Patent Application
20170046667
Field of the Invention
The field of the invention is data processing, or, more specifically, methods, apparatus, and products for generating a payment plan for a plurality of payments due based on characteristics of a plurality of fund sources.
Description of Related Art
Individuals today may have many different financial-related accounts that include both fund sources and payment targets. Example fund sources may include bank accounts and credit card accounts. Example payment targets may include loan accounts, credit card accounts, savings or other bank accounts, utility accounts with regular recurring bills, and any other account which may include a regularly recurring bill payment. Each of these financial-related accounts may be have various characteristics such as annual rate of return, minimum required account balance, maximum available credit, annual percentage rate, minimum required payment, payment due date, rewards information, late payment fee, transfer fee, and so on as will occur to readers of skill in the art.
Managing many of these accounts is difficult to do efficiently and effectively. To that end, many automated systems have been introduced to reduce the amount of user input required to manage multiple financial-related accounts. At this time, these automated systems provide only provide minor analysis into the payment targets for a user. In some instances, for example, an automated system may be combine information from multiple payment targets, receive an indication from a user of a goal to ‘pay off credit cards,’ and create a specialized view of data relating to the payment targets. In this way, a user is shown his or her progress while accomplishing his or her goal. None of these automated systems, however, analyze both fund sources as well as payment targets to determine the efficient allocations of funds for bill payments. In fact, each of today's automated systems treats each fund source the same, without any regard to the various characteristics of different fund sources.
Methods, apparatus, and products for allocating funds for bill payment are disclosed in this specification. Such allocating funds for bill payment may be carried out by: retrieving via a data communications network, by a funds allocation tool from each of a plurality of fund sources, information describing available funds; retrieving via the data communications network, by the funds allocation tool from each of a plurality of payment targets, information describing payments due within a predefined period of time; prioritizing payments due to each of the payment targets in dependence upon predefined criteria; and generating, by the funds allocation tool in dependence upon the prioritized payments, the predefined criteria, and the information describing available funds, a payment plan for the predefined period, the payment plan specifying, for each payment due within the predefined period of time: a date to execute the payment; an amount of funds to apply to the payment due; and a fund source for the amount of funds to apply to the payment due.
The foregoing and other objects, features and advantages of the invention will be apparent from the following more particular descriptions of exemplary embodiments of the invention as illustrated in the accompanying drawings wherein like reference numbers generally represent like parts of exemplary embodiments of the invention.
Exemplary methods, apparatus, and products for generating a payment plan for a plurality of payments due in accordance with the present invention are described with reference to the accompanying drawings, beginning with
Stored in RAM (168) is a funds allocation tool (102). The funds allocation tool (102) in the example of
Each such account may have various characteristics. To that end, as mentioned above, the funds allocation tool (102) retrieves from each fund source (116) information (104) describing available funds. Such information (104), at a minimum, includes an available balance which may be utilized to fund a payment. Available funds information (104), however, may also include account-specific information, such as a minimum required balance, an annual percentage yield (APY), upcoming debits or credits to the account, costs associated with making electronic transfers to fund a payment, fees associated with the funding account, rewards details, and the like. Rewards details may, for example, specify that a particular credit card account provides 6% cash back for payments to a utility company.
As explained below in more detail, the funds allocation tool (102) may retrieve such available funds information (104) from the fund sources (116), through data communications over a data communications network (100). In some embodiments, the allocation tool (102) may retrieve the information through RESTful (Representational State Transfer) API (Application Programming Interface) calls to an API exposed by the fund source. For fund sources that do not expose such an API, the funds allocation tool may data mine private (behind authentication) and public web pages of the funds sources to identify the available funds information (104) for each of the fund sources. In some embodiments, a user may also supplement the available funds information (104) manually by providing the funds allocation tool (102) information regarding funds sources that are otherwise unreachable via a typical data communications network.
The funds allocation tool (102) may also be configured to retrieve via the data communications network (100), from each of a plurality of payment targets (118), information (106) describing payments due within a predefined period of time. A ‘payment target’ as the term is used in this specification refers to the automated computing machinery of a financial institution that enables a user to effect payment of an obligation, or as context requires, the obligation itself. Such obligations may include any obligation that has a recurring payment due to satisfy the obligation. Examples of such obligations include loans, credit card bills, utility bills, loan bills, and the like. The period within which the obligation is due is referred to here as a payment due ‘within a predefined period of time.’ In some embodiments, payments due during a period of time may be all payments due for any obligation within a calendar month. In some embodiments, a payment target (118), such as a credit card account, may also be a fund source (116).
Each payment due from each payment target (118) may have various characteristics. To that end, as mentioned above, the funds allocation tool retrieves information describing the payments due within the predefined period of time for each payment target. Such information (106) describing payments due within a predefined period of time may include APR, APY, late fee information, total balance, payment due date, and the like.
