Stored value education account

• US 20030222136A1
• Filed: 05/31/2002
• Published: 12/04/2003
• Est. Priority Date: 05/31/2002
• Status: Abandoned Application

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Milberger, Susan M., Martinez, Maria, MacFarlane, Jackie, Johnson, Mahala, Dunker, Amy, Bolle, Elaine D., Ko, Sabrina
• Application Number:
  US10/159,784
• Publication Number:
  US 20030222136A1
• Time in Patent Office: Days
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes

Abstract

According to the invention, a method for funding an account with an online money transfer system using a wide area network, where the account cannot be used for purchases outside a closed purchasing community, is disclosed. In one step, information about a money handler is accepted at the online money transfer system and over the wide area network. The information includes an amount of funds, a bank routing number, a bank account number and a unique identifier. The unique identifier discriminates a buyer from other buyers in the closed purchasing community. The amount of funds is drawn with the money handler from a bank account indicated by the routing number and the bank account number. Funds are transferred to the account for benefit of the buyer indicated by the unique identifier. The funds cannot be used outside the closed purchasing community while in the account.

Claims

1. A method for funding an account with an online money transfer system using a wide area network, where the account cannot be used for purchases outside a closed purchasing community, the method comprising steps of:

accepting information about a money handler at the online money transfer system and over the wide area network, wherein;

the information includes an amount of funds, a bank routing number, a bank account number and a unique identifier, and

the unique identifier discriminates a buyer from other buyers in the closed purchasing community;

drawing the amount of funds with the money handler from a bank account indicated by the routing number and the bank account number; and

transferring funds to the account for benefit of the buyer indicated by the unique identifier, wherein the funds cannot be used outside the closed purchasing community while in the account.

2. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein:

the purchasing community is divided into a plurality of sub-communities, and

the information includes an indication of which of the plurality of sub-communities should realize the funds if a purchase is made by the buyer in that sub-community.

3. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, further comprising steps of:

receiving a request from the purchasing community to debit the account;

debiting the account in response to the receiving step; and

crediting the purchasing community in response to the debiting step.

4. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 3, wherein the crediting step comprises steps of:

determining a vending member or sub-community of the purchasing community requesting the debit, and

crediting a second account associated with the vending member or sub-community.

5. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the unique identifier is machine readable and is used in the purchasing community to also authenticate identity of the buyer.

6. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the OMTS is separate from both a holder of the account and the purchasing community.

7. The method for finding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the information further comprises an e-mail address for sending messages related to the unique identifier.

8. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the crediting step comprises steps of:

electronically transferring payment to a bank; and

indicating to the bank an account of the purchasing community for a credit.

9. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the account is one of a stored value account and another bank account.

10. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein:

the purchasing community is comprised of a plurality of vending sites, and

each the plurality of vending sites includes at least one POS terminal.

11. The method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community as recited in claim 1, wherein the purchasing community is associated with one of:

an education institution, a theme park, a resort, a campus, a system of resorts, a system of campuses, and a transportation system.

12. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for funding the account with the online money transfer system using the wide area network, where the account cannot be used for purchases outside the closed purchasing community of claim 1.

13. A method for funding a stored value account with an online money transfer system using a wide area network, where the stored value account is used in a purchasing community, the method comprising steps of:

receiving a first request to interface with the online money transfer system from another site on the wide area network;

accepting information about a money handler at the online money transfer system and over the wide area network;

determining a unique identifier from the information;

transferring money from the money handler to the stored value account associated with the unique identifier;

receiving a second request to debit the stored value account;

debiting the stored value account in response to the receiving step; and

crediting the purchasing community in response to the debiting step.

14. The method for funding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, as recited in claim 13, wherein:

the information further comprises a sub-community designation, and

the crediting step comprises crediting a sub-community indicated by the sub-community designation.

15. The method for funding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, as recited in claim 13, further comprising a step of choosing a type of money handler, wherein the type at least includes a credit or debit card organization and a bank.

16. The method for finding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, as recited in claim 13, wherein the crediting step comprises steps of:

electronically transferring payment to a bank; and

indicating to the bank an account of the purchasing community to credit.

17. The method for funding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, as recited in claim 13, wherein the stored value account is a bank account.

18. The method for finding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, as recited in claim 13, wherein the crediting step comprises steps of:

determining a sub-community of the purchasing community requesting the debit, and

crediting an account associated with the sub-community.

19. A computer-readable medium having computer-executable instructions for performing the computer-implementable method for funding the stored value account with the online money transfer system using the wide area network, where the stored value account is used in the purchasing community, of claim 13.

20. A payment system for a closed purchasing community where stored value accounts are funded over a wide area network (WAN), the payment system comprising:

a plurality of point of sale (POS) terminals associated with the closed purchasing community;

a database comprising a unique identifier for each of a plurality of participants in the purchasing community;

a plurality of indicators for presentment at the POS terminals that allow determining the unique identifier, wherein each indicator has a credit amount associated therewith; and

an online money transfer system, separate from the closed purchasing community, that obtains the credit amount from a bank handler.

21. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, wherein a purchase with one of the plurality of POS terminals is reflected in a stored value account associated with the unique identifier used in the purchase.

22. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, wherein the online money transfer system accepts money from at least three of:

retail money handlers, bank handlers, debit card handlers, and credit card handlers.

23. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, further comprising a plurality of stored value accounts corresponding to the plurality of indicators.

24. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, wherein the online money transfer system comprises a plurality of stored value accounts corresponding to the plurality of indicators.

25. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, further comprising a bank that includes a plurality of stored value accounts corresponding to the plurality of indicators.

26. The payment system for the closed purchasing community where stored value accounts are funded over the WAN as recited in claim 20, wherein the purchasing community is associated with one of:

an education institution, a theme park, a resort, a campus, a system of resorts, a system of campuses, and a transportation system.