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.

Description:
CONTINUING DATA 
   This application claims the benefit of the filing date of U.S. Provisional application Ser. No. 60/292,528 filed on May 23, 2001 

   FIELD OF INVENTION 
   The invention relates to the field of financial systems, and more particularly to a stored value instrument whose currency may be selected at time of loading, or at other times. 
   BACKGROUND OF THE INVENTION 
   A stored value card is a known type of instrument that may be used for purchasing goods or services via electronic payment systems, or for transporting cash value from one location to another. Stored value cards may be distinguished from credit cards and debit cards. Unlike credit or debit cards, for example, a stored value card may locally store a dollar amount or other representation of current value on the card itself. Each time a portion of the value is redeemed, the stored value may be decremented by the amount of redemption. In some stored value card implementations, the stored value card may be disposable—designed to be discarded once the stored value has been exhausted. In other applications, the stored value card may be reloadable. Telephone calling cards, bus fare cards, commuter train fare cards, meal cards and gift cards are all examples of applications that may be implemented as stored value platforms. 
   In modem society, persons frequently travel from one country to another for business or personal reasons. Moreover, persons often desire to use or send cash equivalents across national borders. Stored value cards that are purchased, or have value loaded, in one country may be physically compatible with card readers in another country. This may be possible, for example, where a single merchant or service provider such as the VISA™ network has implemented a substantially similar system in more than one country. Such a possibility may also be facilitated by industry efforts aimed at standardizing the stored value card-to-reader interfaces. Unfortunately, even where such compatibility exists between the stored value cards and hardware readers, cross-border use may not be possible where the currencies of the two countries are not the same. For example, a card that is loaded with U.S. dollars may not be redeemable for goods, services, or cash where the local currency is in Mexican pesos or other denominations. 
   Wire services and other types of electronic funds transfer, money orders, bank drafts, and other mechanisms or instruments are also currently used to transport cash or cash equivalents from one country to another. Unfortunately for the sender and recipient, these alternatives are generally available only at a relatively high transaction cost, and often only at a relatively small number of fixed locations. 
   These and other drawbacks exist. 
   SUMMARY OF THE INVENTION 
   The invention overcoming these and other problems in the art relates to a system and method for 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. The stored value instrument may be in the form of a card made from plastic, paper, or other material. 
   In order to obtain the card, the user can walk into a bank branch and obtain the card directly from a bank teller. Alternatively, the user can obtain the card from equipment adapted to dispense a stored value card, This equipment could be located within a bank branch, at a retail location, or at any other location. As an additional alternative, the user can access a bank branch by a remote method, such as by email, over the Internet, or by phone to obtain the card. The bank or other issuing institution can issue the card directly upon receiving payment from a user. The payment may be in the form of cash, check, or credit card, or can be taken from an existing customer account. 
   The stored value instrument may be a plastic card with a magnetic stripe, compatible with card readers on Automated Teller Machines (ATMs), point of sale (POS) terminals and other hardware. The system may further contain processors, databases and other resources which are a component of, or in communication with, ATMs and other terminals configured to effect currency conversions. One or more databases may store current account value, PINs (personal identification numbers) and other information related to an account or other facility. In one illustrative embodiment, U.S. dollars may be converted to Mexican pesos when the stored value instrument is loaded or read with a card reader, an ATM or a card dispensing machine. A user may subsequently redeem that value for legal tender in pesos at a card reader or an ATM located in Mexico, for example, or for goods or services. The account may be loaded with, or converted to, other desired currencies. 
   An object of the invention in one regard is to reduce the cost associated with the transfer of cash or cash equivalents across national borders, for instance where a person in the United States wishes to remit cash to family members or others located in Mexico. 
   Another object of the invention is to make such transfers more convenient for persons sending, receiving, or redeeming cash or cash equivalents. 
   Another object of the invention is to make the transport of cash or cash equivalents safe and secure from theft, fraud, or other abuses or difficulties. 
