US 2003/0191714 A1Published application

Closed loop financial transaction method and apparatus

OwnerJeffrey A. Norrisinventor

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Abstract

A method and apparatus for closed loop, automatic processing of typical financial transactions, including loans, setting up checking, savings and individual retirement accounts, obtaining cashier's checks, ordering additional checks, issuing credit and debit cards, wire tansferring money, and so on. The transactions are provided from a kiosk and controlled by a computer controller interacting with the consumer. In the case of loans, a computer controller helps the consumer in the completion of the application, performs the underwriting, and transfers funds. The computer controller obtains the information needed to process the application, determines whether to approve the loan, effects electronic fund transfers to the applicant's deposit account and arranges for automatic withdrawals to repay the loan. The computer controller reviews documentation requirements including consumer lending and other required documentation with the consumer and obtains acknowledgment of acceptance of terms by having the consumer sign an electronic signature pad. Copies of documents with a digital photograph are printed out by a printer in the kiosk for the consumer. Finally, the kiosk has the capability of imprinting a credit or debit card in response to a consumer request.

Claims46

Dependent claims

A loan processing system providing closed loop loan processing over a communication network from at a remote interface, said loan processing system comprising:

a. a data processing system with associated memory having underwriting criteria bearing on the ability and willingness of a loan applicant to repay the loan based on prescribed data obtained from the loan applicant and information about the loan applicant from at least one database containing information about the loan applicant relevant to the ability and willingness of the loan applicant to repay the loan;
b. a communication interface electronically coupling said data processing system to the remote interface;
c. without human assistance, said data processing system adapted to:
i. receive the data from the loan applicant via the remote interface;
ii. send a required disclosure regarding the terms of the loan to the loan applicant at the remote interface;
iii. receive acknowledgement of the required disclosure by the loan applicant at the remote interface;
iv. access the at least one database for information relevant to the loan applicant's identity and for information relevant to the loan applicant's ability and willingness to repay the loan;
v. compare certain of the information received from the loan applicant and certain of the information received from said at least one database relevant to the loan applicant's ability and willingness to repay the loan with said underwriting criteria to provide an underwriting result;
vi. based on said underwriting result, send a result to the remote interface informing the loan applicant whether or not the loan was approved.

6 more elements

Dependencies are inferred from the claim text.

Facts

Application: 10/408,729Filed 7 Apr 2003
Priority: 27 Aug 1993
Published: 9 Oct 2003
Term ends: Not estimatedThe source records don’t support an estimate.

Classification14 codes

G07F 7/08
Mechanisms actuated by objects other than coins to free or to actuate vending, hiring, coin or paper currency dispensing or refunding apparatus:…
G06Q 20/10
Payment architectures: specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
G06Q 20/108
Specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems: remote banking, e.g. home banking
G06Q 20/1085
Remote banking, e.g. home banking: involving automatic teller machines [ATMs]

Family

Application08/113,205Continuation in part · filed 27 Aug 1993
Application08/327,653Continuation · filed 24 Oct 1994
Application08/327,653Continuation in part · filed 24 Oct 1994
Application08/732,584Continuation · filed 15 Oct 1996
Application09/305,622Continuation · filed 5 May 1999
Application09/591,073Continuation · filed 9 Jun 2000
Application10/408,729Continuation · filed 7 Apr 2003
US 5,940,811 ARelated patent
US 6,105,007 ARelated patent
US 2003/0191714 A1This patent

From the US filing history. Foreign family members aren’t listed.