Patent Application
20200242509
Conventional event processing systems typically include minimal underlying data about the event being processed. Accordingly, a need exists for an improved way of acquiring event data.
The following presents a summary of certain embodiments of the invention. This summary is not intended to identify key or critical elements of all embodiments nor delineate the scope of any or all embodiments. Its sole purpose is to present certain concepts and elements of one or more embodiments in a summary form as a prelude to the more detailed description that follows.
In one aspect, the present invention embraces a computerized system, and an associated method and computer program product, for event data extraction for real-time event modeling and resolution. The system typically includes one or more processors and a memory device. The system also typically includes computer-readable program code stored in the memory device and executable by the one or more processors. In one embodiment, the computer-readable program code is configured for: processing a plurality of event requests associated with a first user, wherein processing each of the plurality of event requests comprises: (i) identifying an event content field in the event request, (ii) extracting event data from the event content field, wherein the extracted event data comprising information regarding a future resource transfer commitment, and (iii) storing the extracted event data in an event data repository; receiving a request or offer acceptance from the first user for a temporary resource transfer having a temporary resource transfer amount; analyzing the extracted event data to determine a capacity of the first user to return the temporary resource transfer amount based on future resource transfer commitments associated with the first user; and based on the capacity of the first user to return the temporary resource transfer amount, completing the temporary resource transfer.
In a first particular embodiment, the computer-readable program code is further configured for: receiving a subsequent event request associated with the first user for transferring an event amount from the first user to a second user; determining that an account of the first user does not include the event amount; and in response to determining that the account of the first user does not include the event amount, transmitting an offer of the temporary resource transfer to the first user; wherein receiving the request or offer acceptance from the first user for the temporary resource transfer comprises receiving the offer acceptance from the first user of the offer of the temporary resource transfer; wherein completing the temporary resource transfer comprises transmitting the event amount to the second user.
In a second particular embodiment, either alone or in combination with the other particular embodiments, receiving the request or offer acceptance from the first user for the temporary resource transfer comprises receiving the request from the first user for the temporary resource transfer.
In a third particular embodiment, either alone or in combination with the other particular embodiments, extracting the event data from the event content field comprises directly extracting the event data from the event content field.
In a fourth particular embodiment, either alone or in combination with the other particular embodiments, extracting the event data from the event content field comprises (i) extracting an electronic document from the event content field and (ii) extracting the event data from the electronic document.
In a fifth particular embodiment, either alone or in combination with the other particular embodiments, extracting the event data from the event content field comprises (i) extracting a reference number from the event content field, (ii) transmitting a request for the event data and the reference number to an entity system, and (iii) receiving the event data from the entity system.
In a sixth particular embodiment, either alone or in combination with the other particular embodiments, extracting the event data from the event content field comprises (i) extracting a reference number from the event content field, (ii) transmitting a request for the event data and the reference number to a clearing house database system, and (iii) receiving the event data from the clearing house database system.
In a seventh particular embodiment, either alone or in combination with the other particular embodiments, extracting the event data from the event content field and storing the extracted event data in the event data repository comprise: (i) extracting unstructured event data from the event content field, (ii) identifying the information regarding the future resource transfer commitment by parsing the unstructured event data, (iii) converting the information regarding the future resource transfer commitment into a structured format, and (iv) storing the structured information regarding the future resource transfer commitment in the event data repository.
In an eighth particular embodiment, either alone or in combination with the other particular embodiments, the event data repository is comprised in a clearing house database system.
The features, functions, and advantages that have been discussed may be achieved independently in various embodiments of the present invention or may be combined with yet other embodiments, further details of which can be seen with reference to the following description and drawings.
Having thus described embodiments of the invention in general terms, reference will now be made the accompanying drawings, wherein:
Embodiments of the present invention will now be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all, embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure will satisfy applicable legal requirements. Where possible, any terms expressed in the singular form herein are meant to also include the plural form and vice versa, unless explicitly stated otherwise. Also, as used herein, the term “a” and/or “an” shall mean “one or more,” even though the phrase “one or more” is also used herein. Furthermore, when it is said herein that something is “based on” something else, it may be based on one or more other things as well. In other words, unless expressly indicated otherwise, as used herein “based on” means “based at least in part on” or “based at least partially on.” Like numbers refer to like elements throughout.
