System and method for a prepaid card issued by a foreign financial institution

US7401049B2 · kind B2 · utility

Assignee

• American Express Travel Related Services Company, Inc. · US

Inventors

• Chris Hobbs · Knoxville, US
• Grace Park · Lexington, US
• Tomer Rubinshtein · New York, US

Key dates

• Filing date: May 23, 2002
• Grant date: Jul 15, 2008
• Expiry date: Jun 11, 2024

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/00
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system and method for providing a reloadable prepaid card account maintained by a foreign financial institution is provided. The foreign financial institution is provided with a domestic payment network authorization code, such as the bank identification number approved by the American Banking Association. The BIN along with a prepaid account number is loaded onto a prepaid card corresponding to the prepaid account. A prepaid cardholder may present the prepaid card to a merchant system for completion of a transaction request. The merchant system may be accessed domestically and may recognize the BIN as belonging to the foreign financial institution authorized to transact business on the merchant's domestic payment network. The merchant may seek satisfaction of the transaction request by submitting the transaction request to an acquirer which may forward the transaction request to the foreign financial institution for processing. The foreign financial institution may provide funds to the merchant system to satisfy the transaction request, and the provided funds may be converted to the currency of the country in which the merchant system is accessed by the prepaid cardholder.