   Another object of the invention is to facilitate the growth of stored value instrument applications in border towns, resort areas, or other locations where travel between nations is widespread. 
   Yet another object of the invention is to expand business opportunities for banks or other financial institutions that provide currency exchange services. Other objectives may be realized. 

   
     BRIEF DESCRIPTION OF THE DRAWINGS 
     The invention will be described with reference to the accompanying drawings, in which like elements are referenced with like numbers. 
       FIG. 1  illustrates a system architecture diagram, according to one embodiment of the invention. 
       FIG. 2  illustrates a process flow diagram from the perspective of a stored value instrument user, according to one embodiment of the invention. 
       FIG. 3  illustrates a process flow diagram from the perspective of a provider of stored value instrument services, illustrating how value may be loaded onto or into a stored value instrument, according to one embodiment of the invention. 
       FIG. 4  illustrates a process flow diagram from the perspective of a provider of stored value instrument services, illustrating how value may be redeemed from a stored value instrument, according to one embodiment of the invention. 
   

   DETAILED DESCRIPTION OF PREFERRED EMBODIMENTS 
     FIG. 1  illustrates an overall architecture of a system through which the invention may be implemented, wherein a server  100  may be linked to clients  120  via a communications link  130 . In other embodiments, multiple servers or more than two clients may be deployed. The server  100  may be linked with a database  110  over the communication link  130  as shown. In some embodiments, clients  120  may be configured to perform some or all of processing and storage functions which might otherwise be performed in server  100  and database  110 , respectively. Accordingly, in this instance, connection to a server and database would be unnecessary. 
   Server  100  may host applications facilitating financial transactions for banks, merchants, or other entities. Such applications may be related to the transfer of funds between accounts or facilities, for the conversion of currency, or to perform other functions. Server  100  may be or include, for instance, a workstation running the Microsoft Windows™ NT™, Windows™ 2000, Unix, Linux, Xenix, IBM AIX™, Hewlett-Packard UX™, Novell Netware™, Sun Microsystems Solaris™, OS/2™, BeOS™, Mach, Apache, OpenStep™ or other operating system or platform. 
   Additionally, server  100  may interface to database  110 . Database  110  may maintain financial account data, currency conversion rates, facilities for the storage of electronic cash, personal identification numbers (PINs) or other information. Database  110  may be, include or interface to, for example, the Oracle™ relational database sold commercially by Oracle Corp. Other databases, such as Informix™, DB2 (Database 2), Sybase or other data storage or query formats, platforms or resources such as OLAP (On Line Analytical Processing), SQL (Standard Query Language), a SAN (Storage Area Network), Microsoft Access™ or others may also be used, incorporated or accessed in the invention. 
   Clients  120  may include customer terminals located at a bank or other financial institution, or at other convenient locations, for example in the case where the stored value instrument is to be redeemed for cash. Clients  120  may also be located at the point of sale for goods or services. Furthermore, clients  120  may be fixed or portable terminals owned or used by users of the system and method and located at various locations. Clients  120  may be or include, for instance, an ATM (Automated Teller Machine) or other terminal equipped to dispense funds. Clients  120  may also be or include a PC (Personal Computer) running the Microsoft Windows™ 95, 98, Millenium™, NT™, or 2000, Windows™CE™, PalmOS™, Unix, Linux, Solaris™, OS/2™, BeOS™, MacOS™ or other operating system or platform. Clients  120  may include a microprocessor such as an Intel x86-based device, a Motorola 68K or PowerPC™ device, a MIPS, Hewlett-Packard Precision™, or Digital Equipment Corp. Alpha™ RISC processor, an Intel pentium®, pentium® II, pentium® III or pentium® IV processor, a microcontroller or other general or special purpose device operating under programmed control. Clients  120  may furthermore include electronic memory such as RAM (Random Access Memory) or EPROM (Electronically Programmable Read Only Memory), storage such as a hard drive, CDROM or rewritable CDROM or other magnetic, optical or other media, and other associated components connected over an electronic bus, as will be appreciated by persons skilled in the art. Clients  120  may also be or include a network-enabled appliance such as a WebTV™ unit, radio-enabled Palm™ Pilot or similar unit, a set-top box, a networkable game-playing console such as Sony Playstation™ or Sega Dreamcast™, a browser-equipped cellular telephone, or other TCP/IP client or other device. Clients  120  may also be, include or interface to a wired digital or analog telephone, or a wireless digital or analog telephone such as a cellular telephone or a satellite telephone. 
