SYSTEM AND METHOD FOR PROCESSING GIFTS BETWEEN DIFFERENT EXCHANGE MEDIUMS

• US 20130144707A1
• Filed: 01/30/2013
• Published: 06/06/2013
• Est. Priority Date: 12/14/2010
• Status: Abandoned Application

• Current Assignee: GiftYa, LLC
• Original Assignee: GiftYa, LLC
• Inventors: ISAACSON, Thomas M., DURHAM, Ryan C., WOLFE, Jason, SCANNELL, Jay, BILBAO, Ray
• Application Number:
  US13/754,401
• Publication Number:
  US 20130144707A1
• Time in Patent Office: Days
• US Class Current: 705/14.28
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0227 Frequent usage incentive value reconciliation between diverse systems
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 30/0241 Advertisements
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

Disclosed herein are systems, methods, and non-transitory computer-readable storage media for creating a gift in one medium of exchange from stored value in another medium of exchange. The system accesses a first account representing stored value in a first medium of exchange, and chooses an amount of the stored value from the first medium of exchange. Then the system converts the amount of the stored value to a second medium of exchange to yield a converted amount, and gives the converted amount in the second medium of exchange to a recipient as a gift, wherein the gift is associated with a recipient account for the second medium of exchange, and wherein the gift is associated with a policy monitoring transactions made using the recipient account such that the converted amount is applied to a transaction satisfying conditions of the policy.

Claims

1. A method comprising:

receiving, via a processing device, a request to convert a first gift amount associated with a first recipient account and a first policy from a first medium of exchange to a second medium of exchange, wherein the first policy indicates when a first qualifying transaction using the first recipient according to the first medium of exchange account would trigger application of the first gift amount to the first qualifying transaction;

identifying a second recipient account associated with the second medium of exchange;

converting the first gift amount from the first medium of exchange to the second medium of exchange to yield a second gift amount; and

adapting the first policy to a second policy associated with the second gift amount and the second medium of exchange.

2. The method of claim 1, further comprising:

deactivating at least one of the first gift amount and the first policy.

3. The method of claim 1, wherein the first medium of exchange is currency based and the second medium of exchange is non-currency based.

4. The method of claim 1, wherein the first medium of exchange and the second medium of exchange are non-currency based and are of different types.

5. The method of claim 3, wherein the second medium of exchange is one of frequent flyer miles, hotel rewards points, loyalty points, videogame credits, online service credits, or a reward program denomination.

6. The method of claim 1, further comprising:

retrieving an exchange rate between the first medium of exchange and the second medium of exchange; and

converting the first gift amount from the first medium of exchange to the second medium of exchange according to the exchange rate.

7. The method of claim 6, wherein the exchange rate is an artificial exchange rate indicated by a giver of the first gift amount.

8. The method of claim 7, further comprising:

determining a value representing a difference between the artificial exchange rate and an actual exchange rate for the first gift amount; and

refunding the value to the giver.

9. The method of claim 1, further comprising:

identifying a difference between the first medium of exchange and the second medium of exchange that impacts the first policy; and

adapting the first policy to the second policy based on the difference.

10. The method of claim 1, further comprising:

retrieving rules associated with the first policy; and

adapting the first policy to the second policy based on the rules.

11. A system comprising:

a processing device;

a memory having stored therein instructions which, when executed by the processing device, cause the processing device to;

access a first account representing stored value in a first medium of exchange;

choose an amount of the stored value from the first medium of exchange;

convert the amount of the stored value to a second medium of exchange to yield a converted amount; and

generate, for a recipient, a gift comprising a policy and the converted amount in the second medium of exchange, wherein the gift is associated with a recipient account for the second medium of exchange, and wherein the policy is associated with monitoring transactions made using the recipient account such that the converted amount is applied to a transaction satisfying conditions of the policy.

12. The system of claim 11, the instructions, when executed by the processing device, further causing the processing device to:

withdraw the amount of the stored value from the first account.

13. The system of claim 11, wherein the first account exchange is non-currency based and the second account is currency based.

14. The system of claim 11, wherein the first account and the second account are non-currency based and are of different types.

15. The system of claim 11, wherein the first account is one of frequent flyer miles, hotel rewards points, loyalty points, videogame credits, online service credits, or a reward program denomination.

16. The system of claim 11, the memory having stored therein further instructions which, when executed by the processing device, further cause the processing device to:

retrieve an exchange rate between the first medium of exchange and the second medium of exchange; and

convert the first gift amount from the first medium of exchange to the second medium of exchange according to the exchange rate.

17. The system of claim 16, wherein the exchange rate is an artificial exchange rate indicated by a giver of the amount.

18. The system of claim 17, the memory having stored therein further instructions which, when executed by the processing device, further cause the processing device to:

determine a value representing a difference between the artificial exchange rate and an actual exchange rate for amount; and

refund the value to the giver.

19. The system of claim 11, the memory having stored therein further instructions which, when executed by the processing device, further cause the processing device to:

identify a difference between the first medium of exchange and the second medium of exchange that impacts the policy; and

adapt the policy based on the difference.

20. A non-transitory computer-readable storage medium having stored therein instructions which, when executed by a computing device, cause the computing device to perform a method comprising:

accessing a first account representing stored value in a first medium of exchange;

choosing an amount of the stored value from the first medium of exchange;

converting the amount of the stored value to a second medium of exchange to yield a converted amount; and

giving the converted amount in the second medium of exchange to a recipient as a gift, wherein the gift is associated with a recipient account for the second medium of exchange, and wherein the gift is associated with a policy monitoring transactions made using the recipient account such that the converted amount is applied to a transaction satisfying conditions of the policy.