Abstract:
The invention relates to a method and a computer for coordinating an electronic application between a company and a plurality of financial, insurance, investment and business service institutions via the Internet. This method involves displaying documents in a web site, and receiving financial, business structure, industry, Paydex Score and credit data forming placed on the web site. After receiving this data a special processing computer applies a filter to the data. The filter comprises product selection criteria provided by financial, insurance, investment and business service institutions which allows these institutions to filter out the applications that they do not want. Next, after the data is filtered, it is transmitted to a plurality of financial, insurance, investment and business service institutions. Finally, the computer and the method then controls and coordinates communication between these financial, insurance, investment and business service institutions and the company to match businesses and vendors via the Internet.

Description:
BACKGROUND OF THE INVENTION  
       [0001]     1. The Field of the Invention  
         [0002]     The invention relates to a process for coordinating Commercial real estate loan, commercial line of credit, commercial letter of credit, commercial equipment lease, Accounts Receivable Financing, Corporate Credit Card, Merchant Services, 1031 exchange, investment, Directors &amp; Officers Insurance, Errors &amp; Omissions Insurance, Workers Comp. Insurance, Employee Benefit Plans, Cafeteria Plans, Screening &amp; Selection Services, Payroll Services, etc. processing computer over the Internet. The Internet, a vast collection of computers world wide, is a relatively new medium for both personal and commercial entities to transact business. To conduct business over the Internet, companies must find ways to communicate with potential customers. The two most common forms of communication across the Internet are web pages, and e-mail.  
         [0003]     2. The Prior Art  
         [0004]     Various methods are known for presenting web pages over the Internet. For example, information about the Internet and web browsers can be found in U.S. Pat. No. 5,701,451 to Rogers et al., which is incorporated herein by reference. Rogers et al., details how requests of a web browser are processed. The Rogers invention speeds up the process for receiving requests from web browser users and retrieving the required information. U.S. Pat. No. 5,535,407 to Yanagawa et al., details a customer data processing system which is used to assist credit card purchases made in stores. The Yanagawa invention simplifies the way in which credit card purchases are verified at the time of checkout. U.S. Pat. No. 4,346,442 to Musmanno details a securities brokerage-cash management system. The Musmanno invention maintains customer brokerage accounts, charge cards and checking accounts and calculates available credit for purchases of securities.  
         [0005]     Until now, there has been no way to apply for Commercial real estate loan, commercial line of credit, commercial letter of credit, commercial equipment lease, Accounts Receivable Financing, Corporate Credit Card, Merchant Services, 1031 exchange, investment, Directors &amp; Officers Insurance, Errors &amp; Omissions Insurance, Workers Comp. Insurance, Employee Benefit Plans, Cafeteria Plans, Screening &amp; Selection Services, Payroll Services, etc. from a multitude of financial, insurance, investment and business service institutions without physically going to or calling each institution and filling out an application. This process was tedious and time consuming. All applications required substantially the same information: Company name, address, structure, industry, cash flow, facility requested, etc. This invention combines the vast resources and speed of the Internet with additional knowledge of various financial, insurance, investment and business service institution&#39;s selection criteria to create a simple mechanism whereby a company can apply for financial, insurance, investment and business services from a multitude of financial, insurance, investment and business service institutions.  
       SUMMARY OF THE INVENTION  
       [0006]     To overcome these limitations, it is therefore an object of the present invention to provide a fast, convenient process to apply for financial, insurance, investment and business services from a large number of financial, insurance, investment and business service institutions. In accordance with our invention, needless repetitive applications are eliminated.  
         [0007]     It is a further object of the present invention to provide a universal financial, insurance, investment and business service application over the Internet and to allow the Inquiring company to submit a single application to a plurality of financial, insurance, investment and business service institutions who then make offers to the inquiring company via the Internet.  
