Methods To Advance Loan Proceeds On Prepaid Cards, Associated Systems And Computer Program Products

• US 20090228391A1
• Filed: 02/20/2009
• Published: 09/10/2009
• Est. Priority Date: 02/20/2008
• Status: Abandoned Application

• Current Assignee: MetaBank (Meta Financial Group Incorporated)
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Ahlers, Rebecca, Larson, Troy
• Application Number:
  US12/389,749
• Publication Number:
  US 20090228391A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Embodiments of the present invention include systems, computer program products, and associated computer-implemented methods of advancing loan proceeds on prepaid cards. Example embodiments include generating a common interface for loan information when proceeds from the loan are destined for a prepaid card account. As understood by those skilled in the art, the common interface of the embodiments of the present invention is agnostic to the prepaid card processor. Example embodiments include determining the prepaid card processor associated with the prepaid card account from the loan information provided through the common interface and invoking the prepaid processor as one of the plurality of preselected prepaid processors available to post the loan proceeds to the prepaid card account. Example embodiments further include reconciling the information for the approved loan from the underwriter with the information from the prepaid card processor.

Claims

1. A system for advancing loan proceeds on prepaid card accounts, the system comprising:

a first computer associated with a lending institution defining a bank computer, the bank computer having memory, being associated with the electronic communications network, being positioned to receive and process loan information from a second computer associated with an underwriter defining an underwriter computer, and being positioned to provide loan posting information to a plurality of third computers associated with customer prepaid card accounts defining prepaid card processors, the loan information responsive to a loan application; and

a computer program product associated with the bank computer, stored on a tangible computer memory media, operable on a computer, and used to advance loan proceeds to a prepaid card account, the computer program product including;

a common interface module associated with the bank computer, stored on a tangible computer memory media and operable on a computer, the common interface module comprising a set of instructions that, when executed by the computer, cause the computer to perform the operation of;

receiving data for an approved loan from one or more underwriter computers, proceeds from the loan being destined for a prepaid card account,

a prepaid card taxonomy module associated with the bank computer, stored on a tangible computer memory media and operable on a computer, the prepaid card taxonomy module comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

classifying prepaid cards according to an associated prepaid card processor;

maintaining a database that associates prepaid cards with prepaid card processors; and

determining a prepaid card processor associated with the prepaid card account from loan data provided through the common interface module from the underwriter computer responsive to a prepaid card serial number,

a format translator module associated with the bank computer, stored on a tangible computer memory media and operable on a computer, the format translator module comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

invoking the associated prepaid card processor for a given prepaid card responsive to the determination of the taxonomy module;

converting the loan data received by the common interface module into a processor-specific instruction; and

communicating the converted loan data to the prepaid card processor to post the loan proceeds to the prepaid card account so that the loan application is converted into a prepaid card having an associated value and being capable of purchasing goods, and

a reconciliation module associated with the bank computer, stored on a tangible computer memory media and operable on a computer, the reconciliation module comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of;

receiving data for the approved loan from the underwriter computer and the prepaid card processor, and

comparing data for the approved loan from the underwriter computer and the prepaid card processor to thereby check for errors.

2. A system of claim 1, wherein the common interface module includes a single request accepting an extensive mark-up language (XML) payload, the payload including a section for message content, a section for a description of the message content, and a section for exception information pertaining to the message.

3. A system of claim 1, wherein a serial number of a prepaid card includes a Bank Identification Number, wherein a lending instruction designates the prepaid card processor for the Bank Identification Number at a configuration of the Bank Identification Number, and wherein the prepaid card taxonomy module utilizes the Bank Identification Number portion of the serial number of a prepaid card to determine the prepaid card processor.

4. A system of claim 1, wherein the format translator module further comprises a set of instructions that, when executed by the computer, cause the computer to perform the operation of:

converting a first data format associated with the common interface module into one or more second data formats, each of the one or more second data formats associated with a prepaid card processor.

5. A system of claim 1, wherein the reconciliation module further comprises a set of instructions that, when executed by the computer, cause the computer to perform the operation of:

receiving loan data in flat files from the underwriter computer, from the prepaid card processor, and from the format translator module;

converting the flat file data into structured database files; and

producing error reports responsive to a comparison of the structured database files.

6. A system of claim 1, wherein the computer program product associated with the bank computer further comprises a set of instructions that, when executed by the computer, cause the computer to perform the operation of:

sending an electronic message to an address associated with the loan application responsive to the loan proceeds being posted to thereby provide a visual depiction of a value being added to the prepaid card.

