US 2021/0264484 A1Published application

Predictive payment system and method

AssigneeWells Fargo Bank, N.A.

InventorsTony Jay Boettcher, Alyssa L. Demers, Thomas M. Pendolino, Garrett Steven Weiss

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Abstract

Embodiments of the present disclosure provide a number of advantages and improvements over conventional electronic bill payment systems. Among other things, embodiments of the disclosure may be used by parties to electronic payments (e.g., payers and payees) to identify the status of payments in real time or near-real time. A predictive model may be used to determine the success rate/average time for processing payments based on past behavior of a particular payer or group of payers. Additionally, embodiments of the disclosure may be used to help facilitate the acceleration or extension of payments based on a payee's current cash flow needs.

Claims19

Dependent claims

A system comprising:

a processor;
and
memory coupled to the processor and storing instructions that, when executed by the processor, cause the system to perform operations comprising:
establishing a connection, over a network, with a client computing device of a payer;
receiving, over the network from the client computing device of the payer, information regarding a future payment that the payer is obligated to pay to a payee, wherein the system controls the client computing device of the payer over a first application programming interface to identify and transfer payment information to the system;
retrieving, from a database in communication with the system, payment history information for the payer;
calculating a likelihood that the payer will provide payment for the future payment by a time that the future payment is due, wherein the calculating includes:
identifying demographic information for the payer;
identifying a plurality of users having matching demographic information;
and
using a predictive model to calculate the likelihood that the payer will provide payment for the future payment by the time that the future payment is due based on payment histories for the identified plurality of users;
and
prior to the time that the future payment is due:
generating a first electronic communication, the first electronic communication containing the calculated likelihood that the payer will provide payment for the future payment by the time that the future payment is due;
transmitting the first electronic communication, over the network, to a client computing device of the payee;
identifying an incentive to offer the payer in exchange for accelerating the payment;
transmitting a second electronic communication, over the network, to the client computing device of the payee, the second electronic communication requesting authorization to offer the incentive for accelerating the payment to the payer;
and
in response to receiving authorization to offer the incentive for accelerating the payment, transmitting a third electronic communication, over the network, to the client computing device of the payer, the third electronic communication containing an offer of the incentive.

16 more elements

A computer-implemented method comprising:

establishing a connection, by a computer system over a network, with a client computing device of a payer;
receiving, by the computer system over the network from the client computing device of the payer, information regarding a future payment that the payer is obligated to pay to a payee, wherein the computer system controls the client computing device of the payer over a first application programming interface to identify and transfer payment information to the computer system;
retrieving, by the computer system from a database in communication with the computer system, payment history information for the payer;
calculating, by the computer system, a likelihood that the payer will provide payment for the future payment by a time that the future payment is due, wherein the calculating includes:
identifying demographic information for the payer;
identifying a plurality of users having matching demographic information;
and
using a predictive model to calculate the likelihood that the paver will provide payment for the future payment by the time that the future payment is due based on payment histories for the identified plurality of users;
and
prior to the time that the future payment is due:
generating, by the computer system, a first electronic communication, the first electronic communication containing the calculated likelihood that the payer will provide payment for the future payment by the time that the future payment is due;
transmitting the first electronic communication, by the computer system over the network, to a client computing device of the payee;
identifying, by the computer system, an incentive to offer the payer in exchange for accelerating the payment;
transmitting, by the computer system over the network, a second electronic communication to the client computing device of the payee, the second electronic communication requesting authorization to offer the incentive for accelerating the payment to the payer;
and
in response to receiving authorization to offer the incentive for accelerating the payment, transmitting, by the computer system over the network, a third electronic communication to the client computing device of the payer, the third electronic communication containing an offer of the incentive.

13 more elements

A non-transitory computer-readable medium storing instructions that, when executed by a computer system, cause the computer system to perform operations comprising:

establishing a connection, over a network, with a client computing device of a payer;
receiving, over the network from the client computing device of the payer, information regarding a future payment that the payer is obligated to pay to a payee, wherein the computer system controls the client computing device of the payer over a first application programming interface to identify and transfer payment information to the computer system;
retrieving, from a database in communication with the computer system, payment history information for the payer;
calculating, by the computer system, a likelihood that the payer will provide payment for the future payment by a time that the future payment is due, wherein the calculating includes:
identifying demographic information for the payer;
identifying a plurality of users having matching demographic information;
and
using a predictive model to calculate the likelihood that the paver will provide payment for the future payment by the time that the future payment is due based on payment histories for the identified plurality of users;
and
prior to the time that the future payment is due:
generating a first electronic communication, the first electronic communication containing the calculated likelihood that the payer will provide payment for the future payment by the time that the future payment is due;
transmitting the first electronic communication, over the network, to a client computing device of the payee;
identifying an incentive to offer the payer in exchange for accelerating the payment;
transmitting a second electronic communication, over the network, to the client computing device of the payee, the second electronic communication requesting authorization to offer the incentive for accelerating the payment to the payer;
and
in response to receiving authorization to offer the incentive for accelerating the payment, transmitting a third electronic communication, over the network, to the client computing device of the payer, the third electronic communication containing an offer of the incentive.

13 more elements

Dependencies are inferred from the claim text.

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Abstract

A system comprising:

a processor;
and
memory coupled to the processor and storing instructions that, when executed by the processor, cause the system to perform operations comprising:
establishing a connection, over a network, with a client computing device of a payer;
receiving, over the network from the client computing device of the payer, information regarding a future payment that the payer is obligated to pay to a payee, wherein the system controls the client computing device of the payer over a first application programming interface to identify and transfer payment information to the system;
retrieving, from a database in communication with the system, payment history information for the payer;
calculating a likelihood that the payer will provide payment for the future payment by a time that the future payment is due, wherein the calculating includes:
identifying demographic information for the payer;
identifying a plurality of users having matching demographic information;
and
using a predictive model to calculate the likelihood that the payer will provide payment for the future payment by the time that the future payment is due based on payment histories for the identified plurality of users;
and
prior to the time that the future payment is due:
generating a first electronic communication, the first electronic communication containing the calculated likelihood that the payer will provide payment for the future payment by the time that the future payment is due;
transmitting the first electronic communication, over the network, to a client computing device of the payee;
identifying an incentive to offer the payer in exchange for accelerating the payment;
transmitting a second electronic communication, over the network, to the client computing device of the payee, the second electronic communication requesting authorization to offer the incentive for accelerating the payment to the payer;
and
in response to receiving authorization to offer the incentive for accelerating the payment, transmitting a third electronic communication, over the network, to the client computing device of the payer, the third electronic communication containing an offer of the incentive.

16 more elements