System and method for automatically adjudicating transactions involving an account reserved for qualified spending
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United States of America Patent
Stats
-
N/A
Issued Date -
Dec 9, 2004
app pub date -
Jun 6, 2003
filing date -
Jun 6, 2003
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A system and method for processing employee benefits plans is disclosed. A transaction made for purchasing products or services under employee benefits plan is automatically detected. For example, an electronic card may be used to make the purchase, wherein the transaction data is transmitted over a network. A participant is allowed to set up a pre-tax account as well as a post-tax account from which to fund the participant's spending expenses. By auditing the transaction and receipts associated with the transaction, a determination is made as to whether the transaction qualifies under the benefits plan and therefore, is an eligible transaction. If the transaction is not eligible for payment, a notification is sent to the participant to pay back the money. The money may be paid back using an online link provided.
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Family
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