         [0008]     To achieve these and other objects of the invention, there is provided a method and apparatus for coordinating an electronic financial, insurance, investment and business service application between an inquiring company and a plurality of financial, insurance, investment and business service institutions via the Internet. The method comprises the steps of displaying a plurality of documents to an inquiring company, receiving a plurality of financial, business structure, industry, Paydex Score and credit data sent from the inquiring company; matching an electronic application to a filter comprising a plurality of selection criteria; transmitting the financial, business structure, industry, Paydex Score and credit data to a plurality of financial, insurance, investment and business service institutions via one of four methods; and responding to the inquiring company via the Internet. The documents sent to the inquiring company includes a series of questions pertaining to said companies desired financial, insurance, investment or business services, followed by the appropriate type of application. The various types of financial, insurance, investment and business service applications include Commercial real estate loan, commercial line of credit, commercial letter of credit, commercial equipment lease, Accounts Receivable Financing, Corporate Credit Card, Merchant Services, 1031 exchange, investment, Directors &amp; Officers Insurance, Errors &amp; Omissions Insurance, Workers Comp. Insurance, Employee Benefit Plans, Cafeteria Plans, Screening &amp; Selection Services, Payroll Services, etc. Other types of applications may exist without departing from the spirit of the invention. Upon completion of the application, the invention matches a unique filter to the financial, business structure, industry, Paydex Score and credit data entered by the Internet inquiring company.  
         [0009]     The filter is made up of a plurality of selection criteria in which a specific financial, insurance, investment and business service institution has given to the inventor. The filter is customizable by the specific financial, insurance, investment and business service institution in real time and unique to each financial, insurance, investment and business service institution. Once the application has been filtered, it is sent to a list of financial, insurance, investment and business service institutions that match with the application. These institutions then reply as to whether the application has been accepted or rejected.  
         [0010]     The information can be sent in many different ways. For example, the information can be sent in an Active File Transfer system (AFTS), via e-mail, through a secured webpage or through a Common Gateway Interface (CGI). In addition, since much of the information relayed between the network of computers is private information, it is encrypted before it is sent from one computer to another. 
     
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0011]     Other objects and features of the present invention will become apparent from the following detailed description considered in connection with the accompanying drawings which disclose several embodiments of the present invention. It should be understood, however, that the drawings are designed for the purpose of illustration only and not as a definition of the limits of the invention.  
         [0012]     In the drawings, wherein similar reference characters denote similar elements throughout the several views:  
         [0013]      FIG. 1  shows an overview of the method of the invention;  
         [0014]      FIG. 2  shows a schematic depiction of network designed to achieve the method of the invention;  
         [0015]      FIG. 3   a  shows the steps involving the second stage of the financial, insurance, investment and business service process;  
         [0016]      FIG. 3   b  shows the steps involving the third stage of the financial, insurance, investment and business service process;  
         [0017]      FIG. 4  shows the steps of the fourth stage of the financial, insurance, investment and business service process;  
         [0018]      FIG. 5  shows the steps of the fifth stage of the financial, insurance, investment and business service process;  
         [0019]      FIG. 6  shows a schematic of the filter process, matching a financial, insurance, investment and business service institution to an inquiring company;  
         [0020]      FIG. 7  shows the financial, insurance, investment and business service process where a financial, insurance, investment and business service institution selects from a plurality of inquiring companies;  
         [0021]      FIG. 8  shows the steps of the sixth stage of the financial, insurance, investment and business service process;  
         [0022]      FIG. 9   a  shows a schematic of the seventh stage of the financial, insurance, investment and business service process;  
         [0023]      FIG. 9   b  shows the various transfer methods in the eighth stage of the financial, insurance, investment and business service process; and  
         [0024]      FIG. 10  shows the steps of the Active File Transfer System in the eighth stage in the of the financial, insurance, investment and business service process;  
         [0025]      FIG. 11  shows the steps of the Active File Transfer System in the ninth stage of the financial, insurance, investment and business service process; and  
         [0026]      FIG. 12  shows the tenth stage of the financial, insurance, investment and business service process. 
