WO2001052171A1 - Spending vehicles for payments - Google Patents

Spending vehicles for payments Download PDF

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Publication number
WO2001052171A1
WO2001052171A1 PCT/US2001/000962 US0100962W WO0152171A1 WO 2001052171 A1 WO2001052171 A1 WO 2001052171A1 US 0100962 W US0100962 W US 0100962W WO 0152171 A1 WO0152171 A1 WO 0152171A1
Authority
WO
WIPO (PCT)
Prior art keywords
individual
spending
payment
sponsor
card
Prior art date
Application number
PCT/US2001/000962
Other languages
French (fr)
Other versions
WO2001052171A9 (en
Inventor
Robert D. Wilson
Original Assignee
H & R Block Tax Services, Inc.
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Family has litigation
First worldwide family litigation filed litigation Critical https://patents.darts-ip.com/?family=23920462&utm_source=google_patent&utm_medium=platform_link&utm_campaign=public_patent_search&patent=WO2001052171(A1) "Global patent litigation dataset” by Darts-ip is licensed under a Creative Commons Attribution 4.0 International License.
Application filed by H & R Block Tax Services, Inc. filed Critical H & R Block Tax Services, Inc.
Priority to AU29383/01A priority Critical patent/AU780582B2/en
Priority to CA 2397144 priority patent/CA2397144A1/en
Publication of WO2001052171A1 publication Critical patent/WO2001052171A1/en
Publication of WO2001052171A9 publication Critical patent/WO2001052171A9/en

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Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/30Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G06Q20/342Cards defining paid or billed services or quantities
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/04Payment circuits
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/08Payment architectures
    • G06Q20/10Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/08Payment architectures
    • G06Q20/10Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G06Q20/102Bill distribution or payments
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/08Payment architectures
    • G06Q20/10Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G06Q20/105Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems involving programming of a portable memory device, e.g. IC cards, "electronic purses"
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/22Payment schemes or models
    • G06Q20/28Pre-payment schemes, e.g. "pay before"
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/30Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/30Payment architectures, schemes or protocols characterised by the use of specific devices or networks
    • G06Q20/34Payment architectures, schemes or protocols characterised by the use of specific devices or networks using cards, e.g. integrated circuit [IC] cards or magnetic cards
    • G06Q20/343Cards including a counter
    • G06Q20/3433Cards including a counter the counter having monetary units
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00Payment architectures, schemes or protocols
    • G06Q20/38Payment protocols; Details thereof
    • G06Q20/40Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G06Q20/403Solvency checks
    • G06Q20/4037Remote solvency checks
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00Commerce
    • G06Q30/02Marketing; Price estimation or determination; Fundraising
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02Banking, e.g. interest calculation or account maintenance
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/12Accounting
    • G06Q40/123Tax preparation or submission
    • GPHYSICS
    • G06COMPUTING; CALCULATING OR COUNTING
    • G06QINFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q50/00Systems or methods specially adapted for specific business sectors, e.g. utilities or tourism
    • G06Q50/10Services
    • G06Q50/26Government or public services
    • GPHYSICS
    • G07CHECKING-DEVICES
    • G07FCOIN-FREED OR LIKE APPARATUS
    • G07F7/00Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus
    • G07F7/02Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus by keys or other credit registering devices
    • GPHYSICS
    • G07CHECKING-DEVICES
    • G07FCOIN-FREED OR LIKE APPARATUS
    • G07F7/00Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus
    • G07F7/08Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus by coded identity card or credit card or other personal identification means

Definitions

  • the present invention relates generally to a system and method for distributing payments to individuals and, more particularly, to a system and method for allocating a portion or all of an individual's payment into a spending vehicle.
  • working years may receive monthly or yearly distributions during their retirement years.
  • EFT electronic funds transfer
  • the present invention provides a system and method for associating payments with spending vehicles so that an individual who is entitled to receive regular or periodic payments
  • a spending vehicle such as a credit card, debit card,
  • e-wallet account gift card, discount card, rebate, coupon for use with purchases of the
  • Sponsors may include companies and organizations interested in offering purchase incentives to their customers. For example, sponsors may be retailers, manufacturers, or
  • the third party assignee may be a sponsor
  • the spending vehicle arranges to give a spending vehicle to the individual in return for an assignment of the individual's right to payment. If the spending vehicle is offered by a financial institution, the
  • the financial institution may take a portion of the individual's payment as compensation for the service provided to the individual and the sponsor.
