Method and system for transferring stored value

• US 7,769,686 B2
• Filed: 09/18/2001
• Issued: 08/03/2010
• Est. Priority Date: 09/18/2001
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Cachey, Joseph III, Hansen, Kurt L.
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US09/955,747
• Publication Number:
  US 20030055780A1
• Time in Patent Office: 3,241 Days
• Field of Search: 705/35, 705/39, 705/40, 705/38, 705/36.R
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method and system are provided for transferring value from a value provider. A request initiated by a value owner to transfer value from the value provider to a recipient is received. An exchange provider receives the value in accordance with the request. The exchange provider includes a processor that converts the received value into a converted form. The converted value is then transmitted to the recipient by the exchange provider.

Claims

1. A method for transferring value from a first value provider to a second value provider using a mobile device, the method comprising:

receiving a request initiated by a value owner using a mobile device to transfer a stored value from the first value provider to the second value provider in a converted form, wherein the first value provider is an entity, wherein the value owner is a customer of the first value provider, and wherein the first value provider stores value in an account on behalf of the value owner;

in response to receiving the request initiated by the mobile device, an exchange provider receiving the value from the first value provider, wherein;

the exchange provider is different from the first value provider and different from the second value provider; and

the exchange provider includes a processor configured to convert the value into the converted form;

in response to receiving the value, the exchange provider determining an exchange rate for the value with the processor of the exchange provider;

the exchange provider converting the received value with the processor to the converted form in accordance with the determined exchange rate; and

the exchange provider transmitting the converted value from the exchange provider to the second value provider.

2. The method recited in claim 1 wherein the request is issued by the value owner to the first value provider.

3. The method recited in claim 1 wherein converting the received value comprises extracting a transaction fee.

4. The method recited in claim 1 wherein the received value and the converted value comprise a common value type.

5. The method recited in claim 1 further comprising authenticating at least a portion of the request with the first value provider.

6. The method recited in claim 1 further comprising issuing an identifier to the value owner with the processor, such identifier being sufficient to identify the convened value by a customer of the second value provider.

7. The method recited in claim 1 wherein receiving the request comprises receiving an interactive-voice-response instruction.

8. The method recited in claim 1 wherein receiving the request comprises receiving an instruction over the internet.

9. The method recited in claim 1 wherein receiving the request comprises receiving DTMF tones.

10. The method recited in claim 1 wherein at least one of the received values and the converted value comprise nonmonetary value.

11. The method recited in claim 1 wherein at least one of the received values and the converted value comprise mobile-phone minutes.

12. The method recited in claim 1 wherein at least one of the received values and the converted value comprise travel points within a mileage program.

13. The method recited in claim 1 wherein the converted value comprises cash.

14. The method recited in claim 1 further comprising verifying an identity of the value owner.

15. The method recited in claim 14 wherein verifying the identity of the value owner comprises comparing a PIN provided by the value owner with a stored PIN assigned to the value owner.

16. The method recited in claim 14 wherein verifying the identity of the value owner comprises comparing a biometric feature of the value owner with a stored representation of the biometric feature.

17. The method recited in claim 1 wherein receiving the value from the first value provider, converting the received value, and transmitting the converted value are performed recurrently in accordance with the request.

18. A method for extracting nonmonetary value from a value provider, the method comprising:

receiving a request initiated by a first customer of the value provider to extract the nonmonetary value for a recipient individual, wherein the value provider is an entity, wherein the first customer is an owner of the nonmonetary value stored by the value provider, and wherein the request is initiated using a wireless signal from a mobile device;

in response to receiving the request from the mobile device, an exchange provider receiving the nonmonetary value from the value provider, wherein;

the exchange provider is different from the value provider; and

the exchange provider includes a processor configured to convert the nonmonetary value into a monetary value;

in response to receiving the value, the exchange provider determining an exchange rate for converting the nonmonetary value into the monetary value with the processor of the exchange provider;

the exchange provider converting the nonmonetary value with the processor of the exchange provider into the monetary value; and

delivering the monetary value to the recipient individual.

19. The method recited in claim 18 further comprising authenticating at least a portion of the request with the value provider, and generating an identifier to be used by the individual when requesting the monetary value.

20. The method recited in claim 18 wherein the monetary value comprises cash, and wherein the wireless signal comprises a Wireless Application Protocol signal.

21. The method recited in claim 18 wherein the recipient individual is a second customer of the value provider.

22. An exchange provider for transferring value from a first value provider to a second value provider, the exchange provider comprising:

an input device configured for receiving a request initiated by a value owner using a mobile phone to transfer value from the first value provider to the second value provider in a converted form, wherein the first value provider and the second value provider are entities, wherein the value owner is a customer of the first value provider and the second value provider;

an output device configured for transmitting the converted value, to the second value provider; and

a processor in communication with the input device and the output device wherein the processor being configured to execute the computer executable instructions, the computer executable instructions comprising;

instructions to receive the value from the first value provider in response to the request that was initiated using the mobile phone;

in response to receiving the value, instructions to determine an exchange rate for the value;

instructions to convert the value received from the first value provider over the input device into the converted value in accordance with the exchange rate; and

instructions to transmit the converted value to the second value provider over the output device.

23. The method recited in claim 22 wherein the input device comprises an interactive-voice-response unit.

24. The method recited in claim 22 wherein the input unit comprises an internet connection.

25. The method recited in claim 22 wherein at least one of the values and the converted value comprise nonmonetary value.

26. The method recited in claim 22 wherein the value from the value owner comprises mobile phone minutes and wherein the value is converted into cash.