     
    
     DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENTS  
       [0027]     Essentially, the invention is a process and a computer for coordinating financial, insurance, investment and business services between financial, insurance, investment and business service institutions and inquiring companies via the Internet.  FIG. 1  illustrates the ten general stages in the process required to coordinate an electronic financial, insurance, investment and business service application between an inquiring company and a plurality of financial, insurance, investment and business service institutions. For example, in stage  1  the process presents background information and a financial, insurance, investment and business service application form to an inquiring company on a web site. In stage  2 , the inquiring company inputs information onto the web site. In stage  3 , validation checks are performed on this information to make sure that the application is complete and correct. Next, stage  4  involves storing and manipulating the application in a database. In stage  5 , an Equifax Credit Score is obtained for the principals of the inquiring company, a Paydex Score is obtained, a cash flow calculation is performed, a leverage calculation is performed, based upon the application form and the scores are matched to the application and stored in the database. Next, in stage  6 , the application is filtered where it is compared to a list of criteria presented by a series of financial, insurance, investment and business service institutions based on the facility requested. If the application passes this list of criteria then in stage  7  the application is sent to each one of those institutions whose criteria for the facility requested match with the application. In stage  8  the financial, insurance, investment and/or business service institution processes the application and can either accept or deny it. If the financial, insurance, investment and business service institution accepts the application then in stage  9 , the inquiring company can reply stating whether it accepts or denies the financial, insurance, investment and/or business service institutions application. Finally, in stage  10 , information about this transaction is sent to a database to allow financial, insurance, investment and business service institutions to have access to their facility history.  
         [0028]     For this process to occur, there must be a series of computers connected to each other via telecommunication lines as shown in  FIG. 2 . Here, computer program  10 , controls the process and is housed on the application forms computer  100 . The application forms processing computer  100  coordinates an application between a series of financial, insurance, investment and business service institutions computers  200 , and a plurality of inquiring company&#39;s computers  300 . Computer program  10  is stored on the application forms processing computer  100  in storage device  110  and is run by processor  112 . Program  10  is designed to transmit and receive information through the Internet via a web browser such as Netscape or Internet Explorer, installed on the computers.  
         [0029]     The application form processing computer  100  must have sufficient memory and processor power to project program  10  over the Internet. Therefore, the recommended minimum requirements for processor  12  on computer  100  is an Intel Pentium 200 Mhz processor. The remaining standard components are 64 megabytes of ram, 2 gigabytes of disk space, an Internet connection, additional Ethernet connection, and Windows NT workstation operating system. Computer  100  is installed with one Ethernet interface directly on the Internet, and the other Ethernet interface connected to a firewall storage device  110 , to allow disposition of files on a designated server inside the corporate network. In addition computer  100  could be a Unix style server that interfaces with other Unix and non-Unix based computers on the Internet.  
         [0030]     When program  10  runs on computer  100  it instructs computer  100  to interact with other computers through the Internet to co-ordinate a financial, insurance, investment and business service application. For example, as shown in  FIGS. 1 and 2 , in stage  1 , computer  100  allows financial, insurance, investment and business service institutions computers  200  to access information on web-page  114  housed in application form processing computers  100  at a predetermined URL address via telecommunication lines  400 . In stage  2 , computer  100  allows inquiring company&#39;s using satellite computers  300  to view a plurality of documents provided by computer  100 . Stage  2  consists of a series of steps that are shown in  FIG. 3   a . For example, in step  12 , computer  100  sends the inquiring company background information documents to web-site  114  concerning the application. These background information documents include a document welcoming the inquiring company to the web site, a document explaining the application process, and a document explaining the services provided. In step  14 , computer  100  sends an open application to an inquiring company through the Internet to computer  300 . In step  15 , the inquiring company inputs information onto the application. When the inquiring company wants to send this information back to computer  100  he clicks a “SEND” button which initiates the third stage of the program.  
