ASP business decision engine
First Claim
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1. A method for implementation by one or more computing systems, each computing system comprising at least one data processor, the method comprising:
- installing, at a lending institution, security certificates for access to one or more financial service components residing on a single application service provider platform (ASP) of a company using company'"'"'s application programming interface (API) guidelines;
receiving, by one or more computing systems of the lending institution, data comprising a credit application;
posting, by the one or more computing systems of the lending institution, the credit application to one or more financial services components of a company the one or more financial service components each comprising at least one computing system, the lending institution setting up one or more financial product entries for access by the one or more financial services components;
accessing and manipulating, by the one or more of the financial services components of the company, credit bureau data in connection with said credit application;
accessing, by one or more of the financial services components of the company, credit scoring in connection with said credit application;
accessing, by one or more of the financial services components of the company, credit decisioning in connection with said credit application;
determining, by one or more of the computing systems, on behalf of the lending institution if credit is to be granted, refused, or if further review is necessary based on the data characterizing the credit application, the credit scoring, and the decisioning; and
if credit is to be granted, automatically selecting, by one or more of the financial services components of the company, at least one credit product on behalf of a lending institution from a plurality of credit products, said at least one credit product being a best fit to said credit application that results from said accessing steps;
wherein said accessing steps are provided via the ASP and are accessible through a standard API.
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Abstract
A decision engine is provided that integrates all components of a credit application process, including access to and manipulation of credit bureau data, credit scoring, credit decisioning, and matching the correct products, into a single application service provider (ASP) platform which is accessible through a series of Application Programming Interfaces (APIs).
124 Citations
22 Claims
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1. A method for implementation by one or more computing systems, each computing system comprising at least one data processor, the method comprising:
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installing, at a lending institution, security certificates for access to one or more financial service components residing on a single application service provider platform (ASP) of a company using company'"'"'s application programming interface (API) guidelines; receiving, by one or more computing systems of the lending institution, data comprising a credit application; posting, by the one or more computing systems of the lending institution, the credit application to one or more financial services components of a company the one or more financial service components each comprising at least one computing system, the lending institution setting up one or more financial product entries for access by the one or more financial services components; accessing and manipulating, by the one or more of the financial services components of the company, credit bureau data in connection with said credit application; accessing, by one or more of the financial services components of the company, credit scoring in connection with said credit application; accessing, by one or more of the financial services components of the company, credit decisioning in connection with said credit application; determining, by one or more of the computing systems, on behalf of the lending institution if credit is to be granted, refused, or if further review is necessary based on the data characterizing the credit application, the credit scoring, and the decisioning; and if credit is to be granted, automatically selecting, by one or more of the financial services components of the company, at least one credit product on behalf of a lending institution from a plurality of credit products, said at least one credit product being a best fit to said credit application that results from said accessing steps; wherein said accessing steps are provided via the ASP and are accessible through a standard API.
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2. A method as in claim 1, wherein the one or more financial services components are coupled to one or more credit bureaus and one or more business bureaus.
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3. A credit application apparatus, comprising:
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means for installing, at a lending institution, security certificates for access to one or more financial service components residing on a single application service provider platform (ASP) of a company using company'"'"'s application programming interface (API) guidelines; means associated with the lending institution for receiving a credit application and for posting data characterizing the credit application to one or more financial services components, the one or more financial service components each comprising at least one computing system, the lending institution setting up one or more financial product entries for access by the one or more financial services components; means associated with one or more financial services components for accessing and manipulating credit bureau data in connection with said credit application; means associated with one or more financial services components for accessing credit scoring in connection with said credit application; means for accessing credit decisioning in connection with said credit application and determining if credit is to be granted, refused, or if further review is necessary based on the credit scoring; and means associated with one or more financial services components for selecting at least one credit product from a plurality of credit products on behalf of a lending institution if credit is to be granted, said at least one credit product being a best fit to said credit application that results from said accessing modules; wherein said means for accessing are provided in a single ASP computing platform and are accessible through a standard API.
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4. The apparatus of claim 3, wherein one or more of the means for receiving a credit application, means for accessing and manipulating credit bureau data, means for accessing credit scoring, means for accessing credit decisioning, and means for selecting at least one credit product comprise any of an app engine, a broker engine, and a decision engine, each of such engines being implemented in computer hardware.
