Methods and systems for coordinating pooled financial transactions
First Claim
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1. A method for processing a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, comprising:
- providing a network comprising a host system interfaced with a plurality of geographically disperse transaction devices;
receiving at the host system, from at least one of the contributor first parties, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party;
accumulating funds by accepting partial payments from the contributor first parties, whereinthe partial payments are collected via interactions of the contributor first parties with respective transaction devices, and whereinthe interactions are by at least two different first parties, at two different devices;
at the host system, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied;
upon determining, by the host system, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party.
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Abstract
Methods and systems are provided for processing a financial transaction. A set of conditions is received that define circumstances for execution of the financial transaction. Funds are collected for each of a plurality of partial payments prior to satisfaction of the set of conditions, with at least two of the partial payments being collected from different persons. The collected funds are accumulated for support of the financial transaction until satisfaction or failure of the set of conditions.
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Citations
20 Claims
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1. A method for processing a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, comprising:
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providing a network comprising a host system interfaced with a plurality of geographically disperse transaction devices; receiving at the host system, from at least one of the contributor first parties, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party; accumulating funds by accepting partial payments from the contributor first parties, wherein the partial payments are collected via interactions of the contributor first parties with respective transaction devices, and wherein the interactions are by at least two different first parties, at two different devices; at the host system, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied; upon determining, by the host system, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a host system including an input device, a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the host system to process a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, over a network comprised of the host system interfaced with a plurality of geographically disperse transaction devices, in accordance with the following:
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receiving from at least one of the contributor first parties, over the communications system, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party; accumulating funds, with the processor, by accepting partial payments from the contributor first parties, wherein the partial payments are collected via interactions of the contributor first parties with respective transaction devices, and wherein the interactions are by at least two different first parties, at two different devices; at the host system, using the communication system and the processor, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied; upon determining, by the host system using the processor, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
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Specification