System and method for payment promise transfers based on preferences

1. A method for using a user device of a second party operating in a distributed, peer-to-peer network comprising a plurality of user devices transferring digital promises to pay, wherein the plurality of user devices include a user device of a first party, the user device of the second party, and a user device of a third party, said method comprising:

establishing on the user device of the second party, a peer-to-peer application for transferring digital promises to pay and through execution of the peer-to-peer application by the user device of the second party:

electronically receiving, by the user device of the second party from the user device of the first party, a digital promise to pay a certain amount of money in exchange for goods or services from the second party, wherein the digital promise to pay was generated by the user device of the first party,

electronically sending a request, by the user device of the second party to the user device of the third party, the request being one to electronically transfer the digital promise to pay, that was generated by the user device of the first party, to the user device of the third party in exchange for goods or services from the third party, the electronically sending the request to electronically transfer the digital promise to pay comprising sending at least one set of preferences defined by at least the first party;

electronically receiving, by the user device of the second party from the user device of the third party, one of an acceptance or a rejection of the request to electronically transfer the digital promise to pay that was generated by the user device of the first party,

where in response to the user device of the second party electronically receiving an acceptance of the request to electronically transfer the digital promise to pay,

determining, by the user device of the second party, whether an amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party, and, when the amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party, splitting, by the user device of the second party, the digital promise to pay by:

transferring, by the user device of the second party to the user device of the third party, a first digital promise to pay for the amount owed, retaining, by the user device of the second party, a second digital promise to pay representing a difference between the certain amount and the amount owed to the third party, and electronically notifying the first party that the third party now owns a portion of the digital promise to pay and that the second party owns a remaining portion of the digital promise to pay.

2. The method as in claim 1 , where a set of attributes are defined based on one or more of at least geographic location, occupation or activity, income, assets and liabilities of the first party.

3. The method of claim 1 , where the digital promise to pay that is electronically received by the user device of the second party comprises an identification of the first party and an identification of any intermediate parties that have previously electronically received and transferred the digital promise to pay.

4. The method of claim 3 , where a preference of the at least one set of preferences defined by the first party specifies a maximum number of times that the digital promise to pay can be electronically transferred between parties.

5. The method of claim 1 , where the request to electronically transfer the digital promise to pay is accepted only when attributes for the at least one set of preferences defined by the first party are satisfied and when attributes for at least one set of preferences defined by the third party are satisfied.

6. A user device of a second party operating in a distributed, peer-to-peer network comprising a plurality of user devices transferring digital promises to pay, wherein the plurality of user devices include a user device of a first party, the user device of the second party, and a user device of a third party, said user device of the second party comprising:

at least one memory that stores software instructions; and

at least one data processor connected with said at least one memory, wherein the at least one data processor upon execution of software instructions performs steps comprising:

establishing on the user device of the second party, a peer-to-peer application for transferring digital promises to pay and through execution of the peer-to-peer application:

electronically receiving from the user device of the first party, a digital promise to pay a certain amount of money in exchange for goods or services from the second party, wherein the digital promise to pay was generated by the user device of the first party;

electronically sending a request to the user device of the third party, the request being one to electronically transfer the digital promise to pay, that was generated by the user device of the first party, to the user device of the third party in exchange for goods or services from the third party, the electronically sending the request to electronically transfer the digital promise to pay comprising sending at least one set of preferences defined by at least the first party,

electronically receiving from the user device of the third party, one of an acceptance or a rejection of the request to electronically transfer the digital promise to pay that was generated by the user device of the first party, where in response to electronically receiving an acceptance of the request to electronically transfer the digital promise to pay,

determining whether an amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party and, when the amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party, splitting the digital promise to pay by:

transferring, to the user device of the third party, a first digital promise to pay for the amount owed, retaining a second digital promise to pay representing a difference between the certain amount and the amount owed to the third party, and electronically notifying the first party that the third party now owns a portion of the digital promise to pay and that the second party owns a remaining portion of the digital promise to pay.

7. The user device as in claim 6 , where attributes have associated thresholds and where a preference of the at least one set of preferences is generated based on attributes and thresholds for a particular role assumed by a party, where the role comprises one of an owner of a digital promise to pay who generates the digital promise to pay, and a receiver of a digital promise to pay.

8. The user device as in claim 7 , where a set of attributes are defined based on one or more of at least geographic location, occupation or activity, income, assets and liabilities of the first party.

9. The user device as in claim 6 , where the digital promise to pay that is electronically received comprises an identification of the first party and an identification of any intermediate parties that have previously electronically received and transferred the digital promise to pay.

10. The user device as in claim 6 , where the request to electronically transfer the digital promise to pay is accepted only when attributes for the at least one set of preferences defined by the first party are satisfied and when attributes for at least one set of preferences defined by the third party are satisfied.

11. A computer program product comprising a non-transitory computer-readable medium having software instructions stored thereon, said software instructions when executed by a user device of a second party operating in a distributed, peer-to-peer network comprising a plurality of user devices transferring digital promises to pay, wherein the plurality of user devices include a user device of a first party, the user device of the second party, and a user device of a third party performs operations comprising:

establishing on the user device of the second party, a peer-to-peer application for transferring digital promises to pay and through execution of the peer-to-peer application:

electronically receiving from the user device of the first party, a digital promise to pay a certain amount of money in exchange for goods or services from the second party, wherein the digital promise to pay was generated by the user device of the first party;

electronically sending a request to the user device of the third party, the request being one to electronically transfer the digital promise to pay, that was generated by the user device of the first party, to the user device of the third party in exchange for goods or services from the third party, the electronically sending the request to electronically transfer the digital promise to pay comprising sending at least one set of preferences defined by at least the first party,

electronically receiving from the user device of the third party, one of an acceptance or a rejection of the request to electronically transfer the digital promise to pay that was generated by the user device of the first party, where in response to electronically receiving an acceptance of the request to electronically transfer the digital promise to pay,

determining whether an amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party and, when the amount owed by the second party to the third party for the goods or services is less than the certain amount of money of the digital promise to pay that was generated by the first party, splitting the digital promise to pay by:

transferring, to the user device of the third party, a first digital promise to pay for the amount owed, retaining a second digital promise to pay representing a difference between the certain amount and the amount owed to the third party, and electronically notifying the first party that the third party now owns a portion of the digital promise to pay and that the second party owns a remaining portion of the digital promise to pay.

12. The computer program product as in claim 11 , where a preference is generated based on attributes and thresholds for a particular role assumed by a party, where the role comprises one of an owner of a digital promise to pay who generates the digital promise to pay, and a receiver of a digital promise to pay, and where a set of attributes are defined based on one or more of at least geographic location, occupation or activity, income, assets and liabilities of the first party.

13. The computer program product as in claim 11 , where the digital promise to pay that is electronically received comprises an identification of the first party and an identification of any intermediate parties that have previously electronically received and transferred the digital promise to pay, and where a preference of the first party specifies a maximum number of times that the digital promise to pay can be transferred between parties.