System and method for currency selectable stored value instrument

• US 7,313,546 B2
• Filed: 10/26/2001
• Issued: 12/25/2007
• Est. Priority Date: 05/23/2001
• Status: Expired due to Term

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Alarcon-Luther, Melissa, Fellner, Debra C., Sabloff, Barry M., Schell, Frank Charles III, Mesrobian, Peter Mark, Griffin, Ginger, Dorion, Michelle, Karris, Gus
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US09/983,901
• Publication Number:
  US 20040153406A1
• Time in Patent Office: 2,251 Days
• Field of Search: 705 25- 41, 705/70, 705/75
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/211 Software architecture within ATMs or in relation to the ATM network

Abstract

The invention provides a currency selectable stored value instrument, whose currency may be chosen or converted at the time value is loaded, after load but prior to redemption of value, at the time of redemption, or at other times. One embodiment of the system is configured so that the stored value instrument may be a plastic card with a magnetic stripe, compatible with card readers on Automated Teller Machines (ATMs) or other terminals. In one embodiment, U.S. dollars may be converted to Mexican pesos when the stored value instrument is loaded at an ATM or other location in the United States. A user may subsequently redeem that value for legal tender in pesos at an ATM located in Mexico, for example, or for goods, services, or cash in other currencies.

Claims

1. A system for processing currency selectable stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

means for loading value onto a currency selectable stored value instrument or onto an account associated therewith using the at least one client terminal, the value loading means requesting a user of the instrument to specify a load currency, a load value, and a funding source;

means for determining if the load value, the load currency and the funding source are in the same currency;

first means for converting the load currency at the time of loading if it is different from the funding source and for converting the load value at the time of loading if it is in a different currency than the load currency;

second means for converting the currency of the value on the currency selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place after the value is loaded but prior to redemption; and

third means for converting the currency of the value on the selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place at the time of redemption.

2. The system of claim 1, wherein the at least one client terminal comprises a card dispensing machine.

3. The system of claim 1, wherein the currency selectable stored value instrument comprises a card having at least one of an electronic storage device, a magnetic storage device, and an optical storage device.

4. The system of claim 3, wherein the currency selectable stored value instrument further comprises a processor.

5. The system of claim 1, wherein the at least one client terminal comprises an automated teller machine.

6. The system of claim 1, wherein the currency selectable stored value instrument comprises a card having a magnetic stripe.

7. The system of claim 1, further comprising means for redeeming value on the stored value instrument.

8. The system of claim 7, wherein the means for redeeming value comprises means for redeeming value in a second currency different from the loaded currency.

9. The system of claim 1, further comprising means for reporting the value currently loaded on the currency selectable stored value instrument.

10. A system for processing currency selectable stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

means for loading value onto a currency selectable stored value instrument or onto an account associated therewith using the at least one client terminal, the value loading means requesting a user of the instrument to specify a load currency, a load value, and a funding source;

means for determining if the load value, the load currency, and the funding source are in the same currency;

first means for converting the load currency at the time of loading if it is different from the funding source and for converting the load value at the time of loading if it is in a different currency than the load currency;

second means for converting the currency of the value on the currency selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place after the value is loaded but prior to redemption; and

third means for converting the currency of the value on the selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place at the time of redemption.

11. The system of claim 10, wherein the at least one client terminal comprises a card dispensing machine.

12. The system of claim 10, wherein the currency selectable stored value instrument comprises a card having at least one of an electronic storage device, a magnetic storage device, and an optical storage device.

13. The system of claim 12, wherein the currency selectable stored value instrument further comprises a processor.

14. The system of claim 10, wherein the at least one client terminal comprises an automated teller machine.

15. The system of claim 10, wherein the currency selectable stored value instrument comprises a card having a magnetic stripe.

16. The system of claim 10, further comprising means for reporting the value currently stored on the currency selectable stored value instrument.

17. A computer-implemented method for processing currency selectable stored value instruments using at least one client terminal, comprising the steps of:

loading value onto a currency selectable stored value instrument or onto an account associated therewith in a first currency selected from at least two currencies by specifying a load currency, a load value; and

a funding source;

determining whether the load value, the load currency, and the funding source are in the same currency;

converting the load currency at the time of loading if it is different from the funding source;

converting the load value at the time of loading if it is in a different currency than the load currency;

converting the currency of the value on the currency selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place after the value is loaded but prior to redemption;

converting the currency of the value on the selectable stored value instrument or on the account associated therewith to a different currency at the time of redemption; and

redeeming value on the currency selectable stored value instrument in a second currency that differs from the first currency.

18. The method of claim 17, further comprising the step of reporting the value currently stored on the currency selectable stored value instrument.

19. The method of claim 17, wherein step of specifying load value identifies a load value in a currency other than the specified load currency.

20. The method of claim 17, wherein step of specifying a funding source identifies funds stored in a currency other than the specified load currency.

