SYSTEM AND METHOD FOR PROVISIONING A CONTROLLED SECONDARY MARKET FOR SMALL DOLLAR DEPOSITS AND LENDING

• US 20100076888A1
• Filed: 01/23/2009
• Published: 03/25/2010
• Est. Priority Date: 09/25/2008
• Status: Abandoned Application

• Current Assignee: Advent Financial Services LLC (Novation Cos., Inc.)
• Original Assignee: Advent Financial Services LLC (Novation Cos., Inc.)
• Inventors: Thompson, John W., Ernst, Mark A., Wilson, Bernard M.
• Application Number:
  US12/358,699
• Publication Number:
  US 20100076888A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/123 Tax preparation or submission

Abstract

A system for aggregating retail financial services distribution partners and providing real time, automated matching of the tailored products being delivered to clients by distribution partners to available financing and deposit locations. Secondary market participants are also assembled to provide financing capacity and locations for deposits of the system'"'"'s marketplace.

Claims

1. A method of providing small dollar services to low-middle income clients, the method including:

a) receiving parameters from a Participant Bank, said parameters providing an acceptance criteria utilized to determine acceptance of a client by said Participant Bank;

b) accepting a product request from a said client;

c) automatically matching said client with said Participant Bank where said client meets the acceptance criteria provided by said Participant Bank, and where said Participant Bank previously agreed to accept products having the terms associated with said product requested by said client;

d) underwriting a transaction with said client where said client meets underwriting criteria;

e) executing said transaction with said client;

f) repeating steps a through e a plurality of times for a plurality of products and a plurality of clients;

g) aggregating said plurality of products for said plurality of clients; and

h) presenting said aggregated products to said Participant Bank for acceptance.

2. The method of claim 1, where the home geography of a client being a parameter.

3. The method of claim 1, where at least one of a risk profile of a client, a loan cap, a deposit limit, and a product category being a parameter.

4. The method of claim 1, further including:

receiving information regarding said client for use in said underwriting step.

5. The method of claim 1, wherein:

said parameters from a said Participant Bank and a said product request being accepted via a distribution management interface;

a said parameter being stored in a database communicably linked to an electronic financial services platform system; and

said financial services platform system performing said underwriting, said matching of a said requested product to a said provider, said aggregating and said presenting of said aggregated products.

6. The method of claim 1, further including:

at least beginning performing on said transaction.

7. The method of claim 1, further including:

reporting information regarding said aggregated products to said provider.

8. The method of claim 7, wherein reported information includes information regarding compliance with the Community Reinvestment Act.

9. A method of providing small dollar services to low-middle income clients, the method including:

a) executing a Participation Agreement with a Participant Bank for participation in a created small dollar marketplace, where said Participant Bank agrees in said Participation Agreement to accept a financial product with specified terms in connection with a client who meets specified acceptance criteria, the home geography of a client being specified as a said criterion;

b) matching a said client with said Participant Bank, where said client meets underwriting criteria and said acceptance criteria specified by said Participant Bank;

c) offering said financial product to said client where said specified terms being substantially similar to terms of a product requested by said client, and where said financial product is available;

d) executing a transaction with said client for said available financial product where said client meets underwriting criteria; and

e) repeating steps (a) through (e) a plurality of times for a plurality of products and a plurality of clients.

10. The method of claim 9, further including:

aggregating said plurality of products for said plurality of clients; and

presenting said aggregated products to said Participant Bank for acceptance.

11. The method of claim 10, further including:

reporting information regarding said aggregated products to said provider.

12. The method of claim 11, wherein reported information includes information regarding compliance with the Community Reinvestment Act.

13. The method of claim 9, where at least one of a risk profile of a client, a loan cap, a deposit limit, and a product category being criteria.

14. The method of claim 9, further including:

beginning performance on said transaction.