Method and system for extending credit with automated repayment
US7958053B2 · kind B2 · utility
Assignee
Inventor
Key dates
| Filing date | May 2, 2006 |
| Grant date | Jun 7, 2011 |
| Priority date | — |
| Expiry date | Oct 31, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/10
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method for extending a firm offer of credit contingent upon receiving a one-time authorization to execute recurring automatic withdrawals from a deposit account is provided. In providing the one-time authorization to execute recurring automatic withdrawals, a prospective borrower may elect from a plurality of automatic withdrawal repayment options. One such option is electronic fund transfer, such as the initiation of a withdrawal entry into the Automated Clearing House network. A second option is by the remote creation of a paper negotiable instrument, which is then converted into an electronic substitute check capable of electronic routing. Upon receiving the one-time authorization, the lender may make recurring automatic withdrawals from the borrower's deposit account.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.