  • the financial institution may offer its own spending vehicle or it may purchase spending vehicles from various sponsors so that only one payment for purchase of the spending vehicles is made.
  • the dollar value of the spending vehicle received by an individual is greater than the dollar value of the cash payment
  • the dollar value of the spending vehicle may be equivalent to or less than the dollar value of the cash payment the individual would
  • Fig. 1 is a flow diagram of a preferred embodiment of the present invention
  • Fig. 2 is a schematic diagram of a first preferred embodiment of the present invention
  • Fig. 3 is a schematic diagram of a second preferred embodiment of the present invention
  • Fig. 4 is a schematic diagram of a third preferred embodiment of the present invention.
  • Fig. 5 is a schematic diagram of a fourth preferred embodiment of the present
  • Fig. 1 a flow diagram for a preferred
  • a spending vehicle may be a credit
  • a sponsor may be a retailer, financial institution, service provider, wholesaler,
  • method of the present invention may choose to offer one or more spending vehicles to its
  • the individual's selection of a spending vehicle is determined.
  • the individual may be given the option of selecting more than one spending vehicle from one or more sponsors.
  • the individual is provided with the spending vehicle or vehicles selected.
  • the individual assigns his or her right to a payment to a third party in step 14. In one embodiment of the present invention, the individual assigns his or her right to payment directly to the sponsor who provided the
  • the individual may arrange to transfer the full amount or less than the full
  • the sponsor then provides one or more of its own spending vehicles to the individual with a value based on the amount of the payment assigned to the sponsor.
  • the sponsor provides a spending vehicle to the individual
  • the individual may be a financial institution. Alternatively, the individual may assign his or her right to
  • institution may serve as an intermediary between a plurality of sponsors and an individual.
  • the financial institution may then offer more types of spending vehicles from more sponsors
  • step 20 if an intermediary such as a financial institution is the assignee of the right to
  • a portion or all of the payment may then be transferred to the sponsor or sponsors
  • a third party payor may arrange to transfer the individual's payment to a sponsor or
  • FIG. 2 an embodiment of the present invention in which an individual 30 obtains a spending vehicle 34 directly from a spending vehicle provider such as a sponsor 36 is shown.
  • the spending vehicle provider or sponsor i.e., third party assignee
  • the spending vehicle provider or sponsor provides a spending vehicle 34 to the individual 30.
  • Information regarding the arrangement between the individual 30 and sponsor 36 may then be communicated with the third party payor from whom the individual is entitled to receive a payment.
  • Payment information 42 such as name and account information may be transferred from the sponsor 36 to the third party payor 38 so that the sponsor 36 receives the individual's payment 40 directly.
  • the payor may use
  • an individual may assign his or
  • the retailer provides the individual with a spending vehicle such as a credit card or
  • retailer spending vehicle may include an amount of buying power greater than the amount of
  • the spending vehicle provider
  • a debit card may be issued, for example, a debit card to an individual upon receiving confirmation of the receipt of the Social Security check.
  • the credit card or debit card may not be activated until such time as the spending vehicle provider receives the funds for the check.
  • the spending vehicle may include a telephone number for an individual to call to activate the spending vehicle once the spending vehicle provider is assured of receipt of payment. Once the individual's spending vehicle is activated, the individual may spend the value of the
  • Security check may assign that amount to a spending vehicle provider in exchange for $500
  • an individual who is due an IRA distribution of $2,500 may assign his or her distribution amount to an automobile dealer in exchange for the automobile dealer issuing a spending vehicle worth $3,000 in buying power at the auto dealership.
  • a cruise line may offer a spending vehicle of $3,000 in exchange for
  • the spending vehicle may take the form of many different embodiments, including
  • rebate certificates and any other vehicle in which an individual receives spending power in a
  • service provider wholesaler, distributor, manufacturer, entertainment entity, travel entity
  • a payment may be any type of regular or periodic payment such as a government, corporate, or employer benefit. It may also be a special one-time payment such as a tax refund or a special dividend payment from an investment.
