Method and system for the issuance of instant credit

• US 9,898,780 B2
• Filed: 09/26/2014
• Issued: 02/20/2018
• Est. Priority Date: 04/09/1999
• Status: Expired due to Fees

• Current Assignee: Citibank (South Dakota) NA (Citigroup Incorporated)
• Original Assignee: Citibank (South Dakota) NA (Citigroup Incorporated)
• Inventors: Bornhofen, Bob, Byrne, Luke, Bray, David, Elder, Richard, Feight, Richard, Pinnola, Kathleen Hill, Shimshi, Faye, Quinlan, Ray, Cheeseman, Mark
• Primary Examiner(s): TINKLER, MURIEL S
• Application Number:
  US14/498,267
• Publication Number:
  US 20150073975A1
• Time in Patent Office: 1,243 Days
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/355 Personalisation of cards for use
• CPC Class Codes: G06Q 20/403 Solvency checks
• 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 method and system for the issuance of Instant Credit has an Instant Credit engine that performs instantaneous analyses. The method and system can operate along side existing “batch” processes. In addition, the method and system offer various channels of distribution for the Instant Credit products. With the present invention, Instant Credit and other Instant services (e.g., instant account balance transfers, etc.) can be obtained via, Internet, point-of-sale and other distribution channels. The present system also enables highly dynamic product offerings, which can be generated “instantaneously” based on a variety of factors, such as, for example, the channels of distribution (e.g., telephone or Internet), the product sought and/or even the particular individual and/or entity that is applying for a line of credit.

Claims

1. A computer-implemented method comprising:

receiving, by an Account Fulfillment System Instant Credit Engine (AFSICE) executing in a computer, a credit application containing customer data transmitted from an information input device;

creating, by the AFSICE executing in the computer, in real-time an instant credit record based on the customer data contained within the credit application, wherein the instant credit record comprises one or more data fields storing customer data, and wherein at least one data field of the instant credit record is a credit risk score and at least one data field indicates a type of product sought in a transaction;

generating, by the AFSICE executing in the computer, in real-time a credit file associated with the instant credit record based upon the customer data received from the information input device;

transmitting, by the computer, the credit file to a computer of a credit bureau for a match;

receiving, by the AFSICE executing in the computer, an indication from the credit bureau when there is a perfect match;

identifying, by the AFSICE executing in the computer, a set of dynamic criteria in a criteria database configured to store one or more sets of criteria, based upon the customer data in the instant credit record, wherein each set of dynamic criteria indicates a set of data fields of the customer data and a set of weighted values associated with the set of data fields, and wherein the set of dynamic criteria is identified based upon the type of product sought in the transaction;

generating, by the AFSICE executing in the computer, the credit risk score of the instant credit record using the set of weighted values indicated by the set of dynamic criteria based upon the customer data in the credit application;

upon the AFSICE executing in the computer determining that the instant credit record is a perfect match according to the credit file received back from the credit bureau, and upon determining that the credit risk score exceeds a threshold value indicated in the set of dynamic criteria;

generating, by the AFSICE executing in the computer, in the instant credit record an account number and a mini-financial record according to the customer data, wherein the mini-financial record includes information required to authorize a predetermined number of transactions within a predetermined period of time; and

generating, by the AFSICE executing in the computer, a dynamic webpage configured to be rendered at a terminal, wherein the dynamic webpage indicates that the credit application is conditionally approved.

2. The method of claim 1, further comprising periodically batching, by the computer, a plurality of instant credit records along with a plurality of non-instant credit records.

3. The method of claim 1, further comprising enabling, by the computer, only a single transaction using the mini-financial record upon approval until the completion of a full-financial record.