   Different embodiments of the invention may vary as to the nature of stored value instrument  140 . For example, stored value instrument  140  may be a card, which may preferably be fabricated of plastic. Stored value instrument  140  may contain at least one resource for storing data. In one embodiment of the invention, the storage resource may be a magnetic stripe embedded in or attached to stored value instrument  140 . In another embodiment, the storage resource may be electronic or magnetic structures in the interior of a stored value instrument. Stored value instrument  140  may also include a processor, for example in a smart card configuration. Moreover, stored value instrument  140  may be physically or electronically configured in a way that is compatible with an industry standard, such as Proton, Mondex, CEPS (Common Electronic Purse Specifications), or other standard familiar to those skilled in the art. 
   In embodiments where stored value instrument  140  is implemented as a card, clients  120  may also be, include, or interface to readers  125 . Readers  125  may be adapted to communicate via link  150  with stored value instrument  140 . Together, readers  125  and link  150  may effectuate the transfer of value or other data from a client  120  to stored value instrument  140 . Reader  125  and link  150  may also read data from the memory of stored value instrument  140 . Some embodiments of the system may include more than two stored value instruments. Link  150  may be consistent with alternative embodiments of communication link  130  described below, with industry standards indicated above, or with other schemes recognized in the art. Alternatively, the stored value instrument  140  is inserted directly into the reader  125 , thereby rendering the link  150  an electronic, magnetic, optical, or other type of reading device. 
   In one embodiment of the invention, stored value instrument  140  may not be or include a card, but rather, stored value instrument  140  may include an index to an account or other facility, for example on database  110 , for storing value. In other embodiments, stored value instrument  140  may be or include both a card and an account or other facility, cooperating to execute the functions described herein. 
   Data stored on or in stored value instrument  140  may include, for example, an account holder&#39;s name, account number, a numerical representation of currently stored value, an indication of the type of currency stored on the instrument, a PIN, or other data, or any subset of data utilized by the method or methods disclosed herein. 
   Server  100 , database  110 , and clients  120  may communicate via communications link  130 . Communications link  130  may be, include or interface to any one or more of, for instance, the Internet, an intranet, a PAN (Personal Area Network), a LAN (Local Area Network), a WAN (Wide Area Network) or a MAN (Metropolitan Area Network), a SAN (Storage Area Network), a frame relay connection, an AIN (Advanced Intelligent Network) connection, a SONET (Synchronous Optical Network) connection, a digital T1, T3, E1 or E3 line, DDS (Digital Data Service) connection, DSL (Digital Subscriber Line) connection, an Ethernet connection, an ISDN (Integrated Services Digital Network) line, a dial-up port such as a V.90, V.34 or V.34bis analog modem connection, a cable modem, an Asynchronous Transfer Mode connection, or an FDDI (Fiber Distributed Data Interface) or CDDI (Copper Distributed Data Interface) connection. Communications link  130  may furthermore be, include or interface to any one or more of a WAP (Wireless Application Protocol) link, a GPRS (General Packet Radio Service) link, a GSM (Global System for Mobile Communication) link, a CDMA (Code Division Multiple Access) or TDMA (Time Division Multiple Access) link such as a cellular phone channel, a GPS (Global Positioning System) link, CDPD (Cellular Digital Packet Data), a RIM (Research in Motion, Limited) duplex paging type device, a Bluetooth, BlueTeeth or WhiteTooth radio link, or an IEEE 802.11-based radio frequency link. Communications link  130  may yet further be, include or interface to any one or more of an RS-232 serial connection, an EEE-1394 (Firewire) connection, a Fibre Channel connection, an IrDA (infrared) port, a SCSI (Small Computer Systems Interface) connection, a USB (Universal Serial Bus) connection or other wired or wireless, digital or analog interface or connection. Communications link  130  may further be, include, or interface to a PSTN (Public-Switched Telephone Network). 
