Patent ID: 7225154

Claim:
A method for processing a pooled funds transfer between a plurality of contributor first parties to a different, beneficiary second party, comprising: providing a network comprising a host system interfaced with a plurality of geographically disperse transaction devices; receiving at the host system, from at least one of the contributor first parties, a set of conditions that define the circumstances for the execution of the funds transfer to the second beneficiary party; accumulating funds by accepting partial payments from the contributor first parties, wherein the partial payments are collected via interactions of the contributor first parties with respective transaction devices, and wherein the interactions are by at least two different first parties, at two different devices; at the host system, intermittently receiving and processing updated information relating to whether the set of conditions has been satisfied; upon determining, by the host system, the satisfaction of the set of conditions, transferring, using the network, at least some of the accumulated funds to the control of the beneficiary second party.