Virtual traveler's check
View Patent ↗The purchase and redemption of virtual traveler's checks is managed. A purchase request is received, which includes 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 has one of a predetermined set of fixed denominations. A check number is issued for each of the one or more virtual traveler's checks. Each check number is associated with the purchasing customer identification information. A redemption request is then received, which includes redeeming customer identification information and a request to redeem at least one of the one or more virtual traveler's checks. The release of funds is approved in an amount equal to the denominations of the requested virtual traveler's checks if the redeeming customer identification information matches the purchasing customer identification information.
1. 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.
2. The method of claim 1 , wherein the purchase request further includes redemption location information, and wherein the transmitting step further comprises verifying that the redemption location information matches a location from which the redemption request was received.
3. The method of claim 1 , wherein the purchase request further includes purchasing customer account information from which the one or more virtual traveler's checks are to be debited.
4. The method of claim 1 , and further comprising:
monitoring a time period between the purchase request and the redemption request; and
denying the redemption request if the time period is less than a redemption delay time period.
5. The method of claim 1 , wherein prior to the transmitting step, the method further comprises:
comparing the redeeming customer identification information to the purchasing customer identification information.
6. The method of claim 5 , wherein the redeeming customer identification information and the purchasing customer identification information comprises at least one of photo identification and biometric information.
7. The method of claim 1 , wherein the purchase request further includes information associated with a customer funding source, and wherein after the issuing step, the method further comprises:
debiting a purchase amount from the customer funding source equal to a total of the predetermined set of fixed denominations of the one or more virtual traveler's checks.
8. The method of claim 7 , wherein prior to the debiting step, the method further comprises:
verifying that the customer funding source includes funds sufficient to cover the purchase amount.
9. The method of claim 1 , wherein the issuing step comprises:
generating a receipt including the check number for each of the one or more virtual traveler's checks.
10. The method of claim 1 , wherein the purchase request locks in an exchange rate for redeeming the one or more virtual traveler's checks.
11. The method of claim 1 , and further comprising:
receiving the redemption request from the purchasing computer if the one or more virtual traveler's checks are not redeemed at the redemption computer.