Social network payment settlement system

• US 8,412,630 B2
• Filed: 04/15/2011
• Issued: 04/02/2013
• Est. Priority Date: 04/15/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ross, Erik Stephen, Hanson, Carrie Anne, Thomas, Susan Smith
• Primary Examiner(s): NIQUETTE, ROBERT R
• Application Number:
  US13/087,909
• Publication Number:
  US 20120265678A1
• Time in Patent Office: 718 Days
• Field of Search: None
• US Class Current: 705/42
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

A method for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant includes determining, using a processing device, a funds shortfall, accessing a funds sharing network comprising a plurality of users, identifying one or more of the users of the funds sharing network, requesting funds from the identified one or more users, and applying funds received from the one or more users to the funds shortfall. In some embodiments, identifying one or more of the users includes determining whether one or more of the users are indebted to the customer, determining levels of connection between two or more of the users and the customer, and developing a hierarchy of users based on the indebted users and the levels of connection.

Claims

1. A computer-implemented method for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the method comprising:

using a computer processor operating computer program code instructions stored in a non-transitory computer readable medium, wherein said computer program code instructions cause said computer processor to;

determine a funds shortfall;

access a funds sharing network comprising a plurality of users;

identify one or more of the users of the funds sharing network;

request funds from the identified one or more users;

apply funds received from the one or more users to the funds shortfall

wherein the one or more users identified from the funds sharing network are not indebted to the customer, and wherein said computer processor is further to;

track a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;

apply an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness; and

communicate one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

2. The method of claim 1, wherein determining a funds shortfall comprises determining a difference between funds available to the customer and the payment amount such that the customer lacks sufficient funds to complete the transaction.

3. The method of claim 1, wherein determining a funds shortfall comprises:

determining a total credit limit associated with the customer;

determining an available positive balance;

determining an available funds amount based at least in part on the total credit limit and the available positive balance; and

determining the funds shortfall by comparing the payment amount with the available funds amount.

4. The method of claim 1, wherein accessing a funds sharing network comprising a plurality of users comprises accessing a social network of the customer.

5. The method of claim 1, wherein identifying one or more of the users of the funds sharing network comprises determining whether one or more of the users of the funds sharing network are indebted to the customer.

6. The method of claim 5, wherein identifying one or more of the users of the funds sharing network comprises:

determining that two or more of the users of the funds sharing network are indebted to the customer;

comparing the indebtedness of the two or more users to develop a hierarchy of indebtedness; and

choosing one or more of the two or more users based at least in part on the hierarchy of indebtedness.

7. The method of claim 1, wherein identifying one or more of the users of the funds sharing network comprises:

determining levels of connection between two or more of the users and the customer;

comparing the levels of connection in order to develop a hierarchy of connection; and

choosing one or more of the two or more users based at least in part on the hierarchy of connection.

8. The method of claim 1, wherein accessing a funds sharing network comprising a plurality of users comprises accessing a network of users socially unassociated with the user, the network of users associated with the user solely for purposes of sharing funds.

9. The method of claim 1, wherein requesting funds from the identified one or more users comprises sending a communication to the one or more users requesting some or all the funds shortfall.

10. The method of claim 1, wherein requesting funds from the identified one or more users comprises accessing an account owned by one of the identified users and wherein applying funds received from the one or more users to the funds shortfall comprises transferring some or all the funds shortfall from the accessed account to the merchant.

11. The method of claim 1, wherein requesting funds from the identified one or more users comprises accessing an account owned by one of the identified users and wherein applying funds received from the one or more users to the funds shortfall comprises transferring an amount equal to some or all the funds shortfall from the accessed account to the customer and transferring an amount equal to some or all the funds transferred from the one or more users to the customer to the merchant.

12. The method of claim 1, further comprising:

collecting a transaction fee from the customer for managing completion of the transaction.

13. The method of claim 12, wherein collecting the transaction fee comprises transferring additional funds from one or more of the users of the funds sharing network and applying the additional funds to the transaction fee.

14. The method of claim 1, further comprising:

collecting a participation fee from the customer and each of the users of the funds sharing network for access to the funds sharing network and for potentially managing completion of one or more transactions having funds shortfalls.

15. The method of claim 1, further comprising:

receiving a participation amount from the customer and each of the users of the funds sharing network as contributions to one or more funds sharing accounts.

16. The method of claim 1, further comprising:

communicating a message to the customer, the message comprising a reminder of the customer indebtedness to the one or more identified users.

17. A system for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the system comprising a processing device configured for:

determining a funds shortfall;

accessing a funds sharing network comprising a plurality of users;

identifying one or more of the users of the funds sharing network;

requesting funds from the identified one or more users;

applying funds received from the one or more users to the funds shortfall;

wherein the one or more users identified from the funds sharing network are not indebted to the customer, and wherein the processing device is further configured for;

tracking a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;

applying an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness; and

communicating one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

18. The system of claim 17, wherein determining a funds shortfall comprises determining a difference between funds available to the customer and the payment amount such that the customer lacks sufficient funds to complete the transaction.

