Abstract
A purpose-aware spend control system includes a processor and a memory. The processor is configured to receive a spending intent defining a purpose associated with an allocation of funds. The spending intent includes authorization rules specifying at least one of an amount limit, a validity period, an allowed merchant, an allowed merchant category, an allowed geographic location, a beneficiary persona, a usage frequency, or an unused-value handling rule. The processor is configured to generate a virtual payment credential corresponding to the spending intent and associate the virtual payment credential with an intent record comprising the authorization rules. The processor is configured to receive a transaction authorization request, evaluate transaction data against the authorization rules in real time, approve the transaction when the transaction conforms to the authorization rules, decline the transaction when the transaction violates at least one authorization rule, and update a lifecycle status associated with the spending intent.
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 License.
Recommended Citation
Kumar, Arunbalaji; Pujitha, Danaboyina Siri; Arunkumar, Hariharan; and Gogineni, Hari Krishna, "PURPOSE-AWARE SPEND CONTROL USING INTENT-BOUND VIRTUAL PAYMENT CREDENTIALS", Technical Disclosure Commons, ()
https://www.tdcommons.org/dpubs_series/12005