Multiple-network system and method for loading, transferring and redeeming value through stored value accounts

• US 7,252,223 B2
• Filed: 05/18/2005
• Issued: 08/07/2007
• Est. Priority Date: 05/18/2004
• Status: Expired due to Fees

• Current Assignee: Teletouch Communications Incorporated
• Original Assignee: AIR-Bank, LLC
• Inventors: Schofield, Richard W.
• Primary Examiner(s): LE, THIEN MINH
• Application Number:
  US11/131,640
• Publication Number:
  US 20050269396A1
• Time in Patent Office: 811 Days
• Field of Search: 235/379, 235/380, 235/381, 235/375, 235/382, 235/382.5, 705/39, 705/75, 705/41
• US Class Current: 235/379
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/425 using two different networks, one for transaction and one for security confirmation
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/04 Billing or invoicing

Abstract

A system and method for loading, transferring and redeeming value whereby two different systems of stored value accounts, one system being on a major network and the second system being on a secondary network, are linked, providing multiple paths to perform critical operations.

Claims

1. A system for electronic exchange between stored value accounts, the system comprising:

(a) a first network for electronically transferring values to and from stored value accounts;

(b) a second network for electronically transferring values to and from stored value accounts;

(c) a service provider including;

(1) means for maintaining accounts on both networks for each customer;

(2) means for transferring values between an account on the first network and an account on the second network;

(3) means for directly transferring values between two accounts on the second network;

(4) means for indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network;

(d) means for receiving a request to transfer value between a first account and a second account;

(e) means for calculating an optimal exchange path that minimizes transaction costs for the transfer in part (d), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts;

(f) means for executing the transfer request in part (d) from the first account to the second account according to an optimized exchange path;

(g) wherein the service provider includes business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers; and

(h) wherein the service provider includes customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated in part (e).

2. The system according to claim 1, wherein the first network is a credit and bank network that provides for the authorization and settlement of card-based and account-based transactions in at least one country.

3. The system according to claim 1, wherein the second network is a proprietary network that provides for the authorization and settlement of card-based and account-based transactions in at least one country.

4. The system according to claim 1, wherein the first account and second account in part (d) are owned by the same owner.

5. The system according to claim 1, wherein the first account and second account in part (d) are owned by different owners.

6. The system according to claim 1, wherein the first account and second account in part (d) are in different countries.

7. The system according to claim 1, wherein the first account and second account in part (d) are in different currencies.

8. The system according to claim 7, wherein the second network further comprises means for performing foreign exchange, comprising:

(i) means for maintaining pool accounts in each currency sufficient to float multiple individual transfers totaling up to a specified value; and

(ii) means for settling balances in bulk between said pool accounts when individual transfers total said specified value, wherein foreign exchange fees for said settling in bulk are lower than foreign exchange fees for said individual transfers.

9. A method for electronic exchange between stored value accounts, the method comprising the computer implemented steps of:

(a) maintaining stored value accounts on a first network;

(b) maintaining stored value accounts on a second network;

(c) receiving a request to transfer value between a first account and a second account;

(d) calculating an optimal exchange path that minimizes transaction costs for the transfer in step (c), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts, including;

(1) transferring values between the first network and the second network;

(2) directly transferring values between two accounts on the second network;

(3) indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network;

(e) receiving business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers;

(f) receiving customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated in step (d); and

(g) executing the transfer request in step (c) from the first account to the second account according to an optimized exchange path.

10. The method according to claim 9, wherein the first network is a credit and bank network that provides for the authorization and settlement of card-based and account-based transactions in at least one country.

11. The method according to claim 9, wherein the second network is a proprietary network that provides for the authorization and settlement of card-based and account-based transactions in at least one country.

12. The method according to claim 9, wherein the first account and second account in step (c) are owned by the same owner.

13. The method according to claim 9, wherein the first account and second account in step (c) are owned by different owners.

14. The method according to claim 9, wherein the first account and second account in step (c) are in different countries.

15. The method according to claim 9, wherein first account and second account are in different currencies.

16. The method according to claim 15, further comprising performing foreign exchange on the second network by:

(i) maintaining pool accounts in each currency sufficient to float multiple individual transfers totaling up to a specified value; and

(ii) settling balances in bulk between said pool accounts when individual transfers total said specified value, wherein foreign exchange fees for said settling in bulk are lower than foreign exchange fees for said individual transfers.

17. A computer program product in a computer readable medium, for electronic exchange between stored value accounts, the computer program product comprising:

(a) first instructions for maintaining stored value accounts on a first network;

(b) second instructions for maintaining stored value accounts on a second network;

(c) third instructions for receiving a request to transfer value between a first account and a second account;

(d) fourth instructions for calculating an optimal exchange path that minimizes transaction costs for the transfer in part (c), wherein said optimal exchange path can include multiple inter-network and intra-network transfers through intermediate accounts, including;

(1) transferring values between the first network and the second network;

(2) directly transferring values between two accounts on the second network;

(3) indirectly transferring values between two accounts on the first network, wherein said transfer occurs via at least one account on the second network that is owned in common with one of said accounts on the first network;

(e) fifth instructions including business permissions from both the first network and second network to perform inter-network value transfers on behalf of customers;

(f) sixth instructions including customer permissions that automatically authorize transfers across intermediate accounts in the optimal exchange path calculated by said fourth instructions in part (d); and

(g) seventh instructions for executing the transfer request in part (c) from the first account to the second account according to an optimized exchange path.