Stored value currency conversion systems and methods

• US 20040098326A1
• Filed: 11/01/2002
• Published: 05/20/2004
• Est. Priority Date: 11/01/2002
• Status: Abandoned Application

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Cox, Danielle E., Newbrough, Keith A., Baumgartner, David R., Pridgeon, Peter A., James, Kevin A., Teixeira, Ryan G.
• Application Number:
  US10/286,006
• Publication Number:
  US 20040098326A1
• Time in Patent Office: Days
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G07F 7/025 by means, e.g. cards, providing billing information at the time of purchase, e.g. identification of seller or purchaser, quantity of goods delivered or to be delivered

Abstract

A method for performing financial transactions in different currencies proceeds by entering an identifier of a presentation instrument into a point-of-sale device along with a redemption amount in a transaction currency that is different from the base currency that is associated with the presentation instrument. The identifier, the redemption amount and a transaction currency code are transmitted to a host computer system. In turn, the host computer system transmits back to the point-of-sale device a new balance in the base currency.

Claims

1. A method for associating a currency with a financial transaction, the method comprising:

receiving at a host computer system a request to activate an account that is associated with a presentation instrument;

receiving at the host computer system a base currency code identifying a base currency that is to be associated with the account;

activating the account in the host computer system and associating the base currency with the account.

2. A method as in claim 1, wherein the request to activate the account includes an identifier from the presentation instrument and a purchase amount.

3. A method as in claim 1, wherein the account is activated by flagging the account in the host computer system as active.

4. A method as in claim 1, further comprising receiving at the host computer system a request to debit the account for a certain amount in a transaction currency, wherein the request to debit includes a transaction currency code identifying the transaction currency;

comparing the base currency code with the transaction currency code; and

debiting the account using the base currency if the base currency code is different than the transaction currency code.

5. A method as in claim 4, further comprising receiving at the host computer system currency conversion information, and converting the certain amount to the base currency using the currency information if the transaction currency code is different than the base currency code.

6. A method as in claim 4, further comprising transmitting from the host computer system to a transaction computer system information indicating a new balance amount in the base currency.

7. A method as in claim 1, wherein the base currency code is received from a point of sale device.

8. A method as in claim 1, wherein the transaction currency code is received from a point of sale device.

9. A method for associating a currency with a financial transaction, the method comprising:

entering an identifier from a presentation instrument into a point of sale device along with an activation amount;

transmitting from the point of sale device to a host computer system the identifier, the activation amount and a base currency code;

receiving at the point of sale device from the host computer system information indicating that the account has been activated.

10. A method as in claim 9, wherein the base currency code is stored by the point of sale device and is automatically transmitted to the host computer system.

11. A method as in claim 9, further comprising entering the base currency into the point of sale device.

12. A method for performing financial transactions in different currencies, the method comprising:

entering an identifier of a presentation instrument into a point of sale device along with a redemption amount in a transaction currency that is different from a base currency that is associated with the presentation instrument;

transmitting to a host computer system the identifier, the redemption amount and a transaction currency code;

receiving at the point of sale device from the host computer system a new balance amount in the base currency.

13. A method as in claim 12, further comprising displaying the balance amount in the base currency on the point of sale device or printing a receipt using the point of sale device.

14. A method as in claim 12, further comprising reading the identifier from the presentation instrument using the point of sale device, and wherein the transaction currency code is transmitted from a memory in the point of sale device.

15. A method as in claim 12, further comprising entering the transaction currency code into the point of sale device.

16. A method as in claim 12, further comprising receiving at the point of sale device from the host computer system a previous balance amount in the base currency, an exchange rate, and the transaction amount in the transaction currency.

17. A currency conversion computer system comprising:

an input interface;

an output interface;

a processor operably connected to the input interface and the output interface; and

a memory having at least one account identifier;

wherein the input interface is configured to receive a request to activate an account that is associated with the identifier, and to receive a base currency code identifying a base currency, wherein the processor is configured to activate the account and to associate the account with the base currency.

18. A system as in claim 17, wherein the input interface is further configured to receive a request to debit the account, wherein the request includes a debit amount and a transaction currency code, and wherein the processor is configured to compare the transaction currency code to the base currency code, and to debit the account using the base currency if the transaction currency code is different than the base currency code.

19. A system as in claim 18, wherein the memory includes currency conversion information, and wherein the processor is configured to convert the debit amount to the base currency using the conversion information.

20. A system as in claim 19, wherein the processor is further configured to transmit the debit amount in the transaction currency to a point of sale device using the output interface.

21. A system as in claim 19, wherein the processor is further configured to transmit to a point of sale device using the output interface a previous balance in the base currency, a new balance in the base currency and an exchange rate.