System and method for currency selectable stored value instrument
First Claim
1. A method for redeeming value from a stored value instrument, comprising the steps of:
- a) loading value onto the stored value instrument or onto an account associated with the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency;
b) using a computer processor to determine whether a stored value currency is the same as a transaction value currency, wherein the value loaded onto the stored value instrument was designated by an owner or a user of the stored value instrument;
c) using a computer processor to convert the stored value currency to the transaction value currency if the currencies are different;
d) determining whether the stored value is sufficient to complete a transaction;
e) providing value to a redeemer; and
f) reconciling with the stored value instrument, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction.
1 Assignment
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Accused Products
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.
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Citations
13 Claims
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1. A method for redeeming value from a stored value instrument, comprising the steps of:
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a) loading value onto the stored value instrument or onto an account associated with the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency; b) using a computer processor to determine whether a stored value currency is the same as a transaction value currency, wherein the value loaded onto the stored value instrument was designated by an owner or a user of the stored value instrument; c) using a computer processor to convert the stored value currency to the transaction value currency if the currencies are different; d) determining whether the stored value is sufficient to complete a transaction; e) providing value to a redeemer; and f) reconciling with the stored value instrument, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method for redeeming value from a stored value instrument, comprising the steps of:
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a) loading value onto the stored value instrument or onto an account associated wit the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency; b) using a computer processor to determine whether the stored value currency and a transaction value currency are in the same, wherein the value loaded onto the stored value instrument was designated by an owner or a user of the stored value instrument; c) using a computer processor to convert the transaction value currency to the stored value currency if the stored value currency is not the same as the transaction value currency; d) determining whether the stored value is sufficient to complete a transaction; e) declining the transaction if the stored value is insufficient; f) providing value to a redeemer if the stored value is sufficient; and g) reconciling with a stored value instrument if the stored value is sufficient, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction. - View Dependent Claims (8, 9, 10, 11, 12)
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13. A method for redeeming value from a stored value instrument, comprising the steps of:
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a) loading value onto the stored value instrument or onto an account associated with the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency; b) using a computer processor to determine whether a stored value currency and a transaction value currency are the same, wherein the value loaded onto the stored value instrument was based on a load value and a load currency, each designated by an owner or a user of the stored value instrument; c) using a computer processor to convert the transaction value currency to the stored value currency if the stored value currency is not the same as the transaction value currency; d) determining whether the stored value is sufficient to complete a transaction; e) providing value to a redeemer; and f) reconciling with the stored value instrument, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction.
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Specification