System and method for using a stored value account having subaccount feature

• US 7,512,566 B1
• Filed: 12/11/2001
• Issued: 03/31/2009
• Est. Priority Date: 12/11/2001
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Fellner, Debra C.
• Primary Examiner(s): Worjloh; Jalatee
• Application Number:
  US10/011,971
• Time in Patent Office: 2,667 Days
• Field of Search: 705/26, 705/1, 705/14, 705 50- 79, 705 40- 44, 235/380
• US Class Current: 705/67
• CPC Class Codes: G06Q 20/367 involving electronic purses or money safes
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• 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 20/401 Transaction verification
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising

Abstract

A stored value account includes a general stored value field and may include at least one stored value sub-field. The sub-field may represent a category and include category-specific benefits stored in the sub-field by a issuer of the stored-value account. The category benefits may include discounts, loyalty points, merchant specific stored value or merchant promotions. The category represented may include a group of institutions, a location specific institution or a varied location institution. Both an institutional client and a consumer client may load value into the stored value account.

Claims

1. A stored value system, comprising:

a stored value account on a computer readable medium, the stored value account comprising a general stored value account and at least one stored value subaccount, the stored value subaccount representing a category and storing category specific stored value;

the general stored value account containing stored value, comprising funds, accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption;

the stored value subaccount having stored value, comprising funds, being accessible for the stored value accountholder for redemption when a stored value transaction corresponds to the category of the subaccount;

the stored value account on the computer readable medium providing for the stored value accountholder to access funds associated with multiple stored value accounts comprising at least the general stored value account and the stored value subaccount;

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer;

an account access interface; and

an access mechanism for allowing access to the stored value account through the use of the account access interface.

2. The stored value system of claim 1, wherein the account access interface and the access mechanism comprise means for allowing a consumer client and an institutional client to access the stored value account in order to load value in the stored value account.

3. The stored value system of claim 2, further comprising a communication link between the consumer client and the institutional client enabling the consumer client to provide the institutional client with the access mechanism in order to obtain access to the stored value account through the account access interface.

4. The stored value system of claim 2, wherein the institutional client comprises one of an educational institution, a merchant, and a service provider.

5. The stored value system of claim 2, wherein the institutional client comprises one of a group of institutions, a location specific institution, and a varied location institution.

6. The stored value system of claim 1, wherein the access mechanism comprises a card having a magnetic stripe.

7. The stored value system of claim 1, wherein the access mechanism comprises an alphanumeric index for accessing the stored value account.

8. The stored value system of claim 1, wherein the category is a variable category changeable by an issuer of the account.

9. The stored value system of claim 1, wherein the access mechanism comprises a stored value card usable on a credit card network.

10. A system for processing stored value account transactions, comprising:

a computer readable medium comprising a general stored value account and at least one stored value subaccount, the computer readable medium corresponding to a stored value account for a specific stored value accountholder;

the general stored value account containing stored value, comprising funds, that is accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption; and

the stored value subaccount representing a category and including category-specific stored value, comprising funds, stored in the subaccount of the stored-value account, the stored value subaccount being accessible for the stored value accountholder for redemption when a stored value transaction corresponds to the category of the subaccount;

the stored value account on the computer readable medium providing for the stored value accountholder to access funds associated with multiple stored value accounts comprising at least the general stored value account and the stored value subaccount;

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer; and

a processor for processing redemption transactions from the general account or the subaccount based on data stored on the computer readable medium for the general account or subaccount, the processor processing the redemption transactions to redeem funds from the general account or the subaccount.

11. The stored value account of claim 10, wherein the stored value account is accessible through a stored value card usable on a credit card network.

12. The stored value account of claim 11, wherein the stored value card comprises a card having a magnetic stripe usable in a card reader.

13. The stored value account of claim 10, wherein the category comprises at least one institution.

14. The stored value account of claim 13, wherein the institution comprises one of a group of institutions, a location specific institution and a varied location institution.

15. The stored value account of claim 13, wherein the institution comprises one of an educational institution, a merchant and a service provider.

16. The stored value account of claim 10, wherein the category specific stored value is accessible for redemption when the stored value transaction corresponds to the category of the subaccount.

