Patent ID: 8738405

Claim:
A method for processing a transaction by a data processing system, the data processing system comprising at least one processor and one or more memories, the method comprising: receiving, by the data processing system via a network, transaction data comprising a first amount to be paid by an insurance company and a second amount that was paid by an insured party; determining, by the data processing system, whether the second amount is eligible to be reimbursed from a first account associated with the insured party, wherein funds in the first account are not directly accessible to the insured party; determining, by the data processing system, whether sufficient funds are available in the first account to reimburse the second amount; deducting, by the data processing system, the second amount from the first account associated with the insured party in response to determining that the second amount is eligible to be reimbursed from the first account and that there are sufficient funds available in the first account to reimburse the second amount; and transferring, by the data processing system, the second amount over an electronic financial network to a second account associated with the insured party, wherein funds in the second account are directly accessible by the insured party.