Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
2000-02-09
2003-09-02
Millin, Vincent (Department: 3624)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S039000, C705S040000
Reexamination Certificate
active
06615190
ABSTRACT:
FIELD OF THE INVENTION
This invention relates to methods and systems for issuing stored value cards, and more particularly to stored value cards which are funded by a particular sponsor.
BACKGROUND OF THE INVENTION
On many occasions, companies must issue checks to people for payment of wages, claims, refunds, reimbursement of expenses, or other reasons. For example, a company may have to issue a check every Friday to pay employees for the previous weeks work. In another example, insurance companies have to issue checks to pay insurance claims. Issuing checks may be costly, as the processing costs associated with issuance, reconciliation, and/or replacement of lost or damaged checks may be substantial.
Checks may also have the drawback of being inconvenient to the recipient. Many banks require a checkholder to have an account with the bank to cash a check. Often, bank accounts charge monthly service fees, and/or charge based on the number of transactions (checks written, electronic debits, deposits, etc.) made in a predetermined time period. For non-account holders, checks must be cashed at the bank from where the check was drawn, or a fee is charged to cash the check. These fees may be five percent of the total amount of the check or more, thereby reducing the amount the recipient actually receives.
These and other drawbacks exist to the aforementioned alternatives.
SUMMARY OF THE INVENTION
An object of the invention is to overcome these and other drawbacks in existing purchase schemes.
A further object of the invention is to provide a stored value card which can replace the need to issue checks.
A further object of the invention is to provide a stored value card which allows immediate access to funds without requiring cash or access to a personal checking account.
A further object of the invention is to provide a stored value card with an associated sponsor funded stored value account (or “account” or “stored value account”), where a sponsor may add funds to the account, but a cardholder cannot add funds to the account.
These and other objects of the invention are accomplished according to various embodiments of the invention. One embodiment of the invention provides a method of issuing a stored value card affiliated with a sponsor and an issuer, where the stored value card is funded by a sponsor and issued to a cardholder. An account associated with the stored value card is created, where the sponsor funds the account. The stored value card is issued to the cardholder, where the cardholder is prohibited from depositing fluids into the account.
Another embodiment of the invention provides a system for issuing a stored value card affiliated with a sponsor and an issuer, where the stored value card is funded [is funded] by the sponsor and issued to a cardholder. The system may comprise a processor for creating an account in a database. A sponsor input/output may receive instructions for the processor to fund the account. An issuing device may issue the stored value card to the cardholder.
Other objects and advantages exist for the present invention.
REFERENCES:
patent: 4634845 (1987-01-01), Hale et al.
patent: 4700055 (1987-10-01), Kashkashian, Jr.
patent: 4750119 (1988-06-01), Cohen et al.
patent: 4766293 (1988-08-01), Boston
patent: 4831242 (1989-05-01), Englehardt et al.
patent: 4882675 (1989-11-01), Nichtberger et al.
patent: 4906826 (1990-03-01), Spencer
patent: 5025372 (1991-06-01), Burton et al.
patent: 5117355 (1992-05-01), McCarthy
patent: 5175416 (1992-12-01), Mansvelt et al.
patent: 5192947 (1993-03-01), Neustein
patent: 5202826 (1993-04-01), McCarthy
patent: 5276311 (1994-01-01), Hennige
patent: 5287268 (1994-02-01), McCarthy
patent: 5287269 (1994-02-01), Dorrough et al.
patent: 5297026 (1994-03-01), Hoffman
patent: 5311594 (1994-05-01), Penzias
patent: 5326960 (1994-07-01), Tannenbaum
patent: 5339239 (1994-08-01), Manabe et al.
patent: 5350906 (1994-09-01), Brody et al.
patent: 5397881 (1995-03-01), Mannik
patent: RE34915 (1995-04-01), Nichtberger et al.
patent: 5424524 (1995-06-01), Ruppert et al.
patent: 5450477 (1995-09-01), Amarant et al.
patent: 5465206 (1995-11-01), Hilt et al.
patent: 5471669 (1995-11-01), Lidman
patent: 5477038 (1995-12-01), Levine et al.
patent: 5479494 (1995-12-01), Clitherow
patent: 5482139 (1996-01-01), Rivalto
patent: 5500514 (1996-03-01), Veeneman et al.
patent: 5511114 (1996-04-01), Stimson et al.
patent: 5521363 (1996-05-01), Tannenbaum
patent: 5530232 (1996-06-01), Taylor
patent: 5530235 (1996-06-01), Stefik et al.
patent: 5537314 (1996-07-01), Kanter
patent: 5544086 (1996-08-01), Davis et al.
patent: 5544246 (1996-08-01), Mandelbaum et al.
patent: 5577109 (1996-11-01), Stimson et al.
