System and method for processing financial transactions

  • US 9,881,299 B2
  • Filed: 07/18/2014
  • Issued: 01/30/2018
  • Est. Priority Date: 03/13/2008
  • Status: Active Grant
First Claim
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1. A method comprising:

  • receiving, at a network-based service provider, data from a giver at a first time, the data being used to identify a merchant at which a gift from the giver to a recipient is redeemable, the giver having a giver payment account existing prior to the first time and the recipient having a recipient payment account existing prior to the first time;

    transmitting, to a giver device, a group of merchants associated with the data, each merchant of the group of merchants offering a promotion in connection with the gift;

    receiving from the giver a selection of a chosen merchant from the group of merchants, the chosen merchant having an associated promotion;

    generating, via the network-based service provider, a policy comprising the gift, the chosen merchant, a gift credit, and the associated promotion, wherein the policy is at least in part giver-defined and wherein the policy is linked to the recipient payment account;

    transmitting an electronic notice to a recipient device, the electronic notice indicating the policy, the gift, the gift credit, and that the policy is linked to the recipient payment account; and

    upon receiving an indication of a triggering event caused by use of the recipient payment account at a second time which is later than the first time and as defined by the policy, transferring an amount of money from the giver payment account to the recipient payment account according to the gift credit to pay for the gift.

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