One of the challenges associated with existing resource transfer systems is that financial institutions typically obtain very little information about the underlying resource transfers. For example, for wire and automated clearing house (ACH) resource transfers financial institutions participating in the resource transfer typically have information identifying the participants (e.g., payor and payee) to the resource transfer, the applicable accounts of such participants, and the amount being transferred. However, other information about the resource transfer, such as specifics regarding any underlying agreement between the participants, is typically not provided to the participating financial institutions in connection with their processing of the resource transfer. Based on such limited information, it is difficult for a financial institution to construct a detailed financial picture of the participants to such transaction.
Accordingly, in one aspect, the present invention is directed to a particular way of providing more detailed information about underlying resource transfers in connection with the processing of event (e.g., resource transfer) requests. In this regard, the event requests processed in accordance with the present invention typically include an event content field. Event data can be extracted from this event content field to provide more information about the underlying agreement between the participants to the resource transfer. For example, a copy of an underlying agreement or invoice may be included in the event content field. Alternatively, a summary of the participants' agreement may be included in the event content field. The information contained in the event content field is typically parsed to extract relevant event data. Because the event data contained in the event content field is typically in an unstructured format, this event data is typically converted into a structured format and then stored in an event data repository for subsequent processing. By converting the event data into a structured format, the event data can be later processed more quickly and using less processing power than would be possible if the event data was stored in an unstructured manner.
In a particular embodiment, information about future resource transfer commitments of the participants to a resource transfer may be extracted from the event content field. For example, the event content field may include a copy or description of an invoice indicating a first participant is making a down payment of a fraction of a total amount owed to a second participant. As such, the unpaid portion of the total amount represents a future resource transfer commitment of the first participant to the second participant. In particular, the unpaid portion represents an account payable of the first participant and an account receivable of the second participant. In this manner, information about future resource transfer commitments associated with a particular participant may be extracted from multiple event requests involving such participant. Based on such information, it can be determined whether such participant may qualify for (e.g., have the capacity to pay back) a temporary resource transfer (e.g., loan). For example, as a result of such participant's accounts payable determined from processing prior event requests, such participant may not have the capacity to repay a requested loan. On the other hand, if such participant has significant accounts receivable and a history of being paid on its accounts receivable, then such participant may have the capacity to repay a requested loan, and, thus, the loan may be approved. This determination can be made quickly and without requesting further information from the participant because information about future resource transfer commitments can already be collected through the processing of prior event requests. In contrast, processing conventional resource transfers (e.g., wire or automated clearing house (ACH) resource transfers) would provide the financial institute with information about the amount of the resource transfer being processed, but would not provide the financial institution with information about future resource transfer commitments associated with such participant, and, therefore, such information, if desired, would need to be obtained in a less efficient and time consuming way (e.g., by requesting such information from the participant).
In one embodiment, the first user 110a and the second user 110b are participants of a real-time interaction system, wherein the first user 110a (i.e., the payor) initiates a credit transfer to the second user 110b (i.e., the payee). In a specific example, the first user 110a is required to initiate the transfer from the first entity system 130, wherein the first user 110a provides authentication information to authenticate the identity of the first user 110a and to validate that an account of the first user 110a held at the first entity system 130 contains at least a sufficient amount of available funds to fulfill the transfer. While in one embodiment, the first user 110a is required to initiate the transfer from a physical, brick-and-mortar location of the first entity system 130, in alternative embodiments described herein, the transfer may be initiated from other locations wherein a user is not required to be at a brick-and-mortar location (e.g., via an electronic application, a website, or the like).
