AUTOMATED DEBT PAYMENT SYSTEM AND METHOD USING ATM NETWORK
First Claim
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.
0 Assignments
0 Petitions
Accused Products
Abstract
An electronic funds transfer methodology for providing access to a plurality of non-bank loan payment processors (loan servicers) through established ATM (automated teller machine) networks, thereby creating a payment system designed to allow a consumer to initiate an electronic transfer of funds from a primary bank transaction account (e.g., checking account, savings account) to a loan servicer to satisfy an outstanding consumer debt or payment obligation. Automated payment of consumer debt obligations through use of an ATM network is facilitated by a processor and associated software, which are employed to combine specific consumer loan payment data with specific depository transaction account information through an electronic ATM network for the purpose of affecting a more efficient loan payment/servicing process. Information relevant to the loan payment is electronically communicated from the loan servicer through software designed to access the servicer'"'"'s loan database, extract specific fields from designated records, and communicate this information to a third party central computer. The third party central computer reformats the data as necessary, aggregates this information with any similar information received from other loan or debt servicers, and transmits the aggregated information to one or more ATM transaction processors.
-
Citations
16 Claims
-
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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A method for providing information concerning a consumer debt obligation to a consumer of 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;
storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;
receiving commands with an ATM network access device from the consumer identifying the consumer debt obligation and the information about said consumer debt obligation desired by the consumer;
accessing said computer database in response to said commands to retrieve at least a portion of said consumer debt obligation information from said database;
transmitting said portion of said consumer debt obligation information through said ATM network to said ATM network access device; and
providing, through said ATM network access device, said portion of said consumer debt obligation information to the user.
-
-
10. A system for processing a debt payment on a consumer debt obligation using an ATM network comprising:
-
debt servicer access means for 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;
storage means connected with said debt servicer access means for storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;
ATM network access means connected with said storage means for transferring at least a portion of said consumer debt obligation information to an ATM network. - View Dependent Claims (11, 12, 13, 14, 15)
-
-
16. A method of providing a reminder of a payment due on a debt obligation to a consumer using an ATM terminal during an ATM transaction session comprising the steps of:
-
communicating consumer debt obligation information from at least one debt servicer responsible for said debt obligation to a third party payment facilitator when the consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator;
accessing through an ATM network, in response to initiation of the ATM transaction session by the consumer, a database including the consumer debt obligation information said consumer debt obligation information including at least a payment due date, said database being associated with the third party payment facilitator;
retrieving from said database, said payment due date for said consumer debt obligation; and
displaying on the ATM terminal an indication that a payment is due in response to said payment due date for said consumer debt obligation.
-
Specification