         [0031]      FIG. 3   b  outlines stage  3  wherein computer  100  sends a series of instructions to computer  300  to initiate edit and validation checks. In step  16 , computer  100  checks the Social Security numbers of the principals and the Tax Identification Number of the inquiring company that have been entered. In step  17  computer  100  checks the addresses, in step  18  it checks phone numbers, in step  19  it checks the email addresses entered, and in step  20  it checks that the cash flow, leverage, and debt service coverage information entered. The edit and validation checks in stage  3  insure that the data to be received by the database  140  in computer  100  is in the proper format for further processing. If computer  100  determines that the data is in the proper format, then the inquiring company can then transmit a completed application  115  to a database on computer  100 .  
         [0032]      FIG. 4  shows stage  4 , wherein in step  21  the data from the completed application  115  is encrypted by SSL technology. Next in step  22 , at the inquiring company&#39;s instruction, this information is sent to computer  100 , unlocked and stored in storage device  110  for further manipulation. In this stage, the data from completed application  115  is sorted and stored in tables  150  in database  140  based on the type facility requested (i.e. Commercial real estate loan, commercial line of credit, commercial letter of credit, commercial equipment lease, Accounts Receivable Financing, Corporate Credit Card, Merchant Services, 1031 exchange, investment, Directors &amp; Officers Insurance, Errors &amp; Omissions Insurance, Workers Comp. Insurance, Employee Benefit Plans, Cafeteria Plans, Screening &amp; Selection Services and Payroll Services, etc.). Next, in step  23 , program  10  queries the data from tables  150  to produce reports providing facility information based on data given any field in the application form (i.e., Company name, address, structure, industry, cash flow, leverage, facility requested, etc.).  
         [0033]     In  FIG. 5 , computer  100  moves into stage  5 , wherein in step  24 , computer  100  dials to credit bureau housed on Credit Computer  500  via telecommunication lines  400 . In step  25 , computer  100  obtains an Equifax Credit Score from computer  500  based upon the data sent to computer  500 . In step  26 , computer  100  obtains a Paydex Score from computer  600  based upon the data sent to computer  600 . Next, in step  27 , computer  100  obtains a Tax Assessed Value of commercial property from Nite Owl computer  700  based upon the data sent to computer  700 . Next in step  28 , computer  100  performs cash flow, leverage, and debt service coverage calculations with processor  112  based upon the data sent to computer  100 . Next in step  29 , computer  100  inputs the Equifax Credit Score, the Paydex Score, the Tax Assessed Value, and the cash flow, leverage and debt service coverage calculations to the database tables  150 . The financial, insurance, investment and business service institutions can use this Equifax Credit Score, the Paydex Score, the Tax Assessed Value, and the cash flow, leverage and debt service coverage calculations as one determinant to the inquiring company&#39;s credit risk.  
         [0034]      FIGS. 6, 7 , and  8  show stage  6  of the process, wherein computer  100  runs a filter to match completed application  115  in table  150  against preset criteria established by each financial, insurance, investment and business service institution. As shown in  FIG. 6 , individual institution criteria are stored in tables  175  in financial, insurance, investment and business service institution database  170  on computer  100 . Wherein in  FIG. 7  institution database  170  includes a listing of tables  175  for several financial, insurance, investment and business service institutions. The process for matching inquiring company&#39;s application in tables  150  to financial, insurance, investment and business service institutions criteria in tables  175  is shown in  FIG. 8 . For example, in step  35 , program  10  starts the filter process. Next, in step  36 , the filter process initiates and moves to the appropriate type application  115  in tables  150 . Next, in step  37  the filter moves to a first institution in table  175 . In step  38 , program  10  instructs computer  100  to read all of the institution&#39;s criteria for extending requested facility. In step  39 , program  10  reads whether there are any criteria present in tables  175 . If the requested data is not present, next, in step  45  the filter checks to see if there is any database connection that is broken and whether the database information in the message. If the criteria are present, step  40  instructs computer  100  to see whether any remaining criteria to match to application  115  stored on tables  150 .  
