Method and system for transaction management

Abstract

A system, method, apparatus, means and computer program products for establishing, monitoring and maintaining spending controls in a payment system are provided.

What is claimed is: 
     
         1 . An apparatus, comprising:
 a processor;   a communications device in communication with said processor to automatically receive transaction data originating from a point of sale; and   a memory unit in communication with said processor and storing a program,   wherein the processor is operative with said program to:   enable an account holder to establish an account holder profile for said account holder, the account holder profile identifying at least a first and a second actual payment account issued by at least one financial institution to and held by the account holder and at least one spending profile for said account holder, said spending profile including (i) at least a first spending target associated with said at least first and second actual payment accounts and (ii) a threshold value for nearing said at least first spending target;   receive when electronic transaction data originating from a point of sale of a completed transaction associated with at least one of said at least first and second actual payment accounts is received at said transaction management processor, actual transaction data identifying individual payment transactions having occurred and associated with said at least first and second payment accounts;   update said spending profile based on said actual transaction data associated with said at least first and second actual payment accounts;   compare said actual transaction data to said at least first spending target included in said spending profile for said account holder;   determine, based on said comparison, if the threshold value, as defined by the account holder, has been reached for nearing said at least first spending target associated with said at least first and second actual payment accounts; and   if said threshold value for nearing said at least first spending target has been reached, generate a spending alert message to notify said account holder.   
     
     
         2 . The apparatus of  claim 1 , wherein said account holder
 profile further identifies at least one of a short term goal and a long term goal, each goal including at least a goal date and a goal category.   
     
     
         3 . The apparatus of  claim 2 , wherein the processor is further operative with said program to:
 update said at least one of a short term goal and a long term goal based on said transaction data; and   provide information regarding a progress toward said at least one of a short term goal and a long term goal.   
     
     
         4 . The apparatus of  claim 1 , wherein the processor is further operative with said program to:
 determine, based on said comparison of said transaction data to said at least first spending target, whether said at least first spending target has been reached.   
     
     
         5 . The apparatus of  claim 4 , wherein the processor is further operative with said program to:
 generate a spending alert message if said at least first spending target has been reached.