System and method for determining credit and issuing a business loan using tokens and machine learning

A system for determining the credit and issuing a business loan to a client, comprising:

• a client computing device operated by the client and comprising a communications module, a processor connected to the communications module, and a display connected to the processor;
• a loan issuance server in communication with the client computing device, said loan issuance server comprising a server communications module, a server processor connected to said server communications module and a transaction database connected to said server processor and storing data related to a loan issuance program, said processor operative to run the loan issuance program at the loan issuance server;
• wherein said processor and communications module at said client computing device are operative to communicate with said loan issuance server and initiate registration with the loan issuance program, and in response to instructions received from the loan application program, initiate communications with a financial services data provider and transmit a request to link a bank account associated with the client to the loan issuance server, and in response to the request to link the bank account, receive from the financial services data provider a public access token, and transmit the public access token to the loan issuance server;
• wherein in response to receiving the public access token, said loan issuance server transmits the public access token to the financial services data provider and receives back therefrom a private access token and limited identity data regarding the bank account associated with the client, said loan issuance server operative to verify with the client computing device that the client has a business account, and if yes, communicate with the client computing device to complete the registration between the client and loan issuance server, and when registration is complete, transmit the private access token and a request for the remaining income and transactional data of the bank account associated with the client to the third party financial services data provider, and receive back therefrom the remaining income and transactional data of the bank account associated with the client, said server processor and server communications module at the loan issuance server operative to acquire public data associated with the client from publicly accessible data sources and store the public data within the transaction database;
• and
• a credit score engine associated with the loan issuance server and configured to receive from the loan issuance server the public data associated with the client and the income and transactional data of the bank account associated with the client, and apply a machine learning model to the public data and the income and transactional data and create an initial credit score that is indicative of the maximum allowed credit for the client, and based on the credit score, said loan approval server approves a loan to be distributed up to an amount of the maximum allowed credit.