System, program product, and computer-implemented method for loading a loan on a pre-paid card

• US 8,494,960 B2
• Filed: 05/13/2009
• Issued: 07/23/2013
• Est. Priority Date: 12/21/2007
• Status: Expired due to Fees

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott H., Sorbe, Trent
• Primary Examiner(s): Zeender, Ryan
• Assistant Examiner(s): CHEIN, ALLEN C
• Application Number:
  US12/465,277
• Publication Number:
  US 20090287575A1
• Time in Patent Office: 1,532 Days
• Field of Search: None
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Embodiments of the present invention provide systems, program products, and methods of loading a loan on a pre-paid card. A bank receives authorization from a lender to credit loan proceeds from the lender to an approved borrower on a pre-paid card associated with the pre-paid card processor so that release of the loan proceeds is pending an activation of a pre-paid card. Next, the bank receives notice of an activation of a pre-paid card associated with the pre-paid card processor responsive to an activation request on behalf of the approved borrower. Then the bank credits the pending loan proceeds to the pre-paid card processor for the activated pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.

Claims

1. A computer associated with a lending institution and defining a lending institution computer to facilitate activation of a plurality of prepaid card accounts sponsored by the lending institution and to release a plurality of loan proceeds to the plurality of prepaid card accounts, the lending institution computer comprising:

one or more central processor units associated with the lending institution computer;

one or more input/output units associated with the lending institution computer to facilitate communication with a plurality of remote prepaid card processors;

one or more non-transitory computer-readable memories in communication with the lending institution computer and encoded with computer program operable by the one or more central processors so that during operations thereof, the one or more central processors perform the following steps;

processing, by the lending institution computer when configured to fund a plurality of loans, a plurality of loan requests for a plurality of borrowers to thereby approve the plurality of loans pending activation of a plurality of prepaid card accounts responsive to receiving transactional loan processing data in a first preselected loan processing format;

determining, by the lending institution computer, one or more of the plurality of remote prepaid card processors to process transactional loan processing data associated with one or more of the plurality of prepaid card accounts and to process electronic transaction requests after the one or more of the plurality of prepaid card accounts are activated, each of the plurality of prepaid card processors having a preselected processing transactional loan data protocol different from each other;

converting, by the lending institution computer, transactional loan processing data associated with the one or more of the plurality of approved loans to converted transactional processing loan data having a second preselected loan processing format to be compatible with one or more of the plurality of preselected processing transaction data protocols of the plurality of remote prepaid card processors responsive to the first preselected loan processing format being determined to be incompatible with the preselected processing transactional data protocol;

communicating one or more portion of the converted transactional processing data to the one or more of the plurality of remote prepaid card processors, the converted transactional processing loan data requesting activation of one or more of the plurality of prepaid card accounts on behalf of borrowers, each of the plurality of prepaid card accounts being configured to have a prepaid card; and

crediting loan proceeds of one or more of the plurality of approved loans from the lending institution computer to the one or more of the plurality of remote prepaid card processors so that the loan proceeds are available to the one or more corresponding borrower and each of the prepaid cards associated with the one or more of the plurality of prepaid card accounts is converted into a loan delivery apparatus, the crediting being responsive to receiving notification data from the one or more of prepaid card processors compatible with the one or more of the plurality of preselected processing transaction protocols indicating that the one or more of the plurality of prepaid card accounts have been activated by the one or more of the plurality of prepaid card processors, each of the plurality of prepaid card accounts being authorized by the lending institution so that the lending institution computer is configured to authorize loan transactions and electronic transaction requests associated with the plurality of prepaid accounts.

2. A lending institution computer as defined in claim 1, wherein the processing the plurality of loan requests is responsive to determining whether each of the plurality of borrowers have an existing prepaid card account.

3. A lending institution computer as defined in claim 1, wherein the one or more central processors further perform the following step:

authorizing, by the lending institution computer, an electronic transaction request responsive to the one or more of the plurality of prepaid card accounts being used to pay for a purchase associated with the electronic transaction request.

