Patent ID: 7831521

Claim:
A computer implemented method for processing a transaction, comprising: setting up with a transaction facilitator at least one security-enabled consumer account associated with a consumer; associating, with the security-enabled account of the consumer, at least one rule related to a first payment vehicle of the consumer, wherein the first payment vehicle is associated with a first payment vehicle account provider and wherein the rule associated with the first payment vehicle identifies at least one circumstance under which the first payment vehicle is to be utilized; associating, with the security-enabled account of the consumer, at least one rule related to a second payment vehicle of the consumer, wherein the second payment vehicle is associated with a second payment vehicle account provider and wherein the rule associated with the second payment vehicle identifies at least one circumstance under which the second payment vehicle is to be utilized; storing, in memory, data indicative of the rule related to the first payment vehicle and the rule related to the second payment vehicle; associating, with the security-enabled account of the consumer, transaction information relating to at least one transaction between the consumer and a provider of a product or service; and directing payment for the transaction using funds from at least one of the first and second payment vehicles based on the data, wherein the transaction facilitator directs the payment and the funds are utilized in conformance with the rules and transaction information associated with the security-enabled account of the consumer; wherein the transaction facilitator, the first payment vehicle account provider and the second payment vehicle account provider are distinct entities; wherein the funds to pay for the transaction go from a respective one of the first and second payment vehicles to the provider of the product or service without being held by or credited to the transaction facilitator; wherein the circumstance under which the first payment vehicle is to be utilized is selected from the group including: a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction; and wherein the circumstance under which the second payment vehicle is to be utilized is selected from the group including: a value of the transaction being below a certain amount, a value of the transaction being above a certain amount, a certain type of product being associated with the transaction, and a certain type of service being associated with the transaction.