19. The system of claim 17, wherein determining a funds shortfall comprises:

determining a total credit limit associated with the customer;

determining an available positive balance;

determining an available funds amount based at least in part on the total credit limit and the available positive balance; and

determining the funds shortfall by comparing the payment amount with the available funds amount.

20. The system of claim 17, wherein accessing a funds sharing network comprising a plurality of users comprises accessing a social network of the customer.

21. The system of claim 17, wherein identifying one or more of the users of the funds sharing network comprises determining whether one or more of the users of the funds sharing network are indebted to the customer.

22. The system of claim 21, wherein identifying one or more of the users of the funds sharing network comprises:

determining that two or more of the users of the funds sharing network are indebted to the customer;

comparing the indebtedness of the two or more users to develop a hierarchy of indebtedness; and

choosing one or more of the two or more users based at least in part on the hierarchy of indebtedness.

23. The system of claim 17, wherein identifying one or more of the users of the funds sharing network comprises:

determining levels of connection between two or more of the users and the customer;

comparing the levels of connection in order to develop a hierarchy of connection; and

choosing one or more of the two or more users based at least in part on the hierarchy of connection.

24. The system of claim 17, wherein accessing a funds sharing network comprising a plurality of users comprises accessing a network of users socially unassociated with the user, the network of users associated with the user solely for purposes of sharing funds.

25. The system of claim 17, wherein requesting funds from the identified one or more users comprises sending a communication to the one or more users requesting some or all the funds shortfall.

26. The system of claim 17, wherein requesting funds from the identified one or more users comprises accessing an account owned by one of the identified users and wherein applying funds received from the one or more users to the funds shortfall comprises transferring some or all the funds shortfall from the accessed account to the merchant.

27. The system of claim 17, wherein requesting funds from the identified one or more users comprises accessing an account owned by one of the identified users and wherein applying funds received from the one or more users to the funds shortfall comprises transferring an amount equal to some or all the funds shortfall from the accessed account to the customer and transferring an amount equal to some or all the funds transferred from the one or more users to the customer to the merchant.

28. The system of claim 17, wherein the processing device is further configured for:

collecting a transaction fee from the customer for managing completion of the transaction.

29. The system of claim 28, wherein collecting the transaction fee comprises transferring additional funds from one or more of the users of the funds sharing network and applying the additional funds to the transaction fee.

30. The system of claim 17, wherein the processing device is further configured for:

collecting a participation fee from the customer and each of the users of the funds sharing network for access to the funds sharing network and for potentially managing completion of one or more transactions having funds shortfalls.

31. The system of claim 17, wherein the processing device is further configured for:

receiving a participation amount from the customer and each of the users of the funds sharing network as contributions to one or more funds sharing accounts.

32. The system of claim 17, wherein the processing device is further configured for:

communicating a message to the customer, the message comprising a reminder of the customer indebtedness to the one or more identified users.

33. A computer program product comprising a non-transient computer-readable medium comprising computer-executable instructions for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the instructions comprising:

instructions for determining a funds shortfall;

instructions for accessing a funds sharing network comprising a plurality of users;

instructions for identifying one or more of the users of the funds sharing network;

instructions for requesting funds from the identified one or more users;

instructions for applying funds received from the one or more users to the funds shortfall

wherein the one or more users identified from the funds sharing network are not indebted to the customer, and wherein the instructions further comprise;

instructions for tracking a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;

instructions for applying an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness; and

instructions for communicating one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

34. The computer program product of claim 33, wherein the instructions for determining a funds shortfall comprise instructions for determining a difference between funds available to the customer and the payment amount such that the customer lacks sufficient funds to complete the transaction.

35. The computer program product of claim 33, wherein the instructions for determining a funds shortfall comprise:

instructions for determining a total credit limit associated with the customer;

instructions for determining an available positive balance;

instructions for determining an available funds amount based at least in part on the total credit limit and the available positive balance; and

instructions for determining the funds shortfall by comparing the payment amount with the available funds amount.

36. The computer program product of claim 33, wherein the instructions for accessing a funds sharing network comprising a plurality of users comprise instructions for accessing a social network of the customer.

37. The computer program product of claim 33, wherein the instructions for identifying one or more of the users of the funds sharing network comprise instructions for determining whether one or more of the users of the funds sharing network are indebted to the customer.

38. The computer program product of claim 37, wherein the instructions for identifying one or more of the users of the funds sharing network comprise:

instructions for determining that two or more of the users of the funds sharing network are indebted to the customer;

instructions for comparing the indebtedness of the two or more users to develop a hierarchy of indebtedness; and

instructions for choosing one or more of the two or more users based at least in part on the hierarchy of indebtedness.