The first user 110a, as the sending participant (i.e., payor), is required to authenticate his or her identity by providing information or credentials to the associated financial institution. For example, authentication information may include account numbers, routing numbers, PIN numbers, username and password, date of birth, social security number, or the like, or other authentication information as described herein. In some embodiments, authentication may comprise multi-factor or multi-step authentication in accordance with information security standards and requirements.
Upon initiating an interaction (e.g., resource transfer), the first user 110a becomes obligated to pay the amount of the interaction, wherein the interaction cannot be canceled by the first user 110a following initiation and transmission of communication to a receiving participant. The second user 110b, as the receiving participant (i.e., the payee), receives communication to accept payment following similar user authentication requirements. Communication between participants for the interaction is transmitted between the financial institutions via the clearing house system 300 which directs the payment to the appropriate financial institution associated with the receiving participant. The transfer of funds occurs between the first entity account 131 and second entity account 141 associated with the first entity system 130 and the second entity system 140 on behalf of their associated users, wherein the interaction may be settled immediately, concurrent with the interaction. As settlement occurs between the representative financial institutions, debiting and crediting of individual user accounts may be managed at each financial institution with their associated customers. As the interaction is settled immediately, funds may be made available for use in real or near real-time.
It should be understood that while the illustrated embodiment of
In accordance with embodiments of the invention, the term “entity” may include any organization such as one that processes resource transfers or financial transactions including, but not limited to, financial institutions, banks, credit unions, savings and loan associations, card associations, settlement associations, investment companies, stock brokerages, asset management firms, insurance companies and the like. An “entity system” refers to information technology systems of an entity that may be employed to process resource transfers. Furthermore, embodiments of the present invention use the term “user” or “customer.” It will be appreciated by someone with ordinary skill in the art that the user or customer may be a customer of the financial institution or a potential customer of the entity (e.g., a financial institution) or an employee of the entity.
Many of the example embodiments and implementations described herein contemplate interactions engaged in by a user with a computing device and/or one or more communication devices and/or secondary communication devices. A “user” or “participant”, as referenced herein, may refer to an entity (e.g., a business entity) or individual that has the ability and/or authorization to access and use one or more resources or portions of a resource (e.g., “funds”). Furthermore, as used herein, the term “user computing device” or “mobile device” may refer to mobile phones, personal computing devices, tablet computers, wearable devices, smart devices and/or any portable electronic device capable of receiving and/or storing data therein.
A “user interface” is any device or software that allows a user to input information, such as commands or data, into a device, or that allows the device to output information to the user. For example, the user interface include a graphical user interface (GUI) or an interface to input computer-executable instructions that direct a processing device to carry out specific functions. The user interface typically employs certain input and output devices to input data received from a user second user or output data to a user. These input and output devices may include a display, mouse, keyboard, button, touchpad, touch screen, microphone, speaker, LED, light, joystick, switch, buzzer, bell, and/or other user input/output device for communicating with one or more users.
A “system environment”, as used herein, may refer to any information technology platform of an enterprise (e.g., a national or multi-national corporation) and may include a multitude of servers, machines, mainframes, personal computers, network devices, front and back end systems, database system and/or the like.
