FIELD OF INVENTION

The present invention generally relates to computer systems and methods for transferring value from one account to another account. Specifically, the present invention relates to computer systems and methods for transferring stored value from checking or savings accounts, credit cards, debit cards, gift cards, and network-branded, open-loop, closed-loop, merchant-branded, or general purpose prepaid cards, both re-loadable and non-loadable, to other accounts, including, but not limited to checking or savings accounts, debit or credit card accounts, PayPal, Amazon Payments, Venmo, online stored value accounts, brokerage accounts, reloadable cards, digital marketplaces for the sale or purchase of digital gift cards or prepaid cards, or digital wallets for other users.

BACKGROUND OF THE INVENTION

Often, it would be desirable to transfer value from one or more accounts to another account. For example, the user may wish to transfer money from a gift card to a savings or checking account. In this way, the value of the funding card can be available in the account and may be spent as cash using a debit card, withdrawn as cash using an ATM card, or used to fund a personal check written against the account. In another example, the user may wish to transfer value from a credit card account to a bank account. A user also may wish to transfer money from a gift card or prepaid card to a credit card account, thus reducing the outstanding balance due on the account, or any outstanding balance (charge, revalue, lending on charge, late fees etc.) on the receiving end. A user may wish to transfer funds between more than two individuals; for example, User 1 and User 2 elect to transfer value simultaneously in an in-person context to User 3 in the form of one fluid action where the transfer amount is divided between the individuals to send funds, in this case User 1 and User 2. A user may wish to allow another individual to purchase or use the balance available on a gift card or prepaid card; for example, User 1 makes available to User 2 within a digital marketplace the balance on a gift card or prepaid card, and User 2 may elect to have that balance transferred from the digital marketplace to User 2's digital wallet. In another example, a user may wish to transfer value in the form of a loan. Systems and methods for facilitating such aforementioned transfers are highly desirable.

Systems and methods for facilitating a transfer as described herein are also desirable to and benefit the various parties involved in managing and administering these types of accounts, including, but not limited to, card issuers, program administrators, sponsors, payment networks, payment processors and merchants who enable gift card programs for retail. As one example, escheatment regulation effected in many states across the United States entitles local governments to lay claim to some or all of the residual value in stored value accounts that become inactive for some period of time, and prevents the aforementioned parties from earning their full share of revenue. Conversely, the systems and methods for facilitating a transfer as outlined here not only provide some measure of guaranteed revenue to the aforementioned parties, but also a vehicle to interact with the users of these accounts that may not be available otherwise, particularly in the case of an anonymous stored value account such as an open-loop gift or closed-loop prepaid card.

One existing method of making payments is PayPal. PayPal is directed primarily at Internet sales and purchasing. This service allows transfers using a credit or debit card, cash or check. However, transfers must be made to on-line accounts that the users have created through the PayPal system. Thus, it requires signing up for and verification of amounts using the PayPal system and transferring funds through the PayPal system prior to transfer to the desired account or availability to the user. Additionally, PayPal does not permit parties involved in managing and administering stored value accounts to interact with consumers through the Paypal system because they may not participate without permission by setting up a Paypal account, and even so are limited in interactions with consumers.

The existing technology for payments does not allow users to quickly transfer value from one or more accounts to another account in their own name unless all accounts reside within the same financial institution, thereby creating a business challenge that is particular to the banking and financial services worlds. Technology exists to load value onto prepaid cards, but not off such cards. Accordingly, there remains a continuing need for a method that allows users to transfer value from one or more accounts to other user-selected accounts.

