WO2010081147A2 - System and method for managing account linkages - Google Patents
System and method for managing account linkages Download PDFInfo
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- WO2010081147A2 WO2010081147A2 PCT/US2010/020765 US2010020765W WO2010081147A2 WO 2010081147 A2 WO2010081147 A2 WO 2010081147A2 US 2010020765 W US2010020765 W US 2010020765W WO 2010081147 A2 WO2010081147 A2 WO 2010081147A2
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- WIPO (PCT)
- Prior art keywords
- prepaid
- account
- purchaser
- instrument
- identifier
- Prior art date
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Classifications
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/30—Payment architectures, schemes or protocols characterised by the use of specific devices or networks
- G06Q20/36—Payment architectures, schemes or protocols characterised by the use of specific devices or networks using electronic wallets or electronic money safes
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/22—Payment schemes or models
- G06Q20/28—Pre-payment schemes, e.g. "pay before"
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
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- G—PHYSICS
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/20—Point-of-sale [POS] network systems
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q20/00—Payment architectures, schemes or protocols
- G06Q20/08—Payment architectures
- G06Q20/20—Point-of-sale [POS] network systems
- G06Q20/204—Point-of-sale [POS] network systems comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
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- G—PHYSICS
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q30/00—Commerce
- G06Q30/06—Buying, selling or leasing transactions
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- G—PHYSICS
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- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
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- G06Q50/60—
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- H04M15/51—Arrangements for metering, time-control or time indication ; Metering, charging or billing arrangements for voice wireline or wireless communications, e.g. VoIP for resellers, retailers or service providers
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- H04M2215/0196—Payment of value-added services, mainly when their charges are added on the telephone bill, e.g. payment of non-telecom services, e-commerce, on-line banking
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Definitions
- the present invention generally relates to electronic financial management.
- the invention relates to systems and methods for managing the usage of prepaid financial accounts.
- a prepaid account has a stored monetary value, and access to the prepaid account is granted through use of a prepaid instrument, such as a gift card or cash card.
- the account value may be augmented after an initial purchase.
- the bearer of the prepaid instrument is the only person who can use or add to the funds in the prepaid account.
- the prepaid account typically has a "closed” or an "open” format.
- a closed-format account is restricted to use for purchases from specific vendors.
- a prepaid instrument provider such as a financial institution or account processor, may issue a Best Buy® gift card that is linked to a prepaid account that will only distribute funds when the gift card is used at a Best Buy® store or website.
- the gift card may also be authorized for use at Best Buy® subsidiaries such as Geek Squad® and Magnolia Audio Video®.
- an open- format account is not limited to specific vendors.
- Open-format prepaid instruments are typically issued by or associated with a credit card processor such as American Express® or Visa®.
- Prepaid accounts offer consumers financial flexibility in a variety of ways. Consumers may carry a prepaid instrument in lieu of cash, eliminating the hassles of paper money such as damaged or dirty bills, unwieldy wads of bills, piles of change, and currency exchange when traveling. Consumers may also prefer the prepaid instrument to a credit or debit card because the prepaid account contains a limited stored value, capping the financial loss if the prepaid instrument is lost or stolen. Prepaid instruments are also frequently used as gifts, being more flexible than buying a specific item for the recipient, and being more personalized than simply giving cash.
- Prepaid accounts typically carry an expiration date. Any unexpended funds remaining at expiration essentially have no owner: the funds do not belong to the prepaid account provider and cannot be traced to the prepaid instrument bearer or to the original purchaser.
- the unexpended funds typically escheat under the law of the state where the account is held. While some states return a percentage of the funds to the account holder, typically the percentage is 60 percent or less. Further, recovering such funds from the state incurs additional expense. It is desirable to have an account management system that recognizes a prepaid account owner so the unexpended funds are not lost at expiration of the prepaid account.
- An account management system allows a prepaid account provider to collect and link data pertaining to a prepaid instrument with data pertaining to the purchase of the prepaid instrument.
- the prepaid instrument data includes an instrument identifier and may also include the expiration date of the prepaid instrument.
- the purchase data may include an account identifier for the purchaser's account or other identifying information such as the purchaser's name and the purchasing instrument used, the value placed on the prepaid instrument, value-added services requested by the purchaser, and transaction details such as the place and time of purchase.
- the account identifier may be obtained in a face-to-face transaction, from a card used to access an automated teller machine ("ATM"), or from the purchaser's purchasing instrument, which is, for example, an ATM card, credit or debit card, cellular telephone, or electronic debit through the prepaid account provider's website.
- ATM automated teller machine
- the account identifier may also be obtained after the transaction, such as by receiving it from the purchaser through the internet or telephone.