The funds allocation tool (102) may also be configured to prioritize (110) payments due to each of the payment targets (118) in dependence upon predefined criteria (108). The predefined criteria (108) may specify one or more criteria to attempt to optimize in prioritizing payments to each payment targets. Examples of such criteria may include criteria to decrease the overall effect of APR or APY, criteria to maximize the effect of interest rates in fund sources, criteria to reduce or minimize fees, criteria to make payment to the payments due as quickly as possible, criteria to make payment to the payments due only on the due date for each payment due, criteria to pay equal (or nearly equal) amounts in the first half and second half of the month, prioritize payments in in ascending order of total balances, prioritize payments in descending order of total balances, criteria to maximize rewards from fund sources or payment targets, and so on. In some embodiments, there may be default criteria that the funds allocation tool (102) utilizes in the absence of user interaction and in other embodiments, a user may specify the criteria through a user interaction with graphical user interface (‘GUI’) objects within a GUI presented by the funds allocation tool to the user on a display (180).
The funds allocation tool (102) may then generate, in dependence upon the prioritized payments (110), the predefined criteria (108), and the information (104) describing available funds, a payment plan (114) for the predefined period. The payment plan (114) specifies, for each payment due within the predefined period of time: a date to execute the payment; an amount of funds to apply to the payment due; and a fund source for the amount of funds to apply to the payment due. In some embodiments, the funds allocation tool (102) may generate multiple payment plans depending on the predefined criteria (108). Consider, for example, that the predefined criteria includes both a criterion to attack the highest interest rate obligation with an additional amount of funds exceeding the obligations' minimum required payment and a separate criterion to attack the lowest balance obligation with an additional amount of funds exceeding the obligations' minimum required payment. In such an example, a payment plan configured to attack high interest rates may not match a payment plan configured to attack obligations in ascending order of outstanding balance. To that end, the funds allocation tool (102) may generate multiple payment plans, one for each criterion.
Also stored in RAM (168) is an operating system (154). Operating systems useful in computers configured generating a payment plan for a plurality of payments due according to embodiments of the present invention include UNIX™, Linux™ Microsoft XP™, AIX™, IBM's i5/OS™, and others as will occur to those of skill in the art. The operating system (154), funds allocation tool (104), and other data in the example of
The computer (152) of
The example computer (152) of
The exemplary computer (152) of
The arrangement of computers, servers, and other devices making up the exemplary system illustrated in
For further explanation,
The funds allocation tool (102) in the example of
Once authenticated, the data collector (238) may be configured to retrieve information describing payments due within a predefined period of time from each payment target (220, 222, 224, 226) through one or more API calls. In a similar manner, the data collector (238) may retrieve information describing available funds from each fund source (202, 204, 206, 208) through one or more API calls. Although each fund source and payment target is depicted as exposing a separate API (210, 212, 214, 216, 228, 230, 232, 234), readers of skill in the art will recognize that such an API may be standardized across each of the entities.
Once the funds allocation tool (102) receives the information describing payments due and the information describing available funds, the payment plan generator (240) may prioritize payments due to each of the payment targets (220, 222, 224) in dependence upon predefined criteria. The predefined criteria may be default data, not modified by the user (244), or the predefined criteria may be specified by the user (244). The payment plan generator (240) may then generate, in dependence upon the prioritized payments, the predefined criteria, and the information describing available funds, a payment plan for the predefined period. The payment plan specifies, for each payment due within the predefined period of time: a date to execute the payment; an amount of funds to apply to the payment due; and a fund source for the amount of funds to apply to the payment due.
The payment plan executor (242) of the example funds allocation tool (102) of
In some embodiments, before sending such instructions, the payment plan executor (242) may present the payment plan to the user (244) for approval. The user may then provide an indication of approval of the payment plan. Responsive to receiving such an indication of approval of the payment plan, the payment plan executor (242) may execute the payment plan as described above.
Readers of skill in the art will recognize that components of the fund allocation tool (102), the fund sources, payment targets, and API in the example of
For further explanation,
The method of
The method of
The method of
For further explanation,
The method of
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The method of
The method of
Responsive to receiving such an indication of approval, the method of
For further explanation,
The method of
For further explanation,
The method of
In some embodiments, multiple users may jointly share fund sources or be jointly liable for obligations held by payment targets. To that end, providing (702) authentication credentials of a user to fund sources may include providing (704) a first fund source authentication credentials of a first user and providing (706) to a second fund source authentication credentials of a second user. In a similar manner, providing (708) authentication credentials of a user to payment targets may include providing (710), to a first payment target, authentication credential of a first user and providing (712), to a second payment target, authentication credentials of a second user. In such an embodiment in which multiple users share fund sources or obligations, generating (310) a payment plan for the predefined period may include generating (714) a single payment plan for a combination of the first and second user.
For further explanation,
The method of
In another embodiment in
The present invention may be a system, a method, and/or a computer program product. The computer program product may include a computer readable storage medium (or media) having computer readable program instructions thereon for causing a processor to carry out aspects of the present invention.
