Pub. Number US7401049
Appl. Data 10 20020523
Applicant American Express Travel Related Services Company, Inc.
Inventor(s) Hobbs, Chris
Park, Grace
Rubinshtein, Tomer
Title System and method for a prepaid card issued by a foreign
financial institution
Abstract A system and method for providing a reloadable
prepaid card account maintained by a foreign financial institution is provided.
The foreign financial institution is provided with a domestic payment network
authorization code, such as the bank identification number approved by the
American Banking Association. The BIN along with a prepaid account number is
loaded onto a prepaid card corresponding to the prepaid account. A prepaid
cardholder may present the prepaid card to a merchant system for completion of
a transaction request. The merchant system may be accessed domestically and may
recognize the BIN as belonging to the foreign financial institution authorized
to transact business on the merchant's domestic payment network. The merchant
may seek satisfaction of the transaction request by submitting the transaction
request to an acquirer which may forward the transaction request to the foreign
financial institution for processing. The foreign financial institution may
provide funds to the merchant system to satisfy the transaction request, and
the provided funds may be converted to the currency of the country in which the
merchant system is accessed by the prepaid cardholder.

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