Patent ID: 7308429
Filing Date: 2007-12-11
Classification: G06Q,G07F

Abstract:
1. An account lending and borrowing system responsible for collecting, storing and forwarding account information and associated account approval information for use with prospective credit or debit transactions between terminals, on one hand, and hosts of financial institutions that maintain financial accounts and are parties to credit or debit transactions, on the other, enabling account withdrawals and charge requests to be initiated by either an accountholder himself or by someone other than the accountholder, using an authorization code as a substitute for account and associated account approval information, allowing either a terminal or any other party involved in a particular credit or debit transaction to acquire said account and associated account approval information from a non-fiduciary external source, not a party to said transaction and herein called a “trigger server”, prior to said transaction reaching it's processing host system and outside of settlement commitments of said credit or debit transaction and its associated parties, as if said account and associated account approval information had been supplied for said transaction directly by the accountholder himself; which account lending and borrowing system comprises: a) an input terminal in which an accountholder, in a preliminary first communication session, sets up a borrowing account by providing data indicating an account from where funds could be withdrawn or to where charges could be made and, additionally, any associated account approval information required for the effective use of said account, and account use restriction information, if any, comprising the terms and conditions for allowing a subsequent credit or debit transaction to borrow and utilize said previously set up account, which account use restriction information may include a cap value on the amount of said credit or debit transaction, all of which are transmitted to; b) a trigger server, independent of the financial institution that maintains said account, which stores said account information, as well as said associated account approval information along with said account use restriction information, if any, in association with an authorization code known to the accountholder, and thereafter delivers said account information and associated account approval information, either back to said input terminal or to another party involved in said credit or debit transaction, as a separate communication session, prior to said credit or debit transaction reaching its processing host system ultimately responsible for approving or denying the transaction, such delivery by the trigger server, of the previously set up borrowing account in response to a request, carrying the associated authorization code, provided that verification of said authorization code is successful, and that said credit or debit transaction complies with said account use restriction information, if any, as initially set by the accountholder; and c) a requesting terminal, set to participate in said credit or debit transaction with a host, which at a subsequent point in time receives an authorization code from a presenter, not necessarily the owner of the account to be used in said transaction, as an alternate payment method for said credit or debit transaction, and transmits said authorization code to said trigger server, along with additional information, if any, about said credit or debit transaction, in a request for acquiring said account and associated account approval information from the trigger server, said request to the trigger server being a separate communication session independent of the credit or debit transaction itself and prior to said credit or debit transaction reaching its financial institution's processing host system ultimately responsible for approving or denying the transaction, enabling said financial institution's processing host system to receive said transaction along with said acquired account and associated account approval information necessary for the effective use of the account, in place of the authorization code initially presented to said requesting terminal as an alternative payment method for said credit or debit transaction, said account and associated account approval information to be used in said credit or debit transaction between said requesting terminal and host, as if said acquired account and its associated account approval information had been supplied for said credit or debit transaction directly by the accountholder himself, and provided that said credit or debit transaction complies with said account use restriction information, if any, as initially set by the accountholder.