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US 2010/0076888 A1Published application
System and method for provisioning a controlled secondary market for small dollar deposits and lending
OwnerMark A. Ernst, John W. Thompson +1inventors
InventorsMark A. Ernst, John W. Thompson, Bernard M. Wilson
Life of this patent
Estimating the term…
Abstract
A system for aggregating retail financial services distribution partners and providing real time, automated matching of the tailored products being delivered to clients by distribution partners to available financing and deposit locations. Secondary market participants are also assembled to provide financing capacity and locations for deposits of the system's marketplace.
Claims14
A method of providing small dollar services to low-middle income clients, the method including:
- a) receiving parameters from a Participant Bank, said parameters providing an acceptance criteria utilized to determine acceptance of a client by said Participant Bank;
- b) accepting a product request from a said client;
- c) automatically matching said client with said Participant Bank where said client meets the acceptance criteria provided by said Participant Bank, and where said Participant Bank previously agreed to accept products having the terms associated with said product requested by said client;
- d) underwriting a transaction with said client where said client meets underwriting criteria;
- e) executing said transaction with said client;
- f) repeating steps a through e a plurality of times for a plurality of products and a plurality of clients;
- g) aggregating said plurality of products for said plurality of clients;
- and
- h) presenting said aggregated products to said Participant Bank for acceptance.
6 more elements
A method of providing small dollar services to low-middle income clients, the method including:
- a) executing a Participation Agreement with a Participant Bank for participation in a created small dollar marketplace, where said Participant Bank agrees in said Participation Agreement to accept a financial product with specified terms in connection with a client who meets specified acceptance criteria, the home geography of a client being specified as a said criterion;
- b) matching a said client with said Participant Bank, where said client meets underwriting criteria and said acceptance criteria specified by said Participant Bank;
- c) offering said financial product to said client where said specified terms being substantially similar to terms of a product requested by said client, and where said financial product is available;
- d) executing a transaction with said client for said available financial product where said client meets underwriting criteria;
- and
- e) repeating steps (a) through (e) a plurality of times for a plurality of products and a plurality of clients.
3 more elements
Dependencies are inferred from the claim text.