17. A computer-implemented method for enabling a cashless transaction, comprising the steps of:

receiving a stored value request;

using a computer to establish on a computer readable medium a stored value account including both a general stored value account and at least one category specific stored value subaccount; and

storing on said computer readable medium at least one of (a) a general stored value, comprising funds, based on the stored value request, in the general stored value account of the stored value account and (b) a category specific stored value, comprising funds, corresponding to an institution associated with the category, in the stored value subaccount of the stored value account,

the general stored value account containing stored value, comprising funds, that is accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption, and the category specific value being accessible for redemption when a stored value transaction corresponds to the category of the subaccount;

the stored value account on the computer readable medium providing for the stored value accountholder to access funds associated with multiple stored value accounts comprising at least the general stored value account and the stored value subaccount;

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer;

the computer readable medium corresponding to a stored value account for a specific stored value accountholder; and

the computer readable medium being readable by a computer upon the accountholder attempting a stored value transaction in order to process redemption against at least one of the general stored value account and the stored value subaccount.

18. The method of claim 17, wherein the step of storing a category specific stored value comprises identifying the category and storing a category specific stored value for the category specific subaccount associated with that category.

19. The method of claim 17, further comprising the step of receiving a request from an institution to store a category specific stored value in the subaccount and storing the stored value based on the request.

20. A system for enabling a cashless transaction, comprising:

means for receiving a stored value request for placing stored value in a stored value account on a computer readable medium;

means for storing a general value based on the stored value request in a general stored value account of a stored value account, the general stored value account containing stored value, comprising funds, that is accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption; and

means for storing a category specific stored value, comprising funds, corresponding to an institution in a stored value subaccount of the stored value account, the stored value subaccount being accessible for the stored value accountholder for redemption when a stored value transaction corresponds to the category of the subaccount, including;

means for storing a category specific stored value corresponding to the institution based on the stored value request when a category specific stored value is requested; and

the stored value account on the computer readable medium providing for the stored value accountholder to access funds associated with multiple stored value accounts comprising at least the general stored value account and the stored value subaccount; and

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer.

21. A computer readable medium, the computer readable medium storing computer readable code executable to perform a process for enabling a cashless transaction, wherein the process of enabling the cashless transaction comprises the steps of:

receiving a stored value request;

storing under the control of a computer executing said code a general value in a computer database based on the stored value request in a general stored value account of a stored value account, the general stored value account containing stored value, comprising funds, that is accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption; and

storing under the control of a computer executing said code a category specific stored value, comprising funds, in the computer database corresponding to an institution in a stored value subaccount of the stored value account, the stored value subaccount being accessible for the stored value accountholder for redemption when a stored value transaction corresponds to the category of the subaccount, including;

storing a category specific stored value corresponding to the institution based on the stored value request when a category specific stored value is requested; and

the stored value account providing for the stored value accountholder to access funds associated with multiple stored value accounts comprising at least the general stored value account and the stored value subaccount; and

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer.

22. A stored value system comprising:

a stored value account on a computer readable medium comprising a general stored value account and a stored value subaccount associated with a category;

the general stored value account containing stored value, comprising funds, that is accessible by the stored value accountholder for redemption wherever the stored value account is accepted for redemption;

the stored value subaccount having stored value, comprising funds, and being accessible for the stored value accountholder for redemption when a stored value transaction corresponds to the category of the subaccount;

an account access interface including means for permitting access by a consumer client, and means for permitting access by an institutional client wherein the institutional client corresponds to the category of the stored value subaccount and the institutional client can access the subaccount to load the subaccount with category-specific stored value;

the stored value account permitting an individual bearing a stored value account access mechanism to access each of the general stored value account and the category-specific stored value subaccount, and both the general stored value account and the stored value subaccount being associated with the same issuer; and

the access mechanism for allowing access to the stored value account through the account access interface.

23. The stored value system of claim 22, further comprising a communication link between the consumer client and the institutional client enabling the consumer client to provide the institutional client with the access mechanism in order to obtain access to the stored value account through the account access interface.

24. The stored value system of claim 22, further comprising means for providing a statement to the consumer client, wherein the statement indicates a source of funds available in the stored value account.