Patent ID: 8401969

Claim:
A method for operating a computer system for managing the purchase and redemption of virtual traveler's checks, the method comprising: receiving data representative of a purchase request at a server from a customer, the purchase request sent from a purchasing computer and including purchasing customer identification information and a request for one or more virtual traveler's checks, each of the one or more virtual traveler's checks having one of a predetermined set of fixed denominations; issuing from the server to the customer at the purchasing computer data representative of a check number for each of the one or more virtual traveler's checks, wherein each check number is associated with the purchasing customer identification information; receiving at the server an electronic redemption request from a redemption computer including redeeming customer identification information and a request to redeem at least one of the one or more virtual traveler's checks; and transmitting from the server to the redemption computer an electronic release approval to release funds in an amount equal to the denominations of the requested virtual traveler's checks only if the redeeming customer identification information matches the purchasing customer identification information.