Money order device with identity verification and method
First Claim
Patent Images
1. A system for providing and utilizing a money order device comprising;
- 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 the 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, and receives an encrypted transaction request during a merchant transaction operation, the encrypted transaction request including 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.
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Abstract
A method of conducting a monetary transaction and system for providing and utilizing a money order device is provided. The method and system utilize a vended money order device that is vended during a vending operation. The money order device is then utilized in a merchant transaction operation. The method and system utilize identity verification information that is transmitted to a clearinghouse during at least one of the vending operation and the merchant transaction operation.
35 Citations
33 Claims
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1. A system for providing 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 the 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, and receives an encrypted transaction request during a merchant transaction operation, the encrypted transaction request including 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 (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A method of conducting a monetary transaction comprising:
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in a money order device vending operation; receiving a transmitted encrypted activation request from a vendor through a vendor communication link upon obtaining a payment of funds and authentication information provided from a customer at a remote money order device vendor location, the encrypted activation request containing a record of the funds paid, the authentication information and money order account information; creating a clearinghouse account 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; and transmitting an activation response to the vendor to activate the money order device associated with the created account provided to the customer at the vending location; and in a merchant transaction operation; receiving an encrypted transaction request that includes money order account information, authentication information provided from the customer and a transaction amount when the money order device is provided to a merchant that is transmitted via a merchant communication link; 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; transmitting a transaction response of approval or disapproval of the transaction to the merchant; upon approval of the transaction, immediately transferring money order account funds to a merchant account of the merchant. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33)
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Specification