Systems and methods for money sharing

• US 20050086168A1
• Filed: 10/15/2004
• Published: 04/21/2005
• Est. Priority Date: 10/17/2003
• Status: Active Grant

• Current Assignee: MoneyGram Payment Systems Incorporated (MoneyGram International Incorporated)
• Original Assignee: Nexxo Financial Corp. (MoneyGram International Incorporated)
• Inventors: Alvarez, David R., Shapiro, Mitchell A.
• Granted Patent: US 8,204,829 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/027 involving a payment switch or gateway
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/229 Hierarchy of users of accounts
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/341 Active cards, i.e. cards including their own processing means, e.g. including an IC or chip
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system

Abstract

A system and a method for money sharing are provided. The system includes a processor configured to receive a deposit amount and assign an account value to a stored-value account. The stored-value account is stored in a storage device. The processor then dispenses two or more stored-value cards associated with the stored-value account. The stored-value cards can be distributed among two or more cardholders who may withdraw money from the stored-value account at a remote access unit configured to accept any of the distributed stored-value cards associated with the same account. Additional deposit amount can be received into the stored-value account from a cardholder of any distributed stored-value cards associated with the same account. The remote access unit can be unattended. The cards can be ATM-enabled.

Claims

1. A financial system for money sharing comprising:

a processor configured to receive a deposit amount and assign an account value to a stored-value account, to dispense first stored-value card and second stored-value card, which are configured to enable a cardholder to access the stored-value account to withdraw at least a part of the account value from the stored-value account and to deposit an additional amount into the stored-value account; and

a storage device configured to store the stored-value account.

2. The financial system of claim 1 wherein the first stored-value card and the second stored-value card are enabled to operate on an Automatic Teller Machine (ATM).

3. The financial system of claim 1 wherein the first stored-value card and the second stored-value card are identical.

4. The financial system of claim 1 wherein the first stored-value card and the second stored-value card are identical except for each card having a different card number, both card numbers being associated with the same stored-value account.

5. The financial system of claim 1 wherein the processor is contained within a kiosk.

6. The financial system of claim 5 wherein the kiosk is unattended and further configured to create the stored-value account without requiring an account holder to preregister.

7. The financial system of claim 5 wherein the kiosk is further configured to receive user identification information including at least one biometric attribute.

8. The financial system of claim 7 wherein the kiosk is further configured to compare the user identification information with a database.

9. The financial system of claim 5 wherein the stored-value account is created after an initial deposit amount has been received, and the kiosk is further configured to associate the stored-value account with the first stored-value card and the second stored-value card.

10. The financial system of claim 5 wherein the kiosk is further configured to provide user guide information.

11. The financial system of claim 5 comprising a plurality of kiosks substantially similar to each other in functions, the plurality of kiosks being interconnected through a communication network.

12. A method for money sharing comprising:

receiving a deposit amount;

assigning an account value to a stored-value account;

storing the stored-value account; and

dispensing the first stored-value card and the stored-value card, which allow a cardholder of either the first stored-value card or the second stored-value card to withdraw at least part of the account value from the stored-value account and to deposit an additional amount into the stored-value account.

13. The method of claim 12 wherein the first stored-value card and the second stored-value card are identical.

14. The method of claim 12 wherein the stored-value account is pre-created and pre-linked to the first stored-value card and the second stored-value card.

15. The method of claim 12 further comprising:

creating the stored-value account after receiving an initial deposit amount, and associating the stored-value account with the first stored-value card and the second stored-value card.

16. The method of claim 15 wherein the stored-value account comprises an account number, and the step of associating the stored-value account with the first stored-value card and the second stored-value card comprises storing the account number into memory elements of the first stored-value card and the second stored-value card.

17. The method of claim 12 wherein the first stored-value card and second stored-value card are enabled to operate on an Automatic Teller Machine (ATM).

18. The method of claim 12 wherein the deposit amount is a deposit of cash, check, or any monetary instrument.

19. The method of claim 12 wherein the deposit amount is a transfer from another account such as a bank account or a credit card account.

20. The method of claim 12 further comprising:

creating a master account; and

creating the stored-value account as a sub-account of the master account.

21. The method of claim 20 wherein the deposit amount is a transfer from the master account.

22. The method of claim 12 wherein the step of allowing the cardholder to withdraw value from the stored-value account comprises allowing the cardholder to withdraw cash.

23. The method of claim 12 wherein the step of allowing the cardholder to withdraw value from the stored-value account comprises allowing the cardholder to make purchases with a stored-value card from a point of sale.