39. The computer program product of claim 33, wherein the instructions for identifying one or more of the users of the funds sharing network comprise:

instructions for determining levels of connection between two or more of the users and the customer;

instructions for comparing the levels of connection in order to develop a hierarchy of connection; and

instructions for choosing one or more of the two or more users based at least in part on the hierarchy of connection.

40. The computer program product of claim 33, wherein the instructions for accessing a funds sharing network comprising a plurality of users comprise instructions for accessing a network of users socially unassociated with the user, the network of users associated with the user solely for purposes of sharing funds.

41. The computer program product of claim 33, wherein the instructions for requesting funds from the identified one or more users comprise instructions for sending a communication to the one or more users requesting some or all the funds shortfall.

42. The computer program product of claim 33, wherein the instructions for requesting funds from the identified one or more users comprise instructions for accessing an account owned by one of the identified users and wherein the instructions for applying funds received from the one or more users to the funds shortfall comprise instructions for transferring some or all the funds shortfall from the accessed account to the merchant.

43. The computer program product of claim 33, wherein the instructions for requesting funds from the identified one or more users comprise instructions for accessing an account owned by one of the identified users and wherein the instructions for applying funds received from the one or more users to the funds shortfall comprise instructions for transferring an amount equal to some or all the funds shortfall from the accessed account to the customer and transferring an amount equal to some or all the funds transferred from the one or more users to the customer to the merchant.

44. The computer program product of claim 33, wherein the instructions further comprise:

instructions for collecting a transaction fee from the customer for managing completion of the transaction.

45. The computer program product of claim 44, wherein the instructions for collecting the transaction fee comprise instructions for transferring additional funds from one or more of the users of the funds sharing network and instructions for applying the additional funds to the transaction fee.

46. The computer program product of claim 33, wherein the instructions further comprise:

instructions for collecting a participation fee from the customer and each of the users of the funds sharing network for access to the funds sharing network and for potentially managing completion of one or more transactions having funds shortfalls.

47. The computer program product of claim 33, wherein the instructions further comprise:

instructions for receiving a participation amount from the customer and each of the users of the funds sharing network as contributions to one or more funds sharing accounts.

48. The computer program product of claim 33, wherein the instructions further comprise:

instructions for communicating a message to the customer, the message comprising a reminder of the customer indebtedness to the one or more identified users.

49. A computer-implemented method for effecting transfer of a payment amount to a merchant during a transaction between a customer and the merchant, the method comprising:

using a computer processor operating computer program code instructions stored in a non-transitory computer readable medium, wherein said computer program code instructions cause said computer processor to;

determine a difference between funds available to the customer and the payment amount such that the customer lacks sufficient funds to complete the transaction, thereby resulting in a funds shortfall;

access a funds sharing network comprising a plurality of users;

identify one or more of the users of the funds sharing network comprising;

determining whether one or more of the users of the funds sharing network are indebted to the customer;

determining levels of connection between two or more of the users and the customer; and

developing a hierarchy of users based at least in part on whether one or more of the users of the funds sharing network are indebted to the customer and based at least in part on the levels of connection between two or more of the users and the customer;

request funds from the identified one or more users;

apply funds received from the one or more users to the funds shortfall;

request funds from at least other of the one or more users identified from the funds sharing network and that are not indebted to the customer;

track a customer indebtedness of the customer to the one or more identified users based at least in part on the amount of funds received from the one or more users and applied to the funds shortfall;

apply an interest amount to the customer indebtedness based on a period of elapsed time of the customer indebtedness; and

communicate one or more messages to at least one of the users of the funds sharing network, the one or more messages comprising information related to the customer indebtedness, thereby motivating the customer to repay the customer indebtedness.

50. The method of claim 49, wherein determining a funds shortfall comprises:

determining a total credit limit associated with the customer;

determining an available positive balance;

determining an available funds amount based at least in part on the total credit limit and the available positive balance; and

determining the funds shortfall by comparing the payment amount with the available funds amount.

51. The method of claim 49, wherein identifying one or more of the users of the funds sharing network further comprises:

determining that two or more of the users of the funds sharing network are indebted to the customer;

comparing the indebtedness of the two or more users to develop a hierarchy of indebtedness; and

choosing one or more of the two or more users based at least in part on the hierarchy of indebtedness.

52. The method of claim 49, wherein identifying one or more of the users of the funds sharing network further comprises:

comparing the levels of connection in order to develop a hierarchy of connection; and

choosing one or more of the two or more users based at least in part on the hierarchy of connection.

53. The method of claim 49, wherein identifying one or more of the users of the funds sharing network further comprises:

determining that none of the users of the funds sharing network are indebted to the customer;

comparing the levels of connection in order to develop a hierarchy of connection; and

choosing one or more of the two or more users based at least in part on the hierarchy of connection.