Decentralized guaranteed stored value transfer system and method
View Patent ↗System and methods for facilitating the settlement of financial accounts across different entities utilize a host computer system that tracks financial transactions made at each merchant location or store and uses this information to reconcile accounts across different entities. In one embodiment, for redemption transactions that occurred within one of the entities other than where the associated account was activated, the host computer system is configured to prepare a request to transfer a redemption amount to a central account from an entity account associated with where the account was activated, and to prepare a request to transfer less than the redemption amount from the central account to an entity account associated with where the redemption transaction occurred.
1. A method for settling financial accounts, the method comprising:
receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities with separate accounting systems, wherein the financial transactions are associated with customer accounts, wherein at least some of the financial transactions are activation transactions where customer accounts are activated with an activation amount, and wherein at least some of the financial transactions are redemption transactions for redemption amounts;
analyzing, with the host computer system, each financial transaction to determine the entity from which the financial transaction originated;
maintaining, at the host computer system, a record of the financial transactions, including from which entity the financial transaction originated; and
for redemption transactions that occurred within one of the entities other than where the associated account was activated, preparing, with the host computer system, a request to transfer a redemption amount to a central account from an entity account associated with where the account was activated, and preparing, with the host computer system, a request to transfer less than the redemption amount from the central account to an entity account associated with where the redemption transaction occurred.
2. A method as in claim 1 , wherein at least some of the financial transactions comprise reload transactions where funds are credited to the customer accounts, and for the reload transactions that occurred within the entities other than where the associated accounts were activated, preparing, with the host computer system, requests to transfer reload amounts from the accounts of the entities where the reload transactions occurred and into the central account, and preparing, with the host computer system, requests to transfer from the central account to accounts of the entities where the associated accounts were activated amounts less than the transferred reload amounts.
3. A method as in claim 1 , further comprising analyzing, with the host computer system, the redemption transactions at the host computer to determine whether the customer accounts contain sufficient funds to cover the redemption transactions.
4. A method as in claim 1 , further comprising transmitting from the host computer system to the stores responses to the requested redemptions.
5. A method as in claim 1 , wherein the requests to transfer each comprise an ACH file.
6. A method as in claim 1 , wherein the host computer system is configured to transfer less than the redemption amount from the central account to the entity account associated with where the redemption transaction occurred regardless of whether the redemption amounts are transferred from the entity account associated with where the account was activated.
7. A method as in claim 1 , wherein the host computer system is configured to calculate a fee and to deduct the fee from the redemption amount, and wherein the fee is selected from a group consisting of a percentage of the redemption amount and a fixed fee.
8. A financial transaction settlement system, comprising:
a transaction processor that is configured to receive and process financial transaction data resulting from a plurality of financial transactions that originate from a plurality of stores that are grouped into separate entities, wherein the transaction processor is configured to process the transactional data to activate new customer accounts and to maintain records on current balances for the customer accounts;
a settlement engine that is configured to analyze each financial transaction to determine the entity from which the financial transaction originated, to maintain a record of the financial transactions that occurred with entities where the associated customer accounts originated, and for a redemption transactions that occurs within one of the entities other than where the associated account originated, preparing a request to transfer funds out from the bank account of the entity where the associated account originated and into a central bank account, and preparing a request to transfer from the central bank account into the bank account of the entity where the redemption transaction occurred an amount that is less than a redemption amount.
9. A system as in claim 8 , wherein at least some of the financial transactions comprise reload transactions where funds are credited to the customer accounts, and for the reload transactions that occur within the entities other than where the associated accounts originated, the settlement engine is configured to prepare requests to transfer funds from the bank accounts of the entities where the reload transactions occurred and into the central bank account, and to prepare requests to transfer less than any reload amounts from the central bank account and into the bank accounts of the entities where the associated accounts originated.
10. A system as in claim 8 , wherein the transaction processor is further configured to analyze the redemption transactions at the host computer to determine whether the customer accounts contain sufficient funds to cover the redemption transactions.
11. A system as in claim 8 , further comprising a plurality of point of sale devices that are located within the stores for transmitting to the transactional processor the transactional data.
12. A system as in claim 8 , further comprising a plurality of customer presentation instruments containing customer account information that is readable by the point of sale devices.
13. A system as in claim 8 , wherein the host computer system is configured to transmit to the stores responses to the requested redemptions.
14. A system as in claim 8 , wherein the requests to transfer each comprise an ACH file.
15. A system as in claim 8 , wherein the host computer system is configured to transfer less than the redemption amount from the central account to the entity account associated with where the redemption transaction occurred regardless of whether the redemption amount is transferred from the entity account associated with where the account originated.
16. A system as in claim 8 , wherein the host computer system is configured to calculate a fee and to deduct the fee from the redemption amount, and wherein the fee is selected from a group consisting of a percentage of the redemption amount and a fixed fee.
17. A method for settling financial gift card accounts, the method comprising:
receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the financial transaction data relate to stored value gift cards, wherein the stores are grouped into separate entities with separate accounting systems, wherein the financial transactions are associated with customer accounts, wherein at least some of the financial transactions are activation transactions where customer accounts are activated with an activation amount which is to be added to the stored value, and wherein at least some of the financial transactions are redemption transactions for redemption amounts which are to be subtracted from the stored value;
analyzing, with the host computer system, each financial transaction to determine the entity from which the financial transaction originated;
maintaining, at the host computer system, a record of the financial transactions, including from which entity the financial transaction originated; and
for redemption transactions that occurred within one of the entities other than where the associated account was activated, preparing, with the host computer system, a request to transfer a redemption amount to a central account from an entity account associated with where the account was activated, and preparing, with the host computer system, a request to transfer less than the redemption amount from the central account to an entity account associated with where the redemption transaction occurred.