Systems and Methods for Managing Prepaid Cards in a Digital Wallet, including Transferring Value from Prepaid Cards and Managing User Selected Accounts

• US 20150324768A1
• Filed: 06/25/2015
• Published: 11/12/2015
• Est. Priority Date: 09/04/2013
• Status: Active Grant

• Current Assignee: Raise Marketplace, LLC
• Original Assignee: Slidenetwork Incorporated
• Inventors: Winslow, Anthony, Morris, Michael, Filter, Trevor
• Granted Patent: US 11,423,371 B2
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/0655 e-cash managed centrally
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/36 using electronic wallets or electronic money safes
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/40145 Biometric identity checks
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Disclosed are the methods and systems for transferring value from as first account to a second account via a consumer device. The methods may be consumer or merchant driven and may involve transferring value to peers, oneself, or a third party account holder with or without the creation of a user account. Based on information input by a user, various financial systems interact in a manner that results in creation of an escrow account and effectuates transfer of value from a funding account through that escrow account to a receiving account. Such novel methods allow for previously unavailable transfers of value. In certain embodiments, the methods and systems also encompass creation of a digital equivalent of the value and using the digital equivalent to make payments at as point of service.

Claims

1. A method for transferring value from a first account to a second account using a consumer device comprising:

accessing a swap service through a consumer device that is communicatively linked to a remote system, said remote system communicatively linked to a transfer network,

requesting funding transaction information including at least the identity of a funding account and a transaction amount from a user through a first user interface displayed by the consumer device,

accepting the funding transaction information input through the first user interface,

establishing an escrow account with a financial affiliate and issuing an escrow account identification code,

submitting the funding transaction information and the escrow account identification and an authorization code to a funding account issuer system as a submission,

receiving a submission payment in the amount of a transaction amount from the funding account issuer system into the escrow account,

determining a transfer amount based on the funding transaction information,

requesting receiving account information including at least the identity of a receiving account from a user through a second user interface displayed by the consumer device,

accepting the receiving account information input through the second user interface,

providing transfer instructions including at least the receiving account information and the transfer amount and escrow account identification code to the receiving account issuer system causing a transfer of value to the receiving account,

wherein the submission payment is transferred through an automated clearing house (ACH) from a funding account financial institution in to the escrow account.

2. The method of claim 1, wherein the funding account is selected from the group consisting of a closed loop card account, a debit card, a prepaid card, a debit card account, a credit card account, a gift card, a cash card, a prepaid credit card and a stored value card, and the receiving account is selected from the group consisting of a bank account, a credit card account, a debit card account, an open loop card account, a closed loop card account, a brokerage account, a Pay Pal account and a crypto currency account.

3. The method of claim 1, wherein funding account information or receiving account information is inputted by voice commands or extraction of information from a photo or video using optical character recognition or radio frequency identification (RFID).

4. The method of claim 1, wherein, the transfer is completed through an automated clearing house (ACK), the funding account issuer'"'"'s Bill Pay service, intra-bank transfer, automated teller machine (ATM) network, crypto-currency service, or other stored value network or service.

5. The method of claim 1, wherein the transfer is completed through the conversion by the remote system of the net transfer amount into loyalty points in a third party system based on a conversion factor associated with a difference in net transfer amount and an assigned second value of said loyalty points, and creating, by said remote system, said net transfer amount to said third party.

6. The method of claim 1, wherein the transfer is completed through a virtual wallet established by radio frequency identification (RFID), near field communication (NFC), Bluetooth low energy (BLE), wireless network, personal area network (PAN), or other computer network.

7. The method of claim 1, wherein the user is identified using biometric information.

8. The method of claim 1, wherein the funding account information also includes inputting loan terms including at least a loan amount, an interest rate, a payment schedule and a late fee schedule through a user interface displayed by the consumer device.

9. The method of claim 1, wherein the method also includes inputting user data points through a user interface displayed by a consumer device, submitting said data points to a third party service to validate the user'"'"'s identity, submitting said data points to potential lenders to determine an approved loan amount, and presenting the user with an approved loan amount, any fees that are associated with the loan, and instructions for the application of fees and interest upon the expiration of the loan term.

20. The method of claim 1, further comprising:

transmitting the funding account information to an aggregator service for validation,

receiving validation of card information, and

encoding the card information to generate a digital equivalent of the funding account.

21. The method of claim 20, wherein the digital equivalent may be used as a form of payment through barcode scanning, radio frequency identification (RFID), near field communication (NFC), Bluetooth low energy (BLE), wireless network, personal area network (PAN), other computer network, or other transmission at point-of-sale.

