Method for future payment transactions

• US 20070156581A1
• Filed: 03/09/2006
• Published: 07/05/2007
• Est. Priority Date: 10/19/2004
• Status: Active Grant

• Current Assignee: Miritz Incorporated
• Original Assignee: Apollo Enterprise Solutions LLC (Apollo Group Incorporated)
• Inventors: House, William, Imrey, G., Hodgkins, David
• Granted Patent: US 7,818,229 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method for the online modification, submission and approval processing of a future payment request to afford a user the ability to renegotiate established loan agreement debt terms in which network communications are established between a user, such as a debtor, and a server is presented. The method comprises receiving information, at the server, regarding the loan agreement debt terms, presenting received information to a debtor, providing an interactive environment enabling a debtor to modify existing terms, submitting modified terms, processing data from the available information using a rules based engine, and processing a future payment request based on at least one decision made by the rules based engine. While online, the user/debtor may engage in revising a rejected future payment request in an attempt to reach a satisfactory renegotiation of debt terms.

Claims

1. A method for implementing a future payment transaction, comprising:

establishing network communications between a user and a server;

receiving available information, at the server, regarding the transaction;

presenting said information online to the user;

providing the user with an ability to modify said information and submitting a future payment request;

processing said future payment request based on submitted modifications to data from the available information using a rules based engine; and

presenting future payment processing results to the user based on at least one decision made by the rules based engine.

2. The method of claim 1, wherein the user comprises a debtor and the future payment transaction comprises a debt owed by the debtor.

3. The method of claim 1, wherein the available information comprises one or more loan agreement debt terms associated with the debtor.

4. The method of claim 1, wherein the rules in the rules based engine are established by a credit entity having rights to the debt.

5. The method of claim 1, wherein the rules based engine relies on at least one dictionary employed to translate received information into information used within the server.

6. The method of claim 1, wherein the processing result is formed according to rules established by a credit entity having an interest in the transaction.

7. The method of claim 1, further comprising enabling the user to form and submit an alternate future payment request if initial request is denied.

8. The method of claim 1, wherein the rules engine comprises rules that considers the user'"'"'s ability to satisfy the future payment request transaction.

9. The method of claim 1, further comprising involving the credit entity for generating and presenting the user with one or more payment options representing an approved future payment transaction consisting of one or more debt terms.

10. A method for implementing a future payment transaction between a user and the credit entity, comprising:

establishing network communications between a user and a server;

receiving available information, at the server, regarding the transaction;

presenting said information online to the user;

providing an interactive environment for modifying said information and submitting a future payment request;

processing said future payment request using a rules based engine including rules established on behalf of a party to the transaction located at the server; and

presenting future payment processing results to the user based on at least one decision made by the rules based engine.

11. The method of claim 10, wherein the user comprises a debtor and the future payment transaction comprises a debt owed by the debtor.

12. The method of claim 10, wherein the available information comprises one or more loan agreement debt terms associated with the debtor.

13. The method of claim 10, further comprising enabling the user to modify and submit an alternate future payment request if initial request is denied.

14. A method for implementing a future payment transaction between a debtor and a creditor, comprising:

establishing network communications between a user and a server;

receiving available information, at the server, regarding the transaction;

presenting said information online to the user;

providing an interactive environment for modifying said information and submitting a future payment request;

processing said future payment request based on submitted modifications to data from the available information using a rules based engine; and

presenting future payment processing results to the user based on at least one decision made by the rules based engine.