Method and system for transactional debt repayment
AssigneeMastercard International Incorporated
InventorJames Patrick KELLY
Life of this patent
Estimating the term…
Abstract
A method for modification of loan terms based on transaction account activity includes: storing an account profile, the profile including loan terms associated with a loan, a primary account number, and transaction values related to payment transactions funded by a related transaction account; receiving a transaction message for a payment transaction including the primary account number and additional transaction data; verifying exceeding of a usage threshold based on a combination of the transaction values stored in the account profile and the additional transaction data; and modifying the loan terms based on a result of the verification.
Claims20
A method for modification of loan terms based on transaction account activity, comprising:
- storing, in an account database of a processing server, an account profile, wherein the account profile is a structured data set related to a transaction account including at least one or more loan terms associated with a loan, a primary account number, and transaction values, the transaction values being related to a plurality of payment transactions funded by the related transaction account;
- receiving, by a receiving device of the processing server, a transaction message for a payment transaction, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the primary account number and one or more additional data elements configured to store additional transaction data;
- verifying, by a verification module of the processing server, exceeding of a usage threshold by the related transaction account based on at least a combination of the transaction values stored in the account profile and the additional transaction data;
- and
- executing, by a querying module of the processing server, a query on the account database to modify at least one of the one or more loan terms based on a result of the verification.
A system for modification of loan terms based on transaction account activity, comprising:
- an account database of a processing server configured to store an account profile, wherein the account profile is a structured data set related to a transaction account including at least one or more loan terms associated with a loan, a primary account number, and transaction values, the transaction values being related to a plurality of payment transactions funded by the related transaction account;
- a receiving device of the processing server configured to receive a transaction message for a payment transaction, wherein the transaction message is formatted based on one or more standards and includes a plurality of data elements including at least a first data element configured to store the primary account number and one or more additional data elements configured to store additional transaction data;
- a verification module of the processing server configured to verify exceeding of a usage threshold by the related transaction account based on at least a combination of the transaction values stored in the account profile and the additional transaction data;
- and
- a querying module of the processing server configured to execute a query on the account database to modify at least one of the one or more loan terms based on a result of the verification.
Dependencies are inferred from the claim text.