Patent Application
20070272736
In order to assist in the understanding of the invention, reference will now be made to the appended drawings, in which like reference characters refer to like elements. The drawings are exemplary only, and should not be construed as limiting the invention.
Reference will now be made in detail to embodiments of the invention, examples of which are illustrated in the accompanying drawings.
A system and method for the transfer of value between two different stored value accounts and systems is provided. The value may comprise monies, such as U.S. dollars, Mexican Pesos, European Euros, Japanese Yen, etc. The value may also comprise other denominations, such as wireless prepaid airtime minutes, “points,” or other such stored value. The users of stored value systems are to be understood to have accounts with such systems. It is typical for the user to possess a physical card that is associated with the user's account in the stored value system. This card may comprise various indicia used for activating, identifying, verifying, reloading (i.e. adding additional value) or otherwise using the stored value account. However, it is to be understood that the physical card is not necessary, and that the users of various stored value systems may have, if any, varied indicia of their stored value accounts.
For ease of discussion, it is to be understood that if a user is using a stored value system, the user has an account with the stored value system. The user's account may be pre-established, or may be established at the time of first use. Accordingly, if a user adds value to the stored value system, the user is adding value to the user's account with the stored value system.
A system for transferring value in accordance with some embodiments of the present invention is graphically illustrated in
The intermediate system 130 may be in a variety of forms. The intermediate system 130 may be an entirely separate entity of either the first or second stored value systems 110, 120, or in the alternative the intermediate system may be a component of either the first or second stored value systems 110, 120. The intermediate system 130 may provide for direct transfer of funds from the first stored value system 110 to the second stored value system 120, or from the second stored value system 120 to the first stored value system 110.
It is to be understood that the present invention is not limited to two stored value systems. It is contemplated that the present invention may be applied to any number of stored value systems.
A user must have an account with both the first stored value system 110 and the second stored value system 120. The user then contacts the intermediate system 130 and requests a fund transfer from one stored value system to another. Alternatively, the user may contact either the first or the second stored value system 110, 120, which may in turn initiate the transaction or provide access to the intermediate system 130 for the user.
The user may contact the intermediate system 130 or the first or second stored value systems 110, 120 in order to initiate a fund transfer in several ways. The user may call or may otherwise contact (e.g., via the internet, text-messaging (SMS), radio frequency identification (RFID) technology, etc.) the intermediate system 130 or the first or second stored value systems 110, 120. Any type of contact may result in the user interacting with a customer service representative or interacting with an automated system (e.g., interactive voice response (IVR) systems).
The intermediate system 130 may be notified of the user's account with the first stored value system 110. This notification may be express, or may be an automatic feature upon the user contacting the intermediate system 130 or the first or second stored value systems 110, 120. If the user contacts the intermediate system 130, the intermediate system may verify that the user has an active account with the first stored value system 110. Upon a positive determination, the intermediate system 130 may present the user with several options.
The intermediate system 130 may request the user to identify at least a second account at the second value system 120. The user may be able to enter additional stored value accounts at additional stored value systems. If the user has entered multiple accounts, the intermediate system 130 may request the user select an originating stored value account and a depository stored value account for the transaction.
Upon this selection, the intermediate system 130 may present the user with a variety of denominations that may be transferred (e.g., multiples of $5, $10, $25, etc.). Alternatively, the intermediate system may request a user input for a transfer in any selected amount (requiring an integer value for cents).
Once the user selects the amount to be transferred, the intermediate system 130 may verify that the requested amount of funds are available in the originating stored value account, and that the deposit of such funds in the depository stored value account is permissible.
If the originating stored value account and depository value account are in different countries, or are in different denominations (e.g., U.S. Dollar vs. Mexican Peso; U.S. Dollar vs. European Euro; U.S. Dollar vs. Minutes of Airtime; etc.) the user may be informed of the present exchange rate between the different denominations. The user may also be informed of what the final value will be after transfer, after subtracting any transaction fees that may be applicable. If the user finds the exchange rate and relevant fees acceptable, the user may authorize the transaction.
