System and method for currency selectable stored value instrument

• US 7,801,816 B2
• Filed: 01/07/2003
• Issued: 09/21/2010
• Est. Priority Date: 05/23/2001
• 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: Alarcon-Luther, Melissa, Schell, Frank Charles III, Dorion, Michelle, Sabloff, Barry M., Griffin, Ginger, Mesrobian, Peter Mark, Karris, Gus, Fellner, Debra C.
• Primary Examiner(s): Poinvil; Frantzy
• Application Number:
  US10/337,265
• Publication Number:
  US 20030105714A1
• Time in Patent Office: 2,814 Days
• Field of Search: 70 14- 80, 705 10- 44
• US Class Current: 705/41
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/401 Transaction verification
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 19/211 Software architecture within ATMs or in relation to the ATM network

Abstract

The invention provides a currency selectable stored value instrument, whose currency may be chosen or converted at the time value is loaded, after load but prior to redemption of value, at the time of redemption, or at other times. One embodiment of the system is configured so that the stored value instrument may be a plastic card with a magnetic stripe, compatible with card readers on Automated Teller Machines (ATMs) or other terminals. In one embodiment, U.S. dollars may be converted to Mexican pesos when the stored value instrument is loaded at an ATM or other location in the United States. A user may subsequently redeem that value for legal tender in pesos at an ATM located in Mexico, for example, or for goods, services, or cash in other currencies.

Claims

1. A method for redeeming value from a stored value instrument, comprising the steps of:

a) loading value onto the stored value instrument or onto an account associated with the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency;

b) using a computer processor to determine whether a stored value currency is the same as a transaction value currency, wherein the value loaded onto the stored value instrument was designated by an owner or a user of the stored value instrument;

c) using a computer processor to convert the stored value currency to the transaction value currency if the currencies are different;

d) determining whether the stored value is sufficient to complete a transaction;

e) providing value to a redeemer; and

f) reconciling with the stored value instrument, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction.

2. The method of claim 1, wherein the step of providing value comprises distributing goods.

3. The method of claim 1, wherein the step of providing value comprises distributing services.

4. The method of claim 1, wherein the step of providing value comprises distributing cash.

5. The method of claim 1, wherein the value loaded onto the stored value instrument or onto an account associated therewith is based on a load value and a load currency, and wherein the load currency comprises the stored value currency, each designated by the owner or the user.

6. The method of claim 1 wherein the account associated with the transaction comprises a merchant account.

7. A method for redeeming value from a stored value instrument, comprising the steps of:

a) loading value onto the stored value instrument or onto an account associated wit the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency;

b) using a computer processor to determine whether the stored value currency and a transaction value currency are in the same, wherein the value loaded onto the stored value instrument was designated by an owner or a user of the stored value instrument;

c) using a computer processor to convert the transaction value currency to the stored value currency if the stored value currency is not the same as the transaction value currency;

d) determining whether the stored value is sufficient to complete a transaction;

e) declining the transaction if the stored value is insufficient;

f) providing value to a redeemer if the stored value is sufficient; and

g) reconciling with a stored value instrument if the stored value is sufficient, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction.

8. The method of claim 7, wherein step of providing value comprises distributing goods.

9. The method of claim 8, wherein step of providing value comprises distributing services.

10. The method of claim 8, wherein step of providing value comprises the distributing cash.

11. The method of claim 7, wherein the value loaded onto the stored value instrument or onto an account associated therewith is based on a load value and a load currency, and wherein the load currency comprises the stored value currency, each designated by the owner or the user.

12. The method of claim 7 wherein the account associated with the transaction comprises a merchant account.

13. A method for redeeming value from a stored value instrument, comprising the steps of:

a) loading value onto the stored value instrument or onto an account associated with the stored value instrument based upon a user-provided stored value currency, a load value, and a funding source, wherein the load value is obtained from the funding source and the load value is in the stored value currency;

b) using a computer processor to determine whether a stored value currency and a transaction value currency are the same, wherein the value loaded onto the stored value instrument was based on a load value and a load currency, each designated by an owner or a user of the stored value instrument;

c) using a computer processor to convert the transaction value currency to the stored value currency if the stored value currency is not the same as the transaction value currency;

d) determining whether the stored value is sufficient to complete a transaction;

e) providing value to a redeemer; and

f) reconciling with the stored value instrument, wherein reconciling comprises transferring value from the stored value instrument to an individual or account associated with the transaction.