System, program product, and computer-implemented method for loading a loan on a pre-paid card
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United States of America Patent
Stats
-
Jul 23, 2013
Grant Date -
Nov 19, 2009
app pub date -
May 13, 2009
filing date -
Dec 21, 2007
priority date (Note) -
In Force
status (Latency Note)
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Abstract
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 a pre-paid card associated with the pre-paid card processor so that release of the loan proceeds is pending an activation of a pre-paid card. Next, the bank receives notice of an activation of a pre-paid card associated with the pre-paid card processor responsive to an activation request on behalf of the approved borrower. Then the bank credits the pending loan proceeds to the pre-paid card processor for the activated pre-paid card so that the loan proceeds are released to the approved borrower and are immediately available.
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