Financial Collaboration Networks
0 Assignments
0 Petitions
Accused Products
Abstract
The disclosed system and method for providing financial collaboration networks generally includes a data processing system adapted to permit a plurality of group collaborators to perform financial transactions with a plurality of users or network participants. Representative embodiments of the present invention generally provide web-based financial collaboration systems that may be adapted to permit a plurality of borrowers, for example, to negotiate more favorable terms with a lender for subsequent loans made to the borrower members of the collaborative group.
33 Citations
111 Claims
-
1-62. -62. (canceled)
-
63. A peer-to-peer on-line financial collaboration network for lending and other financial transactions, comprising:
-
a plurality of network participants, wherein one of the plurality of network participants is a network initiator; a lending group having lending group parameters, wherein the lending group is created by the network initiator, wherein the lending group has more than one network participant;
wherein at least a first network participant is a borrower and a second network participant is a lender;
wherein other network participants join the lending group;
wherein the network participants can be lenders and borrowers;
wherein the network participants agree to combine funds in to a portfolio based on a set of lending parameters established by the network initiator, and other network participants borrow from the portfolio;
wherein the network participants agree to lend a predetermined amount that is accessible to other network participants in the form of a loan;
wherein network participants are free to post loan requests or loan offers based on an individual network participant'"'"'s criteria; and
wherein network participants use loan syndication to fund loans;a data processing system for managing a corresponding account for each of the plurality of network participants, wherein the data processing system is adapted to perform financial transactions including payment deposits and payment distributions associated with the corresponding account of the plurality of network participants, wherein the data processing system collects network participants'"'"' personal and credit information, wherein the data processing system receives instructions and parameters from the network participants for financial transactions;
wherein the data processing system receives an electronic payment deposit from at least one participant of the plurality of network participants;
wherein the data processing system issues at least one of a collective payment and a single payment to a payment recipient;
wherein the payment recipient comprises a participant of the plurality of network participants;
wherein the payment recipient repays the at least one collective and single payment through the data processing system; and
wherein the data processing system is located on a computer network based system that is Internet accessible. - View Dependent Claims (64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82)
-
-
83. An on-line peer-to-peer financial collaboration network, comprising:
-
means for creating a lending group on a data processing system; means for inviting a network participant into the lending group; means for allowing the network participants to request to join the lending group; means for managing financial transactions of the lending group and network participants on the data processing system; means for issuing a payment to any network participant, wherein the payment is issued on a frequency determined by at least one of a network initiator and a designate; and means for collecting fees for utilizing the data processing system.
-
-
84. A method for providing a peer-to-peer financial collaboration network comprising the steps of:
-
identifying an initiator, wherein the initiator creates a lending group on a data processing system; naming the lending group on the data processing system; inviting a plurality of network participants to participate in the lending group though the data processing system; selectively determining a network participant'"'"'s access to the lending group; entering a personal information and a credit information of the plurality of network participants onto the data processing system, wherein the personal information and credit information are associated with the lending group; electronically transferring funds of the plurality of network participants to the data processing system, wherein electronically transferred funds are associated with the lending group; combining electronically transferred funds to form at least one of a collective and a partial payment fund; defining lending parameters of the lending group including at least one of a traditional installment loan parameters, wherein interest is paid during a loan repayment agreement'"'"'s duration and a non-traditional lending parameters, wherein funds are lent on a rotating basis with and without interest; and issuing the at least one collective and partial payment to a network participant of the plurality of network participants. - View Dependent Claims (85, 86, 87, 88, 89, 90, 91, 92)
-
-
93. A peer-to-peer portfolio-based financial network, comprising:
-
a plurality of network participants and an Internet accessible software process that allows the plurality of network participants to invest in an investment that issues at least one loan;
wherein the plurality of network participants request the at least one loan from the investment directly through an entity administering the investment;
wherein the investment may be initiated by at least one of the entity and the plurality of network participants;
wherein the investment is structured to reduce risk;
wherein the investment contains an additional risk reducing feature to further offset a default risk of the investment; and
wherein the investment is located at a destination;a data processing system, comprising a computer, the data processing system manages a corresponding account for each of the plurality of network participants, wherein the data processing system performs financial transactions including a payment deposit related to investment in a portfolio, a loan repayment deposit, a payment distribution associated with the corresponding account for each of the plurality of network participants, loan requests of the plurality of network participants, and collection of loan fees from the plurality of network participants; wherein the data processing system combines loan fees from the network participants into a portfolio fee; wherein the data processing system collects a network participants'"'"' personal and credit information; wherein the data processing system combines deposits from the plurality of network participants in a loan fund;
wherein loans requested by the plurality of network participants are issued on a first date by the data processing system from the loan fund based on a funding criteria;wherein the data processing system determines whether one or more network participants of the plurality of network participants has repaid the requested loan on at least a second date; wherein the data processing system redistributes at least a portion of the portfolio fee among the plurality of network participants who repaid their respective loan by at least the second date; and wherein the data processing system calculates at least one of a gain and a loss on the investment for at least one lender. - View Dependent Claims (94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111)
-
Specification