SYSTEM AND METHOD FOR MANAGING PAYDAY ACCOUNTS OVER A MOBILE NETWORK

• US 20150100475A1
• Filed: 10/09/2014
• Published: 04/09/2015
• Est. Priority Date: 10/09/2013
• Status: Abandoned Application

• Current Assignee: Dollar Financial Group Incorporated (LSF8 Sterling Parent LLC)
• Original Assignee: Dollar Financial Group Incorporated (LSF8 Sterling Parent LLC)
• Inventors: CUMMINGS, Bruce David, Bosch, Nicholas, Coury, Michael
• Application Number:
  US14/510,622
• Publication Number:
  US 20150100475A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/3221 Access to banking information through M-devices
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: H04L 2209/56 Financial cryptography, e.g. electronic payment or e-cash
• CPC Class Codes: H04L 9/40 Network security protocols
• CPC Class Codes: H04L 9/50 using hash chains, e.g. blockchains or hash trees
• CPC Class Codes: H04W 12/06 Authentication
• CPC Class Codes: H04W 12/08 Access security

Abstract

Exemplary systems and methods of the disclosure are directed to managing payday accounts over a mobile network. The system includes at least one mobile computing device and at least one host computing device. The mobile computing device is associated with a customer and configured to retrieve customer account information from the host computing device over the network. The mobile computing device generates a customized payday product menu based on the customer account information. The customer account information indicates a status of active payday accounts for the customer or the customer'"'"'s eligibility for opening new payday accounts.

Claims

1. A system for managing short to intermediate term loan accounts including payday loan accounts, check cashing accounts, and other financial transactions over a mobile network, comprising:

a mobile computing device associated with a customer and configured to retrieve customer account information from a host computing device over the network and generate a customized payday product menu based on the customer account information, the customer account information indicating a status of active payday accounts for the customer or the customer'"'"'s eligibility for opening new payday accounts.

2. A system for managing payday accounts over a mobile network, comprising:

a host computing device configured to;

retrieve customer account information from a database;

determine at least one of a status of an active payday account or whether the customer is eligible for opening a new payday account based on the customer account information; and

communicate the customer account information including results of the determination to a mobile computing device over the network.

3. A mobile banking method for approving a check cashing transaction over a mobile network, comprising:

receiving transaction data including at least customer account information;

performing an electronic risk assessment based on the transaction data and check issuer information;

sending the transaction data to a queue for performing a manual risk assessment;

computing terms of the check cashing transaction based on results of at least one of the electronic and manual risk assessments; and

forwarding results of at least one of the electronic and manual risk assessment and the computed transaction terms to a mobile device on the network.

5. A computer readable medium having program or software code stored thereon such that when in communicable contact with a processor of a computer, the computer readable medium causes the computer to perform the method as recited in claim 3.

4. A mobile banking method for approving a payday loan application over a mobile network, comprising:

receiving, at a server, application data and customer information;

performing an electronic risk assessment based on the received data and information;

sending the transaction data to a queue for performing a manual risk assessment;

computing terms of the loan based on results of at least one of the electronic and manual risk assessments; and

forwarding results of at least one of the electronic and manual risk assessment and the computed loan terms to a mobile device on the network.

6. A computer readable medium having program or software code stored thereon such that when in communicable contact with a processor of a computer, the computer readable medium causes the computer to perform the method as recited in claim 4.