- the prepaid account provider uses the linked prepaid instrument data and purchase data, the prepaid account provider extracts the purchased value from the purchaser's account, opens a prepaid account that is associated with the purchaser and the prepaid instrument, and deposits the purchased value into the prepaid account.
- the prepaid account is debited each time the prepaid instrument is used to make a purchase, and only the prepaid instrument may be used to spend the funds in the prepaid account.
- the prepaid account provider may track the expenditure of funds from the prepaid account and provide value-added tracking services to the purchaser, such as a prepaid account status and usage summary, email notification when the prepaid instrument is used, and incentive programs related to the purchase and usage of the prepaid instrument.
- the funds remain associated with the purchaser's account and may accrue interest that can be added to the purchaser's account or to the prepaid account.
- the prepaid account provider may also return the funds in the prepaid account to the purchaser's account, for example at regular intervals or upon expiration of the prepaid instrument, if unused funds remain.
- Fig. 1 is a diagram of a prepaid account management system according to the present invention.
- Fig. 2 is a flowchart showing a method for managing prepaid account linkages from the perspective of the prepaid account provider.
- Fig. 3 is a flowchart showing the purchase process of Fig. 2.
- Fig. 4 is a diagram of the preferred embodiment of a prepaid account portfolio entry.
- Fig. 5 is a diagram of an example visual representation of the prepaid account management system implemented on a website.
- Fig. 6 is a diagram of the prepaid account management system described in the "Dumb ATM" example.
- Fig. 7 is a front view of a prepaid product sheet dispensed by the ATM of Fig. 6.
- Fig. 8 is a flowchart showing the purchase process from the perspective of a smart ATM.
- Fig. 9 is a diagram of the prepaid account management system described in the Over-the-Counter Purchase Using Cash" example.
- the present invention includes methods and systems for managing prepaid accounts and the funds associated with them.
- a prepaid account is a transactional account having a stored value that can be debited through purchases made with an associated prepaid instrument.
- the prepaid account is a demand account, meaning it contains funds equal to the stored value, held in the name of the prepaid instrument purchaser or the prepaid account provider.
- the prepaid account tracks the stored value and the funds are held in a prepaid holding account, described below.
- a prepaid account provider 13 creates and manages prepaid accounts for its customers.
- the prepaid account provider 13 may be a financial institution, credit or debit card issuer, gift card management company, online retail entity, or other entity capable of maintaining prepaid accounts.
- the prepaid account provider 13 is a financial institution, such as a bank or credit union, where a prepaid instrument purchaser has an existing account that is accessible through an ATM.
- the prepaid account provider 13 electronically maintains a prepaid account portfolio for each of its customers.
- the prepaid account portfolio contains each of the customer's prepaid accounts, a prepaid account identifier associated with each prepaid account, and a prepaid account record associated with each prepaid account identifier.
- the prepaid account record contains information about the prepaid account, including the current stored value of the prepaid account and an instrument identifier for the prepaid instrument used to access the account.
- the prepaid account provider 13 uses the present invention in conjunction with a general account management system.
- the general account management system includes online access to all of the customer's accounts for retrieval of transaction summaries, bill pay, balance transfers, and other account- related activity.
- each customer has a prepaid account portfolio, which may be stored on the prepaid account provider's 13 central data server 17 or on one or more other computers.
- a prepaid instrument processor 16 maintains status records of the prepaid instruments made available by the prepaid account provider 13.
- the prepaid instrument processor 16 may be completely separate from the prepaid account provider 13, or the two entities may be departments, divisions, or subsidiaries of one company.
- the status records include the activation status of prepaid instruments that have been purchased.
- the activation status of each prepaid instrument may be "inactive,” “active,” or “expired,” and may also have a special "flagged” status that may be set if the prepaid instrument is reported lost or is suspected to have been misused.
- the prepaid instrument processor 16 instructs the prepaid account provider 13 to transmit funds to the vendor.
- the activation status may also include a reference to the stored value accessible by each prepaid instrument. In such an embodiment, the prepaid instrument processor 16 receives notice when the stored value is increased, and may further receive notice when the stored value is decreased.
- a prepaid instrument 1 1 is used to access the funds associated with the prepaid account.
- the prepaid instrument 1 1 has a unique instrument identifier that allows the prepaid instrument 1 1 to be recognized by both the prepaid account provider 13 and the prepaid instrument processor 16.
- the format of the instrument identifier may depend on the embodiment of the prepaid instrument 11 , which may be an access code, a digital certificate, a printed receipt, a ticket, a scannable card, microchip, radio frequency identification (“RFID”), or another type of media capable of storing the instrument identifier.
- the instrument identifier may be a number, a scannable symbol such as an Aztec Code or other barcode, or an electronic code such as that contained in a magnetic strip, microchip, or RFID.
