System and method for a prepaid card issued by a foreign financial institution
First Claim
1. A system for providing a prepaid card account maintained by a a first country financial institution located in a first country, said prepaid card account configured for effecting payment of at least one of goods and services in a second country, said system comprising:
- a said first country financial institution system which issues a prepaid card account which is used in said second country, wherein said prepaid card account is identified by an account number including a second country payment network authorization code formatted such that said second country payment network authorization code is capable of being processed by said second country payment network, andwherein said second country payment network authorization code is issued to said first country financial institution system by a second country financial institution and said second country payment network authorization code is not recognized by said first country financial institution system; and
,wherein said second country financial institution is configured to communicate with a merchant system, wherein said merchant system is located in said second country, wherein said merchant system is configured to receive said account number and a transaction request related to a transaction using said prepaid card account, wherein said transaction request includes said second country payment network authorization code; and
wherein said merchant system is configured to transmit said second country payment authorization code to said second country payment network;
wherein said second country payment network is configured to transmit said transaction request and said account number to said first country financial institution system such that said first country financial institution system authorizes the prepaid card account, debits the prepaid card account at said first country financial institution system and transmits an authorization to said second country payment network; and
,wherein said second country payment network further transmits said authorization to said merchant system to facilitate the transaction and said merchant system receives a settlement of the transaction from said first country financial institution.
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0 Petitions
Accused Products
Abstract
A system and method for providing a reloadable prepaid card account maintained by a foreign financial institution is provided. The foreign financial institution is provided with a domestic payment network authorization code, such as the bank identification number approved by the American Banking Association. The BIN along with a prepaid account number is loaded onto a prepaid card corresponding to the prepaid account. A prepaid cardholder may present the prepaid card to a merchant system for completion of a transaction request. The merchant system may be accessed domestically and may recognize the BIN as belonging to the foreign financial institution authorized to transact business on the merchant'"'"'s domestic payment network. The merchant may seek satisfaction of the transaction request by submitting the transaction request to an acquirer which may forward the transaction request to the foreign financial institution for processing. The foreign financial institution may provide funds to the merchant system to satisfy the transaction request, and the provided funds may be converted to the currency of the country in which the merchant system is accessed by the prepaid cardholder.
125 Citations
31 Claims
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1. A system for providing a prepaid card account maintained by a a first country financial institution located in a first country, said prepaid card account configured for effecting payment of at least one of goods and services in a second country, said system comprising:
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a said first country financial institution system which issues a prepaid card account which is used in said second country, wherein said prepaid card account is identified by an account number including a second country payment network authorization code formatted such that said second country payment network authorization code is capable of being processed by said second country payment network, and wherein said second country payment network authorization code is issued to said first country financial institution system by a second country financial institution and said second country payment network authorization code is not recognized by said first country financial institution system; and
,wherein said second country financial institution is configured to communicate with a merchant system, wherein said merchant system is located in said second country, wherein said merchant system is configured to receive said account number and a transaction request related to a transaction using said prepaid card account, wherein said transaction request includes said second country payment network authorization code; and wherein said merchant system is configured to transmit said second country payment authorization code to said second country payment network; wherein said second country payment network is configured to transmit said transaction request and said account number to said first country financial institution system such that said first country financial institution system authorizes the prepaid card account, debits the prepaid card account at said first country financial institution system and transmits an authorization to said second country payment network; and
,wherein said second country payment network further transmits said authorization to said merchant system to facilitate the transaction and said merchant system receives a settlement of the transaction from said first country financial institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A method for facilitating a prepaid card account maintained by a first country financial institution located in a first country, said prepaid card account used for effecting payment of at least one of goods and services in a second country, said method comprising:
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receiving, at said first country financial institution, a second country payment network system code from a second country financial institution, said first country financial institution including a first country financial system server and first country financial institution database; establishing a prepaid account on said first country financial institution database wherein said prepaid account is used in a second country, said prepaid account being characterized by an account number including a second country payment network system code formatted such that said second country payment network system code is capable of being processed by a second country payment network, wherein said second country payment network system code is not recognized by said first country financial institution and wherein said account number is received from a merchant system, which is located in said second country and includes a merchant server; receiving said account number and a transaction request including said second country payment network authorization code at said first country financial institution, wherein said account number is received in accordance with at least one of said second country payment network system code and a routing code; processing said account number and a transaction request to match said account number to said prepaid account and determine when said prepaid account has a sufficient balance in accordance with said transaction request, wherein said transaction request is related to a transaction using said prepaid card account; authorizing the prepaid card account; debiting the prepaid card account at said first country financial institution system; transmitting an authorization to said second country payment network, wherein said second country payment network further transmits said authorization to said merchant system to facilitate the transaction; and
,transmitting a settlement of the transaction to the merchant system from said first country financial institution. - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31)
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Specification