Multiple-network system and method for loading, transferring and redeeming value through stored value accounts
First Claim
Patent Images
1. A system for electronic exchange between stored value accounts, the system comprising:
- (a) a first network for electronically transferring values to and from stored value accounts;
(b) a second network for electronically transferring values to and from stored value accounts;
(c) a service provider including;
(1) means for maintaining accounts on both networks for each customer;
(2) means for transferring values between an account on the first network and an account on the second network;
(3) means for directly transferring values between two accounts on the second network;
(4) means for indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network;
(d) means for receiving a request to transfer value between a first account and a second account;
(e) means for calculating an optimal exchange path that minimizes transaction costs for the transfer in part (d), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts;
(f) means for executing the transfer request in part (d) from the first account to the second account according to an optimized exchange path;
(g) wherein the service provider includes business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers; and
(h) wherein the service provider includes customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated in part (e).
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Abstract
A system and method for loading, transferring and redeeming value whereby two different systems of stored value accounts, one system being on a major network and the second system being on a secondary network, are linked, providing multiple paths to perform critical operations.
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Citations
17 Claims
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1. A system for electronic exchange between stored value accounts, the system comprising:
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(a) a first network for electronically transferring values to and from stored value accounts; (b) a second network for electronically transferring values to and from stored value accounts; (c) a service provider including; (1) means for maintaining accounts on both networks for each customer; (2) means for transferring values between an account on the first network and an account on the second network; (3) means for directly transferring values between two accounts on the second network; (4) means for indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network; (d) means for receiving a request to transfer value between a first account and a second account; (e) means for calculating an optimal exchange path that minimizes transaction costs for the transfer in part (d), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts; (f) means for executing the transfer request in part (d) from the first account to the second account according to an optimized exchange path; (g) wherein the service provider includes business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers; and (h) wherein the service provider includes customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated in part (e). - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for electronic exchange between stored value accounts, the method comprising the computer implemented steps of:
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(a) maintaining stored value accounts on a first network; (b) maintaining stored value accounts on a second network; (c) receiving a request to transfer value between a first account and a second account; (d) calculating an optimal exchange path that minimizes transaction costs for the transfer in step (c), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts, including; (1) transferring values between the first network and the second network; (2) directly transferring values between two accounts on the second network; (3) indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network; (e) receiving business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers; (f) receiving customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated in step (d); and (g) executing the transfer request in step (c) from the first account to the second account according to an optimized exchange path. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A computer program product in a computer readable medium, for electronic exchange between stored value accounts, the computer program product comprising:
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(a) first instructions for maintaining stored value accounts on a first network; (b) second instructions for maintaining stored value accounts on a second network; (c) third instructions for receiving a request to transfer value between a first account and a second account; (d) fourth instructions for calculating an optimal exchange path that minimizes transaction costs for the transfer in part (c), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts, including; (1) transferring values between the first network and the second network;
(2) directly transferring values between two accounts on the second network;(3) indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network; (e) fifth instructions including business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers; (f) sixth instructions including customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated by said fourth instructions in part (d); and (g) seventh instructions for executing the transfer request in part (c) from the first account to the second account according to an optimized exchange path.
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Specification