- the instrument identifier may be a proxy number, which is typically used in credit card processing to protect the actual account number associated with a credit card.
- the prepaid instrument 1 1 is a credit-card-size scannable card, having a scannable symbol representing the instrument identifier, and a magnetic strip for swiping at currently-deployed point of sale devices.
- the prepaid instrument 1 1 may have a format that the prepaid account provider 13 or prepaid instrument processor 16 may obtain to determine if the prepaid instrument 1 1 is accepted by a certain vendor.
- Prepaid instrument 1 1 formats include: a single- vendor card that uses a closed-format account and is only accepted at a particular vendor; a vendor-chain card that uses a closed-format account and is accepted at vendors that are partnered according to certain criteria, such as commonly-owned restaurants or subsidiaries of "big box” retailers; and an open-format card that uses an open-format account and may be accepted at any vendor that has agreed to accept it, such as a prepaid VISA® card being accepted anywhere a VISA® payment device can be used.
- the prepaid account provider 13 or prepaid instrument processor 16 may use the instrument identifier for the prepaid instrument 1 1 to obtain the format.
- the prepaid instrument 1 1 may further be associated with unique incentives, such as product promotions or discounts on certain purchases, which may be obtained by the prepaid account provider 13 or prepaid instrument processor 16 in the same way as the format is obtained.
- the prepaid instrument 1 1 may also have a preset expiration date, or the expiration date may be set upon purchase.
- the prepaid instrument 1 1 may be issued by the prepaid account provider 13, the prepaid instrument processor 16, a specific vendor with which the prepaid instrument 1 1 may be used, or another entity.
- the prepaid instrument 1 1 may be made available for purchase by the prepaid account provider 13 or by a separate instrument seller.
- the instrument seller may be one of the vendors where the cards will be used after activation.
- prepaid instruments 1 1 for many different vendors may be sold at a grocery store or mall kiosk.
- the prepaid account provider 13 sells prepaid instruments 1 1 through an ATM. As described below, sales through existing ATMs are facilitated by a prepaid product inventory manager, which may be the prepaid account provider 13 or a separate entity.
- the prepaid instrument 1 1 must be activated before it can be used to make purchases.
- the prepaid instrument 1 1 is preactivated, meaning the prepaid instrument 1 1 is activated before or at the same time that the prepaid account provider 13 makes the prepaid instrument 11 available for purchase.
- the prepaid instrument 11 is activated upon purchase.
- the purchaser activates the prepaid instrument 11 after purchase, such as by calling an activation phone number or logging into the prepaid account provider's 13 website and entering the instrument identifier.
- the prepaid instrument 1 1 is activated when it is first used to make a purchase, immediately before the purchase is made.
- the prepaid account provider 13 Upon activation, the prepaid account provider 13 creates the prepaid account containing the starting value and the prepaid instrument 11 identifier, and the prepaid instrument processor 16 is notified that the prepaid instrument 1 1 can access the associated funds and the activation status of the prepaid instrument 1 1 should be changed to "active.”
- the prepaid instrument 1 1 may be sold as part of a prepaid product bundle, such as a book or sheet comprising advertisements, coupons, additional prepaid instruments 1 1 , or other incentives.
- the prepaid product bundle may have its own unique bundle identifier.
- the bundle identifier is collected, preferably by the prepaid product inventory manager, and preferably using an optical scanner and software installed in the ATM.
- the prepaid product inventory manager maintains a database of the prepaid product bundles, whereby it can use the bundle identifier to determine the instrument identifiers of the prepaid instruments 1 1 contained in the prepaid product bundle.
- the prepaid product inventory manager may activate, or request activation of, the corresponding prepaid instruments 1 1.
- Multiple prepaid instruments 11 may be packaged in a single bundle, each prepaid instrument 1 1 having its own instrument identifier, so that the prepaid instruments 1 1 may be added separately or simultaneously to one or more prepaid account portfolios as described below.
- the prepaid product sheet 70 shown in Fig. 7 and described below, is an example of a prepaid product bundle.
- the prepaid product sheet 70 may have a length, width, and thickness that allow it to be loaded into a standard currency cassette in an ATM.
- the prepaid product sheet 70 may have one or more credit-card-sized separable portions, one or more of which contain a magnetic strip or other identifier, so that the separable portions may be used like a standard credit card on any standard point of sale device.
- one of the credit-card-sized separable portions is the prepaid instrument 1 1.
- a purchaser 12 has at least one existing account with the prepaid account provider 13.
- the purchaser 12 preferably uses one of the existing accounts, referred to herein as the purchaser's 12 account, to purchase the prepaid instrument 1 1.
