Retail hsa funding and payment mechanism

Abstract

Disclosed herein are system, method, and computer program product embodiments describing the creation and funding of tax-advantaged accounts at a point-of-sale. By immediately funding the tax-advantaged account at the point-of-sale using a funding and payment mechanism, the disclosed embodiments may effectively and instantly fund a tax-advantaged account at a point-of-sale . The funding and payment mechanism overcomes the lapse in availability of funds inherent in legacy systems. Thus, an account holder may then immediately pay a provider from the tax-advantaged account for qualified expenses. The disclosure also presents a credit feature allowing prospective account holders to initially fund the tax-advantaged account. At the point-of-sale, the prospective account holder may link their newly created tax-advantaged account to other accounts, allowing the system to detect potential over-contributions. The disclosure also presents a retroactive analysis feature that analyzes linked accounts to create tax-advantaged transactions in transactions completed earlier in a plan year.

What is claimed is: 
     
         1 . A method, comprising:
 receiving, by one or more processors, a creation request from an electronic device to create a tax-advantaged account (TAA), the creation request specifying an initial funding amount, an account holder, an expenditure amount, a funding account, and a login credential for an external account;   transferring, by the one or more processors, the initial funding amount from the funding account to the TAA;   accessing, by the one or more processors, the external account via an application programming interface (API) using the login credential to determine one or more transactions that occurred in the external account during a plan year;   analyzing, by the one or more processors, the one or more transactions to determine at least one transaction corresponding to a qualified expense;   receiving, by the one or more processors, a confirmation of an eligible portion for the at least one transaction;   generating, by the one or more processors, a claim covering the confirmed eligible portion for the at least one transaction;   transferring, by the one or more processors, the confirmed eligible portion from the TAA to the external account to create a bank record of the at least one transaction and transfer the confirmed eligible portion from the external account back into the TAA;   associating, by the one or more processors, the claim with the bank record; and   transmitting, by the one or more processors and to the electronic device, an indication of the qualified expense.   
     
     
         2 . The method of  claim 1 , wherein a transaction in the one or more transactions comprises a transaction date, a provider identifier, a code, and an amount. 
     
     
         3 . The method of  claim 1 , wherein the external account is a first external account, wherein the login credential is a first login credential, wherein the one or more transactions are a first one or more transactions, and wherein the creation request further comprises a second login credential for a second external account, the method further comprising:
 accessing, by the one or more processors, the second external account via a second API using the second login credential to determine second one or more transactions that occurred in the second external account during the plan year;   building, by the one or more processors, an aggregate list of transactions comprising the first one or more transactions and the second one or more transactions; and   analyzing, by the one or more processors, the aggregate list of transactions to determine the at least one transaction corresponding to the qualified expense.   
     
     
         4 . The method of  claim 2 , the analyzing further comprising:
 creating, by the one or more processors, a list of eligible transactions from the one or more transactions, wherein the provider identifier and the code for each transaction in the list of eligible transactions match a classification and a point-of-service identifier in a valid providers list.   
     
     
         5 . The method of  claim 4 , further comprising:
 receiving, by the one or more processors, an inputted eligible portion for each transaction in the list of eligible transactions.   
     
     
         6 . The method of  claim 5 , further comprising:
 calculating, by the one or processors, an aggregate eligible amount by summing the inputted eligible portion for each transaction in the list of eligible transactions;   comparing, by the one or more processors, the aggregate eligible amount to a contribution limit for the plan year to determine an over-contribution; and   when an over-contribution is determined, transmitting, by the one or more processors, an alert to the electronic device.   
     
     
         7 . The method of  claim 5 , further comprising:
 calculating, by the one or processors, an aggregate eligible amount by summing the inputted eligible portion for each transaction in the list of eligible transactions;   comparing, by the one or more processors, the aggregate eligible amount to a contribution limit for the plan year to determine an over-contribution; and   when an over-contribution is determined, removing, by the one or more processors, one or more eligible transactions from the list of eligible transactions such that an updated aggregate contribution amount is less than the contribution limit for the plan year.   
     
     
         8 . The method of  claim 1 , wherein the plan year has a start date of January 1 st . 
     
