Patent ID: 7908214
Filing Date: 2011-03-15
Classification: G06Q

Abstract:
1. A method for a financial account issuer server to facilitate a loan transaction, the method comprising: receiving, at the financial account issuer server, a first application for a first financial account from a first party, wherein the financial account issuer server is a processing engine having a non-transitory memory and, wherein the first application comprises fields which include financial account information for establishing the first financial account and loan transaction management information relating to facilitating loan transaction management between the first party and a second party; facilitating, by the financial account issuer server, creation of the first financial account for the first party and a registration of the first party to participate in the loan transaction management, wherein the registration includes a first financial account identifier for identifying the first financial account associated with the first party; obtaining, by the financial account issuer server, first party credit information from at least one of the financial account issuer server or a third party; determining, by the financial account issuer server, that the first party is eligible for obtaining the first financial account based on the first party credit information and the loan transaction management information; obtaining, by the financial account issuer server, first party fraud risk information from at least one of the financial account issuer server or the third party; determining, by the financial account issuer server, that the first party is eligible to participate in the loan transaction management based on a fraud risk analysis of the first party fraud risk information; transmitting, by the financial account issuer server, the first financial account identifier to the first party; receiving, at the financial account issuer server, a second application for a second financial account from a second party, wherein the second application comprises fields which include financial account information for establishing the second financial account and loan transaction management information relating to facilitating loan transaction management between the second party and the first party; facilitating, by the financial account issuer server, creation of the second financial account for the second party and a registration of the second party to participate in the loan transaction management, wherein the registration includes a second financial account identifier for identifying the second financial account associated with the second party; obtaining, by the financial account issuer server, second party credit information from at least one of the financial account issuer server or the third party; determining, by the financial account issuer server, that the second party is eligible for obtaining the second financial account based on the second party credit information and the loan transaction management information; obtaining, by the financial account issuer server, second party fraud risk information from at least one of the financial account issuer server or the third party; determining, by the financial account issuer server, that the second party is eligible to participate in the loan transaction management based on a fraud risk analysis of the second party fraud risk information; transmitting, by the financial account issuer server, the second financial account identifier to the second party; receiving, at the financial account issuer server, the first financial account identifier; receiving, at the financial account issuer server, a request associated with the loan transaction management to debit a first loan amount from the first financial account, wherein the first loan amount is associated with a legal obligation for repayment from the second financial account to the first financial account; verifying, by the financial account issuer server, that the first financial account can satisfy the request to debit; receiving, at the financial account issuer server, the second financial account identifier; receiving, at the financial account issuer server, a request associated with the loan transaction management to credit at least a portion of the first loan amount to the second financial account; determining, by the financial account issuer server, if at least one of the request to debit the first financial account or the request to credit the second financial account is not fraudulent based upon a fraud analysis routine; debiting, by the financial account issuer server and based upon the loan transaction management information, the first loan amount from the first financial account, if the request to debit the first financial account is not fraudulent based upon the fraud analysis routine; and crediting, by the financial account issuer server and based upon the loan transaction management information, at least the portion of the first loan amount to the second financial account, if the request to credit the second financial account is not fraudulent.