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5. The apparatus of claim 4, wherein said app engine comprises:
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a graphical user interface (GUI) for collecting data that are necessary for submitting a request for any of a loan, credit card, lease, or line of credit or a securitization (resale) of the same a GUI for reviewing and manually decisioning an application for those applications not being automatically approved or declined; a GUI to configure the decisioning rules, score cut offs, automatic review rules, and loan/lease characteristics; wherein on submission of an application, certain application data are sent to said decision engine.
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6. The apparatus of claim 4, wherein said decision engine pulls a credit reporting agency report, scores said credit application, and performs a product match.
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7. The apparatus of claim 6, wherein said product match identifies all credit products for which a credit applicant is qualified, for each financial institution working with a broker.
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8. The apparatus of claim 7, wherein application data, which may comprise any of credit reporting agency data, score, reason codes, and product matches, are sent back to said GUI to be presented for further processing.
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9. The apparatus of claim 8, wherein a loan is automatically recommended for approval, review, or disapproval;
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wherein, if approved, said credit application, decisioning, and credit bureau data are provided to a secure server for a lending institution to obtain and use; wherein, if review is needed, said credit application is routed to an appropriate group for further work and decisioning; and wherein, if said credit application is disapproved, reasons for said disapproval and all of said credit application, decisioning, and credit bureau data are provided to a secure server for said lending institution to obtain and use.
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10. The apparatus of claim 3, further comprising:
a data-base of all of said credit application, decisioning, and credit bureau data, wherein said data are maintained for an appropriate interval.
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11. The apparatus of claim 4, wherein said broker engine pulls a credit reporting agency report, scores said credit application, and performs a product match.
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12. The apparatus of claim 11, wherein said product match identifies all credit products for which an applicant is qualified, for each financial institution working with a broker.
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13. The apparatus of claim 4, wherein said decision engine pulls a credit reporting agency report, scores said credit application, and performs a product match.
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14. The apparatus of claim 13, wherein said product match identifies all credit products for which an applicant is qualified, for each financial institution working with a broker.
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15. The apparatus of claim 4, further comprising an application program interface (API) that comprises a number of function calls which provide the ability to interact with said modules.
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16. The apparatus of claim 15, wherein said API is accessed using SOAP (Simple Object Access Protocol);
wherein data are submitted using XML (Extensible Markup Language); and
wherein all calls to said API are synchronous.
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17. The apparatus of claim 4, wherein any of said decision and/or said broker engine:
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receives a call from an application processing system to make a decision on an application; uses data in said credit application and pre-programmed bureau preferences of clients; and obtains a credit bureau report on an applicant and a co-applicant (if co-applicant information is submitted); wherein said broker engine automatically routes said credit application and credit bureau data to said decisioning engine to obtain a combined score.
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18. The apparatus of claim 17, wherein said broker engine uses said score and other factors established by a financial services institution to determine any products for which said credit application qualifies;
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wherein said broker engine returns said product matches to said calling application processing system with all decisioning data and reason codes.
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19. The apparatus of claim 18, wherein said matches can be from any of similar products, dissimilar products, or no products might be recommended.
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20. The apparatus of claim 18, wherein reason codes are returned in said data if no products can be recommended.
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21. The apparatus of claim 18, wherein after said products are returned, said application processing system allows said applicant to choose a best product for them;
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wherein said calling system then creates a second call to said broker engine to tell it what product was selected; and wherein said broker engine, in turn, sends this selection to an appropriate financial services institution with complete decisioning information.
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22. A system comprising:
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means for installing, at a lending institution, security certificates for access to one or more financial service components residing on a single application service provider platform (ASP) of a company using company'"'"'s application programming interface (API) guidelines; means for receiving data comprising a credit application; means for posting the credit application to one or more financial services components of a company the one or more financial service components each comprising at least one computing system, the lending institution setting up one or more financial product entries for access by the one or more financial services components; means for accessing and manipulating credit bureau data in connection with said credit application; means for accessing credit scoring in connection with said credit application; means for accessing credit decisioning in connection with said credit application; means for determining on behalf of the lending institution if credit is to be granted, refused, or if further review is necessary based on the data characterizing the credit application, the credit scoring, and the decisioning; and means for automatically selecting, if credit is to be granted, at least one credit product on behalf of a lending institution from a plurality of credit products, said at least one credit product being a best fit to said credit application that results from said accessing steps; wherein said means for accessing are provided via the ASP and are accessible through a standard API.
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Specification