Stored value payouts
First Claim
1. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:
- receiving information at the online money transfer system, wherein the information relates to processing of one or more received payments associated with at least two payees, wherein the information relates to two or more different rules, wherein each of the two or more different rules relate to a different one of the payees, and wherein each of the two or more different rules define routing for incoming payments to a payee based on occurrence of a trigger condition and include at least a first rule comprising an earmark rule relating to one of the two payees and a second different rule comprising an escrow rule relating to a different one of the two payees;
receiving the incoming payment associated with the payee;
determining a default repository for the incoming payment;
determining a priority for two or more different rules for two or more payments;
determining an order for the two or more different rules, the order based on the priority;
applying the two or more different rules in serial fashion based on the order;
transferring a first portion of the incoming payment as an earmark away from the default repository according to the first rule and the order;
holding a second portion of the incoming payment in escrow for benefit of at least one predetermined party according to the second rule and the order, wherein the escrowed second portion of the incoming payment is accessible by the at least one predetermined party subject to a set of conditions; and
determining if one of the two or more different rules has expired due to a temporal event.
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Accused Products
Abstract
According to the invention, a method for automatically processing an incoming payment for a payee with an online money transfer system. In one step, information is received at the online money transfer system. That information relates to processing of one or more received payments associated with the payee. At some point, the incoming payment associated with the payee is received. A default repository for the incoming payment is determined. It is determined whether to transfer at least some of the incoming payment away from the default repository or escrow at least a portion of the incoming payment for benefit of at least one predetermined party. Either the earmark or the escrow is applied after this determination.
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Citations
26 Claims
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1. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:
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receiving information at the online money transfer system, wherein the information relates to processing of one or more received payments associated with at least two payees, wherein the information relates to two or more different rules, wherein each of the two or more different rules relate to a different one of the payees, and wherein each of the two or more different rules define routing for incoming payments to a payee based on occurrence of a trigger condition and include at least a first rule comprising an earmark rule relating to one of the two payees and a second different rule comprising an escrow rule relating to a different one of the two payees; receiving the incoming payment associated with the payee; determining a default repository for the incoming payment; determining a priority for two or more different rules for two or more payments; determining an order for the two or more different rules, the order based on the priority; applying the two or more different rules in serial fashion based on the order; transferring a first portion of the incoming payment as an earmark away from the default repository according to the first rule and the order; holding a second portion of the incoming payment in escrow for benefit of at least one predetermined party according to the second rule and the order, wherein the escrowed second portion of the incoming payment is accessible by the at least one predetermined party subject to a set of conditions; and determining if one of the two or more different rules has expired due to a temporal event. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 23, 24, 25, 26)
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14. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:
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receiving a plurality of different rules at the online money transfer system with a wide area network, wherein each rule of the plurality defines processing of one or more received payments associated with at least two payees based on occurrence of a trigger condition and including at least a first rule comprising an earmark rule relating to one of the two payees and a second different rule comprising an escrow rule relating to a different one of the two payees; receiving from a payor the incoming payment that is associated with a payee; determining a priority for the plurality of different rules; determining an order for the plurality of rules for two or more payments, the order based on the priority; determining a particular sequence for applying the plurality of different rules based on the order; analyzing the first rule of the plurality of different rules to determine that the first rule applies to the incoming payment; in response to analyzing the first rule, transferring a first portion of the incoming payment as an earmark away from the default repository, wherein the earmark routes the first portion to an account of a handler; analyzing the second rule of the plurality of different rules to determine that the second rule applies to the incoming payment; and in response to analyzing the second rule, holding a second portion of the incoming payment in escrow for benefit of at least one predetermined party, wherein the escrowed second portion of the incoming payment is accessible by the at least one predetermined party subject to a set of conditions. - View Dependent Claims (15, 16, 17, 18, 19)
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20. A method for automatically processing an incoming payment for a payee with an online money transfer system, the method comprising steps of:
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receiving a plurality of different rules at the online money transfer system with a wide area network, wherein each rule of the plurality defines processing of one or more received payments associated with at least two payees based on occurrence of a trigger condition and including at least a first rule comprising an escrow rule relating to one of the payees and a second different rule comprising an earmark rule relating to a different one of the two payees; receiving from a payor the incoming payment that is associated with a payee; determining a default repository for the incoming payment that would be used in absence of any applicable rules; determining a priority for the plurality of rules; determining an order for the plurality of different rules for two or more payments, the order based on the priority; applying the plurality of rules in serial fashion based on the order; determining the first rule of the plurality of rules, to escrow at least some of the incoming payment for benefit of at least one predetermined party, wherein; the one predetermined party is neither the payee or the payor, and funds subject to the escrow of the second-listed determining step are available to the one predetermined party subject to a set of conditions; in response to determining the first rule, holding a first portion of the incoming payment in escrow; determining the second rule of the plurality of different rules to transfer at least some of the incoming payment as an earmark; in response to determining the second rule, earmarking a second portion of the incoming payment; and determining if a predetermined rule of the information has expired due to a temporal event. - View Dependent Claims (21, 22)
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Specification