   In embodiments of the invention, the type of communication between system components represented by communication link  130  may be implemented in different ways. Moreover, in embodiments, it may not be necessary that all components communicate directly with each other. For example, it may not be necessary that each of clients  120  communicate with each other. 
   Server  100  and clients  120  may utilize network enabled code in order to facilitate functionality in a network-based environment. Network enabled code may be, include or interface to, for example, Hyper text Markup Language (HTML), Dynamic HTML, Extensible Markup Language (XML), Extensible Stylesheet Language (XSL), Document Style Semantics and Specification Language (DSSSL), Cascading Style Sheets (CSS), Synchronized Multimedia Integration Language (SMIL), Wireless Markup Language (WML), Java™, Jini™, C, C++, Perl, UNIX Shell, Visual Basic or Visual Basic Script, Virtual Reality Markup Language (VRML), ColdFusion™, Common Gateway Interface (CGI) or other compilers, assemblers, interpreters or other computer languages or platforms. 
     FIG. 2  is a process flow diagram from the perspective of a stored value instrument user, according to one embodiment of the invention. In step  200 , a user may obtain or establish a stored value instrument  140 . In one embodiment of the invention, stored value instrument  140  may be obtained or established via remote application in step  200 . For example, an application may be sent to a service provider via conventional mail, electronic mail, or a Web-based utility. Alternatively, the application may be submitted in hard copy at a banking or other site. Upon approval, one or more of stored value instrument  140  may be mailed or delivered to the applicant or established on the applicant&#39;s behalf. Additionally, in embodiments a PIN may be sent via conventional mail, electronic mail, or other technique, but preferably separate from any mailing or delivery of stored value instrument  140  to that same applicant. Additionally, step  200  may be effectuated by a card dispensing machine, an ATM or other client  120  configured to dispense or establish stored value instrument  140 . In embodiments of the invention, stored value instrument  140  may be obtained or established in person, for example from a teller at a bank, financial institution, or other service provider in step  200 . 
   Step  210 , loading value onto or into stored value instrument  140 , may be performed subsequent to the time that stored value instrument  140  is obtained or established, as illustrated in  FIG. 2 . In another embodiment of the invention, step  210  may be performed coincident with step  200  obtaining or establishing a stored value instrument  140 , in a manner consistent with alternatives previously described. In step  210 , a person seeking to load value onto or into stored value instrument  140  may be required to specify, among other things, load currency in step  212 , load value in step  214 , and a funding source in step  216 . In step  212 , for instance, a user may specify that value is to be loaded in Mexican pesos, British pounds sterling, German marks, francs, euros, or any other currency or denomination. In step  214 , a user may specify the value of the load currency. In one embodiment of the invention, value expressed in step  214  may be in the same currency as the load currency. In another embodiment of the invention, value expressed in step  214  may be in a currency which is other than the load currency. In a case where Mexican pesos are specified as the load currency, and where 520 U.S. dollars are specified as the load value, for instance, stored value instrument  140  may be loaded with 5,000 pesos (if appropriate under the exchange rate at the time of the transaction). In step  216 , the owner of the stored value instrument  140  may specify a funding source such as a checking account, savings account, money market account, brokerage account, credit account, or other account from which funds can be drawn. In another embodiment of the invention, a customer may provide actual cash or a credit card in step  216  to provide value for loading onto or into stored value instrument  140 . 
