PAY YOURSELF FIRST WITH AUTOMATED DATA INPUT

• US 20100153200A1
• Filed: 02/23/2010
• Published: 06/17/2010
• Est. Priority Date: 08/02/2004
• Status: Abandoned Application

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: Consumer and Merchant Awareness Foundation
• Inventors: Thomas, Tracey R.
• Application Number:
  US12/710,566
• Publication Number:
  US 20100153200A1
• Time in Patent Office: Days
• US Class Current: 705/14.170
• 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 20/40 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 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The system encourages users to not only pay themselves first, but to pay themselves first in the largest amounts possible, even if they are not able to fully pay outstanding debts. The system obtains information related to the user'"'"'s income, income sources, user'"'"'s debts (e.g., bills) and user'"'"'s goals. The system provides recommendations related to the prioritization of paying certain bills and the amount to pay for each bill based upon, for example, savings goals, minimizing penalties/fees associated with user'"'"'s debts, minimum amounts due, due dates and available income. The system and/or the user may then determine a payment hierarchy which includes transferring funds to the user'"'"'s savings account prior to paying all or a portion of certain bills, wherein the transfer of funds may include different funds transfer systems and methods.

Claims

1. A method comprising:

receiving, by a computer for determining a savings amount and a payment hierarchy, user financial information comprising user savings goal information, user debt information and user income information;

obtaining, by the computer, at least a portion of the user debt information;

determining, by the computer and in response to the receiving, a savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income;

analyzing, by the computer and in response to the transferring, the user debt information to determine a plurality of pending debt payments;

determining, by the computer, a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty associated with at least one of a payment amount or a payment timing; and

determining, by the computer, a payment hierarchy based upon the savings amount, the plurality of penalties and at least one of the payment information, the user savings goal information or the user income information, wherein the payment hierarchy minimizes the plurality of penalties.

2. The method of claim 1, wherein the obtaining comprises receiving a document associated with a payee.

3. The method of claim 2, wherein the document comprises at least one of an electronic document, a paper document, an electronic message, an extensible markup language (XML) message, an electronic data interchange (EDI) message, a potable document format (PDF) file, an optical character recognition (OCR) file, or an image.

4. The method of claim 2, wherein the document is received from at least one of the payee or a third party.

5. The method of claim 2, wherein the document comprises at least one of user registration information, user account information, statement of account, a bill or an invoice.

6. The method of claim 2, wherein the obtaining further comprises parsing data within a document.

8. The method of claim 2, wherein a user associated with the user debt information scans a paper document to create the document, and wherein the document is received from the user.

9. The method of claim 1, further comprising transferring the savings amount to the user savings account.

10. The method of claim 1, further comprising transferring, based at least in part upon the payment hierarchy, at least a portion of the user income to a payee associated with a first debt, wherein at least a portion of the plurality of debt payments comprise the first debt.

11. The method of claim 10, further comprising notifying at least one of a user, the payee or a third party prior to at least one of transferring the savings amount or the transferring to the payee.

12. The method of claim 1, further comprising analyzing a balance of funds based upon the user income information and triggering a transfer of the user savings amount in response to confirmation of sufficient funds.

13. The method of claim 1, further comprising analyzing a balance of funds based upon the user income information and disallowing transfer of the user savings amount in response to confirmation of insufficient funds.

14. The method of claim 1, further comprising providing a recommendation including suggestions for minimizing user debt payments and maximizing user savings, and providing a user interface configured to allow the user to view at least one of the recommendations, the payment hierarchy or transfer information.

15. The system of claim 1, further comprising providing a user interface configured to facilitate input of the user financial information including at least one of:

the user income information, user income source information, the user debt information, or the user savings goal information, wherein the user interface is further configured to provide at least one of webpage inputs or a menu driven interactive procedure.

16. The system of claim 1, further comprising at least one of:

converting user loyalty points associated with a user to a value and applying the value to the user savings account;

or providing loyalty points to at least one of the user, a user income source identified by the user income information, or a payee associated with an outstanding debt payment in the plurality of outstanding debt payments.

17. The method of claim 1, further comprising providing loyalty points in response to receiving a verification of a transfer of the savings amount.

18. The method of claim 1, further comprising obtaining purchase data from a retailer system, wherein the purchase data is correlated to a budget item within the user budget information and reconciling the user budget information.

7. The method of clam 6, wherein the parsing comprises determining at least one of user account number, a first debt obligation, payee information, terms and conditions associated with a first debt obligation, penalties associated with a first debt obligation, payment timing, a payment due date, payment amount, debt amount, term of debt, late payment terms, late payment interest, late payment penalties, late payment fees, partial payment terms, partial payment interest, partial payment penalties, or partial payment fees.

19. A system comprising:

a network interface communicating with a memory;

the memory communicating with a processor; and

the processor, when executing a computer program, is configured to;

receive user financial information, wherein the user financial information comprises user savings goal information, user debt information and user income information;

obtain at least a portion of the user debt information;

in response to the receiving the user financial information, determine a savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income;

in response to the transfer of the savings amount, analyze the user debt information to determine a plurality of pending debt payments;

determine a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty associated with at least one of a payment amount or a payment timing; and

determine a payment hierarchy based upon the savings amount, the plurality of penalties and at least one of the payment information, the user savings goal information or the user income information, wherein the payment hierarchy minimizes the plurality of penalties.

20. A tangible computer-readable medium having computer-executable instructions stored thereon that, if executed by a computer for determining a savings amount and a payment hierarchy, cause the computer to perform operations comprising:

receiving, by the computer, user financial information comprising user savings goal information, user debt information and user income information;

obtaining, by the computer, at least a portion of the user debt information;

determining, by the computer and in response to the receiving, a savings amount based upon the user savings goal information and the user income information, wherein the savings amount is transferred to a user savings account, wherein the savings amount is at least a portion of user income;

analyzing, by the computer and in response to the transferring, the user debt information to determine a plurality of pending debt payments;

determining, by the computer, a plurality of penalties by analyzing, for each of the plurality of pending debt payments, a penalty associated with at least one of a payment amount or a payment timing; and

determining, by the computer, a payment hierarchy based upon the savings amount, the plurality of penalties and at least one of the payment information, the user savings goal information or the user income information, wherein the payment hierarchy minimizes the plurality of penalties.