System, program product, and computer-implemented method for loading a loan on an existing pre-paid card
Embodiments of the present invention provide systems, program products, and methods of loading a loan on a pre-paid card. A bank receives authorization from a lender to credit loan proceeds from the lender to an approved borrower on an existing pre-paid card associated with the pre-paid card processor. Next, the bank credits the loan proceeds to the pre-paid card processor for the existing pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.
1. A computer-implemented method to facilitate funding of a loan from a lender to an existing prepaid card account associated with one of a plurality of prepaid card processor computers and to cause one or more bank fees to be charged to the lender, each of the plurality of prepaid card processor computers having a preselected communication protocol different from each other, the computer-implemented method comprising:
creating, via one or more computers, associated with a bank and defining a bank computer, a loan proceeds account to receive loan proceeds from a lender computer of the lender, responsive to receipt of loan authorization data from the lender computer, the loan authorization data including a lender authorized amount and a request to transfer the loan proceeds to an existing prepaid card account number of the existing prepaid card account associated with a borrower,
crediting, via the bank computer, the lender authorized amount to the loan proceeds account,
classifying the existing prepaid card account according to the one of the plurality of prepaid card processor computers,
determining the one of the plurality of prepaid card processor computers from the loan authorization data,
generating, via the bank computer, a request to verify the existing prepaid card account number in the preselected communication protocol of the one of the plurality of prepaid card processor computers, thereby allowing the request to be processed by the one of the plurality of prepaid card processor computers,
converting loan funding data into a processor-specific instruction format of the one of the plurality of prepaid card processor computers,
sending, via the bank computer using a prepaid card interface module, the request to the one of the plurality of prepaid card processor computers to thereby communicate in the preselected communication protocol of the one of the plurality of prepaid card processor computers, the prepaid card interface module having a same entry point with respect to the plurality of prepaid card processor computers,
receiving, from the one of the plurality of prepaid card processor computers, verification data indicating verification of the existing prepaid card account number,
deducting, via the bank computer, one or more bank fees from the lender authorized amount responsive to receipt of verification of the existing prepaid card account number,
communicating, via the bank computer and responsive to the bank computer deducting the one or more bank fees, the loan funding data, as converted, to the one of the plurality of prepaid card processor computers using the preselected communication protocol to thereby release the loan proceeds to the one of the plurality of prepaid card processor computers so that the loan proceeds become immediately available to the borrower to thereby facilitate the funding of the loan from the lender to the existing prepaid card account; and
loading the loan proceeds, as released, to a prepaid card associated with the existing prepaid card account responsive to the bank computer releasing the loan proceeds to the one of the plurality of prepaid card processor computers, wherein loading the loan proceeds, as released, to the prepaid card comprises:
receiving information stored on a magnetic stripe of the prepaid card via a reading head of a card reader device that is configured to read a swipe of the magnetic strip,
receiving a notice of activation of the prepaid card responsive to an activation request,
changing, responsive to the notice of activation, the magnetic stripe of the prepaid card to reflect a presence of funds sufficient up to a specified amount for purchase of goods or services, and
encoding, by the one of the plurality of the prepaid card processor computers, a track of information with a primary account number, an expiration date, a service code, and discretionary verification data.
2. A computer-implemented method as defined in claim 1 , wherein the loan proceeds are available to the borrower through the existing prepaid card account after a delay of one-half of one second to one minute after the bank computer receives the loan authorization data from the lender computer.
3. A computer-implemented method as defined in claim 1 , wherein the computer-implemented method further comprises:
querying the plurality of prepaid card processor computers to determine which of the plurality of prepaid card processor computers maintains the existing prepaid card account.
4. A computer-implemented method as defined in claim 1 , wherein the loan authorization data includes prepaid card processor identification data that indicates which of the plurality of prepaid card processor computers maintains the existing prepaid card account.
5. A computer-implemented method as defined in claim 4 , wherein the computer-implemented method further comprises:
determining the preselected communication protocol of the one of the plurality of prepaid card processor computers using the prepaid card processor identification data in the loan authorization data.