Systems and methods to facilitate a transfer of a refund amount from an educational institution to a student

• US 7,529,709 B2
• Filed: 08/01/2007
• Issued: 05/05/2009
• Est. Priority Date: 01/17/2002
• Status: Expired due to Term

• Current Assignee: BMTX, Inc. (BM Technologies, Inc.)
• Original Assignee: Higher One, Inc. (Blackboard Incorporated)
• Inventors: Lasater, Miles H., Volchek, Mark T., McGuane, Casey M., Fitzgerald, Stephen P., Jones, Earnest C., Glass, Sean P., Hatton, Dean W.
• Primary Examiner(s): APPLE, KIRSTEN SACHWITZ
• Application Number:
  US11/832,512
• Publication Number:
  US 20070294165A1
• Time in Patent Office: 643 Days
• Field of Search: 705/38, 705 35- 45, 707/202, 707/3
• US Class Current: 705/38
• 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 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system and method of facilitating a transfer of a refund amount from an educational institution to a student. A refund controller receives from an educational institution a request for authorization of an instant paper check of a payment amount equal to at least a portion of a total refund amount associated with the student of the educational institution student. The refund controller verifies the payment amount is equal to or less than an amount of funds available to the student and transfers funds equal to the payment amount to an instant issuance account. The refund controller authorizes the educational institution to issue an instant paper check for the payment amount to the student. The instant paper check draws from the instant issuance account.

Claims

1. A computer-readable medium having computer-executable instructions executed on a computer processor to control a transfer of a refund amount from an educational institution to a student, said instructions comprising:

receiving at a refund controller that is independent from an educational institution a request from the educational institution for authorization of an instant paper check drawn on a a soft bank account that is independent from the refund controller of a payment amount equal to at least a portion of a total refund amount associated with the student of the educational institution;

verifying at the refund controller that the payment amount is equal to or less than an amount of funds available to the student; and

sending authorization from the refund controller to the educational institution to issue an instant paper check for the payment amount to the student.

2. A computer-readable medium according to claim 1, further comprising:

transferring funds equal to the payment amount to an instant issuance account

3. A computer-readable medium according to claim 2, wherein the instant paper check draws from the instant issuance account.

4. A computer-readable medium according to claim 1, further comprising:

updating the amount of funds available to the student based on the request for authorization of an instant paper check and the payment amount.

5. A computer-readable medium according to claim 1, further comprising:

updating a balance of a soft account in the name of the student to reflect payment of the payment amount.

6. A computer-readable medium according to claim 1, further comprising:

closing a soft account in the name of the student after issuance of the instant paper check for the refund amount.

7. A computer-readable medium according to claim 1, wherein the payment amount is equal to the total refund amount.

8. A computer-readable medium according to claim 1, wherein the funds are transferred from a pending instructions account.

9. A computer-readable medium according to claim 1, further comprising:

determining additional method of refund delivery associated with the student; and

automatically arranging for refund amounts not provided to the student via an instant paper check to be provided to the student in accordance with the determined method of delivery.

10. A computer-readable medium according to claim 9, wherein the method of delivery comprises one of:

(i) an electronic transfer of the refund amount to a bank account associated with the student, (ii) a paper check mailed to an address associated with the student, and (iii) a transfer of the refund amount to a credit account associated with the student.

11. A computer-readable medium according to claim 1, wherein said verifying includes at least one of:

(i) comparing refund amounts associated with a plurality of students to an amount currently available in an escrow account;

(ii) comparing the total refund amount to a pre-determined threshold limit;

(iii) comparing a student identifier with a list of existing student identifiers;

(iv) calculating a hash value associated with the received indication;

(v) calculating a checksum associated with the received indication; and

(vi) generating and providing the educational institution with at least one of a sequence identifier, a secret code, and an encrypted code.

12. A computer-readable medium according to claim 1, wherein the educational institution is associated with at least one of:

(i) a university;

(ii) a college;

(iii) a technical school;

(iv) a professional education program;

(v) a government training program; and

(vi) an on-line educational program.

13. A system for facilitating a transfer of a refund amount from an educational institution to a student, said system comprising:

means for receiving at a refund controller that is independent from an educational institution a request from the educational institution for authorization of an instant paper check drawn on a soft bank account that is independent from the refund controller of a payment amount equal to a total refund amount associated with the student of the educational institution;

means for verifying at the refund controller that a status of the total refund amount associated with the student;

means for transfernng funds equal to the total refund amount from the soft bank account to an instant issuance account; and

means for sending authorization from the refund controller to the educational institution to issue an instant paper check for the total refund amount to the student, wherein the instant paper check draws from the instant issuance account.

14. A system according to claim 13, further comprising:

means for updating the status of the total refund amount associated with the student based on the request for authorization of an instant paper check and the payment amount.

15. A system according to claim 13, further comprising:

means for closing a soft account in the name of the student after issuance of the instant paper check for the total refund amount.