Trust Based Transaction System
First Claim
1. A computer implemented method for determining creditworthiness for a transaction in a network of users, the method comprising:
- creating a user profile for each user in the network of users;
receiving, from an authorizing user of the network of users, authorization for at least one permitted user, each permitted user permitted to complete a transaction from the authorizing user without receiving permission in advance, the authorization stored with the user profile of the authorizing user and the permission for each permitted user stored with a corresponding user profile of the permitted user;
receiving details of each completed transaction from each permitted user completing a transaction, the details of each completed transaction including an identification of a transaction and an amount of the transaction with the authorizing user;
receiving details of each failed transaction from each permitted user having a completed transaction that failed, the details of the failed transaction including an identification of the completed transaction that failed and an amount of the completed transaction that failed; and
storing the details of each completed transaction and each failed transaction with the user profile of the authorizing user and the corresponding user profile of the permitted user; and
assigning, in response to the details of each completed transaction and each failed transaction, a risk score and a trust score for the authorizing user and each permitted user; and
identifying a creditworthiness of a new transaction with a user having an identified relationship with at least one of the authorized user and a permitted user in network of users, the creditworthiness corresponding to the risk score and the trust score of each identified authorized user and permitted user.
3 Assignments
0 Petitions
Accused Products
Abstract
A configuration for more efficient electronic financial transactions is disclosed. Users input personal and financial information into a system that validates the information to generate trusted financial profiles. Each user can establish trusted financial links with other users. The trusted financial link provides a mechanism for the user to allow other users to withdraw money from the link provider account. The data from these relationships and the financial data flowing through the system enable a measure of trustworthiness of users and the trustworthiness of all interactions in the system. The combination of trusted financial profiles, trusted financial links, and financial transactions between users create a measurable financial trust graph which is a true representation of the trusting economic relationships among the users. The financial trust graph enables a more accurate assessment of the creditworthiness and financial risk of transactions by users with little or no credit or transaction history.
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Citations
20 Claims
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1. A computer implemented method for determining creditworthiness for a transaction in a network of users, the method comprising:
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creating a user profile for each user in the network of users; receiving, from an authorizing user of the network of users, authorization for at least one permitted user, each permitted user permitted to complete a transaction from the authorizing user without receiving permission in advance, the authorization stored with the user profile of the authorizing user and the permission for each permitted user stored with a corresponding user profile of the permitted user; receiving details of each completed transaction from each permitted user completing a transaction, the details of each completed transaction including an identification of a transaction and an amount of the transaction with the authorizing user; receiving details of each failed transaction from each permitted user having a completed transaction that failed, the details of the failed transaction including an identification of the completed transaction that failed and an amount of the completed transaction that failed; and storing the details of each completed transaction and each failed transaction with the user profile of the authorizing user and the corresponding user profile of the permitted user; and assigning, in response to the details of each completed transaction and each failed transaction, a risk score and a trust score for the authorizing user and each permitted user; and identifying a creditworthiness of a new transaction with a user having an identified relationship with at least one of the authorized user and a permitted user in network of users, the creditworthiness corresponding to the risk score and the trust score of each identified authorized user and permitted user. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A non-transitory computer readable medium configured to store instructions, the instructions when executed cause at least one processor to:
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create a user profile for each user in the network of users; receive, from an authorizing user of the network of users, authorization for at least one permitted user, each permitted user permitted to complete a transaction from the authorizing user without receiving permission in advance, the authorization stored with the user profile of the authorizing user and the permission for each permitted user stored with a corresponding user profile of the permitted user; receive details of each completed transaction from each permitted user completing a transaction, the details of each completed transaction including an identification of a transaction and an amount of the transaction with the authorizing user; receive details of each failed transaction from each permitted user having a completed transaction that failed, the details of the failed transaction including an identification of the completed transaction that failed and an amount of the completed transaction that failed; and store the details of each completed transaction and each failed transaction with the user profile of the authorizing user and the corresponding user profile of the permitted user; and assign, in response to the details of each completed transaction and each failed transaction, a risk score and a trust score for the authorizing user and each permitted user; and identify a creditworthiness of a new transaction with a user having an identified relationship with at least one of the authorized user and a permitted user in network of users, the creditworthiness corresponding to the risk score and the trust score of each identified authorized user and permitted user. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A transaction system for determining risk of a transaction, the system comprising:
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a user profile database configured to store objective data and subjective data for a user; a user relationship database configured to store links corresponding to trusted relationships between users; a transactions database configured to store details of transactions between at least on user having a profile in the user profile database and another user, the transactions database including information on number of transactions, a value of each transaction, number of failed transactions and a value of each failed transaction; a trust analysis module configured to generate a trust score based on a number of trusted relationships in the user relationship database and a number of disassociated trusted relationships in the user relationship database; and a risk analysis module configured to generate a risk score based on the trust score and from the transactions database a total number of the transactions, a total value of the transactions, a total number of the failed transactions, and a total value of the failed transactions. - View Dependent Claims (18, 19, 20)
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Specification