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Funds network and method

a technology of network and funds, applied in the field offund network and method, can solve the problems of not relieve the retailer of ultimate responsibility for funds, consumer may not have sufficient knowledge of the check maker to have confidence in funds, and cannot be sure of its ability to recover check funds

Inactive Publication Date: 2022-10-27
INGO MONEY
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

In some instances, there may be an agreement between the retailer and the card issuer under which funds may be reversed in order to facilitate collection on the check, but such agreement does not relieve the retailer of ultimate responsibility for the funds if the check is not collected.
Even if the consumer has such a banking relationship, however, the consumer may not have sufficient knowledge about the check maker to have confidence in the funds.
Check cashing service provider 18 may have recourse against the consumer but, as a practical matter, may not be sure of its ability to recover the check funds.
Once purchased and assigned a value, they cannot be reloaded with additional funds.

Method used

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  • Funds network and method
  • Funds network and method
  • Funds network and method

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Embodiment Construction

[0040]Reference will now be made in detail to presently preferred embodiments of the invention, one or more examples of which are illustrated in the accompanying drawings. Each example is provided by way of explanation of the invention, not limitation of the invention. In fact, it will be apparent to those skilled in the art that modifications and variations can be made in the present invention without departing from the scope and spirit thereof. For instance, features illustrated or described as part of one embodiment may be used on another embodiment to yield a still further embodiment. Thus, it is intended that the present invention covers such modifications and variations as come within the scope of the appended claims and their equivalents.

[0041]One or more embodiments of the invention described herein are implemented at least partially as and / or using computer programs for use with a computer system, such as, for example, the network environment shown in FIG. 4 and described h...

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Abstract

In a method of providing funds to a monetary repository, information is received identifying a payee and request by the payee to convert a negotiable instrument made to the payee to funds. In response to the information, confirmation is received whether to convert the negotiable instrument to funds. An image of the endorsed negotiable instrument is received. If a determination is made to convert the negotiable instrument to funds, an amount of funds corresponding to a value of the negotiable instrument is directed to a repository.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation of U.S. patent application Ser. No. 13 / 767,624, filed Feb. 14, 2013, entitled “Funds Network and Method,” which claims the benefit of U.S. Provisional Patent Application Ser. No. 61 / 599,371, filed Feb. 15, 2012, entitled “Funds Network and Method.”BACKGROUND OF THE INVENTION[0002]Services have existed for converting negotiable instruments into good funds. As used herein, “good funds” refers to funds that are transferred to a recipient without risk on the recipient's part that the funds will be reversed. Currency is a traditional form of good funds when transferred without underlying contractual obligations, but good funds also encompass electronic and other non-physical currency value transferred without recourse against the recipient.[0003]A person in possession of a negotiable instrument may need to direct funds to accounts that are associated with the person, such as prepaid card accounts, invoice acc...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06Q20/10G06Q20/38
CPCG06Q20/10G06Q20/381
Inventor EDWARDS, DREW W.SIMONEAUX, JOHN R.DOCTOR, STEVEN D.PINSON, RICHARD C.
Owner INGO MONEY