System and method for currency selectable stored value instrument

• US 20040153406A1
• Filed: 10/26/2001
• Published: 08/05/2004
• Est. Priority Date: 05/23/2001
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Fellner, Debra C., Alarcon-Luther, Melissa, Schell, Frank Charles III, Dorion, Michelle, Sabloff, Barry M., Griffin, Ginger, Mesrobian, Peter Mark, Karris, Gus
• Granted Patent: US 7,313,546 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/211 Software architecture within ATMs or in relation to the ATM network

Abstract

The invention provides a currency selectable stored value instrument, whose currency may be chosen or converted at the time value is loaded, after load but prior to redemption of value, at the time of redemption, or at other times. One embodiment of the system is configured so that the stored value instrument may be a plastic card with a magnetic stripe, compatible with card readers on Automated Teller Machines (ATMs) or other terminals. In one embodiment, U.S. dollars may be converted to Mexican pesos when the stored value instrument is loaded at an ATM or other location in the United States. A user may subsequently redeem that value for legal tender in pesos at an ATM located in Mexico, for example, or for goods, services, or cash in other currencies.

Claims

1. A system for processing stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link; and

means for loading value onto a stored value instrument using the at least one client terminal, wherein the value is loaded in a currency selected from at least two available currencies.

2. The system of claim 1, wherein the at least one client terminal comprises a card dispensing machine.

3. The system of claim 1, wherein the stored value instrument comprises a card having at least one of an electronic storage device, a magnetic storage device, and an optical storage device.

4. The system of claim 3, wherein the stored value instrument further comprises a processor.

5. The system of claim 1, wherein the at least one client terminal comprises an automated teller machine.

6. The system of claim 1, wherein the stored value instrument comprises a card having a magnetic stripe.

7. The system of claim 1, further comprising means for redeeming value on the stored value instrument.

8. The system of claim 7, wherein the means for redeeming value comprises means for redeeming value in a second currency different from the loaded currency.

9. The system of claim 1, further comprising means for reporting the value currently loaded on the stored value instrument.

10. The system of claim 1, further comprising means for converting the currency of the value on the stored value instrument to a different currency.

11. A system for processing stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

means for loading value onto a stored value instrument using the at least one client terminal, wherein the value is loaded in a currency selected from at least two available currencies; and

means for redeeming value on a stored value instrument, wherein the value is redeemed in another currency different from the loaded currency.

12. The system of claim 11, wherein the at least one client terminal comprises a card dispensing machine.

13. The system of claim 11, wherein the stored value instrument comprises a card having at least one of an electronic storage device, a magnetic storage device, and an optical storage device.

14. The system of claim 13, wherein the stored value instrument further comprises a processor.

15. The system of claim 11, wherein the at least one client terminal comprises an automated teller machine.

16. The system of claim 11, wherein the stored value instrument comprises a card having a magnetic stripe.

17. The system of claim 11, further comprising means for reporting the value currently stored on the stored value instrument.

18. The system of claim 11, further comprising means for converting the currency of the value on the stored value instrument.

19. A method for processing stored value instruments, comprising the steps of:

loading value onto a stored value instrument in a first currency selected from at least two currencies; and

redeeming value on the stored value instrument in a second currency that differs from the first currency.

20. The method of claim 19, further comprising the step of reporting the value currently stored on the stored value instrument.

21. The method of claim 19, further comprising the step of converting the currency of value on the stored value instrument from the first currency to the second currency

22. The method of claim 19, wherein step of loading value comprises the sub-steps of:

specifying a load currency;

specifying a load value; and

specifying a funding source.

23. The method of claim 22, wherein sub-step of specifying load value identifies a load value in a currency other than the specified load currency.

24. The method of claim 22, wherein step of specifying a funding source identifies funds stored in a currency other than the specified load currency.

25. A method for loading value onto a stored value instrument, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) receiving notification that a funding source is in the same currency as the load currency;

d) receiving cash; and

e) loading value onto the stored value instrument.

26. A method for loading value onto a stored value instrument, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) receiving notification of a funding source that is in the same currency as the load currency;

d) eceiving authorization to debit a funding source account;

e) loading value onto the stored value instrument; and

f) reconciling with the funding source account.

27. A method for loading value onto a stored value instrument, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) receiving notification of a funding source that is not in the same currency as the load currency;

d) converting the load value and load currency into an equivalent value in funding source currency;

e) receiving cash; and

f) loading value onto the stored value instrument.

28. A method for loading value onto a stored value instrument, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) receiving notification of a funding source that is not in the same currency as the load currency;

d) converting the load value and load currency into an equivalent value in funding source currency;

e) receiving authorization to debit a funding source account;

f) loading value onto the stored value instrument; and

g) reconciling with the funding source account.

29. A method for redeeming value from a stored value instrument, comprising the steps of:

a) identifying that a stored value is in a local currency;

b) identifying that the stored value is sufficient to complete a transaction;

c) providing value to a redeemer; and

;

d) reconciling with the stored value instrument.

30. The method of claim 29, wherein step c) of providing value comprises distributing goods.

31. The method of claim 29, wherein step c) of providing value comprises distributing services.

32. The method of claim 29, wherein step c) of providing value comprises distributing cash.

33. A method for redeeming value from a stored value instrument, comprising the steps of:

a) determining whether a stored value is in a local currency;

b) converting a transaction value from local currency to stored value currency if the stored value is not in a local currency;

c) determining whether the stored value is sufficient to complete a transaction;

d) declining the transaction if the stored value is insufficient;

e) providing value to a redeemer if the stored value is sufficient; and

f) reconciling with a stored value instrument if the stored value is sufficient.

34. The method of claim 33, wherein step e) of providing value comprises distributing goods.

35. The method of claim 34, wherein step e) of providing value comprises distributing services.

36. The method of claim 34, wherein step e) of providing value comprises the distributing cash.