- This allows the prepaid account provider 13 to associate the purchaser 12 with the prepaid account as described below.
- the purchaser 12 does not use an existing purchaser's 12 account to purchase the prepaid instrument 1 1 , such as when the purchaser 12 pays with cash or when the purchaser's 12 account is a user account that cannot execute financial transactions.
- the purchaser 12 may later inform the prepaid account provider 13 of the purchase.
- the purchaser 12 may telephone the prepaid account provider 13 and orally supply the instrument identifier and purchase data, or the purchaser 12 may access his account portfolio online and manually add the prepaid account to his prepaid account portfolio.
- the prepaid account provider 13 This allows the prepaid account provider 13 to associate the purchaser 12 with the prepaid account.
- a post-purchase association also allows the prepaid account provider 13 to associate a person other than the purchaser 12 with the prepaid account.
- the purchaser 12 may give the prepaid instrument 11 , unactivated, to a recipient who then activates the prepaid instrument 11 by providing her own account information to the prepaid account provider 13.
- the term "purchaser" as used herein may refer to such a recipient of a non-activated prepaid instrument 1 1 , even though the recipient did not actually purchase it.
- the purchaser 12 may customize the associated prepaid account with a variety of options, including but not limited to the initial stored value in the prepaid account, the term before expiration, and the value-added services described below.
- the purchaser 12 may add these options at the time of purchase, and may further add, change, or remove options later.
- the purchaser 12 makes these changes by accessing his prepaid account portfolio online, as explained below.
- the prepaid account provider 13 may include some or all of these options, associating them with the prepaid account when the prepaid account is opened or when the prepaid instrument 11 is purchased.
- a purchaser 12 purchases a prepaid instrument 1 1 at a point of sale ("POS"), which may be an automated POS device 14, such as an ATM, kiosk, vending machine, or website, or the POS may be an over-the-counter POS 15, such as a bank branch or retail or grocery store.
- POS point of sale
- the prepaid account provider 13 receives data identifying the purchaser 12 and an instrument identifier for the prepaid instrument 1 1.
- the data identifying the purchaser may be an account identifier for an existing account the purchaser 12 has with the prepaid account provider 13, a credit or ATM card number, the purchaser's 12 name or username, or one or more other pieces of identifying information.
- the data identifying the purchaser 12 is the account identifier for the purchaser's 12 account used to make the purchase 21.
- the prepaid account provider 13 links 22 the purchaser 12 with the prepaid account associated with the prepaid instrument 11 using the data identifying the purchaser 12 and the instrument identifier.
- the linkage 22 of the purchaser 12 to the prepaid account allows the prepaid account provider 13 to provide 23 prepaid account management services to the purchaser 12.
- Data relating to the purchase 21 may also be provided to a prepaid instrument processor 16 to ensure the prepaid instrument 1 1 is activated and transactions using it are properly processed.
- Fig. 3 illustrates an embodiment of the prepaid instrument 11 purchase 21 from the perspective of the prepaid account provider 13.
- a transaction server 18 shown in Fig.
- the prepaid account provider 13 first authenticates 30 the purchaser 12.
- authenticating 30 may comprise receiving and verifying the purchaser's 12 ATM card and personal identification number ("PIN").
- PIN personal identification number
- authenticating may comprise collecting the purchaser's 12 account username and password.
- the salesperson may authenticate 30 the purchaser 12 by visually verifying the identity of the purchaser 12, such as by checking a photo identification card of the purchaser 12.
- the prepaid account provider 13 receives the data 31 identifying the purchaser 12 and the purchase amount.
- the purchase amount is the value to be deducted from the purchaser's account.
- the purchase amount may include the stored value to be placed in the prepaid account, less any discounts offered according to the unique terms of the prepaid instrument, plus any fees for the transaction, value-added services, or incentives, if applicable to the prepaid instrument. It is contemplated that the purchase amount may be considerably higher or lower than the stored value to be placed in the prepaid account, considering that promotions or discounts may be associated with the prepaid instrument 1 1 , and further considering that the invention contemplates the purchase 21 of multiple prepaid instruments at once, as well as the purchase 21 of prepaid product bundles.
- the prepaid account provider 13 checks 32 that the purchaser's 12 account contains sufficient funds to cover the purchase amount. If there are sufficient funds, the prepaid account provider 13 authorizes 33 the purchase 21. When the purchase 21 is executed, the prepaid account provider 13 receives purchase data 34 describing the purchase 12 from one or more of the POS, a transaction processor, and the prepaid products inventory manager (see “Dumb ATM" Example below).