         [0035]     If there are more criteria to match to application  115 , then in step  47 , program  10  checks to see whether that remaining criteria matches with application  115 . If the criteria matches with application  115  then in step  58 , program  10  advances to the next available criteria in tables  175 . As shown in  FIG. 6 , step  58  creates a loop back to step  40 . If the criteria does not match with application  115 , then in step  48 , program  10  checks to see whether there is another financial, insurance, investment and business service institution in database  170 . If there are no remaining financial, insurance, investment and business service institutions in database  170  then in step  59 , computer  100  generates a message that no acceptable match has been found. After this message, in step  51 , the filter process ends.  
         [0036]     If there is another financial, insurance, investment and business service institution found, then the filter process advances to another financial, insurance, investment and business service institution in step  49 . Step  49  creates a loop back to step  38  wherein the filter process reads all of the criteria for the new financial, insurance, investment and business service institution. This loop continues until in step  40 , the filter finds there are no criteria available to match to completed application  115 .  
         [0037]     If there are no more criteria to match to application  115 , then in step  50 , the filter determines whether there has been an acceptable match between an inquiring company and a financial, insurance, investment and business service institution. If there is an acceptable match, then in step  55  the filter selects that institution as a suitable vendor for application  115 .  
         [0038]     In step  56  program  10  checks to see if there is another financial, insurance, investment and business service institution available, if yes, then program  10  advances to the next institution in step  49 . If there are no more institutions available, then program  10  advances to step  57  wherein the filter process ends. Finally in step  59   a  computer  100  selects a limited number of matched institutions in which to send application  115 . For example, if the filter process matches application  115  with 20 institutions, computer  100  may send application  115  to only a fraction of those matched financial, insurance, investment and business service institutions. This selection process in step  58  is based upon either random selection or a predetermined set of criteria stored in computer  100 .  
         [0039]     Next, as shown in  FIG. 9   a  in stage  7 , program  10  determines the interface method between computer  100  and the selected financial, insurance, investment and business service institution computers  200 . The interface method can be Common Gateway Interface (CGI), Active File Transfer (AFTS), as a secured file on a secured webpage (S.W.) or via e-mail. Stage  7  allows loan computer  100  to access many different financial, insurance, investment and business service institution sites which thereby allows for greater communication flexibility within the system.  
         [0040]     In stage  8 , as shown in  FIGS. 9   a ,  9   b  and  10 , computer  100  sends data from table  150  via the interface method selected in stage  7  to the financial, insurance, investment and business service institutions selected in the filter process of stage  6 .  FIG. 10  shows the Active File Transfer System (AFTS) of  FIG. 9   b  in greater detail. For example, in step  60 , program  10  instructs computer  100  to start the AFTS. Next, in step  61  a text referral notice is sent to The Institution Internet Host (IIH) computer  220 . In step  62 , IIH computer  220  requests a full message from computer  100 . In step  63  computer  100  sends an encrypted full message to IIH computer  220 . Next, in step  64  computer  200  moves the message to the Institution&#39;s Corporate Network (ICH)  600 . In step  65 , ICH  600  converts the message from HTML format to a customized fixed record format defined and controlled by the destination institution. Next, in step  70 , outside program  10 , this information can be processed and stored in the institutions system. In step  71  the financial, insurance, investment and business service institution approves or denies application  115 . If the institution approves application  115  it attaches an approval to the record file in step  73 . Alternatively if the institution denies application  115 , then in step  72  it attaches a denial to the record file. In step  74 , the institutions computers  700  generate a text decision message file. This message file is converted from the existing format into HTML format and sent to computer  100  web-site via encrypted transmission in step  75 . The text decision message file contains a facility id number and a request for more information from the inquiring company. Computer  100  next stores the decision file in database  180  in step  80 . Next, in step  81 , computer  100  notifies an inquiring company that a decision has been made.  
