Patent ID: 11861700
Assignee: WELLS FARGO BANK, N.A.
Field: IT methods for management (Electrical engineering)
Classification: CPC G | IPC G

Claim 14:
15. A financial institution computing system comprising:
one or more processors; and
a memory having stored thereon instructions that, when executed by the one or more processors, cause the one or more processors to:
receive, over a network from a software application executing on a user computing device, a loan request for a loan for a purchase transaction between the user computing device and a merchant computing device;
generate one or more digital loan term tokens for a plurality of loan terms for the loan request, the digital loan term tokens generated based on the plurality of loan terms;
transmit, over the network, the one or more digital loan term tokens to the user computing device;
receive, over the network from the merchant computing device, a transaction package comprising a selection of at least one of the digital loan term tokens provided to the merchant computing device from the user computing device, the selection made via the software application executing on the user computing device, wherein the transaction package securely represents a method of payment and a payment interval for the purchase transaction between the user computing device and the merchant computing device, the transaction package comprising one or more payment source tokens associated with one or more payment sources for a down payment;
interpret, based on comparing each token in the transaction package with corresponding token records in a token database of the financial institution computing system, the selection of the at least one of the digital loan term tokens and the one or more payment source tokens associated with the one or more payment sources for the down payment;
debiting, by the financial institution computing system, one or more of the payment sources for the down payment;
responsive to debiting one or more of the payment sources for the down payment, credit, over the network, an account of a merchant associated with the merchant computing device for the down payment; and
automatically configure an auto-pay function for automatic periodic withdrawals of loan payments according to the method of payment and the payment interval selected using the software application executing on the user computing device.