Innovation
Fund LLC
Metropolitan Tower
146 West 57th Street, suite 33D
New York, NY 10019
Contact: Barbara Carver
Phone: 516-921-3100
For
Immediate Release
VIRTUAL
CREDIT CARDS - INSTANT MONEY TRANSFERS
VIA INTERNET
Donald Spector, Chairman of Innovation Fund Announces
Issued Patent on Satellite Credit Cards
Innovation Fund LLC (www.innfund.com), a world wide
leader in proprietary technology development, announced that it has
a granted patent on Virtual Credit Cards. Using this technology a
person can go to a bank website and create a virtual credit card in
the name of a family member, employee or friend. The amount of money
is subtracted from the primary credit card’s available balance
at the sender’s discretion, and the new Virtual Credit Card
number (with an encrypted Pin) can be immediately emailed to the recipient.
Since more transactions are done on the phone in the travel and recreation
industries, the recipient can start making use of this transferred
money in seconds, as opposed to the several day lag required by many
forms.
“This is great for the company that wants to
send an employee to purchase something or on a trip, but doesn’t
want to issue that person a permanent credit card,” says Donald
Spector. He goes on to emphasize that “With this system the
credit can be transferred as well as revoked in seconds, unlike debit
or other cards which provide one way or single action transactions.”
Spector was granted a patent for this system and believes it will
change the way people will have access to their money.
This system works very well with email and will make
many other systems obsolete overnight. It allows the primary card
holder to track the spending on the newly created Virtual Credit Card
and withdraw the credit line at any time. Unlike a debit card, credit
cards are accepted at many more locations since they have a continuous
update where the credit limits can be checked. The system also provides
a simple way for the consumer to issue his own travel credit card
without having to risk his entire balance if the card is stolen. The
card can be stopped from any Internet location and has advantages
in reporting issues, cancellations and re-issues. Everything is foolproof
and can be done in seconds.
Innovation Fund LLC owns proprietary technologies
from Computer and Satellite technologies to Consumer products and
Entertainment properties. It licenses to or joint ventures with Fortune
500 companies and is a worldwide leader in innovation with hundreds
of patents in a broad diversity of industries.
FOR MORE INFORMATION, PLEASE CONTACT: BARBARA CARVER
AT 516 921-3100 OR VIA EMAIL AT bcarver@innfund.com
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