If the user does not find the exchange rate, relevant fees, or any other characteristic of the transaction acceptable, the user may withdraw from the transaction at any time with no penalty or ill-effects.
When the transaction is authorized, the intermediate system 130 may withdraw the desired amount from the first stored value system 110, and place it in a queue to be deposited in the second stored value system 120. Various transfers may be grouped together and submitted as batch transfers from the first stored value system 110 to the second stored value system 120, or may follow automated clearing house (ACH) rules and protocol. Alternatively, the transfer could occur automatically through electronic funds transfer protocol.
Regardless of whether the transfer occurs singularly or as part of a batch transaction, upon conclusion of the transfer, the second stored value system 120 may provide a value transfer account confirmation to the intermediate system 130 which may then pass on the confirmation to the user. The value transfer transaction is now complete.
If the user wishes to stop the transaction from occurring, the transaction may be either voided or cancelled, depending on when in the transaction stream the stop order is issued. The transaction may be voided any time between when the customer approves the transaction to when the funds are actually received in the second stored value system 120. The transaction may be cancelled any time between when the funds are transferred to the second stored value system 120 and when the funds are withdrawn from the second stored value system 120, through additional transfer, use, expenditures, etc. The system may allow the transaction to be cancelled up until either the transferred funds in the second stored value account 120 are used, or when a specified amount of time has passed (e.g., thirty days).
Although the intermediate system 130 may be designed such that transactions in their entirety must be voided or cancelled, it is contemplated that partial cancellations may be possible. A partial cancellation may occur if the user initially requests and approves a transfer of a certain amount (e.g., $110) and then wishes for only a portion of that initial amount to be transferred (e.g., $75) resulting in a partial cancellation of the difference (e.g., $25).
The above discussion is generally a broad overview of the system, in that it does not discuss various communications that must exist between banking institutions and other entities that hold the value associated with the stored value account. With reference to
In order for a user to transfer funds from the first stored value system 210 to the second stored value system 220 the user must, as above, initiate a transaction. The first stored value system 210 may then communicate directly with the second stored value system 220. With reference to
In addition, a user 211 of the first stored value system 210 may use the present invention to transfer funds to a different user 221 of the second stored value system 220. The user 211 of the first stored value system 210 may need to specify which account at which second stored value system 220 the particular second user 221 has, to which the first user 211 wishes to transfer funds.
Continuing with
With reference to
If the value transfer occurs in particular situations where other controls must be present, i.e. international transactions where foreign exchange rates apply, a third intermediate banking institution 350 may be used. The third intermediate banking institution 350 may receive the value transfer from the first banking institution 330, and may, after applying proper foreign exchange rates, transfer the value to the second banking institution 340. In this scenario, the first banking institution 330 may be in a first country 360, while the second banking institution 340 may be in a second country 370. The third intermediate banking institution 350 therefore acts as an intermediary between these two banking institutions 330, 340.
With continued reference to
Users may be characterized as “originating users,” or users who transfer value, and “receiving users,” or users who receive transferred value. As noted above, an originating user and a receiving user may be one and the same. Such a situation occurs when a user wishes to transfer value from its account in a first stored value system to a second stored value system. This may occur in a variety of situations, which may be dictated by the characteristics of each particular stored value system. For example, a closed loop stored value gift card system may not allow the user to purchase goods or services from non-member retailers or service providers. However, the user may also have an account with an open loop stored value system that may allow such uses. Accordingly, the user may transfer value from the closed loop stored value system to the open loop stored value system, thereby allowing the user to use the value as the user desires.
Similarly, it is contemplated that the present invention may be used to convert value from one form to another. In this use, a single user may again be the originating user and the receiving user. The user may elect to transfer value from, for example, a wireless airtime stored value account to, for example, a gasoline stored value account. Depending on the applicable transfer rates applied to such a transaction, the user may reduce the value of the wireless airtime account in order to add value to the gasoline stored value account. In this manner, the user may again use stored value as the user desires.
However, the originating user and the receiving user may also be different parties or entities.