21. A computer-implemented method for loading value and converting currency stored on a currency selectable stored value instrument or in an account associated therewith using at least one client terminal, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) receiving a funding source selection;

d) determining whether the load value, the load currency, and the funding source are in the same currency;

e) reconciling the respective currencies of the load currency, load value, and funding source selections, wherein reconciliation shall comprise at least two conversions if the respective currencies are different from each other, and at least one conversion if any two of the respective currencies are the same;

f) receiving cash or funds for loading;

g) loading value onto the currency selectable stored value instrument or onto an account associated therewith; and

h) receiving a conversion selection to convert the currency of the value on the currency selectable stored value instrument to a different currency, the conversion taking place at the time the value is loaded or subsequent to loading.

22. The method of claim 21 further comprising receiving a conversion selection to convert the currency of the value on the currency selectable stored value instrument to a different currency, the conversion taking place after the value is loaded but prior to redemption.

23. The method of claim 21 further comprising receiving a conversion selection to convert the currency of the value on the currency selectable stored value instrument to a different currency, the conversion taking place at the time of redemption.

24. A method for loading value onto and converting currency stored on a stored value instrument or on an account associated therewith using at least one client terminal, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) determining whether the load value, the load currency and a funding source are in the same currency;

d) receiving authorization to debit a funding source account;

e) loading value onto the currency selectable stored value instrument or onto an account associated therewith;

f) converting the load currency at the time of loading if it is different from the funding source;

g) converting the load value at the time of loading if it is in a different currency than the load currency;

h) reconciling with the funding source account; and

i) converting the currency of the value on the currency selectable stored value instrument to a different currency, the conversion taking place after the value is loaded but prior to redemption.

25. The method of claim 24 further comprising converting the currency of the value on the currency selectable stored value instrument to a different currency, the conversion taking place at the time of redemption.

26. A method for loading value onto and converting currency stored on a currency selectable stored value instrument or on an account associated therewith using at least one client terminal, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) determining whether the load currency, the load value and a funding source are in the same currency;

d) converting the load value selection using a computer to a first value in the funding source currency;

e) converting the first value to a second value in the load currency;

f) loading the second value onto the currency selectable stored value instrument or onto an account associated therewith.

27. A method for loading value onto and converting currency stored on a currency selectable stored value instrument or on an account associated therewith using at least one client terminal, comprising the steps of:

a) receiving a load currency selection;

b) receiving a load value selection;

c) determining whether the load currency, the load value, and a funding source are in the same currency;

d) receiving notification that the funding source account is not in the same currency as the load currency;

e) converting the load value selection to a first value in the funding source currency;

f) converting the first value to a second value in the load currency;

g) receiving authorization to debit the funding source account;

h) loading the second value onto the currency selectable stored value instrument; and

i) reconciling with the funding source account.

28. A system for converting value stored in one or more stored-value accounts, comprising:

at least one transaction server associated with one or more stored-value accounts;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

means for loading value onto the one or more stored-value accounts;

means for determining if a load value, a load currency, and a funding source are in the same currency;

means for converting the load currency at the time of loading if it is different from the funding source and for converting the load value at the time of loading if it is in a different currency than the load currency; and

means for converting the currency of the value on the one or more stored-value accounts to a different currency, the conversion taking place after the value is loaded but prior to redemption, at the time of redemption, or at any other time.

29. A system for processing currency selectable stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

means for loading value onto a currency selectable stored value instrument or onto an account associated therewith using the at least one client terminal, the value loading means requesting a user of the instrument to specify a load currency, a load value, and a funding source, the load value may or may not be of the same currency as the load currency;

means for determining whether the load currency, the load value and the funding source are in the same currency, and at least one of;

first means for converting the load currency at the time of loading if it is different from the funding source and for converting the load value at the time of loading if it is in a different currency than the load currency;

second means for converting the currency of the value on the currency selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place after the value is loaded but prior to redemption; and

third means for converting the currency of the value on the selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place at the time of redemption.

30. A system for processing currency selectable stored value instruments, comprising:

at least one transaction server;

an interface to at least one client terminal connected to the at least one transaction server via a communications link;

a value loading interface for loading value onto a currency selectable stored value instrument or onto an account associated therewith using the at least one client terminal, the value loading interface requesting a user of the instrument to specify a load currency, a load value, and a funding source, the load value may or may not be of the same currency as the load currency;

means for determining whether the load currency. the load value and the funding source are in the same currency, and at least one of;

a first interface for requesting conversion of the load currency at the time of loading if it is different from the funding source and for converting the load value at the time of loading if it is in a different currency than the load currency;

a second interface for requesting conversion of the currency of the value on the currency selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place after the value is loaded but prior to redemption; and

a third interface for requesting conversion of the currency of the value on the selectable stored value instrument or on the account associated therewith to a different currency, the conversion taking place at the time of redemption.