Money card system, method and apparatus
First Claim
1. A method of conducting a monetary transaction comprising:
- providing a money order device to a customer during a money order device vending operation that includes;
1) obtaining a payment of funds and authentication information provided from a customer at a money order device vendor location;
2) creating an encrypted activation request containing a record of the funds paid, the authentication information and money order account information;
3) transmitting the encrypted activation request from the vendor to a remote clearinghouse through a vending communication link;
4) creating an account with the clearinghouse for the money order and storing the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a clearinghouse database;
5) transmitting an activation response to the vendor; and
6) providing the money order device associated with the created account to the customer at the vending location; and
utilizing the money order device during a merchant transaction operation that includes;
1) providing the money order device to a merchant;
2) creating an encrypted transaction request that includes money order account information, authentication information provided from the customer and a transaction amount and transmitting via a merchant communication link the request from the merchant to the clearinghouse;
3) determining whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determining whether the transaction amount exceeds the amount of account funds available for the money order device;
4) transmitting a transaction response from the clearinghouse of approval or disapproval of the transaction to the merchant; and
5) upon approval of the transaction, immediately transferring money order account funds from the clearing house to a merchant account of the merchant.
1 Assignment
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Accused Products
Abstract
The present invention provides a money card system, method and apparatus that is convenient, easy to use, does not require good or any credit, is useable by individuals having low incomes, is interchangeable with cash, is available in many currencies, can be used in COD transactions, and is safer than cash, checks, money orders, cashier'"'"'s checks, traveler'"'"'s checks, ATM cards, credit cards, debit cards, stored-value cards and smart cards. For these individuals, the money card would provide the functionality of cash enhanced with the security of a Personal Identification Number (PIN) or Personal Identification Code (PIC) or other biometric information, such as fingerprint, handprint, voiceprint, iris scan, retina scan, thermal image, electronic/digital signature or any other form of endorsement that may be used to personalize and secure the transaction.
90 Citations
23 Claims
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1. A method of conducting a monetary transaction comprising:
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providing a money order device to a customer during a money order device vending operation that includes; 1) obtaining a payment of funds and authentication information provided from a customer at a money order device vendor location; 2) creating an encrypted activation request containing a record of the funds paid, the authentication information and money order account information; 3) transmitting the encrypted activation request from the vendor to a remote clearinghouse through a vending communication link; 4) creating an account with the clearinghouse for the money order and storing the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a clearinghouse database; 5) transmitting an activation response to the vendor; and 6) providing the money order device associated with the created account to the customer at the vending location; and utilizing the money order device during a merchant transaction operation that includes; 1) providing the money order device to a merchant; 2) creating an encrypted transaction request that includes money order account information, authentication information provided from the customer and a transaction amount and transmitting via a merchant communication link the request from the merchant to the clearinghouse; 3) determining whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determining whether the transaction amount exceeds the amount of account funds available for the money order device; 4) transmitting a transaction response from the clearinghouse of approval or disapproval of the transaction to the merchant; and 5) upon approval of the transaction, immediately transferring money order account funds from the clearing house to a merchant account of the merchant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for dispensing and utilizing a money order device comprising;
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a vending unit that creates and transmits an encrypted activation request containing a record of funds paid, authentication information from a customer and money order account information and provides a money order device during a money order device vending operation upon a payment of the funds; a vending communication link through which the encrypted activation request is transmitted; a clearinghouse that is remote from the vending unit that receives the encrypted activation request through the vending communication link and creates an account for the money order and stores the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a database of the clearinghouse and transmits an activation response to the vendor unit to allow the vending unit to provide the money order device; a merchant unit that creates an encrypted transaction request that includes the money order account information, authentication information provided from the customer and a transaction amount; and a merchant communication link for transmitting the request from the merchant unit to the clearinghouse; and
whereinthe clearinghouse determines whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determines whether the transaction amount exceeds the amount of account funds available for the money order, and transmits a transaction response to the merchant unit of approval or disapproval of the transaction and upon approval of the transaction, immediately transfers money order account funds from the clearing house to a merchant account of the merchant. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23)
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Specification