Patent ID: 8515772
Filing Date: 2013-08-20
Classification: G06Q

Abstract:
1. A method for processing a financial transaction, the method comprising: receiving information at a host computer system that defines a beneficiary to the financial transaction and a condition for execution of the financial transaction; prior to satisfaction of the condition, coordinating with the host computer system for collection of funds for each of a plurality of partial payments; receiving at the host computer system information on the collection of the funds; accumulating by a computer processor the collected funds for support of the financial transaction until satisfaction of the condition; determining by a computer processor whether the condition for execution of the financial transaction has been satisfied; and transferring by a computer processor of the host computer system the accumulated collected funds to the beneficiary upon or after satisfaction of the condition to execute the financial transaction, wherein the collection of funds for each of a plurality of partial payments includes at least one of a maximum limit on an amount of each of the plurality of partial payments and a prohibition on a source of the partial payments.