Today, Apple has been granted a major iWallet patent and it's one that has never been reported on before. Apple's patent reviews credit card transaction rules and shows us that the credit card companies will be sending statements directly to your iTunes account. The iWallet project just became a little more real today, and for many, it can't come soon enough. Who knows, perhaps one day Apple's iWallet will rule the world: the financial world that is.
Brief Patent Summary
Embodiments of the present invention generally relate to techniques for implementing and defining financial transaction rules for controlling a subsidiary financial account. In accordance with one disclosed embodiment, the financial transaction rules to be applied to a subsidiary financial account may be defined and configured using a processor-based device. In general, the financial transaction rules may be defined by the holder of a primary account to which the subsidiary account is associated. By way of example, the relationship between the primary financial account holder and the subsidiary account holder may be that of a parent-child relationship, employer-employee relationship, or the like. The processor-based device may be additionally configured to transmit the financial transaction rules defined by the primary account holder to a designated financial institution that manages the subsidiary account. For instance, where the subsidiary financial account is a credit card account, the financial institution may include an issuing bank and/or a card association. The financial institution may store a record of user preferences associated with the primary and subsidiary financial accounts, and may update these account holder preferences based on the received financial transaction rules.
You can read more in depth information about the patent at the link below...