7. A computer program product associated with a bank computer, stored on a tangible computer memory media, operable on a computer, and used to advance loan proceeds to a prepaid card account, the computer program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

generating, by a first computer associated with a lending institution defining a bank computer, a common interface for information for an approved loan to a second computer associated with an underwriter defining an underwriter computer, the loan information responsive to a loan application, proceeds from the loan being destined for a prepaid card account;

determining a prepaid card processor associated with the prepaid card account from the loan information provided through the common interface from the underwriter computer to the lending institution computer responsive to a prepaid card serial number;

invoking the prepaid card processor as one of a plurality of preselected processors available to post the loan proceeds to the prepaid card account to thereby convert the loan application into a prepaid card having an associated value and being capable of purchasing goods; and

reconciling the information for the approved loan from the underwriter computer with the information from the prepaid card processor.

8. A computer program product of claim 7, wherein the common interface includes a single request accepting an extensive mark-up language (XML) payload, the payload including a section for message content, a section for a description of the message content, and a section for exception information pertaining to the message.

9. A computer program product of claim 7, wherein determining a prepaid card processor associated with the prepaid card account from the loan information provided through the common interface from the underwriter computer to the lending institution computer includes utilizing a database of prepaid card files that associates prepaid cards with prepaid card processors.

10. A computer program product of claim 7, wherein the plurality of preselected card processors comprises card data processors positioned to receive and process card data responsive to processor-specific interfaces, and wherein the step of invoking the prepaid card processor comprises utilizing a processor-specific interface so that a first data format is converted into a second data format to thereby enable the posting of the loan proceeds to the prepaid card.

11. A computer program product of claim 7, wherein determining a prepaid card processor associated with the prepaid card account from the loan information provided through the common interface from the underwriter computer to the lending institution computer includes utilizing a Bank Identification Number portion of a serial number of the prepaid card to determine the prepaid card processor.

12. A computer program product of claim 7, further comprising a set of instructions that, when executed by the computer, cause the computer to perform the operation of:

sending an electronic message to an address associated with the loan application responsive to the loan proceeds being posted to thereby provide a visual depiction of a value being added to the prepaid card.

13. A computer program product of claim 7, further comprising a set of instructions that, when executed by the computer, cause the computer to perform the operation of:

displaying an account activity statement, including a purchase, to thereby provide a visual depiction of a value associated with the prepaid card being exchanged for goods.

14. A computer-implemented method of advancing loan proceeds on prepaid cards, the computer-implemented method comprising:

generating, by a first computer associated with a lending institution defining a bank computer, a common interface for information for an approved loan to a second computer associated with an underwriter defining an underwriter computer, the loan information responsive to a loan application, proceeds from the loan being destined for a prepaid card account;

determining by the bank computer a prepaid card processor associated with the prepaid card account from the loan information provided through the common interface from the underwriter computer to the lending institution computer responsive to a prepaid card serial number;

invoking the prepaid card processor as one of a plurality of preselected processors available to post the loan proceeds to the prepaid card account by the bank computer to thereby convert the loan application into a prepaid card having an associated value and being capable of purchasing goods; and

reconciling the information for the approved loan from the underwriter computer with the information from the prepaid card processor by the bank computer.

15. A computer-implemented method of claim 14, wherein the common interface includes a single request accepting an extensive mark-up language (XML) payload, the payload including a section for message content, a section for a description of the message content, and a section for exception information pertaining to the message.

16. A computer-implemented method of claim 14, further comprising:

providing security services, including permitting only known computer addresses and requiring a user name and a password.

17. A computer-implemented method of claim 14, wherein the plurality of preselected card processors comprises card data processors positioned to receive and process card data responsive to processor-specific interfaces, and wherein the step of invoking the prepaid card processor comprises utilizing a processor-specific interface so that a first data format is converted into a second data format to thereby enable the posting of the loan proceeds to the prepaid card.

18. A computer-implemented method of claim 14, wherein the step of determining by the bank computer a prepaid card processor associated with the prepaid card account from the loan information includes utilizing a Bank Identification Number portion of a serial number of the prepaid card to determine the prepaid card processor.

19. A computer-implemented method of claim 14, further comprising:

sending an electronic message to an address associated with the loan application responsive to the loan proceeds being posted to thereby provide a visual depiction of a value being added to the prepaid card.

20. A computer-implemented method of claim 14, further comprising:

displaying an account activity statement, including a purchase, to thereby provide a visual depiction of a value associated with the prepaid card being exchanged for goods.