Once the originating user initiates the transaction, the originating user may select the various accounts or provide identification data at step 430A. It is contemplated that the originating user may have to enter or otherwise provide information sufficient to identify the originating stored value account and system. This information may be provided through IVR interactions, through information submitted to web pages, through text messaging or SMS communications, or through any other type of communication. Alternatively, such information could be automatically provided upon the originating user providing identification information (such as a name, personal identification number (PIN), social security number, etc.).
At step 440A, the originating user may enter information sufficient to identify the depository stored value account and system. This information may be supplied via IVR interactions, information submitted to web pages, text messaging or SMS communications, or any other type of communication. Alternatively, the originating user may have a depository stored value account and system pre-associated with the originating user. Such a situation might arise if a particular originating user is consistently using the system to send funds to a family member in a different location, for example a family member outside of the country or a child away at college.
At step 450A, the originating user may select the amount of value to transfer. The amount available to transfer may be range from a minimum amount (e.g., $5) to a maximum amount (e.g., $1,000). Amounts within this range may be limited to particular stepped values, such as multiples of $5, $10, or $20. Alternatively, the value may be fully selectable by the originating user down to the cent (e.g., $27.68). If the originating user consistently uses the system to transfer a set amount of value (e.g., $50), the system may default to such value unless altered by the originating user.
Once the originating user selects the amount of value to transfer, the transaction must be approved. Before the originating user approves the transaction, the user may be informed by the system of any applicable exchange rates, fees, etc. At step 460A the originating user approves the transaction.
Unless the originating user elects to void or cancel the value transfer, the transaction is complete. If the user elects to void or cancel the value transfer the process proceeds to step 470A. At step 470A the originating user contacts the system through one of the varied methods of communication discussed above (e.g., by telephone, IVR, webpage, text messaging/SMS, etc.). The originating user may be required to provide information sufficient to identify their stored value account and system, or such information may be automatically detected, as in step 430A above. Additionally, the originating user may be required to provide information sufficient to identify the particular value transfer transaction that the user wishes to void or cancel. Upon providing such information, the user may be presented with the status of the transaction (e.g., pending, complete, etc.) and may be notified of any ramifications of voiding or canceling the transaction (e.g., additional or unrecoverable fees, service charges, etc.).
At step 480A the originating user may approve the cancellation or voiding of the specified transaction. The originating user may be provided with information verifying that such cancellation or voiding has occurred, and that the value that was to be transferred has been returned to the originating user's account, minus any fees or service charges.
The originating user and the receiving user may be the same party or entity.
Once the originating/receiving user initiates the transaction, the originating user may select the various accounts or provide identification data at step 440B. It is contemplated that the originating/receiving user may have to enter or otherwise provide information sufficient to identify the originating stored value account and system. This information may be provided through IVR interactions, through information submitted to web pages, through text messaging or SMS communications, or through any other type of communication. Alternatively, such information could be automatically provided upon the originating/receiving user providing identification information (such as a name, personal identification number (PIN), social security number, etc.).
At step 450B, the originating/receiving user may enter information sufficient to identify the depository stored value account and system. This information may be supplied via IVR interactions, information submitted to web pages, text messaging or SMS communications, or any other type of communication. Alternatively, the originating/receiving user may have a depository stored value account and system pre-associated with the originating user. Such a situation might arise if a particular originating/receiving user is consistently using the system to transfer funds to a different stored value account and system.
At step 460B, the originating/receiving user may select the amount of value to transfer. The amount available to transfer may be range from a minimum amount (e.g., $5) to a maximum amount (e.g., $1,000). Amounts within this range may be limited to particular stepped values, such as multiples of $5, $10, or $20. Alternatively, the value may be fully selectable by the originating/receiving user down to the cent (e.g., $27.68). If the originating/receiving user consistently uses the system to transfer a set amount of value (e.g., $50), the system may default to such value unless altered by the originating/receiving user.
Once the originating/receiving user selects the amount of value to transfer, the transaction must be approved. Before the originating/receiving user approves the transaction, the user may be informed by the system of any applicable exchange rates, fees, etc. At step 470B the originating/receiving user approves the transaction.
