FUND ON ACTIVATION

• US 20090307118A1
• Filed: 06/10/2009
• Published: 12/10/2009
• Est. Priority Date: 06/10/2008
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Baumgartner, David Ross IV
• Granted Patent: US 8,620,781 B2
• Time in Patent Office: Days
• US Class Current: 705/34
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/354 Card activation or deactivation
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A system and method of funding a financial transaction card, providing a financial transaction card to a user, wherein the financial transaction card has a face value and wherein an amount of funds pertaining to the face value is placed in a liability account, and wherein the financial transaction card has an actual value of zero, activating the financial transaction card by the user; and funding a funds pool for the financial transaction card with the funds from the liability account after the activation of the financial transaction card, wherein only funds from the funds pool is available for conducting a purchase.

Claims

1. A system of funding a financial transaction card, comprising:

a card issuer-generator configured to generate a financial transaction card, the financial transaction card having a face value, and wherein an amount of funds pertaining to the face value is placed in a liability pool database, and wherein the financial transaction card has an actual value of zero; and

an activation interface configured to receive an electronic activation request for the financial transaction card from a customer.

2. The system of claim 1 further comprising:

a financial card funder configured to fund a funds pool for the financial transaction card with the funds from the liability pool database after the activation of the financial transaction card, wherein only funds from the funds pool is available for conducting a purchase.

3. The system of claim 2, further comprising:

a cardholder database configured to store information about the financial transaction card funds pool.

4. The system of claim 3, further comprising:

a card balance reporter configured to apply fees against the funds pool.

5. The system of claim 4, wherein the authentication interface is configured to receive the electronic activation request via a telephone line.

6. The system of claim 5, wherein the authentication interface is configured to receive the electronic activation request via an Internet interface.

7. The system of claim 6, wherein the Internet interface is the World-Wide-Web.

8. The system of claim 7, further comprising:

a card expirator configured to change status of the financial transaction card to “

expired.”

9. The system of claim 8, wherein the card expirator is further configured to remove the financial transaction card from the liability pool database.

11. The method of claim 1 further comprising:

funding a funds pool for the financial transaction card with the funds from the liability account after the activation of the financial transaction card, wherein only funds from the funds pool is available for conducting a purchase.

10. A method of funding a financial transaction card, comprising:

providing a financial transaction card to a user, the financial transaction card having a face value, and wherein an amount of funds pertaining to the face value is placed in a liability account, and wherein the financial transaction card has an actual value of zero; and

receiving an activating request for the financial transaction card by a customer.

12. A computer-readable storage medium encoded with data and instructions, that when executed by a computing device, causes the computing device to:

provide a financial transaction card to a user, the financial transaction card having a face value, and wherein an amount of funds pertaining to the face value is placed in a liability account, and wherein the financial transaction card has an actual value of zero; and

receive an activating request for the financial transaction card by a customer.

13. The computer-readable storage medium of claim 12 further comprising instructions to:

fund a funds pool for the financial transaction card with the funds from the liability account after the activation of the financial transaction card, wherein only funds from the funds pool is available for conducting a purchase.