Patent ID: 8392310
Filing Date: 2013-03-05
Classification: G06Q

Abstract:
1. A system for automated identification and processing of qualifying expenses for a tax-advantaged account, comprising: a data storage system configured to store account activity data for a tax-advantaged account, to store transaction data associated with a plurality of expenses to be processed, and to store qualifying expense data for a plurality of qualifying expenses associated with the tax-advantaged account, wherein the transaction data includes a transaction source identifier and a merchant identifier for each expense to be processed, and wherein the qualifying expense data includes a transaction source identifier and a merchant identifier associated with each qualifying expense; an interface computing system coupled to an external electronic channel and to the data storage system, the interface computing system configured to allow a user to access the account activity data, the transaction data and the qualifying expense data; and a networked computing system coupled to an external electronic channel and to the data storage system, the networked computing system being configured to receive transaction data associated with a plurality of expenses from a plurality of different external payment sources through the external electronic channel, to process the transaction data to obtain the transaction source identifier and the merchant identifier for each expense to be processed, to identify one or more qualifying expenses from the expenses to be processed, and to communicate with the data storage system to store the qualifying expense data for each qualifying expense; wherein the plurality of different external payment sources are different from the tax-advantaged account; wherein the transaction data from the plurality of external payment sources represents data from transactions where the external payment sources were used to make payment for the plurality of expenses; wherein the networked computing system is further configured to generate electronic payment instructions for a reimbursement transaction and to communicate the electronic payment instructions to a computing system, the reimbursement transaction representing a withdrawal from the tax-advantaged account by an account holder, and the electronic payment instructions being configured to cause the reimbursement transaction to occur; and wherein the data storage system is further configured to store data associated with user reimbursement preferences, wherein the interface computing system is configured to allow a user to modify the user reimbursement preferences, wherein the networked computing system is configured to utilize the user reimbursement preferences to determine an amount for the reimbursement transaction, and wherein the networked computing system is further configured to initiate the withdrawal from the tax-advantaged account at any future time when criteria based upon the user reimbursement preferences are met.