     
         9 . The method of  claim 1 , the accessing further comprising:
 formulating, by the one or more processors, an API call;   transmitting, by the one or more processors, the API call to the API; and   in response to the transmitting, receiving, by the one or more processors, the one or more transactions in a data structure.   
     
     
         10 . The method of  claim 9 , wherein the data structure is a JavaScript Object Notation (JSON) object. 
     
     
         11 . The method of  claim 1 , wherein the electronic device includes at least one of a point-of-sale terminal or a user interface executing on the electronic device. 
     
     
         12 . A system, comprising:
 at least one processor; and   a memory having instructions stored thereon that, when executed by the at least one processor, cause the at least one processor to: 
 receive a creation request from an electronic device to create a tax-advantaged account (TAA), the creation request specifying an initial funding amount, an account holder, an expenditure amount, a funding account, and a login credential for an external account; 
 transfer the initial funding amount from the funding account to the TAA; 
 access the external account via an application programming interface (API) using the login credential to determine one or more transactions that occurred in the external account during a plan year; 
 analyze the one or more transactions to determine at least one transaction corresponding to a qualified expense; 
 receive a confirmation of an eligible portion for the at least one transaction; 
 generate a claim covering the confirmed eligible portion for the at least one transaction; 
 transfer the confirmed eligible portion from the TAA to the external account to create a bank record of the at least one transaction and transfer the confirmed eligible portion from the external account back into the TAA; 
 associate the claim with the bank record; and 
 transmit to the electronic device an indication of the qualified expense. 
   
     
     
         13 . The system of  claim 12 , wherein a transaction in the one or more transactions comprises a transaction date, a provider identifier, a code, and an amount. 
     
     
         14 . The system of  claim 13 , wherein to analyze the at least one processor is further configure to:
 create a list of eligible transactions from the one or more transactions, wherein the provider identifier and the code for each transaction in the list of eligible transactions match a classification and a point-of-service identifier in a valid providers list.   
     
     
         15 . The system of  claim 14 , the at least one processor further configure to:
 receive an inputted eligible portion for each transaction in the list of eligible transactions.   
     
     
         16 . The system of  claim 15 , the at least one processor further configure to:
 calculate an aggregate eligible amount by summing the inputted eligible portion for each transaction in the list of eligible transactions;   compare the aggregate eligible amount to a contribution limit for the plan year to determine an over-contribution; and   when an over-contribution is determined, transmit an alert to the electronic device.   
     
     
         17 . The system of  claim 15 , the at least one processor further configure to:
 calculate an aggregate eligible amount by summing the inputted eligible portion for each transaction in the list of eligible transactions;   compare the aggregate eligible amount to a contribution limit for the plan year to determine an over-contribution; and   when an over-contribution is determined, remove one or more eligible transactions from the list of eligible transactions such that an updated aggregate contribution amount is less than the contribution limit for the plan year.   
     
     
         18 . The system of  claim 12 , wherein to access the at least one processor is further configure to:
 formulate an API call;   transmit the API call to the API; and   in response to the transmitting, receive the one or more transactions in a data structure, wherein the data structure is a JavaScript Object Notation (JSON) object.   
     
     
         19 . The system of  claim 12 , wherein the electronic device includes at least one of a point-of-sale terminal or a user interface executing on the electronic device. 
     
     
         20 . A non-transitory computer-readable device having instructions stored thereon that, when executed by at least one computing device, cause the at least one computing device to perform operations comprising:
 receiving a creation request from an electronic device to create a tax-advantaged account (TAA), the creation request specifying an initial funding amount, an account holder, an expenditure amount, a funding account, and a login credential for an external account;   transferring the initial funding amount from the funding account to the TAA;   accessing the external account via an application programming interface (API) using the login credential to determine one or more transactions that occurred in the external account during a plan year;   analyzing the one or more transactions to determine at least one transaction corresponding to a qualified expense;   receiving a confirmation of an eligible portion for the at least one transaction;   generating a claim covering the confirmed eligible portion for the at least one transaction;   transferring the confirmed eligible portion from the TAA to the external account to create a bank record of the at least one transaction and transfer the confirmed eligible portion from the external account back into the TAA;   associating the claim with the bank record; and   transmitting to the electronic device an indication of the qualified expense.