TransCash, Corp. today announced that they have been awarded US Patent Number 7,581,674 B2 entitled “Financial Transaction System and Method”.
TransCash’s patent generally describes a system of sharing money using two prepaid cards. A dual-card package containing two prepaid cards is purchased at a point-of-sale location. The primary card is activated by the principal account cardholder depositing funds onto the card. The primary card is used for activating, reloading funds, and may transfer funds to the secondary card held by an immediate family member of the primary card account holder. The secondary prepaid card provides access to funds pursuant to terms and conditions of the card agreement.
Charles Cohen, CEO of TransCash stated that
This patent represents an important step in the development of the TransCash brand, it sets the company apart from its competitors because of the two card packages. This system of sharing funds represents an innovative way of sharing funds with an immediate family member or loved ones. It makes sharing money with an immediate family member easier and more affordable.
According to TransCash, the patent addressed a need to simplify the methodology for funds being moved to an immediate family member, example a father to his daughter, to assist in providing funds to children at school, or to a father working in one area of the country, with a child or spouse in another location.
The TransCash Visa® Prepaid card program provides a set of Visa Prepaid cards, one being reloadable and the other funded from the principal card, conveying rights and privileges pursuant to the terms and conditions of the prepaid card, including purchasing goods and services everywhere Visa Debit is accepted worldwide. The primary card holder keeps the primary card (black card) and gives the companion card (red card) to his or her immediate family member (spouse or child). The cardholder with the primary card (black card) can then move funds from one card to the immediate family member’s card, sharing money online or over the phone and the funds are immediately available to the immediate family member provided the companion red card. This service is included in the monthly fee and the cards are usable anywhere Visa is accepted.
View the full text of the U.S. Patent here.