         [0041]     In addition, the data from application  115  can also be sent via e-mail with Pretty Good Privacy (PGP) encryption as shown in  FIG. 9   b . PGP is an encryption program that can be used to encrypt, a binary file to someone, with very high security, without having to exchange a set of private encryption keys beforehand. In this style transfer system, the text of table  150  comprising facility application  115 , is transformed into an e-mail text message. Next, the e-mail message is encrypted in PGP format. Finally, computer  100  sends the e-mail message to computer  230  which is a remote networked computer on a financial, insurance, investment and business service institution&#39;s site.  
         [0042]     The third transfer process, that of the secured dynamic website serves as a place for financial, insurance, investment and business service institutions to log in to a website to change their facilities criteria filters and to view applications. In this process, information is stored on computer  100  in a website that can be accessed by a financial, insurance, investment and business service institution. To access this site, an individual institution is given a login access account to log into the website that is encrypted by SSL technology. Once the financial, insurance, investment and business service institution logs into the website it can download information relating to an inquiring company&#39;s request for information.  
         [0043]     In the fourth transfer method, the Common Gateway Interface (CGI) format is shown in  FIG. 9   b . There, computer  100  sends data from table  150  to institution server  250  via a Common Gateway Interface (CGI) program. CGI programs allow for a server to server interface over which encrypted information can be transferred. For example, the data located on table  150  is first encrypted. Next the data can be sent from computer  100  to institution server  250 . Server  250  next stores and unlocks the encrypted data. This unlocked data can then be read by all other networked computers  230  in a financial, insurance, investment and business service institution&#39;s home network.  
         [0044]     In stage  9 , as shown in  FIG. 11 , computer program  10  moves into the second phase of (AFTS) in step  82 . In this stage, the inquiring company informs the financial, insurance, investment and business service institution of its decision concerning the requested facility. For example, in step  83  an inquiring company sends its decision notification from computer  300  to computer  100 . Next, in step  84 , computer  100  generates and sends a notification to computer  220  (IIH). In step,  85  computer  100  sends a full acceptance message to IIH computer  220  and next moves the acceptance message to ICH computer  600  in step  90 . After that, in step  91  ICH computer  600  converts the acceptance message from HTML format and moves it to a final directory  190  on computer  230  (step  91 ).  
         [0045]     At this point the financial, insurance, investment and business service institution program takes over so that in step  93 , institution computer  230  processes the acceptance message. In step  94 , institution computer  230  attaches a receipt file to the acceptance message. In step  95 , institution computer  230  generates a notification of receipt message, and in step  96 , it converts the notification from its standard database format into HTML format. Finally, in step  97  ICH computer  600  sends a notification of the receipt message to computer  100  and in step  98  the Active File Transfer System ends.  
         [0046]     In the tenth and final stage, as shown in  FIG. 12 , in step  142  the institution contacts the inquiring company to coordinate the closing of the facility. Here, the financial, insurance, investment and business service institution has the inquiring company&#39;s Company name, address, structure, industry, cash flow, facility requested, etc. from the acceptance email sent when the offer was accepted. The closing of the requested facility can take place in any way that the financial, insurance, investment and business service institution typically closes said facility. Once all documents are signed and delivered from the inquiring company, the facility is closed. Once the institution closes a facility, in step  144  it contacts computer  100  and sends a notification of the facility closure. In step  146  computer  100  stores this information in result database  195  which can be accessed by the institutions in step  148 . Finally in step  152 , the process according to the invention ends for that individual transaction.  
         [0047]     While several embodiments of the present invention have been shown and described, it is to be understood that many changes and modifications may be made thereunto without departing from the spirit and scope of the invention as defined in the appended claims.