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AUTOMATED DEBT PAYMENT SYSTEM AND METHOD USING ATM NETWORK

  • US 20040199467A1
  • Filed: 06/19/2003
  • Published: 10/07/2004
  • Est. Priority Date: 10/03/1997
  • Status: Abandoned Application
First Claim
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1. A method of processing a debt payment on a consumer debt obligation using an ATM network comprising the steps of:

  • communicating consumer debt obligation information for at least one consumer debt obligation from at least one debt servicer responsible for said at least one consumer debt obligation to a third party payment facilitator when a consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator to effect future payments over an ATM network;

    storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;

    receiving command information with an ATM network access device from the consumer sufficient to identify the consumer debt obligation;

    accessing said consumer debt obligation information to retrieve at least a portion of said consumer debt obligation information corresponding to said command information; and

    transmitting said portion of said consumer debt obligation information to a transaction processor associated with the ATM network to facilitate a transaction requesting that funds be transferred from an account associated with said consumer to at least one account at a banking institution associated with said at least one debt servicer whereby a payment on the consumer debt obligation is made.

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