- the purchase data includes the purchaser's 12 account identifier, the prepaid instrument 1 1 identifier, and the starting value to be placed in the prepaid account, and may further include transaction details, such as the place and time of purchase, the purchase instrument used to purchase 21 the prepaid instrument 1 1 , and a list of value-added services selected by the purchaser to be used on the prepaid account.
- the prepaid account provider 13 may verify
- the prepaid account provider 13 activates 36 the prepaid instrument 1 1 by notifying the prepaid instrument processor 16 to create or update its status record for the prepaid instrument 11.
- the prepaid instrument provider 13 then instructs 37 the POS to dispense the prepaid instrument 1 1 to the purchaser 12.
- the prepaid instrument provider 13 then opens 38 the prepaid account, creating a prepaid account identifier.
- the prepaid account identifier is unique to the prepaid account, but alternatively may be the same as the prepaid instrument identifier.
- the prepaid account provider deducts 39 the purchase amount from the purchaser's 12 account, and deposits 40 the starting stored value into the prepaid account or a prepaid holding account, reserving any applicable fees.
- the purchase 21 is then considered complete.
- the purchaser 12 is linked 22 to the prepaid account by adding at least the prepaid account identifier to the purchaser's 12 prepaid account portfolio.
- the prepaid account identifier may be used to look up data pertaining to the prepaid account, which may be stored in other databases. Alternatively purchase data and other relevant data may also be stored in the prepaid account portfolio.
- FIG. 4 illustrates the preferred embodiment of a prepaid account record 42 created within the prepaid account portfolio 41 , wherein the prepaid account record 42 contains the prepaid account identifier 43, the prepaid instrument identifier 44, a purchase instrument identifier 45, a transaction identifier 46 such as one generated by an ATM (see "Dumb ATM" Example below), the current stored value 47, and a flag 48 indicating whether value-added services have been applied.
- the prepaid account provider 13 can provide 23 prepaid account management services. Preferably, these prepaid account management services are provided 23 to the purchaser over the internet.
- FIG. 5 illustrates an example display of a visual representation 50 of the purchaser's 12 prepaid account portfolio 41 , which the purchaser 12 may see when he logs into the prepaid account provider's 13 website. Choosing the "Prepaid Accounts" tab 51 , the purchaser 12 sees a list 52 of all of the prepaid accounts he has open with the prepaid account provider 13. Each prepaid account in the list 52 reports the data contained in or referenced by the prepaid account record 42 associated with that prepaid account.
- the purchaser 12 can add funds to the prepaid account, enter a prepaid account description 53, and add or remove value-added services 54.
- the method of linking 22 the purchaser 12 to the prepaid account enables known and novel value-added services to be included with the purchase of a prepaid instrument, including but not limited to those value-added services described below.
- the present invention may be used to prevent loss of prepaid account funds. This loss may be due to escheatment when the prepaid instrument 1 1 expires, or due to loss or fraudulent use of the prepaid instrument 1 1.
- the starting value of the prepaid account is debited from the purchaser's 12 account when the prepaid instrument 1 1 is purchased 21 , but because the prepaid account is linked to the purchaser 12, the funds remain associated with the purchaser.
- funds are placed in the prepaid account, where they remain until they are expended or the prepaid instrument 1 1 is invalidated.
- This prepaid account is a demand account or an escrow account held in favor of the purchaser 12.
- the prepaid account contains a reference to the stored value and keeps track of deposits and debits, but the actual funds are deposited in a prepaid holding account, which is an escrow account held in favor of the prepaid account provider 13, the prepaid instrument 1 1 issuer, or the vendor with which the prepaid instrument 1 1 may be used.
- the account containing the funds is controlled by the prepaid account provider 13.
- funds are only transferred to the prepaid instrument processor 16 or vendor in time to fulfill a purchase made using the prepaid instrument 1 1.
- the unexpended funds, or a reference thereto, remain in the prepaid account, and therefore remain associated with the purchaser 12 due to the linkage 22 of the purchaser 12 and the prepaid account. If the prepaid instrument 1 1 expires or is lost or stolen before the funds in the prepaid account are exhausted, the prepaid account provider 13 may return the remaining funds to the purchaser's 12 account that is identified in the prepaid account portfolio entry for that prepaid account. In the case of expiration, the prepaid account provider 13 may close the prepaid account and remove it from the purchaser's 12 prepaid account portfolio, and also return any unexpended funds to the purchaser's 12 account. The prepaid account provider 13 would also inform the prepaid instrument processor 16 that the prepaid instrument 1 1 can no longer be honored.