   Like step  200  related to obtaining or establishing a stored value instrument  140 , step  210  related to loading value onto or into a stored value instrument  140  may be performed remotely or in person. Remote operation might be implemented, for example, where client  120  is, includes, or interfaces to a wired telephone in communication with a PSTN, a wireless telephone, a PDA, or other wireless device with Internet access, a personal computer with Web access, or an ATM. Moreover, where the transaction is performed remotely, or where the funding source is held by other than the stored value instrument provider, there may be a delay between the time of the load request in step  210 , and the availability of funds on or in stored value instrument  140 . In another embodiment of step  210 , stored value instrument  140  may be loaded in person, for example by a teller at a bank, financial institution, or other service provider. 
   Subsequent processes to effectuate the load of value onto stored value instrument  140  are described in  FIG. 3  and the accompanying text. 
     FIG. 2  illustrates that, once value has been loaded onto or into stored value instrument  140  in step  210 , a user of stored value instrument  140  may proceed to at least any of five steps represented by step numbers  210 ,  220 ,  230 ,  240 , and  250 . Of course, in embodiments of the invention, all alternatives may not be available and in others, further alternatives presented. 
   A user may load value onto or into stored value instrument  140 , in step  210 , subsequent to an initial load. In one embodiment, additional value may be loaded in the same currency. In other embodiments, it may be possible in step  210  to load value onto or into stored value instrument  140  in a currency different from what has already been loaded onto or into stored value instrument  140 . 
   In one embodiment of the invention, a fee may be charged at issuance of the card or other instrument in step  200 . In another embodiment of the invention, a fee may be charged each time that value is loaded onto the stored value instrument in step  210 . 
   In step  220 , a user may check the balance of stored value. In one embodiment, inquiries may be made remotely in step  220 , for instance in the same way that balances are checked in conventional bank accounts. In embodiments where stored value instrument  140  is or includes a card, it may be necessary to interface stored value instrument  140  to reader  125  in order to perform step  220 . In the instance where stored value instrument  140  is a card containing a magnetic stripe, and where the magnetic stripe contains at least an indication of stored value, it may not be necessary for client  120  to be connected via link  130 , since, in one embodiment, client  120  and reader  125  may read the balance of stored value directly from stored value instrument  140 . In other embodiments, it may be necessary to the execution of step  220  for client  120  to communicate with server  100  or database  110  over link  130 , where, for example, stored value instrument  140  is not or does not include a card containing an indication of stored value, or where stored value instrument  140  is an account or other facility and does not include a card at all. In other embodiments of the invention, a user of stored value instrument  140  may check the remaining value in step  220  by making an in person inquiry at a bank, financial institution, or other service provider. 
   In step  230 , a user of stored value instrument  140  may convert the currency of stored value. An illustration is where Mexican pesos were loaded originally, and a user wishes to convert the currency of the loaded value to British pounds without redeeming value in exchange for goods, services, or cash. 
   In step  240 , a user may redeem some or all of the stored value on or in stored value instrument  140  in the loaded currency. For example, where the stored value is loaded in Mexican pesos, a user may redeem stored value for goods or services in Mexico City, where the local currency is also in pesos, or a user may redeem stored value for cash pesos at a Mexican ATM or card reader. 
   In step  250 , a user may redeem stored value from stored value instrument  140  in other than the loaded currency. If, for instance, stored value instrument  140  was loaded with value in Mexican pesos in anticipation of a trip to Mexico that was subsequently cancelled, a user may redeem the stored value in exchange for U.S. dollars at an ATM or a card reader in the U.S. A process for effectuating such a request is illustrated in  FIG. 4 . 
   In the steps set forth above, the user of the stored value instrument  140  may be the same person who purchased the card, if for instance, the purchaser has traveled to another country which uses different currency. Alternatively, the purchaser may transfer the stored value instrument  140  to an acquaintance in another to thereby easily, efficiently, and securely transport funds between countries. 
