Patent ID: 6873972
Filing Date: 2005-03-29
Classification: G06Q,G07F

Abstract:
1. A method for tracking bank credit lines and borrowing against the bank credit lines using a Credit Line System coupled to a centralized database, wherein the bank credit lines are established between a borrower and at least one bank, said method comprising the steps of: tracking credit ratings of a first bank; requesting the first bank to establish a line of credit for the borrower; accessing a centralized database to obtain and maintain information regarding the established line of credit including the credit ratings of the first bank, a total credit line, an amount drawn on the established line of credit, an interest rate on the established line of credit, and commitment fees associated with the established line of credit; automatically transmitting domestic and international wire information for cash movement to the first bank to facilitate repayment by the borrower of the amount drawn on the established line of credit and to ensure timely payment by the borrower of commitment fees associated with the established line of credit; monitoring the established line of credit based on the credit ratings of the first bank; calculating an eligibility factor for the borrower based on information stored in the database, the eligibility factor indicating at least one of a likelihood that the first bank would increase the established line of credit with the borrower and a likelihood that a second bank would establish a new line of credit with the borrower; and posting journal entries to a general ledger of the borrower including borrowings against the established line of credit, repayments made toward the established line of credit, and commitment fees paid for the established line of credit for financial monitoring, reporting and auditing purposes.