Many of the embodiments described herein, contemplate one or more users and/or entity systems interacting to complete one or more events. In some instances, an event may refer to the processing of a resource transfer or transaction. A “resource transfer” or “transaction”, may refer to any activities or communication between a customer or user (e.g., either an individual person or an organization) of an entity and the entity, activities or communication between multiple entities/customers, communication between technology applications and the like. A resource transfer may refer to a payment, processing of funds, processing of a check, purchase of goods or services, a return of goods or services, a payment transaction, a credit transaction, or other interactions involving a customer's resource or account. In the context of a financial institution or a resource entity such as a merchant, a resource transfer may refer to one or more of: a sale of goods and/or services, initiating an automated teller machine (ATM) or online banking session, an account balance inquiry, a rewards transfer, an account money transfer or withdrawal, opening a bank application on a customer's computer or mobile device, a customer accessing their e-wallet, or any other interaction involving the customer and/or the customer's device that invokes or is detectable by the financial institution. A resource transfer may include one or more of the following: renting, selling, and/or leasing goods and/or services (e.g., groceries, stamps, tickets, DVDs, vending machine items, and the like); making payments to creditors (e.g., paying monthly bills; paying federal, state, and/or local taxes; and the like); sending remittances; loading money onto stored value cards (SVCs) and/or prepaid cards; donating to charities; and/or the like. Unless specifically limited by the context, a “resource transfer” a “transaction”, “transaction event” or “point of transaction event” refers to any activity initiated between a customer and a resource entity such as a merchant, between the customer and the financial instruction, or any combination thereof. In some embodiments, a resource transfer or transaction may refer to financial transactions involving direct or indirect movement of funds through traditional paper transaction processing systems (e.g., paper check processing) or through electronic transaction processing systems. In this regard, resource transfers or transactions may refer to the customer initiating a purchase for a product, service, or the like from a merchant. Typical financial transactions include point of sale (POS) transactions, automated teller machine (ATM) transactions, person-to-person (P2P) transfers, internet transactions, online shopping, electronic funds transfers between accounts, transactions with a financial institution teller, personal checks, conducting purchases using loyalty/rewards points etc. When discussing that resource transfers or transactions are evaluated it could mean that the transaction has already occurred, is in the process of occurring or being processed, or it has yet to be processed/posted by one or more financial institutions. In some embodiments, an electronic activity may refer to non-financial activities of the customer. In this regard, the transaction may be a customer account event, such as but not limited to the customer changing a password, ordering new checks, adding new accounts, opening new accounts, adding or modifying account parameters/restrictions, modifying a payee list associated with one or more accounts, setting up automatic payments, performing/modifying authentication procedures, and the like.
One or more users, including a first user 110a and a second user 110b, may be in network communication with the first entity system 130, the second entity system 140, or the other systems of the system environment 100b via a computing device system 400. These users may be customers, clients, patrons, or the like of one or more entities associated with the first entity system 130 and/or the second entity system 140.
Similarly, one or more agents, including a first agent 115a and a second agent 115b, may be in network communication with the first entity system 130, the second entity system 140, or the other systems of the system environment 100b via a computing device system 400. These agents may be employees, contractors, consultants, claim investigators, claim analysts, transaction analysts, or the like, for the first entity system 130 and/or the second entity system 140.
The managing entity system 200, the clearing house system 300, the clearing house database system 120, the first entity system 130, the second entity system 140, the one or more computing device systems 400, the merchant system 160, and the one or more third party systems 170 may be in network communication across the system environment 100 through the network 150. The network 150 may include a local area network (LAN), a wide area network (WAN), and/or a global area network (GAN). The network 150 may provide for wireline, wireless, or a combination of wireline and wireless communication between devices in the network. In one embodiment, the network 150 includes the Internet.
The managing entity system 200 may be a system owned or otherwise controlled by a managing entity to perform one or more process steps described herein. In some embodiments, the managing entity is a financial institution, a clearing house entity, a consortium of financial institutions and/or clearing house entities, or the like. While the managing entity system 200 is shown as a separate entity from other systems in the system environment 100b, it should be known that the managing entity may comprise one or more of the other systems in the system environment 100b.
