Virtual traveler's check

A virtual traveler's check system comprising:

• a purchase computer for making a purchase request, the purchase request including purchasing customer identification information and a request for one or more virtual traveler's checks, each of the one or more virtual traveler's checks having one of a predetermined set of fixed denominations;
• a server that receives the purchase request and issues a check number for each of the one or more virtual traveler's checks and associates the check numbers with the purchasing customer identification information;
• and
• a redemption computer for making a redemption request, the redemption request including redeeming customer identification information and a request to redeem at least one of the one or more virtual traveler's checks, the redemption computer retrieving the check numbers associated with the requested virtual traveler's checks, and the server approving release of funds at the redemption computer in an amount equal to the denominations of the requested virtual traveler's checks if the redeeming customer identification information matches the purchasing customer identification information.

A method for processing a virtual traveler's check, the method comprising:

• receiving a purchase request at a purchase location, the purchase request including purchasing customer identification information and a request for a virtual traveler's check, the virtual traveler's check having one of a predetermined set of fixed denominations;
• transmitting the purchase request to a server;
• issuing a check number for the virtual traveler's check, the check number associated with the purchasing customer identification information;
• transmitting the check number to the purchase location;
• receiving a redemption request at a redemption location, the redemption request including redeeming customer identification information and a request to redeem the virtual traveler's check;
• transmitting the redemption request to the server;
• approving the redemption request if the redeeming customer identification information is valid and matches the purchasing customer identification information;
• and
• issuing funds at the redemption location in an amount equal to the denomination of the virtual traveler's check in the redemption request.

A system for managing the purchase and redemption of virtual traveler's checks, the system comprising:

• a server that communicates with a plurality of computers, the server operable to:
• receive an electronic purchase request, the purchase request including purchasing customer identification information and a request for one or more virtual traveler's checks, each of the one or more virtual traveler's checks having one of a predetermined set of fixed denominations;
• issue data representative of a check number for each of the one or more virtual traveler's checks, wherein each check number is associated with the purchasing customer identification information;
• receive an electronic redemption request including redeeming customer identification information and a request to redeem at least one of the one or more virtual traveler's checks;
• and
• transmit an electronic release approval to release of funds in an amount equal to the denominations of the requested virtual traveler's checks if the redeeming customer identification information matches the purchasing customer identification information