Reserve equated monthly installment account

An electronic computing device of a financial institution comprising:

• a processor;
• and
• a system memory, the system memory including instructions, which, when executed by the processor, cause the electronic computing device to:
• receive information regarding a customer financial account associated with a customer, including an account balance;
• receive information regarding a debt payable in installments, including an installment payment amount and a due date for each of the installments;
• determine, based on the installment payment amount, whether sufficient funds exist in the financial account to pay the installment payment amount by the due date;
• and
• when insufficient funds exist in the financial account to pay the installment payment amount:
• perform a benefits analysis to determine whether to open a reserve EMI account by comparing a penalty associated with missing an installment payment with a fee associated with opening the reserve EMI account;
• perform a risk analysis by determining a risk associated with the customer's ability to repay funds deposited into the EMI account by the financial institution, including a risk of a reduction in the customer's future income;
• determine, based on the benefits analysis and the risk analysis, to automatically open the reserve EMI account on behalf of the customer when the fee is less than the penalty and the risk is below a threshold level;
• upon determining to open the reserve EMI, automatically opening the reserve EMI account with a loan payment amount that is sufficient to allow the customer to pay installment payment amount;
• and
• transmit the loan payment amount from the reserve EMI account to the financial account to pay the installment payment amount.

A method implemented on an electronic computing device of a financial institution for providing a reserve equated monthly installment (EMI) account to a customer comprising:

• receiving information regarding a customer financial account, including an account balance;
• receiving information regarding a debt payable in installments, including an installment payment amount and a due date for each of the installments;
• determining, based on the installment payment amount, whether sufficient funds exist in the financial account to pay the installment payment amount by the due date;
• when insufficient funds exist in the financial account to pay the installment payment amount by the due date:
• transmitting an alert of insufficient funds to a customer;
• receiving, from the customer, consent to open the reserve EMI account;
• performing a benefits analysis to determine whether to open a reserve EMI account by comparing a penalty associated with missing the installment payment with a fee associated with opening the reserve EMI account;
• performing a risk analysis by determining a risk associated with the customer's ability to repay funds deposited into the reserve EMI account by the financial institution, including a risk of a reduction in the customer's future income;
• determining, based on the benefits analysis and the risk analysis, to open the reserve EMI account on behalf of the customer when the fee is less than the penalty and the risk is below a threshold level, and transmitting a payment from the reserve EMI account to the financial account to pay the installment payment amount;
• upon determining to open the reserve EMI account, automatically opening the reserve EMI account with a loan payment amount that is sufficient to allow the customer to pay the installment payment amount;
• and
• when there are sufficient funds in the reserve EMI account to pay the installment payment amount by the due date, transmitting the loan payment amount from the customer financial account to pay the installment payment.