Patent ID: 8296226
Filing Date: 2012-10-23
Classification: G06Q

Abstract:
1. An apparatus to process a transaction for an asset-backed purchase account, the apparatus comprising: a digital processor configured to implement operations found in a plurality of modules, the plurality of modules comprising: a house account module that maintains a house account not owned by a consumer, wherein the house account is substantially continually available to purchase at least a portion of one or more assets backing a purchase account owned by the consumer, each of the one or more assets having a substantially continually updated spot purchase price; and a debit module that receives transaction details from a client transaction server, wherein the client transaction server is an intermediary between the house account and a point of sale device, the transaction details corresponding to a transaction between the consumer and a merchant; and wherein the debit module debits the purchase account of the consumer by selling a quantity of the one or more assets to the house account in exchange for the apparatus initiating a transfer of funds to the merchant, wherein, the quantity of the one or more sold assets is based on the spot purchase price of the one or more sold assets at the time of the transaction between the consumer and the merchant; and on an amount of the transaction, wherein the merchant receives a monetary valued of the asset; and the funds transferred to the merchant, correspond to the amount of the transaction.