     FIG. 3  is a process flow diagram from the perspective of a provider of stored value instrument services, illustrating how value may be loaded onto or into stored value instrument  140 , according to one embodiment of the invention. In steps  300 ,  305 , and  310 , the service provider or service provider system may receive the load currency selection, load value selection, and funding source information, respectively. Information in these steps may be the result of user input in step  210 , previously described. 
   In step  315 , the service provider or service provider system may decide whether the funding currency is the same as the load currency. If it is, then the process may advance to step  325 . If not, for example where the funding source is in U.S. dollars, and Mexican pesos are to be loaded onto stored value instrument  140 , then the process may advance to step  320 . 
   In step  320 , a calculation may be made to convert the value of load currency into the funding currency. For example, if a user has requested a loaded value of 5,000 pesos, and the funding source is in U.S. dollars, step  320  may calculate that 5,000 pesos is equivalent to 520 U.S. dollars. 
   In step  325 , the service provider or service provider system may resolve the nature of the funding source. If the source of funds is cash, then the cash may be collected in step  330 , and the corresponding value may be loaded onto stored value instrument  140  in step  335 . In the example immediately above, 520 U.S. dollars in legal tender would be collected, and 5,000 Mexican pesos would be loaded onto or into stored value instrument  140 . If, on the other hand, the funding source is a checking, savings, brokerage, credit, or other account, then authorization step  340  may be necessary to verify that the account has sufficient funds before loading value onto or into stored value instrument  140 . Where authorization step  340  is able to verify funds, value may be loaded onto or into stored value instrument  140  in step  335 , and the bank, financial institution, or other service provider may then settle or otherwise reconcile with the source account in step  345 . Where authorization step  340  is unable to verify sufficient funds, the loading process illustrated in  FIG. 3  may be terminated in step  350 . 
     FIG. 4  is a process flow diagram from the perspective of a provider of stored value instrument services, illustrating how value may be redeemed from stored value instrument  140 , according to one embodiment of the invention. The process may start, in step  400 , when a bank, other financial institution, or merchant is presented with a stored value instrument  140  as payment for goods, services, or cash in local currency. 
   In step  410 , the bank, other financial institution, or merchant may check to see whether the stored value is in local currency. In one embodiment, step  410  may be an online transaction that may require communication with a funding source. In another embodiment of step  410 , a reader  125  may read an indication of currency from the memory of a stored value instrument  140  that is or includes a card. 
   If the stored value is in the local currency, then the process may be promoted to step  430 ; if the stored value is not in local currency, then the process may advance to step  420 . In step  420 , the value of goods, services, or cash to be purchased in local currency may be converted to the currency of the stored value. For example, if a user is seeking to exchange stored value in the currency of Mexican pesos for 200 British pounds sterling cash, step  420  may calculate that 200 British pounds sterling is equivalent to 2,800 Mexican pesos. 
   In step  430 , the value of goods, services, or cash may be compared to the stored value, in the currency of the stored value. Thus, in the immediately preceding example, it may be decided in step  430  that a stored value instrument  140  loaded with value of 5,000 Mexican pesos would be sufficient funds to purchase 200 British pounds sterling legal tender. Where the stored value funds are sufficient, the requested goods, services, or cash may be distributed in step  450 , and, in step  460 , the transaction may be settled or otherwise reconciled, for example by transferring 2,800 Mexican pesos from stored value instrument  140  to an account of the bank, other financial institution, or merchant. Of course, if stored value instrument  140  does not have sufficient funds to cover the transaction, then the transaction may be declined in step  440 . 
   The foregoing description of the invention is illustrative, and variations in configuration and implementation will occur to persons skilled in the art. For instance, stored value instrument  140  may be implemented in various physical and electronic formats other than those specifically described. Moreover, while the invention has been described with respect to loading or conversion from one original currency to one converted currency, in embodiments of the invention multiple currencies may be used or selected as originating currency, the currency which is converted into or both. The scope of the invention is accordingly to be limited only by the following claims.