System and method for managing gifts

A system comprising:

• a processor;
• and
• a memory storing instructions which, when executed by the processor, cause the processor to perform operations comprising:
• receiving an identification of a giver, a gift, an amount of money to pay for the gift, and a recipient of the gift at a first time, wherein the giver is associated with a giver payment account that is an open loop account existing prior to the first time, and the recipient is associated with a recipient payment account, including a credit payment account or a debit payment account existing prior to the first time, and wherein the giver payment account and the recipient payment account are independent of each other and have no control over each other;
• associating a policy with the gift, wherein the policy is at least in part giver defined;
• monitoring, according to the policy, purchases of the recipient at a second time, which is later than the first time, using the recipient payment account to yield purchasing information based on the purchasing information;
• determining whether the recipient has made a qualifying purchase using the recipient payment account according to the policy;
• and
• if the qualifying purchase has occurred, applying at least part of the amount of money to the recipient payment account.

A computer-readable storage device storing instructions which, when executed by a computing device, cause the computing device to perform operations comprising:

• receiving, via a processor, an identification of a giver, a gift, an amount of money to pay for the gift, and a recipient of the gift at a first time, wherein the giver is associated with a giver payment account that is an open loop account existing prior to the first time, and the recipient is associated with a recipient payment account, including a credit payment account or a debit payment account existing prior to the first time, and wherein the giver payment account and the recipient payment account are independent of each other and have no control over each other;
• associating a policy with the gift, wherein the policy is at least in part giver defined;
• monitoring, according to the policy, purchases of the recipient at a second time, which is later than the first time, using the recipient payment account to yield purchasing information based on the purchasing information;
• determining whether the recipient has made a qualifying purchase using the recipient payment account according to the policy;
• and
• if the qualifying purchase has occurred, applying at least part of the amount of money to the recipient payment account.