- the prepaid account provider 13 may provide the purchaser 12 with the option of obtaining a replacement prepaid instrument 11 or closing the prepaid account and having the unexpended funds returned to the purchaser's 12 account. Where the prepaid instrument 1 1 expires or the purchaser 12 chooses to close the prepaid account associated with a lost or stolen prepaid instrument 1 1 , the prepaid account provider 13 informs the prepaid instrument processor 16 to change the activation status for the prepaid instrument 1 1 to "expired,” "inactive,” or another appropriate status as the case requires. If fraudulent purchases are made using the card, the prepaid account provider 13 may reimburse the stolen funds to the purchaser's 12 account or to the prepaid account.
- the prepaid account provider 13 may charge a service fee to return unused or misappropriated funds. Where the prepaid account provider 13 is an FDIC-insured financial institution, the funds in the prepaid account or prepaid holding account may be insured from loss because they are controlled by the institution, as opposed to being controlled by the prepaid instrument processor 16.
- the rights to the value of the prepaid account are further retained by managing the accumulation of interest on unexpended funds. Before they are used, the funds remain on the prepaid account provider's 13 balance sheet as an asset, allowing interest to accrue on the funds.
- the prepaid account provider 13 may return the interest to the purchaser 12 as a value-added service by depositing the interest into the purchaser's 12 account or into the prepaid account. The prepaid account provider 13 may charge a fee for this service.
- the prepaid account provider 13 may open the prepaid holding account at a separate financial institution in its name and retain the interest on unexpended funds as revenue. It will be recognized that where the prepaid account provider 13 is a financial institution that opens the account at its own institution, "retaining the interest" means paying no interest on the unexpended funds.
- the prepaid account provider 13 may receive transaction details describing the purchase.
- the transaction details may include the date, the amount spent and, if the prepaid instrument 1 1 is not a single-vendor card, information identifying the vendor.
- the transaction details may also include a description of what was purchased.
- the prepaid account provider 13 may provide this information to the purchaser 12, allowing the purchaser 12 to track the usage of the prepaid instrument 1 1. For example, the purchaser 12 may receive a monthly statement for the prepaid account.
- the prepaid account provider 13 may further allow the purchaser 12 to request an alert service, wherein one or more alerts are delivered to the purchaser 12 when the prepaid instrument 1 1 is used.
- An alert is a message containing a notification that the prepaid instrument 1 1 has been used; the alert may further contain some of all of the transaction details. Alerts may be delivered by email, live or automated phone call, text message, or other mode of communication.
- the present invention may use the linking 22 of the purchaser 12 and the prepaid account to provide an incentive program wherein the purchaser 12 earns a certain number of "reward points" corresponding to the amount placed into the prepaid account, the amount debited from the prepaid account, or both.
- the reward points may be accumulated and traded for goods or services, as is known in the art.
- Inflation Management While some small amount of annual currency inflation is typical, hard economic times or excessive printing of paper money by the government can result in increased inflation or even hyperinflation, where inflation cyclically and drastically increases without any tendency toward equilibrium. In hyperinflationary cycles, paper money may rapidly diminish in value.
- the government may institute a reindexing system wherein customers' accounts at financial institutions are adjusted at a predetermined reindexing interval, such as nightly, to partially or fully compensate for currency devaluation caused by inflation. Paper money and untrackable accounts will not receive the adjustment and so will be worth less the next day. Conventional prepaid instruments will suffer this devaluation because they are not tracked.
- the present invention provides a system and method for retaining the value in a prepaid account during periods when a reindexing system is instituted. Because the prepaid account is linked 22 to the purchaser 12, the prepaid account provider 13 may track the current value in the prepaid account. At each reindexing interval, the prepaid account provider 13 may deposit the unexpended funds in the prepaid account or prepaid holding account into the purchaser's 12 account. The unexpended funds are then reindexed according to the reindexing system. After reindexing, the prepaid account provider 13 may withdraw the unexpended funds and redeposit them into the prepaid account or prepaid holding account.
- the funds withdrawn may be equal to the amount deposited for reindexing, or may be the adjusted amount if the prepaid account provider 13 knows the parameters used by the reindexing system. Alternatively, the unexpended funds may be reindexed while they are in the prepaid account or prepaid holding account.
- a value-added service similar to inflation management is for a prepaid instrument provider 13 to use the present system and method to provide "hedging" commodity instruments.
- the starting value in the prepaid account may be an amount of a particular commodity, such as gallons of gas, pounds of a particular food, or carbon credits.
- the commodity is purchased at the market value or a specially set price, and the starting value is debited through use over time.
- the purchaser 12 thereby overcomes price increases of the commodity while there is value remaining in the prepaid account. Further, by linking 22 the prepaid account to the purchaser 12, the purchaser 12 may track the value remaining on the card and the price at which the commodity was purchased.
- the prepaid account provider 13 may offer the purchaser 12 the service of requiring authentication of the bearer of the prepaid instrument 1 1 before the prepaid instrument 1 1 can be used to make a purchase.
