Systems and Methods for Adjusting Loan Amounts to Facilitate Transactions

• US 20090048966A1
• Filed: 09/30/2008
• Published: 02/19/2009
• Est. Priority Date: 11/05/1999
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Bishop, Fred, Thomas, Tracey R., Sharma, Bansi
• Granted Patent: US 7,908,214 B2
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A financial account issuer facilitating transactions between accounts is disclosed. The invention provides sellers with an irrevocable method of receiving funds from a purchaser and for improving purchaser willingness to transact with an unknown party. The invention also includes the options of interest payments, the use of different account issuers, different financial accounts, budget transfers, spend compartmentalization, cost-splitting, adjusting credit limits, loans, gifting, intermediary facilitating the transaction, transaction tracking, rapid funds availability, confidential transfer of funds, immediate initiation of shipment by a seller, releasing funds to a seller only after approval of the goods, services, or other value, demonstrating proof of payment, and recourse against a remote seller.

Claims

1. A method for a financial account issuer to facilitate a loan transaction, the method comprising:

receiving, at the financial account issuer, a request to debit a first loan amount from a first financial account having a first identifier associated with the first financial account, wherein the financial account issuer issued the first financial account, and wherein the financial account issuer comprises a server;

receiving, at the financial account issuer, a request to credit at least a portion of the first loan amount to a second financial account having a second identifier associated with the second financial account;

determining, by the financial account issuer, if at least one of the request to debit the first financial account or the request to credit the second financial account is fraudulent;

debiting, by the financial account issuer, the first loan amount from the first financial account, if the request to debit the first financial account is not fraudulent; and

,

crediting, by the financial account issuer, at least a portion of the first loan amount to the second financial account, if the request to credit the second financial account is not fraudulent, wherein the first loan amount is associated with a legal obligation for repayment from the second financial account to the first financial account.

2. The method of claim 1, further comprising paying interest to the second financial account on the at least a portion of the first loan amount credited to the second financial account.

3. The method of claim 1, wherein no items are exchanged between the owner of the first financial account and the owner of the second financial account.

4. The method of claim 1, wherein an item is exchanged between a first party associated with the first financial account and a second party associated with the second financial account.

5. The method of claim 1, wherein an item is exchanged between a first party associated with the first financial account and a second party associated with the second financial account, wherein the item comprises at least one of a good, service, information, experience, access, or entertainment.

6. The method of claim 1, wherein an item is exchanged between a first party associated with the first financial account and a second party associated with the second financial account, wherein the item was identified through at least one of classified advertisement, auction, internet posting, or internet auction.

7. The method of claim 1, wherein a second financial account issuer issued the second financial account, wherein the second financial account issuer is different from the first financial account issuer.

8. The method of claim 1, wherein the financial account issuer comprises a first financial account issuer and a second financial account issuer, and wherein the first financial account issuer issued the first financial account and the second financial account issuer issued the second financial account.

9. The method of claim 1, further comprising determining an account issuer associated with at least one of the first financial account or the second financial account.

10. The method of claim 1, wherein at least one of the first financial account or the second financial account includes at least one of a transaction card account, an escrow account, a digital cash account, a demand deposit account, a credit line, checking account, savings account, a gift card account, a pre-paid account, a credit union account, a bank account, an investment account, or a money market account.

11. The method of claim 1, wherein the financial account issuer comprises at least one of a transaction account issuer, charge card issuer, credit card issuer, debit card issuer, gift card issuer, bank, lender, credit union, or a third party issuer under contract with the financial account issuer.

12. The method of claim 1, further comprising receiving notification, at the financial account issuer, that an item associated with the first loan amount has been at least one of received or approved by a first party associated with the first financial account, prior to crediting at least a portion of the first loan amount to the second financial account.

13. The method of claim 1, further comprising receiving notification, at the financial account issuer, that an item associated with the first loan amount has been shipped by a second party associated with the second financial account, prior to crediting at least a portion of the first loan amount to the second financial account.

14. The method of claim 1, further comprising receiving notification, at the financial account issuer, that an item associated with the first loan amount has been at least one of received or approved by a first party associated with the first financial account, prior to crediting at least a portion of the first loan amount to the second financial account.

15. The method of claim 1, further comprising receiving notification, at the financial account issuer, that an item associated with the first loan amount has been shipped by a second party associated with the second financial account, prior to crediting at least a portion of the first loan amount to the second financial account.

16. The method of claim 1, further comprising conducting a credit risk analysis associated with at least one of the first financial account or the second financial account.

17. The method of claim 1, further comprising checking if the transaction at least partially complies with additional terms.

18. The method of claim 1, further comprising checking if the transaction at least partially complies with additional terms, wherein the additional terms are established by at least one of a first party associated with the first financial account and a second party associated with the second financial account.

19. A method for a financial account issuer to facilitate a loan transaction, the method comprising:

sending, to the financial account issuer, a request to debit a first loan amount from a first financial account having a first identifier associated with the first financial account, wherein the financial account issuer issued the first financial account, and wherein the financial account issuer comprises a server; and

,

sending, to the financial account issuer, a request to credit at least a portion of the first loan amount to a second financial account having a second identifier associated with the second financial account;

wherein the financial account issuer debits the first loan amount from the first financial account, if the request to debit the first financial account is not fraudulent; and

,

wherein the financial account issuer credits at least a portion of the first loan amount to the second financial account, if the request to credit the second financial account is not fraudulent, wherein the first loan amount is associated with a legal obligation for repayment from the second financial account to the first financial account.

20. A computer-readable medium having stored thereon a plurality of instructions for a financial account issuer to facilitate a loan transaction, the plurality of instructions comprising:

instructions to receive, at the financial account issuer, a request to debit a first loan amount from a first financial account having a first identifier associated with the first financial account, wherein the financial account issuer issued the first financial account, and wherein the financial account issuer comprises a server;

instructions to receive, at the financial account issuer, a request to credit at least a portion of the first loan amount to a second financial account having a second identifier associated with the second financial account;

instructions to determine, by the financial account issuer, if at least one of the request to debit the first financial account or the request to credit the second financial account is fraudulent;

instructions to debit, by the financial account issuer, the first loan amount from the first financial account, if the request to debit the first financial account is not fraudulent; and

,

instructions to credit, by the financial account issuer, at least a portion of the first loan amount to the second financial account, if the request to credit the second financial account is not fraudulent, wherein the first loan amount is associated with a legal obligation for repayment from the second financial account to the first financial account.