patent: 5578808 (1996-11-01), Taylor
patent: 5585787 (1996-12-01), Wallerstein
patent: 5590038 (1996-12-01), Pitroda
patent: 5608785 (1997-03-01), Kasday
patent: 5621787 (1997-04-01), McKoy et al.
patent: 5637845 (1997-06-01), Kolls
patent: 5649118 (1997-07-01), Carlisle et al.
patent: 5664110 (1997-09-01), Green et al.
patent: 5675607 (1997-10-01), Alesio et al.
patent: 5677955 (1997-10-01), Doggett et al.
patent: 5703344 (1997-12-01), Bezy et al.
patent: 5708422 (1998-01-01), Blonder et al.
patent: 5710886 (1998-01-01), Christensen et al.
patent: 5715399 (1998-02-01), Bezos
patent: 5721768 (1998-02-01), Stimson et al.
patent: 5727153 (1998-03-01), Powell
patent: 5760381 (1998-06-01), Stich et al.
patent: 5765141 (1998-06-01), Spector
patent: 5770843 (1998-06-01), Rose et al.
patent: 5777305 (1998-07-01), Smith et al.
patent: 5777306 (1998-07-01), Masuda
patent: 5787404 (1998-07-01), Fernandez-Holmann
patent: 5845259 (1998-12-01), West et al.
patent: 5857079 (1999-01-01), Claus et al.
patent: 5859419 (1999-01-01), Wynn
patent: 5864609 (1999-01-01), Cross et al.
patent: 5864830 (1999-01-01), Armetta et al.
patent: 5870718 (1999-02-01), Spector
patent: 5870721 (1999-02-01), Norris
patent: 5883810 (1999-03-01), Franklin et al.
patent: 5926800 (1999-07-01), Baronowski et al.
patent: 5930217 (1999-07-01), Kayanuma
patent: 5940811 (1999-08-01), Norris
patent: 5955961 (1999-09-01), Wallerstein
patent: 5991750 (1999-11-01), Watson
patent: 6014645 (2000-01-01), Cunningham
patent: 6016954 (2000-01-01), Abe et al.
patent: 6038552 (2000-03-01), Fleischl et al.
patent: 6473500 (2002-10-01), Risafi et al.
Netlink Goes After the Unbanked Niche (Netlink Transaction Services Aims to have its Paycheck Dispensing Smart Card System in Use to Cover 50,000 Workers in Mexico by the End odf 2000).*
G & D America's Multi-Application Smart Card Selected for Combined Payroll and “Virtual Banking” Program in Mexico Business Wire Apr. 24, 1998 p4241047.*
CardFAX, v1999, n60, First Union Issues Smart Crads to Fort Benning Recruits, Mar. 26, 1999.*
American Banker, v 164, n61, p 16, Smart Crads: 1st Union SmartCrad Pilot Enlists a Second Army Base, Mar. 31, 1999.*
Capital One launches VISA BUXX Card, Card News, v15 n22, Nov. 1, 2000.*
Steve Gold, Visa Intros Buxx Card for Teens, Newsbytes, Aug. 10, 2000.*
PCT-International Search Report for PCT/US01/03587.
Emerson Brown, et al., “Purchase Card Magic”, Corporate Cashflow, v15n12, PP: 28-29, Nov. 1994, Length: 2 pages.
U.S. Pending application 09/102,044, Phillips, et al., filed Jun. 22, 1998.
CardEx Incentives web cite, Apr. 6, 1999.
Associates First Capital Corporation web site, Apr. 6, 1999.
Lacker, Jeffery M., “Stored value cards: costly private substitutes for government currency,” Economic Quarterly, summer 1996.
“The evolution of a new consumerism,” Claim Store Age, Jun. 1997 supp.
Fickenscher, Lisa, “Amex prepaid offering is latest card for firms regarding employees”, American Banker, Aug. 8, 1996.
“Incentive Firms Find Debit cards a Rewarding Experience”, Debit Card News, Nov. 28, 1997.
SwiftGift home page, Dec. 8, 1998.
PR Newswire, “Swift Gift ‘Wows’ Internet Shoppers”, Feb. 2, 1998.
Bankrate web cite, Apr. 6, 1999.
DR. LINK Incentive Field Moving to Card-Based Series 14, Jul. 27, 1999.
Associates First Capital Corporation Annual Report, 1996, Apr. 6, 1999.
The Associates web cite, Apr. 6, 1999.
SwiftGif
Bank One, Delaware, National Association
Hunton & Williams LLP
Kyle Charles R.
Millin Vincent
LandOfFree
Sponsor funded stored value card does not yet have a rating. At this time, there are no reviews or comments for this patent.
If you have personal experience with Sponsor funded stored value card, we encourage you to share that experience with our LandOfFree.com community. Your opinion is very important and Sponsor funded stored value card will most certainly appreciate the feedback.
Profile ID: LFUS-PAI-O-3064732