Pre-Paid Card Transaction Computer to Load A Loan On A Pre-Paid Card

• US 20120136784A1
• Filed: 02/03/2012
• Published: 05/31/2012
• Est. Priority Date: 05/14/2008
• Status: Active Grant

• Current Assignee: Pathward National Association
• Original Assignee: MetaBank (Meta Financial Group Incorporated)
• Inventors: Galit, Scott H., Sorbe, Trent
• Granted Patent: US 8,244,637 B2
• Time in Patent Office: Days
• 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 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/351 Virtual cards
• 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

Abstract

A loan transaction for a pre-paid card is approved for a borrower so that release of the loan proceeds is pending an activation of a pre-paid card. A financial institution computer converts loan data to be compatible with a prepaid card processor. The prepaid card processor activates a pre-paid card account responsive to an activation request on behalf of the borrower. The financial institution computer releases the pending loan proceeds to the pre-paid card processor so that the loan proceeds are released to the borrower and are immediately available to thereby convert the pre-paid card into a loan delivery apparatus.

Claims

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

one or more processors;

one or more input/output units;

one or more non-transitory computer-readable mediums encoded with computer program operable on a financial institution computer, the computer program comprising a set of instructions that when executed by the financial institution computer causes the financial institution computer to perform the operations of;

converting loan data received in a first preselected loan processing format into a second preselected loan processing format to thereby be compatible with one or more of a plurality of prepaid card processors responsive to receiving the loan data from one or more of a plurality of lending institution computers in the first preselected loan processing format, the loan data being associated with a plurality of approved loans approved by one or more lending institutions associated with the one or more of the plurality of lending institution computers;

communicating the loan data in a compatible format to the one or more of the plurality of prepaid card processors to thereby request activations of one or more of the plurality of prepaid cards accounts, the one or more of the plurality of prepaid card processors each having a preselected processing format being different format than the first preselected processing format and different from each other; and

releasing loan proceeds of one or more of the plurality of loans pending activation of the one or more of the plurality of prepaid card accounts to the one or more of the plurality of prepaid card processors so that the loan proceeds are available to one or more of a plurality of corresponding borrowers, the releasing being responsive to a receiving notification from the one or more of the plurality of prepaid card processors that the one or more of the plurality of prepaid card accounts have been activated.

2. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

notifying the one or more of the plurality of lending institution computer of the release of the loan proceeds to the one or more of the plurality of prepaid card processors.

3. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

reconciling data received from the plurality of lending institution computers and the data converted by the financial institution computer to thereby check for errors.

4. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

generating fees for the financial institution for each of the plurality of approved loans for releasing the loan proceeds to the one or more of the plurality of prepaid card processors to thereby manage the one or more of the plurality of loans.

5. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

generating fees for the plurality of lending institutions for each of the plurality of approved loans for underwriting the plurality of approved loans.

6. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

invoking, by the financial institution computer, one or more of the plurality of prepaid card processors for one or more of a of a plurality of prepaid card processor-specific instructions prior to converting the loan data, and wherein the loan data in the compatible format is compatible with the one or more of the prepaid card processor-specific instructions.

7. A financial institution computer as defined in claim 1, wherein the computer program further causes the financial institution computer to perform the operation of:

determining one or more of the plurality of prepaid card processors to be associated with one or more of the plurality of approved loans prior to converting the loan data.

8. A financial institution computer as defined in claim 7, wherein the determining one or more of the plurality of prepaid card processors to be associated with one or more of the plurality of approved loans is responsive determining one or more of the plurality of corresponding borrowers do not have an existing prepaid card.

9. Non-transitory computer-readable medium encoded with computer program operable on a computer associated with a financial institution computer to define a financial institution computer, the computer program comprising a set of instructions that when executed by the financial institution computer causes the financial institution computer to perform operations of:

converting loan data received in a first preselected loan processing format into a second preselected loan processing format to thereby be compatible with one or more of a plurality of prepaid card processors responsive to receiving the loan data from one or more of a plurality of lending institution computers in the first preselected loan processing format, the loan data being associated with a plurality of approved loans approved by one or more lending institutions associated with the one or more of the plurality of lending institution computers;

communicating the loan data in a compatible format to the one or more of the plurality of prepaid card processors to thereby request activations of one or more of the plurality of prepaid cards accounts, the one or more of the plurality of prepaid card processors each having a preselected processing format being different format than the first preselected processing format and different from each other; and

releasing loan proceeds of one or more of the plurality of loans pending activation of the one or more of the plurality of prepaid card accounts to the one or more of the plurality of prepaid card processors so that the loan proceeds are available to one or more of a plurality of corresponding borrowers, the releasing being responsive to a receiving notification from the one or more of the plurality of prepaid card processors that the one or more of the plurality of prepaid card accounts have been activated.

