Grace E Park

US Patent:

7401049, Jul 15, 2008

Filed:

May 23, 2002

Appl. No.:

10/155332

Inventors:

Chris Hobbs - Valley Park, SG
Grace Park - New York NY, US
Tomer Rubinshtein - New York NY, US

Assignee:

American Express Travel Related Services Company, Inc. - New York NY

International Classification:

G06Q 40/00

US Classification:

705 39, 35 43, 35 65, 35 66, 707 10, 235380, 379 8825, 379 91, 3791142

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.