24. The method of claim 12, wherein receiving the deposit amount and dispensing the first stored-value card and the second-stored value card is performed by a kiosk.

25. The method of claim 24 wherein the kiosk is unattended, the method further comprising:

creating the stored-value account in the kiosk without requiring an account holder to preregister.

26. The method of claim 24 further comprising:

receiving user identification information in the kiosk including at least one biometric attribute.

27. The method of claim 26 further comprising:

comparing the user identification information in the kiosk with a database.

28. The method of claim 24 wherein the kiosk includes a money transaction device configured to receive the deposit amount in a first currency, and the step of allowing the cardholder to withdraw value from the stored-value account comprises allowing the cardholder to withdraw in a second currency which is different from the first currency.

29. A kiosk comprising:

a monetary transaction device configured to receive a deposit amount;

a processor configured to enable a processing system to assign an account value calculated from the deposit amount to a stored-value account; and

a card dispensing system configured to dispense first stored-value card and second stored-value card associated with the stored-value account, the first stored-value card and the second stored-value card each being configured to enable a cardholder to access the kiosk, a different kiosk, or a remote access unit to withdraw at least a part of the account value from the stored-value account and to deposit an additional amount into the stored-value account.

30. The kiosk of claim 29 which is unattended and further configured to create the stored-value account without requiring an account holder to preregister.

31. The kiosk of claim 29 wherein the first stored-value card and the second stored-value card are enabled to operate an Automatic Teller Machine (ATM).

32. The kiosk of claim 29 wherein the first stored-value card and the second stored-value card are identical.

33. The kiosk of claim 29 wherein the kiosk is further configured to receive user identification information including at least one biometric attribute.

34. The kiosk of claim 29 wherein the stored-value account is created after an initial deposit amount has been received.

35. The kiosk of claim 29 wherein the kiosk is further configured to provide user guide information.

36. A method for operating a kiosk, the method comprising:

receiving a deposit amount into the kiosk;

assigning an account value to a stored-value account;

associating the stored-value account with first stored-value card and second stored-value which enable a cardholder of either the first card, or the second card to withdraw at least part of the account value from the stored-value account and to deposit an additional amount into the stored-value account; and

dispensing the first stored-value card and the second stored-value card.

37. The method of claim 36 wherein the kiosk is unattended for performing the steps of receiving the deposit amount, assigning the account value, associating the account with the cards and dispensing the cards.

38. The method of claim 36 wherein the first stored-value card and the second stored-value card are identical.

39. The method of claim 36 further comprising:

creating the stored-value account without requiring an account holder to preregister.

40. The method of claim 36 further comprising:

creating the stored-value account after receiving the deposit amount.

41. The method of claim 36 wherein a stored-value account comprises an account number, and the step of associating the stored-value account with the first stored-value card and the second stored-value card comprises storing the account number into memory elements of the first stored-value card and the second stored-value card.

42. The method of claim 36 wherein the step of associating the stored-value account with the first stored-value card and the second stored-value card comprises linking pre-created card numbers of the first stored-value card and the second stored-value card to the stored-value account.

43. The method of claim 36 wherein the deposit amount is a deposit of cash or a check.

44. The method of claim 36 wherein the deposit amount is a transfer from another account such as a bank account or a credit card account.

45. A method for enabling multi-card money sharing using a stored-value account, the method comprising:

stocking in a kiosk a plurality of cards;

associating a stored-value account with first card and second card such that the first card and the second card operate as stored-value cards to enable a cardholder of either the first card or the second card to withdraw at least part of the account value from the stored-value account and to deposit funds into the stored-value account; and

dispensing the first card and the second card.

46. The method of claim 45 wherein the stored-value account has an account number, and the step of associating the stored-value account with the first card and the second card comprises storing the account number into memory elements of the first card and the second card.

47. The method of claim 45 wherein the step of associating the stored-value account with first card and second card comprises linking pre-created card numbers of the first card and the second card to the stored-value account.

48. The method of claim 45 wherein the first card and the second card are identical.

49. A software product for a kiosk that provides financial services, the software product comprising:

stored-value account creation/management software operational when executed by a processor to direct the processor to assign an account value to a stored-value account, and associate the stored-value account with first stored-value card and second stored-value card, which allow a cardholder of either the first stored-value card or the second stored-value card to withdraw at least part of the account value from the stored-value account and to deposit an additional amount into the stored-value account by accessing the kiosk, a different kiosk, or a remote access unit; and

a software storage medium operational to store the stored-value account creation/management software.