In general, the managing entity system 200 is configured to communicate information or instructions with the clearing house system 300, the clearing house database system 120, the first entity system 130, the second entity system 140, the one or more computing device systems 400, the merchant system 160, and/or one or more third party systems 170 across the network 150. For example, the managing entity system 200 may be a component of, or have control over the second entity system 140 and perform the process steps of process 600, as described with respect to
As noted above with respect to
The one or more computing device system(s) 400 may be a system owned or controlled by the managing entity, a merchant entity (e.g., a merchant associated with the merchant system 160) and/or a third party that specializes in providing computing devices and/or mobile computing devices to users. In general, a computing device system 400 is configured to provide a communication and/or transaction interface for the first user 110a or the second user 110b to provide instructions to, or receive notifications from, the managing entity system 200, the clearing house system 300, the clearing house database system 120, the first entity system 130, the second entity system 140, the merchant system 160, and/or the third party system 170 across the network 150. For example, the computing device system 400 associated with the first user 110a may be configured to receive an event request from the first user 110a, generate a message based on the event request (e.g., via an event application stored in the memory of the computing device system 400), and transmit the message and/or event request to the first entity system 130. Of course, the computing device system 400 may be configured to perform (or instruct other systems to perform) one or more other process steps described herein. A sample computing device system 400 is described in more detail with respect to
The clearing house database system 120 may comprise a network communication interface, a processing device, and one or more memory devices, where the processing devices are configured to perform certain actions with the memory devices and communicate these actions to the rest of the network 150 through its network communication interface. The clearing house database system 120 may be a repository for the clearing house system 300 to store event information. In some embodiments, the clearing house database comprises a blockchain network that records event information, where the event information is accessible to any system or user with the appropriate public blockchain key.
The first entity system 130 may comprise a network communication interface, a processing device, and one or more memory devices, where the processing devices are configured to perform certain actions with the memory devices and communicate these actions to the rest of the network 150 through its network communication interface. In some embodiments, the first entity system 130 comprises a financial institution at which the first user 110a is a customer. The first entity system 130 may have one or more financial accounts that are available to, at least partially controlled by, or otherwise accessible by the clearing house system 300 such that the clearing house system 300 is pre-authorized to execute transactions with the account of the first entity system 130 upon receipt of messages from the first entity system 130, the second entity system 140, the first user 110a, and/or the second user 110b.
The second entity system 140 may comprise a network communication interface, a processing device, and one or more memory devices, where the processing devices are configured to perform certain actions with the memory devices and communicate these actions to the rest of the network 150 through its network communication interface. In some embodiments, the second entity system 140 comprises a financial institution at which the second user 110b is a customer. The second entity system 140 may have one or more financial accounts that are available to, at least partially controlled by, or otherwise accessible by the clearing house system 300 such that the clearing house system 300 is pre-authorized to execute transactions with the account of the second entity system 140 upon receipt of messages from the first entity system 130, the second entity system 140, the first user 110a, and/or the second user 110b.
The merchant system 160 may be a system owned, operated, managed, or otherwise controlled by a merchant entity (e.g., a business or individual that offers goods or services in return for payment). The merchant system 160 may include or comprise a computing device system 400 as described herein. In some embodiments, the computing device system 400 of the merchant system 160 comprises a point of sale (POS) device or system of devices, barcode scanning devices, universal product code (UPC) scanners, receipt generating and/or printing devices, security video monitoring system devices, card reading devices, near field communication (NFC) chip reading devices, or other transaction, security, or recording devices that the merchant entity can use to process or document a transaction between the merchant entity and a user (e.g., the first user 110a).
The merchant system 160 may be configured to begin processing certain transactions with the first user 110a by receiving payment information of the first user 110a (e.g., scanning a financial instrument like a credit card of the user 110a that is associated with a financial account of the first user 110a, receiving a transmission of financial account information from the computing device system 400 of the user 110a, receiving payment credentials of the first user 110a via an online merchant portal established or managed by the merchant system 160, or the like). The merchant system 160 may then transmit transaction information to the first entity system 130 (and not through a traditional credit or debit card processing network), either by providing the transaction information to the first agent 115a or by entering the transaction information into a predetermined template that the first entity system 130 is configured to automatically convert into a message for the clearing house system 300 and/or the second entity system 140.
In some embodiments, the merchant system 160 is configured to record, assign, store, or otherwise transmit certain transaction information across the network 150 to the clearing house database system 120 or to an event database of the first entity system 130 and/or the second entity system 140. For example, the system may store a record of one or more products purchased, time-stamp information for the transaction, an image or video of an individual associated with the transaction, financial instrument information for the transaction, terms and conditions of sale, an image or digital copy of the merchant receipt, an image or digital copy of the first user's 110a receipt, return policy documentation, loyalty rewards policy information and documentation, and the like. This information may, in some embodiments, be considered at least a part of the additional information of a message, as described herein.
