System and method for issuing prepaid negotiable instruments
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United States of America Patent
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Feb 13, 2018
Issued Date -
N/A
app pub date -
Dec 10, 2015
filing date -
Nov 10, 2006
priority date (Note) -
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Abstract
Pre-paid negotiable instruments are issued in response to a request at a host system from the holder of a stored-value account. The request is made through an IVR system or a web interface, and the host allocates funds from the account and provides a balance remaining after the negotiable instrument is issued. The instrument is printed with a transaction number or other identifier at an issuing system, and is then sent to the account holder. The account holder activates the instrument after receipt. The payee receives the instrument and authorizes the instrument by providing the transaction number or identifier to the host. When authorized, payment is guaranteed to the payee from the issuer.
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