Unless the originating/receiving user elects to void or cancel the value transfer, the transaction is complete. If the user elects to void or cancel the value transfer the process proceeds to step 480B. At step 480B the originating/receiving user contacts the system through one of the varied methods of communication discussed above (e.g., by telephone, IVR, webpage, text messaging/SMS, etc.). The originating/receiving user may be required to provide information sufficient to identify their stored value account and system, or such information may be automatically detected, as in step 440B above. Additionally, the originating/receiving user may be required to provide information sufficient to identify the particular value transfer transaction that the user wishes to void or cancel. Upon providing such information, the user may be presented with the status of the transaction (e.g., pending, complete, etc.) and may be notified of any ramifications of voiding or canceling the transaction (e.g., additional or unrecoverable fees, service charges, etc.).
At step 481B the originating/receiving user may approve the cancellation or voiding of the specified transaction. The originating user may be provided with information verifying that such cancellation or voiding has occurred, and that the value that was to be transferred has been returned to the originating/receiving user's originating account, minus any fees or service charges.
If the value transfer has not been cancelled or voided, at step 490B, the originating/receiving user may receive a notification that the transfer has been completed and that the requested value has been added to the depository stored value account and system. This notification may be provided by an intermediate system, by the depository stored value system, or by the originating stored value system.
With reference to
In the scenario where the value transfer is conducted by an intermediate system, at step 510 the intermediate system may be contacted by the originating user (or by the originating user via the first stored value system) in order to request a transfer. The intermediate system may request various identifying information from the originating user at step 520. At step 530, the intermediate system may receive identifying information from the originating user sufficient to identify the originating stored value account and system, and sufficient to identify the depository stored value account and system, and the intermediate system may verify the particular accounts.
The intermediate system may then, at step 540, send a request to the originating user to select an amount of value to transfer. At step 550 the intermediate system may receive the originating user's selected value. Optionally, at step 551, the intermediate system may verify that sufficient value exists in the originating user's stored value account and system, and may inform the originating user of any applicable transfer rate, fees, services charges, etc.) and request final approval.
At step 560 the intermediate system may receive final approval from the originating user, and may transfer value from the originating user's stored value account and system to the intermediate system. At step 570, the intermediate system may transfer the value to the depository stored value account and system. The transfer to the depository stored value systems may occur in batch form, and therefore may not occur immediately following the withdrawal from the originating stored value account and system.
Unless the originating user elects to void or cancel the value transfer, the transaction is complete. If the user elects to void or cancel the value transfer the process proceeds to step 580. At step 580 the intermediate system may receive from the originating user a communication that the originating user wishes to cancel or void the transaction. This communication may be in the form of a telephone, IVR, webpage, text messaging/SMS, and/or any other type of communication.
The instruction to cancel or void the transaction from the originating user may include information sufficient to identify the originating user's stored value account and system, or such information may be automatically detected by the intermediate system, based upon, for example, the number from which the originating user is calling from. At step 581 the intermediate system may be present the originating user with the status of the transaction (e.g., pending, complete, etc.) and may be notify the originating user of any ramifications of voiding or canceling the transaction (e.g., additional or unrecoverable fees, service charges, etc.) and may request approval of the instruction to cancel or void the transaction.
At step 582, the intermediate system may receive approval to cancel or void the transaction. The intermediate system may void the transaction any time between when the originating user approves the transaction to when the funds are actually received in the second stored value system. The intermediate system may cancel the transaction any time between when the value is transferred to the second stored value system and when the value is withdrawn from the second stored value system, through additional transfer, use, expenditures, etc. The intermediate system may allow the transaction to be cancelled up until either the transferred funds in the second stored value account are used, or when a specified amount of time has passed (e.g., thirty days).
At step 590 the intermediate system may provide the originating and receiving users with a verification that the transfer has been complete or that such cancellation or voiding has occurred, and that the value that was to be transferred has been returned to the originating user's account, minus any fees or service charges.