10. Non-transitory computer-readable medium as defined in claim 9, wherein the computer program further causes a financial institution computer to perform the operation of:

notifying the one or more of the plurality of lending institution computer of the release of the loan proceeds to the one or more of the plurality of prepaid card processors.

11. Non-transitory computer-readable medium as defined in claim 9, wherein the computer program further causes a financial institution computer to perform the operation of:

reconciling data received from the plurality of lending institution computers and the data converted by the financial institution computer to thereby check for errors.

12. Non-transitory computer-readable medium as defined in claim 9, wherein the computer program further causes a financial institution computer to perform the operations of:

generating fees for the financial institution for each of the plurality of approved loans for releasing the loan proceeds to the one or more of the plurality of prepaid card processors to thereby manage the one or more of the plurality of loans, and

generating fees for the plurality of lending institutions for each of the plurality of approved loans for underwriting the plurality of approved loans.

13. Non-transitory computer-readable medium as defined in claim 9, wherein the computer program further causes a financial institution computer to perform the operations of:

invoking one or more of the plurality of prepaid card processors for one or more of a of a plurality of prepaid card processor-specific instructions prior to converting the loan data, and wherein the loan data in the compatible format is compatible with the one or more of the prepaid card processor-specific instructions.

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

converting, by a computer associated with a financial institution to define a financial institution computer, loan data received in a first preselected loan processing format into a second preselected loan processing format to thereby be compatible with one or more of a plurality of prepaid card processors responsive to receiving the loan data from one or more of a plurality of lending institution computers in the first preselected loan processing format, the loan data being associated with a plurality of approved loans approved by one or more lending institutions associated with the one or more of the plurality of lending institution computers;

communicating, by financial institution computer, the loan data in a compatible format to the one or more of the plurality of prepaid card processors to thereby request activations of one or more of the plurality of prepaid cards accounts, the one or more of the plurality of prepaid card processors each having a preselected processing format being different format than the first preselected processing format and different from each other; and

releasing, by financial institution computer, loan proceeds of one or more of the plurality of loans pending activation of the one or more of the plurality of prepaid card accounts to the one or more of the plurality of prepaid card processors so that the loan proceeds are available to one or more of a plurality of corresponding borrowers, the releasing being responsive to a receiving notification from the one or more of the plurality of prepaid card processors that the one or more of the plurality of prepaid card accounts have been activated.

15. A computer-implemented method as defined in claim 14, the method further comprising:

notifying, by the financial institution computer, the one or more of the plurality of lending institution computer of the release of the loan proceeds to the one or more of the plurality of prepaid card processors.

16. A computer-implemented method as defined in claim 14, the method further comprising:

reconciling, by the financial institution computer, data received from the plurality of lending institution computers and the data converted by the financial institution computer to thereby check for errors.

17. A computer-implemented method as defined in claim 14, the method further comprising:

invoking, by the financial institution computer, one or more of the plurality of prepaid card processors for one or more of a of a plurality of prepaid card processor-specific instructions prior to converting the loan data, and wherein the loan data in the compatible format is compatible with the one or more of the prepaid card processor-specific instructions.

18. A computer-implemented method as defined in claim 14, the method further comprising:

determining, by the financial institution computer, one or more of the plurality of prepaid card processors to be associated with one or more of the plurality of approved loans prior to converting the loan data.

19. A computer-implemented method as defined in claim 18, wherein the determining one or more of the plurality of prepaid card processors to be associated with one or more of the plurality of approved loans is responsive determining one or more of the plurality of corresponding borrowers do not have an existing prepaid card.

20. A computer-implemented method as defined in claim 14, the method further comprising:

generating, by the financial institution computer, fees for the financial institution for each of the plurality of approved loans for releasing the loan proceeds to the one or more of the plurality of prepaid card processors to thereby manage the one or more of the plurality of loans, and

generating, by the financial institution computer, fees for the plurality of lending institutions for each of the plurality of approved loans for underwriting the plurality of approved loans.