Nimit S Sawhney

US Patent:

20080189210, Aug 7, 2008

Filed:

Feb 5, 2008

Appl. No.:

12/026371

Inventors:

Nimit Sawhney - Brookline MA, US

International Classification:

G06Q 20/00
G06Q 40/00
G06F 17/10

US Classification:

705 44

Abstract:

A system and method allowing a roaming user to credit or debit a prepaid stored value account across international boarders from a foreign retail location using local currency. A roaming user enters into a commercial transaction at the foreign retail location to credit, debit, or otherwise manage the prepaid stored value account, with the credit/debit amount being identified in a first currency. A transaction request received by a foreign merchant is forwarded to a broker, which in turn generates an electronic transaction request directed to a target stored value account managing entity, and performs any currency exchange that may be required. The managing entity applies the purchased credit or debit to the account using a second currency, the credit/debit amount can be determined according to a currency exchange rate between the first and second currencies. Accordingly, a roaming user's transaction can be processed in real time.