AWARD SYSTEM WITH INCREASED PAYOUT OPTIONS
First Claim
1. A financial transaction system comprising:
- a financial institution;
a financial alternative to currency issued by the financial institution to one or more consumers; and
a participating merchant network accepting the financial alternative to currency to provide goods or services to the one or more consumers and receive reimbursement for the goods and services from the financial institution;
wherein the financial institution charges the one or more consumers for the goods or services purchased using the financial alternative to currency and provides to each of the one or more consumers an award related to a total value of the goods or services purchased by each of the one or more consumers using the financial alternative to currency, each of the one or more consumers'"'"' awards being electronically transferable to one or more other financial accounts accepting electronic transfers through a standard routing system.
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0 Petitions
Accused Products
Abstract
A cash rebate award system with increased payout options is presented, wherein a consumer using a financial alternative to currency is rewarded based on the purchases made by the consumer within a given time frame, and is allowed to electronically transfer the award into any number of banking or investment accounts. A standard electronic currency transfer system, such as the ABA routing number system, or the ACH routing system, can be used so as not to limit the accounts into which the consumer can transfer their award. Consumers can also choose to transfer their award to multiple accounts, or accounts belonging to others, such as family or charities. Account information can also be saved for more efficient subsequent transfers, and automated transfers can also be set up by the consumer.
56 Citations
2 Claims
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1. A financial transaction system comprising:
- a financial institution;
a financial alternative to currency issued by the financial institution to one or more consumers; and
a participating merchant network accepting the financial alternative to currency to provide goods or services to the one or more consumers and receive reimbursement for the goods and services from the financial institution;
wherein the financial institution charges the one or more consumers for the goods or services purchased using the financial alternative to currency and provides to each of the one or more consumers an award related to a total value of the goods or services purchased by each of the one or more consumers using the financial alternative to currency, each of the one or more consumers'"'"' awards being electronically transferable to one or more other financial accounts accepting electronic transfers through a standard routing system.
- a financial institution;
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2-29. -29. (canceled)
Specification