22. The method of claim 21, wherein the digital equivalent is a bar code that renders on a consumer device and may be scanned by a bar code scanner.

23. The method of claim 20, wherein the consumer device receives a notification when the consumer device is within a certain proximity to a physical location where the digital equivalent may be used.

10. A non-transitory computer readable memory comprising:

computer code that directs a consumer device to facilitate the transfer of value from a first account to a second account, said computer code directing the steps;

accessing a swap service through a consumer device that is communicatively linked to a remote system, said remote system communicatively linked to a transfer network,

requesting funding transaction information including at least the identity of a funding account and a transaction amount from a user through a first user interface displayed by the consumer device,

accepting the funding transaction information input through the first user interface,

establishing an escrow account a financial affiliate and issuing an escrow account identification code,

submitting the funding transaction information and the escrow account identification and an authorization code to a funding account issuer system as a submission,

receiving a submission payment in the amount of a transaction amount from the funding account issuer system into the escrow account,

determining a transfer amount based on the funding transaction information,

requesting receiving account information including at least the identity of a receiving account from a user through a second user interface displayed by the consumer device,

accepting the receiving account information input through the second user interface,

providing transfer instructions including at least the receiving account information and the transfer amount and escrow account identification code to the receiving account issuer system causing a transfer of value to the receiving account,

wherein the submission payment is transferred through an automated clearing house (ACH) from a funding account financial institution into the escrow account of the financial affiliate.

11. The non-transitory computer readable memory of claim 10, wherein the funding account is selected from the group consisting of a closed loop card account, a debit card, a prepaid card, a debit card account, a credit card account, a gift card, a cash card, a prepaid credit card and a stored value card, and the receiving account is selected from the group consisting of a bank account, a credit card account, a debit card account, an open loop card account, a dosed loop card account, a brokerage account, a PayPal account and a crypto currency account.

12. The non-transitory computer readable memory of claim 10, wherein the funding account information or the receiving account information is input by voice commands or by extracting information from a photo or video using optical character recognition.

13. The non-transitory computer readable memory of claim 10, wherein the transfer is completed through an automated clearing house (ACH), the funding account issuer'"'"'s Bill Pay service, intra-bank transfer, automated teller machine (ATM) network, crypto-currency service, or other stored value network or service.

14. The non-transitory computer readable memory of claim 10, wherein the transfer is completed through the conversion by the remote system of the transfer amount into loyalty points in a third party system based on a conversion factor associated with a difference in transfer amount and an assigned second value of said loyalty points, and creating, by said remote system, said transfer amount to said third party.

15. The non-transitory computer readable memory of claim 10, wherein the transfer is completed through a virtual wallet established by radio frequency identification (RFID), near field communication (NFC), Bluetooth low energy (BLE), wireless network, personal area network (PAN), or other computer network.

16. The non-transitory computer readable memory of claim 10, wherein the user is identified using biometric information.

17. The non-transitory computer readable memory of claim 10, wherein the steps also include inputting loan terms including at least a loan amount, an interest rate, a payment schedule and a late fee schedule through a user interface displayed by the consumer device.

18. The non-transitory computer readable memory of claim 10, wherein the steps also include inputting user data points through a user interface displayed by a consumer device, submitting, said data points to a third party service to validate the user'"'"'s identity, submitting said data points to potential lenders to determine an approved loan amount, and presenting the user with an approved loan amount, any fees that are associated with the loan, and instructions for the application of fees and interest upon the expiration of the loan term.

19. The non-transitory computer readable memory of claim 18 wherein the user is identified through biometric information.

24. The non-transitory computer readable memory of claim 10, further comprising:

computer code that directs a consumer device to facilitate the creation of a digital equivalent of a gift card or prepaid card, said computer code directing the additional steps;

transmitting the funding account information to an aggregator service for validation,

receiving validation of card information, and

encoding the card information to generate a digital equivalent of the funding account.

25. The non-transitory computer readable memory of claim 24, wherein the digital equivalent may be used as a form of payment through barcode scanning, radio frequency identification (RFID), near field communication (NFC), Bluetooth low energy (BLE), wireless network, personal area network (PAN), other computer network, or other transmission at point-of-sale.

26. The non-transitory computer readable memory of claim 25, wherein the digital equivalent is a bar code that renders on the consumer device and may be scanned by a bar code scanner.

27. The non-transitory computer readable memory of claim 25, wherein the consumer device receives a notification when the consumer device is within a certain proximity to a physical location where the digital equivalent may be used.