System, Program Product, And Computer-Implemented Method For Loading A Loan On A Pre-Paid Card

• US 20090287575A1
• Filed: 05/13/2009
• Published: 11/19/2009
• Est. Priority Date: 12/21/2007
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Sorbe, Trent, Galit, Scott H.
• Granted Patent: US 8,494,960 B2
• Time in Patent Office: Days
• US Class Current: 705/16
• 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 system for loading loan proceeds to a pre-paid card, the computer system associated with a bank, configured as a bank computer, and in communication through an electronic communications network with a lender computer positioned to approve a loan request from a borrower and with a pre-paid card processor computer positioned to notify the bank computer of an activation of a pre-paid card, comprising:

a processor positioned to credit loan proceeds responsive to an authorization received from the lender computer and a notice of activation received from the pre-paid card processor computer;

an input/output unit for transferring data between the processor and the lender computer and the pre-paid card processor computer; and

a memory having stored therein a computer program product, stored on a tangible computer memory media, operable on the processor, the computer program product comprising a set of instructions that, when executed by the processor, cause the computer to load loan proceeds to a pre-paid card by performing the operations of;

receiving authorization by the bank computer from the lender computer to credit loan proceeds from the lender to the 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,

receiving by the bank computer 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,

crediting the pending loan proceeds by the bank computer to the pre-paid card processor computer for the activated pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus, and

transmitting to the pre-paid card processor computer a result of the operation of crediting the pending loan proceeds by the bank computer.

2. A computer system of claim 1, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives notice of the activation of the pre-paid card.

3. A computer system of claim 1, wherein the notice of the activation of the pre-paid card associated with the pre-paid card processor includes information identifying the approved borrower and the pre-paid card.

4. A computer system of claim 1, wherein the program product further includes the operation of determining whether the borrower has an existing pre-paid card capable of accepting the loan proceeds responsive to information received by the bank computer from the lender computer.

5. Program product, stored on a tangible computer memory media, operable on a computer, the program product comprising a set of instructions that, when executed by the computer, cause the computer to perform the operations of:

receiving authorization by a computer associated with a bank defining a bank computer from a computer associated with a lender defining a lender computer to credit loan proceeds from the lender to an approved borrower on a pre-paid card associated with a pre-paid card processor so that release of the loan proceeds is pending an activation of a pre-paid card;

receiving by the bank computer 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; and

crediting the pending loan proceeds by the bank computer to a computer associated with the pre-paid card processor defining a pre-paid card processor computer for the activated pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

6. Program product of claim 5, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives notice of the activation of the pre-paid card.

7. Program product of claim 5, wherein the notice of the activation of the pre-paid card associated with the pre-paid card processor includes information identifying the approved borrower and the pre-paid card.

8. Program product of claim 5, wherein the operations further include determining whether the borrower has an existing pre-paid card capable of accepting the loan proceeds responsive to information received by the bank computer from the lender computer.

9. Program product of claim 5, wherein the approved borrower purchases the pre-paid card associated with the pre-paid card processor at a retailer.

10. Program product of claim 5, wherein the approved borrower and the lender have no business relationship prior to the loan transaction including the authorization from the lender to credit loan proceeds to the approved borrower.

11. Program product of claim 5, wherein the lender and the bank are the same financial institution or affiliated financial institutions.

12. Program product of claim 5, wherein the bank and the pre-paid card processor are the same institution or affiliated financial institutions.

13. A computer-implemented method of loading loan proceeds to a pre-paid card, the method comprising:

receiving authorization by a computer associated with a bank defining a bank computer in a first computer process from a computer associated with a lender defining a lender computer to credit loan proceeds from the lender to an approved borrower on a pre-paid card associated with a pre-paid card processor so that release of the loan proceeds is pending an activation of a pre-paid card;

receiving in a second computer process by the bank computer 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; and

crediting the pending loan proceeds in a third computer process by the bank computer to a computer associated with the pre-paid card processor defining a pre-paid card processor computer for the activated pre-paid card responsive to the received authorization from the first computer process and the received notice of activation from the second computer process so that the loan proceeds are released to the approved borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

14. A computer-implemented method of claim 13, wherein loan proceeds are available to the approved borrower through the pre-paid card after a delay of one-half of one second to one minute after the bank computer receives notice of the activation of the pre-paid card.

15. A computer-implemented method of claim 13, wherein the notice of the activation of the pre-paid card associated with the pre-paid card processor includes information identifying the approved borrower and the pre-paid card.

16. A computer-implemented method of claim 13, further comprising determining whether the borrower has an existing pre-paid card capable of accepting the loan proceeds responsive to information received by the bank computer from the lender computer.

17. A computer-implemented method of claim 13, wherein the approved borrower purchases the pre-paid card associated with the pre-paid card processor at a retailer.

18. A computer-implemented method of claim 13, wherein the approved borrower and the lender have no business relationship prior to the loan transaction including the authorization from the lender to credit loan proceeds to the approved borrower.

19. A computer-implemented method of claim 13, wherein the lender and the bank are the same financial institution or affiliated financial institutions so that the bank computer converts loan request data from the borrower into a value associated with the pre-paid card.

20. A computer-implemented method of claim 13, wherein the bank and the pre-paid card processor are the same financial institution or affiliated financial institutions so that bank computer converts loan data into transaction data responsive to a card reader device reading data from the prepaid card and modifying the data to include point of sale data.