  • a financial institution 56 as an intermediary or middleman between the individual 50, the payor 76 from whom the individual 50 is entitled to receive a
  • the spending vehicle provider(s) or sponsor(s) 62, 68, 74 may be preferable.
  • financial institutions are typically well established in providing spending vehicles such as credit cards and debit cards.
  • a retailer may find it helpful to provide its own spending vehicle if done in conjunction with a financial institution.
  • a financial institution 56 may work with a plurality of sponsors
  • the financial institution 56 may arrange to obtain a plurality of spending vehicles
  • the spending vehicles 60, 66, 72 may be credit cards, debit cards, cash cards, checking cards, spending accounts,
  • checking accounts electronic spending accounts, coupons, vouchers, discount certificates, or
  • the individual 50 assigns his or her payment rights 52 to a financial institution.
  • the institution 56 selects one or more spending vehicles 54 from one or more of the sponsors 62, 68, 74.
  • the individual may assign the full or less the full amount of the payment to the
  • the financial institution may arrange to receive the appropriate amount
  • the payor 76 may be a governmental agency, an employer, or any institution that provides payments to individuals in accordance with instructions from a governmental agency, corporation,
  • the payment 78 may be a Social Security check, 401(k) distribution, dividend payment, tax refund, etc.
  • the financial institution 56 may then arrange to transfer to each participating sponsor 62, 68, 74 all or a portion of the individual's payment
  • the financial institution 46 may keep a portion of each individual's payment as a fee for allowing sponsor participation.
  • the value of the spending vehicle 44 selected by the individual 40 exceeds the value of the payment right 42 transferred to the financial institution. In this arrangement, individuals benefit from the increased spending power
  • Fig. 4 shows another embodiment of the present invention in which a financial
  • a financial institution 96 may make a payment of a lump sum or fixed
  • institution 96 may then distribute one of the spending vehicles 94 to an individual 90 in
  • Payment information 108 provided by the financial institution 96 to the payor 104 may then be used to transfer the individual's payment 106 directly to the financial institution 96.
  • electronic funds transfer may be used to complete the transaction so the payor is relieved of
  • a financial institution In accordance with this embodiment of the present invention, a financial institution
  • Fig. 5 shows another embodiment of the present invention in which a particular third
  • the bank where the individual banks issues a spending vehicle 1 14 directly to the individual 110 that may be used at many different outlets for the purchase of goods and or services.
  • the individual 1 10 assigns payment rights
  • the financial institution 1 16 receives the appropriate amount for
  • the payment information 112 may include name and account information so that an electronic funds transfer may be completed.
  • the individual may spend the dollar amount of
  • the spending vehicle provider or sponsor may agree to assign its rights and obligations in the spending vehicle to another entity at which the individual may spend or
  • the individual may be given a period of time in which to use the spending vehicle before a service charge is applied. For example, the individual may incur no service charge on the spending vehicle if the spending vehicle is used within 90 days of being activated. In the event a minimum balance remains in the spending vehicle after the initial "no fee" period, a small monthly service charge may be levied against the spending vehicle until it is entirely used. Alternatively, after a period of time (e.g., 60 days) the spending vehicle provider may issue a check to the individual for the balance left in the spending

Abstract

The present invention is a system and method for associating payments with spending vehicles so that an individual who is entitled to receive periodic or special payments (e.g., Social Security checks, 401(k) distributions, dividend payments, tax refunds, etc.) may choose to receive in place of the payment a spending vehicle (14) such as an e-card, a sponsor discount card, a sponsor rebate, or a sponsor coupon for use with purchases of the sponsor's products or services. Sponsors may include companies and organizations interested in offering purchase incentives to their customers. An individual who wishes to receive a spending vehicle rather than a regular payment selects the spending vehicle (14) he or she would like to receive. The individual then assigns (16) his or her right to the payment to a third party. The third party may be a sponsor of the spending vehicle or a financial institution that offers spending vehicles from a plurality of sponsors. If the spending vehicle is from a financial institution, the financial institution then arranges to give a spending vehicle to the individual and to transfer the individual's payment to the sponsor of the spending vehicle. The financial institution may take a portion of the individual's payment as compensation for the service provided to the individual and the sponsor.

