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Spending vehicles for payments

  • US 7,668,764 B2
  • Filed: 06/13/2006
  • Issued: 02/23/2010
  • Est. Priority Date: 07/16/1999
  • Status: Expired due to Term
First Claim
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1. A computerized system for distributing a spending vehicle, comprising:

  • a spending vehicle having a predetermined value;

    a right of an individual to receive a payment from a payor;

    an assignment executed by said individual wherein said individual agrees to transfer a portion of said payment from said payor to a third party acquiring said right to receive said at least said portion of said payment;

    a payor computer system for receiving payment data to facilitate electronically transferring said portion of said payment from said payor computer system to a third party computer system, said third party acquiring said right to receive said at least said portion of said payment; and

    wherein;

    (1) said spending vehicle is provided to said individual by said third party acquiring said right in exchange for said right to receive said at least said portion of said payment; and

    (2) data regarding said spending vehicle provided to said individual is recorded in said third party computer system.

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