4. The method of claim 1, further comprising issuing, by the computer, credit to a customer at a point of sale.

5. The method of claim 1, wherein the mini-financial record does not include the account number.

6. A computer implemented method comprising:

upon receiving, by an Account Fulfillment System Instant Credit Engine (AFSICE) executing in a computer, from an information input device associated with a transaction, a machine-readable credit application file containing customer data;

assigning, by the AFSICE executing in the computer, a product identifier from a database to the credit application file containing the customer data received from the information input device based upon a product offering associated with the transaction identified by the customer data of the application file, wherein the database stores one or more tables containing one or more product identifiers identifying one or more credit products;

identifying, by the AFSICE executing in the computer, a set of dynamic criteria in a criteria database configured to store one or more sets of criteria based upon the customer data, wherein each set of dynamic criteria indicates a set of data fields of the customer data and a set of weighted values associated with the set of data fields, and wherein the set of dynamic criteria is identified based upon at least the product offering associated with the transaction;

generating, by the AFSICE executing in the computer, in real-time the credit risk score of the credit application file using the set of weighted values indicated by the set of dynamic criteria based upon the customer data in the credit application file;

generating, by the AFSICE executing in the computer, a credit product price of the credit product based on the assigned product identifier and the credit risk score; and

generating, by the AFSICE executing in the computer, a dynamic webpage configured to be rendered at a terminal, wherein the dynamic webpage indicates that the credit application associated with the credit application file is conditionally approved.

7. The method of claim 6, further comprising determining, by the computer, terms and conditions of the credit product based on the assigned product identifier.

8. The method of claim 6, further comprising assigning, by the computer, the product identifier to the application based on a credit product applied for.

9. The method of claim 8, further comprising assigning, by the computer, a plurality of additional product identifiers based on and respectively corresponding to other credit products applied for within the credit application.

10. The method of claim 9, further comprising assigning, by the computer, respective pricings for said other credit products based on said additional product identifiers.

11. The method of claim 6, wherein the product identifier is based on at least one of a URL accessed or identified by the applicant, an invitation number provided by the applicant, and an instant evaluation of whether the applicant was either an existing card member or a pre-solicited applicant.

12. The method of claim 6, further comprising rendering, by the computer, a conditional approval to the applicant based on further verification analysis to be conducted.

13. A computer implemented method comprising:

upon receiving, by an Account Fulfillment System Instant Credit Engine (AFSICE) executing in a computer, from an information input device a machine-readable credit application file containing customer data including a product being purchased by a customer;

generating, by the AFSICE executing in the computer, an instant credit record based upon the customer data contained within the credit application, wherein the instant credit record comprises one or more data fields storing customer data, and wherein at least one data field of the instant credit record is a credit risk score;

identifying, by the AFSICE executing in the computer, a set of dynamic criteria in a criteria database configured to store one or more sets of criteria based upon the customer data in the instant credit record, wherein each set of dynamic criteria indicates a set of data fields of the customer data and a set of weighted values associated with the set of data fields, and wherein the set of dynamic criteria is identified based upon the product being purchased by the customer;

generating, by the AFSICE executing in the computer, in real time the credit risk score of the instant credit record using the set of weighted values indicated by the set of dynamic criteria based upon the customer data in the credit application;

upon determining, by the AFSICE executing in the computer, that the credit risk score exceeds a threshold value indicated in the set of dynamic criteria;

generating, by the AFSICE executing in the computer, in the instant credit record an account number for an account associated with the instant credit record;

pre-populating, by the AFSICE executing in the computer, an electronic wallet of the account associated with the instant credit record, with the generated account number; and

generating, by the AFSICE executing in the computer, a dynamic webpage configured to be rendered at a terminal, wherein the dynamic webpage indicates that the credit application is conditionally approved.

14. The method according to claim 13, wherein the instant credit record comprises at least one field selected from the group consisting of name, social security number, address, time at an address, state, zip code, and date of birth.

15. The method according to claim 13, further comprising determining, by the computer, whether the instant credit record matches a record at the credit bureau.

16. The method according to claim 15, wherein a match occurs when the record is the same.