Description

SPENDING VEHICLES FOR PAYMENTS BACKGROUND AND SUMMARY OF THE INVENTION The present invention relates generally to a system and method for distributing payments to individuals and, more particularly, to a system and method for allocating a portion or all of an individual's payment into a spending vehicle.
Participants in many government and corporate sponsored programs are entitled to
regular or periodic payments. For example, in government sponsored welfare programs such as Aid to Dependent Children and retirement programs such as Social Security, beneficiaries
may receive monthly payments. Individuals who make regular IRA contributions during their
working years may receive monthly or yearly distributions during their retirement years.
Employees who participate in their employers' retirement programs such as 401(K) plans, may also receive monthly or yearly distributions during their retirement years. Individuals
who participate in other savings and investment plans may receive regular or periodic
dividend payments. Individuals who receive periodic or regular payments from various government and
corporate plans or programs typically receive a check from the plan or program administrator. Alternatively, individuals may arrange for an electronic funds transfer ("EFT") payment. In
either case, the individuals receive cash payments. Individuals are then free to use the cash as
desired. Although the cash payments provide individuals with flexibility in making purchases,
the overall purchasing power available to the individuals is equivalent to the dollar amount of
cash payment. Alternatives to cash payments could provide individuals with increased
purchasing power. For example, if instead of receiving a cash payment, an individual had the option of receiving a coupon from a retailer for an amount greater than the value of the cash payment, the individual would receive the benefit of increased purchasing power. Therefore,
there is a need for a system and method by which individuals may select among alternatives to receiving cash payments. The present invention provides a system and method for associating payments with spending vehicles so that an individual who is entitled to receive regular or periodic payments
(e.g., Social Security checks, 401 (k) distributions, dividend payments, tax refunds, payroll checks or deposits, private payment arrangements, or any other source of payment(s)) may
choose to receive in place of the payment a spending vehicle such as a credit card, debit card,
e-wallet account, gift card, discount card, rebate, coupon for use with purchases of the
sponsor's products or services, or anything of value to the payee which the payee agrees to
accept in this form instead of receiving a regular payment by check or cash or by direct
deposit. Sponsors may include companies and organizations interested in offering purchase incentives to their customers. For example, sponsors may be retailers, manufacturers, or
service providers. An individual who wishes to receive a spending vehicle rather than the regular payment selects the spending vehicle he or she would like to receive and assigns his
or her right to receive the payment to a third party. The third party assignee may be a sponsor
offering a spending vehicle or it may be a financial institution that serves as intermediary
between an individual and a sponsor. If a sponsor offers the spending vehicle, the sponsor
arranges to give a spending vehicle to the individual in return for an assignment of the individual's right to payment. If the spending vehicle is offered by a financial institution, the
financial institution then arranges to give a spending vehicle to the individual and to transfer
all or a portion of the individual's payment to the sponsor of the spending vehicle. The financial institution may take a portion of the individual's payment as compensation for the service provided to the individual and the sponsor. Alternatively, the financial institution may offer its own spending vehicle or it may purchase spending vehicles from various sponsors so that only one payment for purchase of the spending vehicles is made.
In a preferred embodiment of the present invention, the dollar value of the spending vehicle received by an individual is greater than the dollar value of the cash payment the
individual would have received. Consumers of the present invention therefore benefit by
increasing their purchasing power. Alternatively, the dollar value of the spending vehicle may be equivalent to or less than the dollar value of the cash payment the individual would
have received. In this embodiment of the present invention, consumers benefit from the
convenience of receiving a spending vehicle for use with purchases at their preferred sponsors. Sponsors benefit from the present invention through increased customer bases and
additional traffic. They further benefit from increased sales of their products and services.