4. A lending institution computer as defined in claim 1, wherein the one or more central processors further perform the following steps:

receiving, by the lending institution computer, loan data in flat files from the one or more of the plurality of prepaid card processors;

converting, by the lending institution computer, the flat file data into structured database files; and

producing, by the lending institution computer, error reports responsive to a comparison of the structured database files and the converted loan data.

5. A lending institution computer as defined in claim 1, wherein the one or more central processors further perform the following step:

issuing each of the plurality of prepaid card accounts a serial number including a Bank Identification Number.

6. A computer-implemented method to release a plurality of loan proceeds to a plurality of prepaid card accounts, the computer-implemented method comprising:

processing, by a computer associated with a lending institution and defining a lending institution computer configured to fund a plurality of loans, a plurality of loan requests for a plurality of borrowers to thereby approve the plurality of loans pending activation of a plurality of prepaid card accounts responsive to receiving transactional loan processing data in a first preselected loan processing format;

determining, by the lending institution computer, one or more of the plurality of remote prepaid card processors to process transactional loan processing data associated with one or more of the plurality of prepaid card accounts and to process electronic transaction requests after the one or more of the plurality of prepaid card accounts are activated, each of the plurality of prepaid card processors having a preselected processing transactional loan data protocol different from each other;

converting, by the lending institution computer, transactional loan processing data associated with the one or more of the plurality of approved loans to converted transactional processing loan data having a second preselected loan processing format to be compatible with one or more of the plurality of preselected processing transaction data protocols of the plurality of remote prepaid card processors responsive to the first preselected loan processing format being determined to be incompatible with the preselected processing transactional data protocol;

communicating, by the lending institution computer, one or more portion of the converted transactional processing data to the one or more of the plurality of remote prepaid card processors, the converted transactional processing loan data requesting activation of one or more of the plurality of prepaid card accounts on behalf of borrowers, each of the plurality of prepaid card accounts being configured to have a prepaid card; and

crediting, by the lending institution computer, loan proceeds of one or more of the plurality of approved loans from the lending institution computer to the one or more of the plurality of remote prepaid card processors so that the loan proceeds are available to the one or more corresponding borrower and each of the prepaid cards associated with the one or more of the plurality of prepaid card accounts is converted into a loan delivery apparatus, the crediting being responsive to receiving notification data from the one or more of prepaid card processors compatible with the one or more of the plurality of preselected processing transaction protocols indicating that the one or more of the plurality of prepaid card accounts have been activated by the one or more of the plurality of prepaid card processors, each of the plurality of prepaid card accounts being authorized by the lending institution so that the lending institution computer is configured to authorize loan transactions and electronic transaction requests associated with the plurality of prepaid accounts.

7. A computer-implemented method as defined in claim 6, wherein the processing the plurality of loan requests is responsive to determining whether each of the plurality of borrowers have an existing prepaid card account.

8. A computer-implemented method as defined in claim 6, wherein the method further comprising:

authorizing, by the lending institution computer, an electronic transaction request responsive to the one or more of the plurality of prepaid card accounts being used to pay for a purchase associated with the electronic transaction request.

9. A computer-implemented method as defined in claim 6, wherein the method further comprising:

receiving, by the lending institution computer, loan data in flat files from the one or more of the plurality of prepaid card processors;

converting, by the lending institution computer, the flat file data into structured database files; and

producing, by the lending institution computer, error reports responsive to a comparison of the structured database files and the converted loan data.

10. A computer-implemented method as defined in claim 6, wherein the method further comprises:

issuing each of the plurality of prepaid card accounts a serial number including a Bank Identification Number.

11. A computer-implemented method as defined in claim 8, wherein the method further comprising:

receiving, by the lending institution computer, loan data in flat files from the one or more of the plurality of prepaid card processors;

converting, by the lending institution computer, the flat file data into structured database files; and

producing, by the lending institution computer, error reports responsive to a comparison of the structured database files and the converted loan data.

12. A computer-implemented method as defined in claim 11, wherein the method further comprising:

issuing each of the plurality of prepaid card accounts a serial number including a Bank Identification Number.