With reference to
As in the systems discussed earlier, With reference to
A distinction can be made between whether the value transfer system is a component of the originating or depository stored value system. If the value transfer system is a component of the first (originating) stored value system, the value transaction may be initiated by a user contacting or otherwise communicating a request for transfer to the first stored value system. At step 610A, the originating user may provide information sufficient to identify the originating stored value account, or such information may be automatically conveyed to the value transfer system. Optionally, at step 611A, the originating stored value system may request additional verification or authorization information from the originating user (e.g., a PIN or “secret-code”). At step 620A, the originating stored value system may automatically access information regarding the state of the originating user's account (i.e., balance, etc.). Alternatively, the user may provide or otherwise communicate such information to the originating stored value system.
At step 630A, the originating system may request the originating user provide information sufficient to identify the depository stored value system and account. Optionally, at step 631A, upon receiving such information, the originating system may verify the existence and validity of such selected depository account.
At step 640A the originating system may request the originating user select an amount of value to transfer. At step 650A, the originating system may receive the originating user's selected value, and at step 660A the intermediate system may verify that sufficient value exists in the originating user's stored value account and system, and may inform the originating user of any applicable transfer rate, fees, services charges, etc.) and request final approval.
At step 670A, the originating system may receive final approval and at step 680A may transfer value from the originating user's stored value account to the depository stored value system and account. The transfer to the depository stored value systems may occur in batch form, and therefore may not occur immediately following the withdrawal from the originating stored value account and system.
As discussed above, the actual transfer may comprise a value transfer (in a financial sense) and a database transfer. Data transfer may occur directly between the originating and depository stored value accounts. The originating stored value account may provide data to the depository stored value account representing the value transfer at step 681A, and may receive a confirmation from the depository stored value system at step 682A. Financially, the originating stored value system may, at step 683A transfer value to a financial institution. The value may be transferred through one or more additional financial institutions before arriving in its final depository location (which may be the depository stored value system, or in a financial institution associated with the depository stored value system) at step 684A.
Unless the originating user elects to void or cancel the value transfer, the transaction is complete. If the user elects to void or cancel the value transfer the process proceeds to step 691A. At step 691A the value transfer system on the originating stored value system may receive from the originating user a communication that the originating user wishes to cancel or void the transaction. This communication may be in the form of a telephone, IVR, webpage, text messaging/SMS, and/or any other type of communication.
The instruction to cancel or void the transaction from the originating user may include information sufficient to identify the originating user's stored value account and system, or such information may be automatically detected by the originating stored value system based upon, for example, the number from which the originating user is calling from. At step 692A the originating stored value system may present the originating user with the status of the transaction (e.g., pending, complete, etc.) and may be notify the originating user of any ramifications of voiding or canceling the transaction (e.g., additional or unrecoverable fees, service charges, etc.) and may request approval of the instruction to cancel or void the transaction.
At step 693A, the value transfer system on the originating stored value system may receive approval to cancel or void the transaction. The originating stored value system may void the transaction any time between when the originating user approves the transaction to when the funds are actually received in the second stored value system. The originating stored value system may cancel the transaction any time between when the value is transferred to the depository stored value system and when the value is withdrawn from the depository stored value system, through additional transfer, use, expenditures, etc.
The value transfer system on the originating stored value system may request that the transaction to be cancelled up until either the transferred funds in the second stored value account are used, or when a specified amount of time has passed (e.g., thirty days).
At step 694A the value transfer system on the originating stored value system may void or cancel the transfer. At step 699A, the originating stored value system may provide the originating user with information verifying that the transfer has occurred, or that such cancellation or voiding has occurred. If the transaction was voided or cancelled, the originating system may inform the user that the value that was to be transferred has been returned to the originating user's account, minus any fees or service charges.
If the value transfer system is a component or characteristic of the depository stored value system, the process may change somewhat. In such a situation, at step 610B, the originating user may contact the originating stored value system, which may in turn provide communication to the depository stored value system. Alternatively, the user may contact the depository stored value system directly. At step 620B, the value transfer system may receive from the originating user information sufficient to identify the originating stored value account, or such information may be automatically conveyed to the value transfer system. Optionally, at step 621B, the depository stored value system may request additional verification or authorization information from the originating user (e.g., a PIN or “secret-code”) to verify and authorize access to the originating stored value system. At step 630B, the depository stored value system may access information regarding the state of the originating user's account (i.e., balance, etc.).