Payors who make payments available to individuals benefit from an increase in the use of
electronic funds transfers and a reduction in the printing and mailing of checks to individuals. The present invention will be described in greater detail hereinafter. The present
invention is described in the form of preferred embodiments and is not to be limited to those preferred embodiments but instead shall be given the broadest scope of protection affordable
under the law in view of the allowed claims. BRIEF DESCRIPTION OF THE DRAWINGS
Fig. 1 is a flow diagram of a preferred embodiment of the present invention;
Fig. 2 is a schematic diagram of a first preferred embodiment of the present invention; Fig. 3 is a schematic diagram of a second preferred embodiment of the present invention;
Fig. 4 is a schematic diagram of a third preferred embodiment of the present invention; and Fig. 5 is a schematic diagram of a fourth preferred embodiment of the present
invention.
DETAILED DESCRIPTION OF PREFERRED EMBODlMENTfS Referring now to the drawings, there is shown in Fig. 1 a flow diagram for a preferred
embodiment of the system of the present invention. Steps to accomplish a preferred
embodiment of the present invention are shown in Fig. 1. In the first step 10, a plurality of
spending vehicles for a plurality of sponsors is created. A spending vehicle may be a credit
card, debit card, cash card, checking card, spending account, checking account, e-wallet
account, gift card, discount card, rebate, coupon, voucher or any other type of financial
instrument or currency that enables the holder of the spending vehicle to purchase products or services. A sponsor may be a retailer, financial institution, service provider, wholesaler,
distributor, manufacturer, entertainment entity, travel entity, publisher, governmental entity,
insurance institution, brokerage institution, global computer network and online business,
consortium of companies, or any participating entity through which an individual may purchase something of value to the individual. A sponsor participating in the system and
method of the present invention may choose to offer one or more spending vehicles to its
customers. In the next step 12, the individual's selection of a spending vehicle is determined. The individual may be given the option of selecting more than one spending vehicle from one or more sponsors. Next 14, the individual is provided with the spending vehicle or vehicles selected. In exchange for the spending vehicle, the individual assigns his or her right to a payment to a third party in step 14. In one embodiment of the present invention, the individual assigns his or her right to payment directly to the sponsor who provided the
spending vehicle. The individual may arrange to transfer the full amount or less than the full
amount of the payment to the sponsor. The sponsor then provides one or more of its own spending vehicles to the individual with a value based on the amount of the payment assigned to the sponsor. In this embodiment, the sponsor provides a spending vehicle to the individual
directly without the need of an intermediate entity such as a financial institution. The sponsor
may be a financial institution. Alternatively, the individual may assign his or her right to
payment to a financial institution. In this embodiment of the present invention, the financial
institution may serve as an intermediary between a plurality of sponsors and an individual.
The financial institution may then offer more types of spending vehicles from more sponsors
thereby giving the individual more options than may be available from a single sponsor.
Once the assignment is complete, the assignee of the individual's right to payment, (e.g., the
sponsor or financial institution) arranges to receive the individual's payment in step 18. In step 20, if an intermediary such as a financial institution is the assignee of the right to
payment, a portion or all of the payment may then be transferred to the sponsor or sponsors
from which the individual selected the spending vehicle. In order to accomplish the transfer
of funds, a third party payor may arrange to transfer the individual's payment to a sponsor or
financial institution entitled to receive the individual's payment based on the assignment. Referring to Fig. 2, an embodiment of the present invention in which an individual 30 obtains a spending vehicle 34 directly from a spending vehicle provider such as a sponsor 36 is shown. In exchange for the assignment of the payment rights 32 by the individual 30 to the sponsor 36, the spending vehicle provider or sponsor (i.e., third party assignee) provides a spending vehicle 34 to the individual 30. Information regarding the arrangement between the individual 30 and sponsor 36 may then be communicated with the third party payor from whom the individual is entitled to receive a payment. Payment information 42 such as name and account information may be transferred from the sponsor 36 to the third party payor 38 so that the sponsor 36 receives the individual's payment 40 directly. The payor may use
electronic funds transfer to accomplish the transfer so that it is not required to process a check
or other form of payment to the individual.
