Patent ID: 8099359
Filing Date: 2012-01-17
Classification: G06Q

Abstract:
1. In a payment system of a licensed money transmitter computer system operative to maintain data, records indicative of an amount of funds associated with an individual, the licensed money transmitter computer system maintaining a network of agent terminals at various locations for disbursing funds to authorized recipients, an improvement for issuing a negotiable instrument corresponding to a predetermined direct deposit of funds on behalf of the individual, comprising: a transaction account maintained by the licensed money transmitter computer system, the transaction account being unauthorized to accept direct deposits of funds which are prevented by regulatory restrictions, wherein the funds in the transaction account are disbursable by said agent terminals, and wherein the transaction account is operable to be linked to an account maintained at a regulated financial institution and associated with the licensed money transmitter computer system, the licensed money transmitter computer system operable to receive direct deposits of funds on behalf of individuals not maintaining accounts at the financial institution; the licensed money transmitter computer system being responsive to (a) a request for issuance of a negotiable instrument of a predetermined amount and (b) the electronic notification of the direct deposit of funds swept into the transaction account, for issuing a prepaid cash card in an amount equal to or less than the amount of the direct deposit, the prepaid cash card bearing identifying information associated with the individual and a personal identifying number (PIN), for use in making financial transactions from the transaction account based on the direct deposit of funds to the financial institution, whereby an individual bearing the prepaid cash card may obtain funds and/or instruct that payments be made of the directly deposited funds by presentation of the prepaid cash card to an agent associated with the licensed money transmitter computer system, wherein anonymous transactions involving the transaction account may be effected upon presentation by the individual of the prepaid cash card and the PIN to an agent associated with the licensed money transmitter computer system; and upon enrollment of the individual as a customer of the licensed money transmitter computer system, the prepaid cash card is converted into a regular cash card and enabled for use in connection with subsequent deposits of funds to the transaction account and further transactions.