System and method for providing borrowing schemes

• US 8,725,611 B1
• Filed: 02/17/2009
• Issued: 05/13/2014
• Est. Priority Date: 02/21/2008
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Vicente, Maria Teresita, Dragotta, Frank Cawley, Field, Manning R., Koppenhaver, Joy Lynn, Moed, James Samuel, Jacoby, Ryan Alan, Groulx, Ian Michael, Emerson, Heather Margaret, McGarry, Jennifer C.
• Primary Examiner(s): Chang, Edward
• Application Number:
  US12/372,554
• Time in Patent Office: 1,911 Days
• Field of Search: 705/35, 705/14
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

A system and method providing a borrowing scheme. The method comprises the steps of: determining a designated event using the programmed computer processor; determining parameters associated with the designated event using the programmed computer processor; providing incentives to the user via the network, wherein the incentives comprise upgrades, discounts or access associated with the designated event; determining whether a transaction is associated with the designated event using the programmed computer processor; rewarding at least one benefit to the transactions associated with the designated event using the programmed computer processor; and allowing a user to selectively pay down transactions or balance amount(s) associated with the designated event.

Claims

1. An automated method for providing a borrowing scheme, the method comprising the steps of:

receiving, by a programmed computer processor, a designated event, comprising an expenditure of funds, from a user;

determining parameters tied to or identifying the designated event using the programmed computer processor, wherein the parameters tied to or identifying the designated event comprises at least one identifier or way for;

tying one or more transactions to the designated event or identifying one or more transactions associated with the designated event;

providing incentives to the user via a network, wherein the incentives comprise upgrades, discounts or access relevant to the designated event;

determining whether a transaction or balance amount is tied to the designated event using the programmed computer processor;

rewarding at least one benefit, to the user, based upon each transaction tied to the designated event using the programmed computer processor, wherein the at least one benefit comprises an interest free period of time or a reduced interest rate applied to the transaction; and

allowing the user to selectively pay down the transactions or balance amount tied to the designated event.

2. The automated method of claim 1 wherein the designated event is selected by the user via the network.

3. The automated method of claim 1 wherein the parameters tied to the designated event are selected by the user or a financial institution.

4. The automated method of claim 1 wherein determining whether the transaction is tied to the designated event comprises determining whether the transaction satisfies at least one parameter tied to or identifying the designated event.

5. The automated method of claim 1 wherein the designated event is received from the user via an online portal.

6. The automated method of claim 1 wherein the designated event is received from the user via a customer service representative.

7. The automated method of claim 1 wherein the parameters tied to or identifying the designated event are received from the user via an online portal or a customer service representative.

8. A system for processing account transactions, comprising:

an account transactions processor for processing transactions conducted with an account;

a borrowing scheme processor that is programmed to perform;

determining a designated event, comprising an expenditure of funds, based upon input received from a user;

determining parameters tied to or identifying the designated event;

providing incentives comprising upgrades, discounts or access relevant to the designated event;

determining whether a transaction is relevant to the designated event; and

rewarding at least one benefit based upon the transaction to the user;

wherein the at least one benefit comprises an interest free period of time or reduced interest rate applied to the transaction; and

a statement processor that is programmed to perform;

determining at least one borrowing scheme the user is enrolled in;

receiving transaction and account particulars associated with the at least one borrowing scheme from the borrowing scheme processor;

automatically generating statement details associated with the at least one borrowing scheme; and

providing the statement details to the user via an online statement or a physical hard copy statement.

9. The system of claim 8 wherein the designated event is selected by the user.

10. The system of claim 8 wherein the parameters tied to or identifying the designated event comprises at least one identifier or way for:

tying one or more transactions to the designated event or identifying one or more transactions associated with the designated event.

11. The system of claim 8 wherein the parameters tied to or identifying the designated event are selected by the user or a financial institution.

12. The system of claim 8 wherein determining whether a transaction is relevant to the designated event comprises determining whether the transaction satisfies at least one parameter tied to or identifying with the designated event.

13. The system of claim 8 wherein the designated event is received from the user via an online portal.

14. The system of claim 8 wherein the designated event is received from the user via a customer service representative.

15. The system of claim 8 wherein the parameters tied to or identifying the designated event are received from the user via an online portal or a customer service representative.

16. A system for processing account transactions, comprising:

an account transactions processor for processing transactions conducted with an account;

a borrowing scheme processor for;

receiving a designated event, wherein the designated event is selected by a user via an online portal or customer service representative, and is associated with a period of time and an expenditure of funds;

determining parameters tied to or identifying the designated event, wherein the parameters associated with the designated event comprises at least one identifier or way for;

tying transactions to the designated event or identifying transactions associated with the designated event, and wherein the parameters associated with the designated event are selected by the user or a financial institution;

providing incentives comprising upgrades, discounts or access relevant to the designated event;

determining whether a transaction is relevant to the designated event, wherein determining whether the transaction is relevant to the designated event comprises determining whether the transaction satisfies a parameter associated with the designated event; and

rewarding at least one benefit to each transaction relevant to the designated event, wherein the at least one benefit comprises an interest free period of time or reduced interest rate; and

a statement processor for;

determining at least one borrowing scheme the a user is enrolled in;

receiving transaction and account particulars associated with the at least one borrowing scheme from the borrowing scheme processor;

automatically generating statement details associated with the at least one borrowing scheme; and

providing the statement details to the user via an online statement or a physical hard copy statement.