DECENTRALIZED GUARANTEED STORED VALUE TRANSFER SYSTEM AND METHOD
First Claim
1. A method for settling financial accounts, the method comprising:
- receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities with separate accounting systems, wherein the financial transactions are associated with customer accounts, wherein at least some of the financial transactions are activation transaction where customer accounts are activated with an activation amount, and wherein at least some of the financial transactions are redemption transactions for redemption amounts;
analyzing each financial transaction to determine the entity from which the financial transaction originated;
maintaining a record of the financial transactions, including from which entity the financial transaction originated; and
for redemption transactions that occurred within one of the entities other than where the associated account was activated, preparing a request to transfer a redemption amount to a central account from an entity account associated with where the redemption transaction occurred, and preparing a request to transfer less than the redemption amount from the central account to an entity account associated with where the account was activated.
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Accused Products
Abstract
System and methods for facilitating the settlement of financial accounts across different entities utilize a host computer system that tracks financial transactions made at each merchant location or store and uses this information to reconcile accounts across different entities. In one embodiment, for redemption transactions that occurred within one of the entities other than where the associated account was activated, the host computer system is configured to prepare a request to transfer a redemption amount to a central account from an entity account associated with where the redemption transaction occurred, and to prepare a request to transfer less than the redemption amount from the central account to an entity account associated with where the account was activated.
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Citations
16 Claims
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1. A method for settling financial accounts, the method comprising:
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receiving at a host computer system financial transaction data resulting from a plurality of financial transactions originating from a plurality of stores, wherein the stores are grouped into separate entities with separate accounting systems, wherein the financial transactions are associated with customer accounts, wherein at least some of the financial transactions are activation transaction where customer accounts are activated with an activation amount, and wherein at least some of the financial transactions are redemption transactions for redemption amounts;
analyzing each financial transaction to determine the entity from which the financial transaction originated;
maintaining a record of the financial transactions, including from which entity the financial transaction originated; and
for redemption transactions that occurred within one of the entities other than where the associated account was activated, preparing a request to transfer a redemption amount to a central account from an entity account associated with where the redemption transaction occurred, and preparing a request to transfer less than the redemption amount from the central account to an entity account associated with where the account was activated. - View Dependent Claims (2, 3, 4, 5, 6, 7, 15, 16)
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8. A financial transaction settlement system, comprising:
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a transaction processor that is configured to receive and process financial transaction data resulting from a plurality of financial transactions that originate from a plurality of stores that are grouped into separate entities, wherein the transaction processor is configured to process the transactional data to activate new customer accounts and to maintain records on current balances for the customer accounts;
a settlement engine that is configured to analyze each financial transaction to determine the entity from which the financial transaction originated, to maintain a record of the financial transactions that occurred with entities where the associated customer accounts originated, and for a redemption transactions that occurs within one of the entities other than where the associated account originated, preparing a request to transfer funds out from the bank account of the entity where the redemption transaction occurred and into a central bank account, and preparing a request to transfer from the central bank account into the bank account of the entity where the associated account originated an amount that is less than a redemption amount. - View Dependent Claims (9, 10, 11, 12, 13, 14)
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Specification