as long as the purchase amount is less than the available credit line. The beauty of this patent is that parents will get a notification on their phone at the time when certain purchases are made. Parents have the choice to accept or decline the authorization for the purchase. The notification can be triggered by certain business rules, like single purchase amount. Another interesting feature is that Parents can also review the account summary, transactions via iTune. Apple has controlled the songs apps on iphone/ipad and it will control next big one, Wallet.
Here are some interesting figures from the patent.
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