In accordance with the present invention, for example, an individual may assign his or
her Social Security check to a retailer and in exchange for the right to receive the individual's
check, the retailer provides the individual with a spending vehicle such as a credit card or
debit card with a predetermined amount of spending power for use at various outlets. The
retailer spending vehicle may include an amount of buying power greater than the amount of
the Social Security check. For example, a retailer may issue a special debit card worth $500
in exchange for receiving the individual's check of $450. The benefit to the retailer is that the
individual must spend his or her Social Security dollars at the retailer's store(s), and the benefit to the individual may be that the retailer offers buying power at the retailer's store(s)
in excess of the dollar amount of the Social Security check.
Under a preferred embodiment of the present invention, the spending vehicle provider
or sponsor may issue, for example, a debit card to an individual upon receiving confirmation of the receipt of the Social Security check. The credit card or debit card may not be activated until such time as the spending vehicle provider receives the funds for the check. The spending vehicle may include a telephone number for an individual to call to activate the spending vehicle once the spending vehicle provider is assured of receipt of payment. Once the individual's spending vehicle is activated, the individual may spend the value of the
spending vehicle. For example, an individual who is entitled to receive a $450 Social
Security check may assign that amount to a spending vehicle provider in exchange for $500
of spending power through a debit card good only at a particular retailer or at some group of
retailers. In another example, an individual who is due an IRA distribution of $2,500 may assign his or her distribution amount to an automobile dealer in exchange for the automobile dealer issuing a spending vehicle worth $3,000 in buying power at the auto dealership. In
another example, a cruise line may offer a spending vehicle of $3,000 in exchange for
receiving the individual's distribution amount of $2,500.
The spending vehicle may take the form of many different embodiments, including
but not limited to, credit cards, debit cards, cash cards, checking cards, spending accounts, checking accounts, electronic spending accounts, coupons, vouchers, discount certificates,
rebate certificates, and any other vehicle in which an individual receives spending power in a
particular dollar amount useable at practically any participating retailer, financial institution,
service provider, wholesaler, distributor, manufacturer, entertainment entity, travel entity,
publisher, governmental entity, insurance institution, brokerage institution, global computer
network and online business, and any participating entity through which an individual may
purchase something of value to the individual. A payment may be any type of regular or periodic payment such as a government, corporate, or employer benefit. It may also be a special one-time payment such as a tax refund or a special dividend payment from an investment.
Referring to Fig. 3, use of a financial institution 56 as an intermediary or middleman between the individual 50, the payor 76 from whom the individual 50 is entitled to receive a
payment, and the spending vehicle provider(s) or sponsor(s) 62, 68, 74 may be preferable.
For example, financial institutions are typically well established in providing spending vehicles such as credit cards and debit cards. A retailer, for example, may find it helpful to provide its own spending vehicle if done in conjunction with a financial institution.
As shown in Fig. 3, a financial institution 56 may work with a plurality of sponsors
62, 68, 74 so that an individual 50 is provided with several options for selecting a spending
vehicle. The financial institution 56 may arrange to obtain a plurality of spending vehicles
60, 66, 72 from a plurality of sponsors 62, 68, 74. As indicated above, the spending vehicles 60, 66, 72 may be credit cards, debit cards, cash cards, checking cards, spending accounts,
checking accounts, electronic spending accounts, coupons, vouchers, discount certificates, or
rebate certificates. The individual 50 assigns his or her payment rights 52 to a financial
institution 56 and selects one or more spending vehicles 54 from one or more of the sponsors 62, 68, 74. The individual may assign the full or less the full amount of the payment to the
financial institution. The financial institution may arrange to receive the appropriate amount
of the individual's payment 78 by providing payment information 80 to the third party payor
76 from whom the individual is entitled to receive a payment. As indicated above, the payor 76 may be a governmental agency, an employer, or any institution that provides payments to individuals in accordance with instructions from a governmental agency, corporation,
organization, employer, etc. The payment 78 may be a Social Security check, 401(k) distribution, dividend payment, tax refund, etc. The financial institution 56 may then arrange to transfer to each participating sponsor 62, 68, 74 all or a portion of the individual's payment
78. The financial institution 46 may keep a portion of each individual's payment as a fee for allowing sponsor participation. Preferably, the value of the spending vehicle 44 selected by the individual 40 exceeds the value of the payment right 42 transferred to the financial institution. In this arrangement, individuals benefit from the increased spending power
available from the various sponsors. While financial institutions may be beneficial to the process of the present invention, they are not essential.
