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US 12,100,043 B2Granted
System, method, and computer readable storage medium to determine and accept dynamic payments in an open network
AssigneeAmerican Express Kabbage Inc.
InventorsRobert Frohwein, Kristel Adler
Life of this patent
Estimating the term…
Abstract
A method, system, and computer readable storage to enable a user to apply for a loan with a dynamic repayment structure. Instead of periodic payments being fixed, the payments can be variable based on a collection rate. The collection rate is determined from historical financial data for the user. For example, the collection rate can be a fixed percentage of all profit for each month. In this manner, the user's monthly payments are more commensurate with their monthly cash flow thereby reducing the default rate.
Claims20
An apparatus, comprising:
- a processor;
- and
- memory;
- wherein the processor and the memory are communicably coupled;
- wherein the processor:
- retrieves financial transaction historical data of a user by automatically logging in to a plurality of accounts of the user using credentials for each of the plurality of accounts;
- calculates, from the financial transaction historical data, a historical net profit over a historical period;
- calculates a collection rate by dividing the historical net profit by an expected repayment amount;
- displays at least the collection rate, a funding amount, and a repayment schedule;
- receives, from the user, an acceptance of at least the collection rate, the funding amount, and the repayment schedule;
- issues a loan from a provider to the user, which initiates an electronic transfer of funds to one of the plurality of accounts, the loan having the repayment schedule that utilizes the collection rate applied to a net profit for each of the plurality of accounts during a repayment period;
- retrieves financial transaction data for the repayment period of the repayment schedule by automatically logging in to the plurality of accounts of the user using credentials for each of the plurality of accounts;
- and
- transfers, based at least on the payment schedule and upon the funds being transferred into the one of the plurality of accounts, a portion of the net profit for each of the plurality of accounts automatically to an account of the provider, the portion of the net profit for each of the plurality of accounts being based on the collection rate and the financial transaction data for the repayment period.
11 more elements
A method, comprising:
- retrieving financial transaction historical data of a user by automatically logging in to a plurality of accounts of the user using credentials for each of the plurality of accounts;
- calculating, from the financial transaction historical data, a historical net profit over a historical period;
- calculating a collection rate by dividing the historical net profit by an expected repayment amount;
- displaying at least the collection rate, a funding amount, and a repayment schedule;
- receiving, from the user, an acceptance of at least the collection rate, the funding amount, and the repayment schedule;
- issuing a loan from a provider to the user, which initiates an electronic transfer of funds to one of the plurality of accounts, the loan having the repayment schedule that utilizes a collection rate applied to a net profit for each of the plurality of accounts during a repayment period;
- retrieving financial transaction data for the repayment period of the repayment schedule by automatically logging in to the plurality of accounts of the user using credentials for each of the plurality of accounts;
- and
- transferring, based at least on the payment schedule and upon the funds being transferred into the one of the plurality of accounts, a portion of the net profit for each of the plurality of accounts automatically to an account of the provider, the portion of the net profit for each of the plurality of accounts being based on the collection rate and the financial transaction data for the repayment period.
6 more elements
A computer readable storage medium comprising instructions, that when read by a processor, cause the processor to perform:
- retrieving financial transaction historical data of a user by automatically logging in to a plurality of accounts of the user using credentials for each of the plurality of accounts;
- calculating, from the financial transaction historical data, a historical net profit over a historical period;
- calculating a collection rate by dividing the historical net profit by an expected repayment amount;
- displaying at least the collection rate, a funding amount, and a repayment schedule;
- receiving, from the user, an acceptance of at least the collection rate, the funding amount, and the repayment schedule;
- issuing a loan from a provider to the user, which initiates an electronic transfer of funds to one of the plurality of accounts, the loan having the repayment schedule that utilizes a collection rate applied to a net profit for each of the plurality of accounts during a repayment period;
- retrieving financial transaction data for the repayment period of the repayment schedule by automatically logging in to the plurality of accounts of the user using credentials for each of the plurality of accounts;
- and
- transferring, based at least on the payment schedule and upon the funds being transferred into the one of the plurality of accounts, a portion of the net profit for each of the plurality of accounts automatically to an account of the provider, the portion of the net profit for each of the plurality of accounts being based on the collection rate and the financial transaction data for the repayment period.
6 more elements
Dependencies are inferred from the claim text.