At step 640B, the depository stored value system may request the originating user provide information sufficient to identify the particular depository stored value account to which such value transfer is to be made. Optionally, at step 641B, the depository stored value system may verify that the selected depository account number is accurate and the selected depository account exists.
The depository stored value system may then request the originating user select an amount of value to transfer. At step 650B the depository stored value system may receive the originating user's selected value to be transferred. At step 660B, the depository stored value system may verify that sufficient value exists in the originating user's stored value account and system, and may inform the originating user of any applicable transfer rate, fees, services charges, etc.) and request final approval.
At step 670B, the depository stored value system may receive final approval and at step 680B may request value transfer from the originating stored value system and the originating user's particular stored value account. The depository stored value system may receive value transfers from originating stored value systems in batch form, and therefore may not immediately receive transferred funds from the originating stored value account and system.
Again, as discussed above the actual transfer may comprise a value transfer (in a financial sense) and a database transfer. Data transfer may occur directly between the originating and depository stored value accounts. The depository stored value system may request a value transfer from the originating stored value system at step 681B. The originating stored value account may provide data to the depository stored value account representing the value transfer, which may be received by the depository stored value system at step 682B. Financially, the originating stored value system may, at step 683B transfer value to a financial institution. The value may be transferred through one or more additional financial institutions before arriving in its final depository location (which may be the depository stored value system, or in a financial institution associated with the depository stored value system) at step 684B.
Unless the originating user elects to void or cancel the value transfer, the transaction is carried out at step 690B and is complete. If the user elects to void or cancel the value transfer the process proceeds to step 691B. At step 691B the value transfer system on the depository stored value system may receive from the originating user a communication that the originating user wishes to cancel or void the transaction. This communication may be in the form of a telephone, IVR, webpage, text messaging/SMS, and/or any other type of communication.
The instruction to cancel or void the transaction from the originating user may include information sufficient to identify the originating user's stored value account and system and/or the depository stored value account and system, or such information may be automatically detected based upon, for example, the number from which the originating user is calling from. At step 692B the depository stored value system may present the originating user with the status of the transaction (e.g., pending, complete, etc.) and may be notify the originating user of any ramifications of voiding or canceling the transaction (e.g., additional or unrecoverable fees, service charges, etc.) and may request approval of the instruction to cancel or void the transaction.
At step 693B, the value transfer system on the depository stored value system may receive approval to cancel or void the transaction. The depository stored value system may send a request to the originating system to void the transaction any time between when the originating user approves the transaction to when the funds are actually received in the depository stored value system. The depository stored value system may cancel the transaction any time between when the value is transferred to the depository stored value system and when the value is withdrawn from the depository stored value system, through additional transfer, use, expenditures, etc. The depository stored value system may cancel the transaction by freezing the value so that it cannot be used, and transferring the value back to the particular account at the particular originating stored value system at step 694B.
At step 699B the value transfer system on the depository stored value system may provide the originating user with information verifying that the value transfer or requested cancellation or voiding has occurred. If the value transfer was voided or cancelled, the depository stored value system may inform the user that the value that was to be transferred has been returned to the originating user's account, minus any fees or service charges.
It will be apparent to those skilled in the art that various modifications and variations can be made in the method, manufacture, configuration, and/or use of the present invention without departing from the scope or spirit of the invention. For example, the stored value cards may be smart cards, biometric cards, cards equipped with magnetic stripes, bar codes, radio frequency identification tags, etc. It is likewise to be understood that the systems and methods of the invention may applied to multiple merchants operating in a consortium with a central stored value transfer system and the like. Additionally, rather than transferring value between stored value accounts, it is contemplated that the systems and methods of the invention may be used to transfer value between a stored value system and an account (e.g., checking, savings, money market, investment, etc.) at a financial institution. It is understood that such transactions may result in the use of stored value being transferred for use in such financial transactions as loan repayment, investment account deposits, etc.