- the purchaser 12 may assign a PIN to a gift card.
- the purchaser 12 may choose to require that the vendor check the bearer's identification before allowing a purchase with the prepaid instrument 1 1.
- the alert service described above may also serve as an added security feature.
- a "dumb" ATM is an ATM that is only capable of receiving input from a user, asking the ATM processor if it can take action on the data, and executing or denying the transaction based on the ATM processor's response. Most currently-deployed ATMs are dumb ATMs.
- the purchaser 12 maintains a checking account 63a with a bank 63.
- the bank 63 provides online account management services for the checking account at its website.
- the bank 63 provides prepaid accounts through the purchase of prepaid instruments 1 1 at its branches and at some of its ATMs.
- the bank provides the purchaser 12 with a prepaid account portfolio 63b in accordance with the present invention.
- the prepaid account portfolio 63b is part of the account management system accessible at the bank's website.
- the prepaid instruments 1 1 include single-vendor cards and vendor chain cards issued by vendors, and open-format cards issued by the bank 63.
- the bank 63 also sells a prepaid product sheet 70 from its ATMs.
- the prepaid product sheet 70 contains a single-vendor card 71 having an instrument identifier and a value of $20, an advertising panel 72, and a coupon panel 73.
- the single-vendor card 71 is separable from the advertising panel at a perforated edge 71 a.
- the prepaid product sheet 70 has a sheet identifier 70a.
- the prepaid product sheet 70 has dimensions similar to that of the national currency so that it can be easily dispensed from a standard ATM cassette.
- the purchaser 12 attempts to purchase a prepaid product sheet 70 from an ATM 61 having a dispensing cassette that holds them.
- the purchaser 12 swipes his ATM card, enters his PIN, and selects the prepaid product sheet 70 from the ATM 61 menu.
- the ATM 61 creates a transaction identifier and transaction data structure according to the ISO 8583 standard.
- the transaction data structure contains the data identifying the purchaser 12, the purchase instrument identifier, the purchaser's 12 checking account identifier, a prepaid holding account 63c identifier, and the amount of the purchase, $20.
- the ATM 61 sends the transaction identifier and transaction data structure to the ATM processor 62, which requests the bank 63 to authorize the transaction.
- the ATM processor 62 signals the ATM 61 that the transaction can proceed.
- the ATM 61 picks a prepaid product sheet 70 from the dispensing cassette.
- the prepaid product inventory manager 64 scans the sheet identifier 70a.
- the ATM processor 62 unpacks the transaction data structure and sends a request to the bank 63 to transfer $20 from the purchaser's 12 checking account 63a to the prepaid holding account 63c.
- the ATM processor 62 also transmits the transaction identifier and transaction data structure to the bank 63.
- the prepaid product inventory manager 64 uses the sheet identifier 70a to record that the prepaid product sheet 70 has been dispensed and looks up the prepaid instrument identifier in its prepaid products inventory database 65.
- the prepaid product inventory manager 64 notifies the prepaid instrument processor 66 that the single- vendor card 71 is now active, and sends the transaction identifier and prepaid instrument identifier to the bank 63.
- the bank 63 uses the transaction identifier to associate the data received from the ATM processor 62, which includes data identifying the purchaser 12, with the data received from the prepaid product inventory manager 64, which includes the prepaid instrument identifier.
- the bank 63 creates a prepaid account and assigns it a prepaid account identifier and a starting value of $20.
- the bank 63 creates a new entry in the purchaser's 12 prepaid account portfolio 63b, as shown in FIG. 4, and can now provide prepaid account management services to the purchaser 12.
- the present invention is also implemented on more sophisticated ATMs that can manage inventory and conduct complicated transactions.
- the purchaser 12 wishing to purchase a single-vendor card for use at Vendor A's stores, engages an ATM that is configured to sell from its dispensing cassettes prepaid instruments 1 1 , including open-format cards issued by the bank and single-vendor cards for use at Vendor A's stores, Vendor B's stores, and Vendor Cs stores.
- the ATM receives 81 the purchaser's 12 ATM card and PIN and verifies 82 with the bank's transaction server that the PIN is correct. If the purchaser is properly authenticated, the ATM receives a list 83 from the bank's transaction server.
- the list is a list of ATM functions that are enabled by the ATM card, including whether the ATM card enables the purchase of each type of prepaid instrument from the ATM.
- the list shows that the purchaser 12 may purchase single-vendor cards, but does not show that the purchaser 12 may purchase open-format cards.
- the ATM presents 84 the purchaser 12 with a menu of buttons representing ATM functions, including "Withdrawal,” “Deposit,” “Check Balance,” and "Purchase Prepaid Card.”