Fig. 4 shows another embodiment of the present invention in which a financial
institution 96 purchases spending vehicles from a sponsor 102. In this embodiment of the
present invention, a financial institution 96 may make a payment of a lump sum or fixed
amount 98 to a sponsor 102 in return for a plurality of spending vehicles 100. The financial
institution 96 may then distribute one of the spending vehicles 94 to an individual 90 in
exchange for the right to receive a payment 92 from the individual or individual's payor 104.
Payment information 108 provided by the financial institution 96 to the payor 104 may then be used to transfer the individual's payment 106 directly to the financial institution 96. An
electronic funds transfer may be used to complete the transaction so the payor is relieved of
the burden of processing a check payment to the individual.
In accordance with this embodiment of the present invention, a financial institution
96, for example, may purchase $5,000 worth of coupons for $4,000. The financial institution
96 may then sell the coupons to individuals for slightly less than the face value of each
coupon but for more than it paid for each coupon. Under this arrangement, the sponsor benefits from the lump sum payment and increased sales due to the distribution of the coupons to potential customers while the financial institution benefits by selling the coupons for less than its purchase price. Individuals benefit from the increased spending power at the participating sponsor. In addition, the financial institution is not required to transfer any portion of the individual's payment to the sponsor. Fig. 5 shows another embodiment of the present invention in which a particular third
party spending vehicle provider is not necessary. Instead, a financial institution 1 16 (perhaps
the bank where the individual banks), for example, issues a spending vehicle 1 14 directly to the individual 110 that may be used at many different outlets for the purchase of goods and or services. In return for the spending vehicle 1 14, the individual 1 10 assigns payment rights
112, which may be any amount equal to or less than the amount of the payment, directly to
the financial institution 116. The financial institution 1 16 receives the appropriate amount for
the individual's payment 120 from the third party payor 1 18 after providing necessary
payment information 112 to the payor 118. The payment information may include name and account information so that an electronic funds transfer may be completed.
Once the individual receives the spending vehicle and the individual has completed
any process for activating the spending vehicle, the individual may spend the dollar amount of
value inherent in that individual's spending vehicle through participating sponsor or sales
outlets. Furthermore, the spending vehicle provider or sponsor may agree to assign its rights and obligations in the spending vehicle to another entity at which the individual may spend or
obtain the unspent dollar amount of the spending vehicle. The individual is therefore given
even greater flexibility in using the selected spending vehicle.
Once the spending vehicle is activated for the individual, in a preferred embodiment
of the present invention, the individual may be given a period of time in which to use the spending vehicle before a service charge is applied. For example, the individual may incur no service charge on the spending vehicle if the spending vehicle is used within 90 days of being activated. In the event a minimum balance remains in the spending vehicle after the initial "no fee" period, a small monthly service charge may be levied against the spending vehicle until it is entirely used. Alternatively, after a period of time (e.g., 60 days) the spending vehicle provider may issue a check to the individual for the balance left in the spending
vehicle. These alternatives provide the individual with greater flexibility in using the selected
spending vehicle.
Having shown and described a preferred embodiment of the present invention, those
skilled in the art will realize that many variations and modifications may be made to the described invention and still be within the scope of the claimed invention. Thus many of the
elements indicated above may be altered or replaced by different elements which will provide
the same or substantially the same result and fall within the spirit of the claimed invention. It
is the intention therefore to limit the invention only as indicated by the scope of the claims.

Claims

WHAT IS CLAIMED IS:
1. A system for distributing spending vehicles, comprising:
payment rights for an individual entitled to receive a payment; a sponsor of spending vehicles; an assignment of said payment rights; and
a spending vehicle issued from said sponsor to said individual in an amount related to said assigned payment rights.
2. The system of claim 1 wherein said spending vehicle is selected from the group consisting of a credit card, a debit card, a cash card, a checking card, a spending
account, a checking account, a e-wallet account, a gift card, a discount card, a rebate, a coupon, and a voucher.
