Systems and methods for facilitating transactions in open loop and closed loop networks

1. A specialized debit card user system for enabling both closed loop and open loop transactions using the same user debit card, including one or more data processing devices in communication with memory and one or more data communication devices, the system comprising:

a) a single, physical user debit card having a magnetic stripe and a chip disposed on the same single, user debit card;

b) a closed loop operator data transceiving terminal, the closed loop operator data transceiving terminal being located at a casino, the closed loop operator data transceiving terminal including an application module executed by the one or more processing devices, the application module residing in the closed loop operator data transceiving terminal, the closed loop operator data transceiving terminal being in communication with the one or more data communication devices, the application module being configured to receive user data transmitted to the closed loop transceiving terminal through the one or more data communication devices, the receipt of user data by the closed loop transceiving terminal actuating the closed loop operator data transceiving terminal to execute: the generation and issuance of the single, physical user debit card for a user; the creation of an open loop member financial account stored in a database associated with an open loop operator and the chip disposed on the single, physical user debit card; and the creation of a corresponding closed loop member financial account stored in a database associated with a closed loop operator and the magnetic stripe disposed on the single, physical user debit card, wherein the open loop member account and the corresponding closed loop member financial account are operatively associated with one another by the closed loop operator transceiving terminal and the single, physical user debit card, the operative association being established through the application module residing in the closed loop operator transceiving terminal;

c) a transaction processing module residing in the closed loop operator data transceiving terminal configured to receive transaction data from a plurality of card reading devices, the transaction processing module enabling execution of the transaction responsive to the transaction data first satisfying preset criteria, the preset criteria specifying that a user initiated transaction is one of the following transactions: (i) a closed loop transaction, wherein the closed loop transaction involves the detection of the magnetic stripe only by a card reading device of an electronic gaming machine in a casino and is limited to the transfer of funds from the closed loop member financial account to credit stored on the electronic gaming machine for use in the play of games on the electronic gaming machine, (ii) an open loop transaction, wherein the open loop transaction involves the detection of the chip only by a card reading device associated with the open loop operator, (iii) a deposit of funds to one of the closed loop member financial account or the open loop member financial account, or (iv) a transfer of funds from the open loop member financial account operatively associated with the single, physical user debit card to the corresponding closed loop member financial account operatively associated with the single, physical user debit card, and wherein the transaction module prevents the execution of any transaction which is not one of (i), (ii), (iii) or (iv), and wherein the transaction data for the transfer of funds of (iv) is executed by the transaction module responsive only to the depositing of funds directly into, from or between the open loop member financial account and the closed loop member financial account without an intermediary receiving any of the transferred funds, the transferred funds to the closed loop member financial account being immediately enabled for use by the single, physical user debit card in the closed loop transactions and the transferred funds to the open loop member financial account being immediately enabled for use by the same single, physical user debit card in the open loop transactions; and

d) a reporting module stored in one or more databases by the closed loop operator, the reporting module being executed by the one or more processing devices and configured to provide notification through the one or more data communication devices to a data communication device associated with the closed loop operator, the notification to the closed loop operator including the transaction data received relating to the user initiated transactions involving the transfer of funds from the open loop member financial account to the closed loop member financial account.

2. The system as recited in claim 1 , wherein the application module provides a graphical user interface accessible through a global communication network.

3. The system as recited in claim 1 , wherein the transaction processing module provides a graphical user interface accessible through a global communication network.

4. The system as recited in claim 1 , further comprising a data communication device configured to communicate notification of transactions.

5. The system as recited in claim 1 , further comprising a processing device configured to compare each closed loop transaction with preset criteria of characteristics, wherein transactions are executed responsive to the satisfaction of the preset criteria.

6. The system as recited in claim 1 , wherein the preset criteria of characteristics set forth transactions involving the purchase of credit for use in a casino game, wherein the purchase results in a corresponding decrease in the funds in the closed loop member account.

7. The system as recited in claim 1 , wherein the preset criteria of characteristics set forth transactions involving the redemption of credit in a casino game, wherein the redemption results in a corresponding increase in the funds in the closed loop member account.

8. A specialized debit card user system for enabling both closed loop and open loop transactions using the same user debit card, including one or more data processing devices in communication with memory and one or more data communication devices, the system comprising:

a) a closed loop operator data transceiving terminal located at a casino including an application module residing in the terminal executed by the one or more processing devices, the closed loop operator data transceiving terminal being in communication with the one or more data communication devices, the application module being configured to receive user data through the one or more data communication devices, the receipt of user data facilitating the issuance of an open loop member financial account and a corresponding closed loop member financial account to a user, the open loop member account and closed loop member account being operatively associated with one another, the closed loop member account being enabled and stored in one or more databases by a closed loop operator for the use of funds in one or more closed loop transactions, each closed loop transaction being enabled only by the magnetic stripe on the single, one physical user debit card being detected by a card reading device on an electronic gaming machine, wherein the closed loop transaction involving the electronic gaming machine is limited to the transfer funds from a closed loop member account to credit for play stored on the electronic gaming machine, wherein both the open loop member financial account and the closed loop member financial account are linked by the application module to a single, one physical user debit card, the single, one physical user debit card being enabled to execute transactions debiting the closed loop member financial account and execute transactions debiting the open loop member financial account, the closed loop member financial account being operatively associated with a magnetic stripe disposed on the single, one user debit card and configured to access the closed loop member financial account, the open loop member financial account being operatively associated with a chip disposed on the single, one user debit card and configured to access the open loop member financial account, wherein the open loop member financial account is enabled for the use of funds therein in one or more open loop transactions and disabled for use with the one or more electronic gaming machines;

b) a transaction processing module executed by the one or more processing devices, the transaction processing module executed by the one or more processing devices being configured to receive transaction instructions from the one or more communication devices, the transaction instructions relating to the transfer of funds from an open loop member financial account issued to a member to a closed loop member financial account issued to the member, wherein the transfer of funds between the open loop member financial account and the closed loop member financial account is executed responsive to the receipt of the transaction instructions, the transfer of funds being made directly between the open loop member financial account and the closed loop member financial account and transferred without an intermediary receiving any of the funds being transferred, and wherein the transaction instructions are received through a user input device with a currency acceptor; and

c) a reporting module stored in the one or more databases by the closed loop operator, the reporting module transmitting notification to a data communication device associated with the closed loop operator, the notification including the transaction instructions received relating to the transfer of funds to the closed loop member financial account.

9. The system as recited in claim 8 , wherein the application module provides a graphical user interface accessible through a global communication network.

10. The system as recited in claim 8 , wherein the transaction processing module provides a graphical user interface accessible through a global communication network.

11. The system as recited in claim 8 , wherein each closed loop transaction is enabled only for use with one or more electronic gaming machines identified as being provided by the closed loop member.