- the ATM checks 85 if unsold single-vendor cards for all three vendors are present in their respective dispensing cassettes and notes that the dispensing cassette for Vendor B's single-vendor cards is empty.
- the ATM displays a vendor menu 86 with buttons for selecting one of the vendors, with the button for Vendor B marked by an out-of-stock indicator.
- the ATM displays a value menu 87 with buttons for selecting a card dollar value, including a button for entering an amount that is not listed.
- the ATM receives a signal 88 that the purchaser has selected a value of $50 for the single-vendor card.
- the ATM then displays a services menu 89 that presents the available choices for value-added services that may be associated with the single-vendor card, along with the fees for each service.
- the ATM records 90 the purchaser's selections to have funds refunded on expiration and to add accumulated interest to the purchaser's account.
- the ATM then displays the total cost 91 of the single-vendor card, the number of reward points accumulated from the purchase, the expiration date of the closed-format card, and the selected options, and asks the purchaser to confirm the purchase. Because the purchaser has only a single checking account with the bank, the
- the ATM does not need to query 92 the purchaser to specify which account should be used to fund the prepaid account. Therefore, upon confirmation of the purchase, the ATM verifies 93 that there are sufficient funds in the checking account and then retrieves 94 a single-vendor card from Vendor A's dispensing cassette. Before the single-vendor card is dispensed to the purchaser, the ATM compiles
- the ATM also scans 96 the instrument identifier of the retrieved single-vendor card.
- the ATM then sends 97 the purchase data and the instrument identifier to the bank's transaction server, where the purchase data is associated with the instrument identifier.
- the ATM dispenses 99 the single-vendor card to the purchaser 12.
- Non- activated prepaid products sheets 70 are sold at a grocery store, and the purchaser 12 wishes to buy a prepaid product sheet 70 with cash at the grocery store register 1 1 1.
- the purchaser 12 selects the prepaid product sheet 70 he wants from a sales rack and purchases it at the register 1 1 1.
- the register 1 1 1 scans the sheet identifier 70a and notifies the prepaid product inventory manager 64 that the prepaid product sheet 70 has been sold.
- the single-vendor card 71 has the instrument identifier and an activation telephone number and website address printed on it.
- the prepaid product inventory manager 64 uses the sheet identifier 70a to record that the prepaid product sheet 70 has been dispensed and looks up the prepaid instrument identifier for the single-vendor card 71 in its prepaid products inventory database 65.
- the prepaid product inventory manager 64 notifies the prepaid instrument processor 66 that the single-vendor card 71 has been purchased, and sends the prepaid instrument identifier to the bank 63.
- the prepaid instrument processor 66 activates the single-vendor card 71.
- the bank 63 creates a prepaid account and assigns it a prepaid account identifier and a starting value.
- the single- vendor card 71 may be used for purchases, but these purchases would not be tracked in the purchaser's 12 prepaid account portfolio.
- the purchaser 12 calls the telephone number on the single-vendor card 71 , connecting him with the bank 63, in order to be linked 22 with the single-vendor card 71.
- the purchaser 12 provides identifying information to the bank agent to gain access to his checking account 63a.
- the purchaser 12 then reads the instrument identifier to the bank agent.
- the bank 63 creates a new entry in the purchaser's 12 prepaid account portfolio 63b, as shown in FIG. 4, and stores the instrument identifier in the entry.
- the bank 63 can now provide prepaid account management services to the purchaser 12.
Abstract
Description
Claims
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IN2013MU00927A (en) * | 2013-03-20 | 2015-05-08 | Tata Consultancy Services Ltd | |
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US10535063B2 (en) * | 2015-03-13 | 2020-01-14 | First Data Corporation | Systems and methods for securing digital gift cards with a public ledger |
US20170024734A1 (en) * | 2015-07-21 | 2017-01-26 | Mastercard International Incorporated | Systems and Methods for Processing Transactions to Payment Accounts |
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- 2010-01-12 WO PCT/US2010/020765 patent/WO2010081147A2/en active Application Filing
- 2010-01-12 US US12/686,096 patent/US20100191605A1/en not_active Abandoned
- 2010-01-12 KR KR1020117018321A patent/KR20110105853A/en not_active Application Discontinuation
- 2010-01-12 AU AU2010203388A patent/AU2010203388A1/en not_active Abandoned
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JP2012515380A (en) | 2012-07-05 |
TR201106925T1 (en) | 2012-02-21 |
AU2010203388A1 (en) | 2011-08-11 |
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US20100191605A1 (en) | 2010-07-29 |
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EA201101081A1 (en) | 2012-03-30 |
SG172433A1 (en) | 2011-07-28 |
WO2010081147A3 (en) | 2010-10-21 |
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