3. The system of claim 1 wherein said sponsor is selected from the group consisting of a
retailer, a financial institution, a service provider, a wholesaler, a distributor, a
manufacturer, an entertainment entity, a travel entity, a publisher, a governmental entity, an insurance institution, a brokerage institution, a global computer network and online
business, and a consortium of companies.
4. The system of claim 1 further comprising a financial institution for receiving said
assignment of said payment rights and issuing said spending vehicle to said individual.
5. The system of claim 1 further comprising a payor for transferring a payment to an assignee in accordance with said assignment of payment rights.
6. The system of claim 1 wherein the value of said spending vehicle exceeds the value of
said assignment of said payment rights.
7. A method for distributing spending vehicles, comprising the steps of: assigning to a sponsor payment rights for an individual entitled to receive a payment; and issuing a spending vehicle from said sponsor to said individual in an amount related to said assigned payment rights.
8. The method of claim 7 wherein said sponsor is a financial institution.
9. The method of claim 7 wherein the step of issuing a spending vehicle comprises the step of selecting a spending vehicle from the group consisting of a credit card, a debit card, a cash card, a checking card, a spending account, a checking account, a e-wallet
account, a gift card, a discount card, a rebate, a coupon, and a voucher.
10. The method of claim 7 wherein the step of assigning to a sponsor comprises the step of
assigning to a sponsor selected from the group consisting of a retailer, a financial institution, a service provider, a wholesaler, a distributor, a manufacturer, an
entertainment entity, a travel entity, a publisher, a governmental entity, an insurance
institution, a brokerage institution, a global computer network and online business, and
a consortium of companies.
11. The method of claim 7 further comprising the step of transferring a payment to an
assignee in accordance with said assignment of payment rights.
12. The method of claim 6 wherein the step of issuing a spending vehicle comprises the
step of issuing a spending vehicle with a value in excess of the value of said assigned
payment rights.
13. A method for providing individuals with alternatives to cash payments, comprising the
steps of: creating a plurality of spending vehicles; determining an individual's selection of a spending vehicle; issuing said selected spending vehicle to said individual;
obtaining an assignment of said individual's right to a payment; and transferring said individual's payment to an assignee of said assignment.
14. The method of claim 13 wherein the step of determining an individual's selection comprises the step of selecting a spending vehicle from the group consisting of a credit card, a debit card, a cash card, a checking card, a spending account, a checking account,
a e-wallet account, a gift card, a discount card, a rebate, a coupon, and a voucher.
15. The method of claim 13 wherein the step of obtaining an assignment comprises the step
of assigning to a sponsor said individual's right to a payment.
16. The method of claim 15 wherein the step of assigning to a sponsor comprises the step of
assigning to a sponsor selected from the group consisting of a retailer, a financial institution, a service provider, a wholesaler, a distributor, a manufacturer, an
entertainment entity, a travel entity, a publisher, a governmental entity, an insurance
institution, a brokerage institution, a global computer network and online business, and
a consortium of companies.
17. A system for providing individuals with alternatives to cash payments, comprising:
payment rights for an individual entitled to receive a payment;
a financial institution for receiving from said individual an assignment of said
payment rights; a plurality of spending vehicles from a plurality of sponsors; and
a spending vehicle issued from one of said plurality of sponsors to said
individual in accordance with said assignment of said payment rights.
18. The system of claim 17 wherein said spending vehicle is selected from the group
consisting of a credit card, a debit card, a cash card, a checking card, a spending account, a checking account, a e-wallet account, a gift card, a discount card, a rebate, a coupon, and a voucher.
19. The system of claim 17 wherein said sponsor is selected from the group consisting of a
retailer, a financial institution, a service provider, a wholesaler, a distributor, a manufacturer, an entertainment entity, a travel entity, a publisher, a governmental entity,
an insurance institution, a brokerage institution, a global computer network and online
business, and a consortium of companies.
20. The system of claim 17 further comprising a sponsor payment from said financial
institution to said sponsor of said issued spending vehicle.
PCT/US2001/000962 2000-01-14 2001-01-11 Spending vehicles for payments WO2001052171A1 (en)

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CA 2397144 CA2397144A1 (en) 2000-01-14 2001-01-11 Spending vehicles for payments

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