The computer readable storage medium can be a tangible device that can retain and store instructions for use by an instruction execution device. The computer readable storage medium may be, for example, but is not limited to, an electronic storage device, a magnetic storage device, an optical storage device, an electromagnetic storage device, a semiconductor storage device, or any suitable combination of the foregoing. A non-exhaustive list of more specific examples of the computer readable storage medium includes the following: a portable computer diskette, a hard disk, a random access memory (RAM), a read-only memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), a static random access memory (SRAM), a portable compact disc read-only memory (CD-ROM), a digital versatile disk (DVD), a memory stick, a floppy disk, a mechanically encoded device such as punch-cards or raised structures in a groove having instructions recorded thereon, and any suitable combination of the foregoing. A computer readable storage medium, as used herein, is not to be construed as being transitory signals per se, such as radio waves or other freely propagating electromagnetic waves, electromagnetic waves propagating through a waveguide or other transmission media (e.g., light pulses passing through a fiber-optic cable), or electrical signals transmitted through a wire.
Computer readable program instructions described herein can be downloaded to respective computing/processing devices from a computer readable storage medium or to an external computer or external storage device via a network, for example, the Internet, a local area network, a wide area network and/or a wireless network. The network may comprise copper transmission cables, optical transmission fibers, wireless transmission, routers, firewalls, switches, gateway computers and/or edge servers. A network adapter card or network interface in each computing/processing device receives computer readable program instructions from the network and forwards the computer readable program instructions for storage in a computer readable storage medium within the respective computing/processing device.
Computer readable program instructions for carrying out operations of the present invention may be assembler instructions, instruction-set-architecture (ISA) instructions, machine instructions, machine dependent instructions, microcode, firmware instructions, state-setting data, or either source code or object code written in any combination of one or more programming languages, including an object oriented programming language such as Smalltalk, C++ or the like, and conventional procedural programming languages, such as the “C” programming language or similar programming languages. The computer readable program instructions may execute entirely on the user's computer, partly on the user's computer, as a stand-alone software package, partly on the user's computer and partly on a remote computer or entirely on the remote computer or server. In the latter scenario, the remote computer may be connected to the user's computer through any type of network, including a local area network (LAN) or a wide area network (WAN), or the connection may be made to an external computer (for example, through the Internet using an Internet Service Provider). In some embodiments, electronic circuitry including, for example, programmable logic circuitry, field-programmable gate arrays (FPGA), or programmable logic arrays (PLA) may execute the computer readable program instructions by utilizing state information of the computer readable program instructions to personalize the electronic circuitry, in order to perform aspects of the present invention.
Aspects of the present invention are described herein with reference to flowchart illustrations and/or block diagrams of methods, apparatus (systems), and computer program products according to embodiments of the invention. It will be understood that each block of the flowchart illustrations and/or block diagrams, and combinations of blocks in the flowchart illustrations and/or block diagrams, can be implemented by computer readable program instructions.
These computer readable program instructions may be provided to a processor of a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a machine, such that the instructions, which execute via the processor of the computer or other programmable data processing apparatus, create means for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks. These computer readable program instructions may also be stored in a computer readable storage medium that can direct a computer, a programmable data processing apparatus, and/or other devices to function in a particular manner, such that the computer readable storage medium having instructions stored therein comprises an article of manufacture including instructions which implement aspects of the function/act specified in the flowchart and/or block diagram block or blocks.
The computer readable program instructions may also be loaded onto a computer, other programmable data processing apparatus, or other device to cause a series of operational steps to be performed on the computer, other programmable apparatus or other device to produce a computer implemented process, such that the instructions which execute on the computer, other programmable apparatus, or other device implement the functions/acts specified in the flowchart and/or block diagram block or blocks.
The flowchart and block diagrams in the Figures illustrate the architecture, functionality, and operation of possible implementations of systems, methods, and computer program products according to various embodiments of the present invention. In this regard, each block in the flowchart or block diagrams may represent a module, segment, or portion of instructions, which comprises one or more executable instructions for implementing the specified logical function(s). In some alternative implementations, the functions noted in the block may occur out of the order noted in the figures. For example, two blocks shown in succession may, in fact, be executed substantially concurrently, or the blocks may sometimes be executed in the reverse order, depending upon the functionality involved. It will also be noted that each block of the block diagrams and/or flowchart illustration, and combinations of blocks in the block diagrams and/or flowchart illustration, can be implemented by special purpose hardware-based systems that perform the specified functions or acts or carry out combinations of special purpose hardware and computer instructions.
It will be understood from the foregoing description that modifications and changes may be made in various embodiments of the present invention without departing from its true spirit. The descriptions in this specification are for purposes of illustration only and are not to be construed in a limiting sense. The scope of the present invention is limited only by the language of the following claims.
