Abstract: A system and method for using user-selected transactions preferences stored on a payment card in a transaction includes transmitting a cold reset signal to the payment card. An answer-to-reset message is received from the payment card. The answer-to-reset message includes governing rules for performing a transaction, including user-selected transaction preferences data associated with one or more user-selected transaction preferences for performing the transaction. The process also includes receiving payment account details for a payment account associated with the payment card. A payment authorization request message is transmitted to an interchange network. The request message includes one or more data elements associated with the user-selected transaction preferences data. A payment authorization request response message is then received from the interchange network, based on the transaction preferences. One or more of the user-selected transaction preferences is then executed.

Abstract: A computer-implemented method for isolating transaction records having deficient standard data elements. The method may include: acquiring a first transaction record corresponding to a transactional entity, the first transaction record including a set of standard data fields in a first state; acquiring a second transaction record corresponding to the transactional entity, the second transaction record including the set of standard data fields in a second state; analyzing the first state and the second state to identify a deficiency of the standard data fields of one or both of the first transaction record and the second transaction record, the deficiency corresponding to a misclassification of an installment payment transaction of the transactional entity; and storing a record of the misclassification, the record identifying one or both of the first transaction record and the second transaction record.

Abstract: A computer-implemented method for identifying errors in transaction messages associated with payment transactions. The method includes a step of receiving a transaction message associated with a financial transaction, whereby the financial transaction originates from a merchant and is processed by an acquirer. The transaction message comprises a plurality of data element fields, with at least one of the data element fields being a merchant identification field used to identify the merchant originating the financial transaction. An additional step includes performing an error-identification routine on the transaction message, with the error-identification routine including analyzing a merchant identification (ID) data element populated in the merchant identification field to determine if the merchant ID data element is not uniquely associated with the merchant.

Abstract: A system and computer-implemented method for identifying and blocking repetitive submissions from a fraudster or unscrupulous merchant/acquirer to a card-issuer for the same financial transaction. A communications network is monitored for financial transaction requests and responses being communicated between the fraudster or unscrupulous merchant/acquirer and the card-issuer. The requests are analyzed to identify a pattern in a subset of the requests which the card-issuer has declined. The pattern identifies the subset of the requests as repetitive submissions from the merchant/acquirer for the same financial transaction. The pattern may be based on the number of requests from the same merchant/acquirer, the same card number, the same reason code for declining the requests, the same transaction amount, and being received within a particular time period. The next submission for the same transaction is blocked from reaching the card-issuer.

Abstract: A computer-implemented method for isolating transaction records having deficient standard data elements. The method may include: acquiring a first transaction record corresponding to a transactional entity, the first transaction record including a set of standard data fields in a first state; acquiring a second transaction record corresponding to the transactional entity, the second transaction record including the set of standard data fields in a second state; analyzing the first state and the second state to identify a deficiency of the standard data fields of one or both of the first transaction record and the second transaction record, the deficiency corresponding to a misclassification of an installment payment transaction of the transactional entity; and storing a record of the misclassification, the record identifying one or both of the first transaction record and the second transaction record.

Abstract: A fair price estimator system has a memory device and a processor programmed to receive historical transaction data including historical payment transactions between account holders and merchants. The transaction data includes a merchant name, category code (MCC), and location associated with each of the payment transactions. The processor generates a first subset of data based on predetermined transaction parameters and stores the first subset in the memory device. The processor receives, from a consumer, a first input value including one or more of a merchant name and/or an MCC that are included in the first subset of data, and a second input value including a location identifier. The processor generates a second subset of data from the first subset based on the input values. The processor then determines one or more transaction value properties of the second subset of data and presents to the consumer the one or more transaction value properties.

Abstract: Systems for identifying multiple merchant category codes associated with a merchant include a database and a server. The database has a merchant table with several merchant records, which have unique merchant identifiers associated with distinct merchants and one or more active merchant category codes associated with the merchant identifiers. The server receives a clearing transaction message, which includes payment account data associated with an issuer. A transaction merchant identifier in the message is detected by the server. The server retrieves a merchant record that corresponds to the transaction merchant identifier. The server determines whether the merchant record includes several merchant category codes, and if it does, adds an indicator within a first data element and the active merchant category codes within a second data element of the clearing transaction message. The server then transmits the clearing transaction message to the issuer associated with the payment account data.

Abstract: A system and computer-implemented method for identifying and blocking repetitive submissions from a fraudster or unscrupulous merchant/acquirer to a card-issuer for the same financial transaction. A communications network is monitored for financial transaction requests and responses being communicated between the fraudster or unscrupulous merchant/acquirer and the card-issuer. The requests are analyzed to identify a pattern in a subset of the requests which the card-issuer has declined. The pattern identifies the subset of the requests as repetitive submissions from the merchant/acquirer for the same financial transaction. The pattern may be based on the number of requests from the same merchant/acquirer, the same card number, the same reason code for declining the requests, the same transaction amount, and being received within a particular time period. The next submission for the same transaction is blocked from reaching the card-issuer.

Abstract: A computer-implemented method for identifying errors in transaction messages associated with payment transactions. The method includes a step of receiving a transaction message associated with a financial transaction, whereby the financial transaction originates from a merchant and is processed by an acquirer. The transaction message comprises a plurality of data element fields, with at least one of the data element fields being a merchant identification field used to identify the merchant originating the financial transaction. An additional step includes performing an error-identification routine on the transaction message, with the error-identification routine including analyzing a merchant identification (ID) data element populated in the merchant identification field to determine if the merchant ID data element is not uniquely associated with the merchant.

Abstract: Systems and methods for verifying the current status of a payment card are provided that may efficiently aggregate and distribute non-visible information regarding a recovered payment card. More particularly, the systems and computer-implemented methods of the present invention permit the efficient aggregation of the non-visible payment account data associated with a payment card and the distribution of such data to investigators in possession of the card. Such systems and methods for verifying a payment card typically involve: (a) aggregating payment account data associated with the payment card in an aggregated data storage site; (b) obtaining visible verification data associated with the payment card from an investigator; (c) verifying the visible verification data associated with the payment card; (d) retrieving the payment account data from the aggregated data storage site; and (e) submitting the payment account data to the investigator.