While the merchant system 160 may be configured to initiate a transaction within the system environment 100b, it should be known that the merchant system 160 may additionally be considered the first user 110a or the second user 110b. For example, the merchant system 160 may manage a transaction with an individual that triggers a transmission of a loyalty reward of a discount code, a rebate, and/or other additional information. The merchant system 160 may then take the place of the first user 110a in the system environment 100b to initiate a new transaction or event, via the first entity system 130 and the clearing house system 300, to the second user 110b (i.e., the individual that should receive the discount code, rebate, or other information from the merchant system 160). In another example, the first user 110a is an individual that enters into a transaction with the merchant system 160 via a computing device system 400 of the merchant system 160, where the payment is processed via the first entity system 130 and the clearing house system 300 to the second entity system 140 that ultimately pays the merchant system 160 (i.e., the second user 110b).
The third party system 170 may be any system that is in communication with the network 150 and executes one or more functions or process steps of the processes described herein with respect to the system environment 100b.
It should be understood that the memory device 230 may include one or more databases or other data structures/repositories. The memory device 230 also includes computer-executable program code that instructs the processing device 220 to operate the network communication interface 210 to perform certain communication functions of the managing entity system 200 described herein. For example, in one embodiment of the managing entity system 200, the memory device 230 includes, but is not limited to, a network server application 240, a managing entity application 250 which includes managing entity data 252 and other computer-executable instructions or other data. The computer-executable program code of the network server application 240 and/or the managing entity application 250 may instruct the processing device 220 to perform certain logic, data-processing, and data-storing functions of the managing entity system 200 described herein, as well as communication functions of the managing entity system 200.
The managing entity application 250 may be configured to invoke or use the managing entity data 252 to perform one or more processes and functions of the other systems (i.e., the clearing house system 300, the clearing house database system 120, the first entity system 130, the second entity system 140, the merchant system 160, the third party system 170, and/or the one or more computing device systems 400) within the system environment 100b, as defined or described herein. Managing entity data 252 may include event data extracted from prior event requests.
It should be understood that the memory device 330 may include one or more databases or other data structures/repositories. The memory device 330 also includes computer-executable program code that instructs the processing device 320 to operate the network communication interface 310 to perform certain communication functions of the clearing house system 300 described herein. For example, in one embodiment of the clearing house system 300, the memory device 330 includes, but is not limited to, a network server application 340, a messaging application 350 which includes message data 352 and account data 354, a clearing house database application 360 which includes event data 362, and other computer-executable instructions or other data. The computer-executable program code of the network server application 340, the messaging application 350, and/or the clearing house database application 360 may instruct the processing device 320 to perform certain logic, data-processing, and data-storing functions of the clearing house system 300 described herein, as well as communication functions of the clearing house system 300.
In one embodiment, the messaging application 350 includes message data 352 and account data 354. The message data 352 may comprise instructions, terms, amounts, descriptions, content, and other information that is to be transferred from a first entity system to another entity system via a notification and/or as a transaction between accounts of each entity system. The account data may include account numbers, pre-authorization data, account limits or other threshold information, and the like that allows the clearing house system 300 to automatically transfer funds from a first entity system's account to a second entity system's accounts without additional approvals or confirmations from the entities, based on instructions provided to the clearing house system 300 via a received message.
In one embodiment, the clearing house database application 360 includes event data 362. This event data 362 may include documents, contracts, invoices, purchase orders, agreements, descriptions of user obligations, user generated or curated content, media, files, notifications, memorandum, notes, and other information that is associated with one or more events that are processed by the clearing house system 300. The clearing house database application 360 may be configured to access its database and identify event information based on received inputs of reference numbers, passcodes, database index positions, public blockchain keys, and the like.
The network server application 340 the messaging application 350, and the clearing house database application 360 are configured to invoke or use the message data 352, the account data 354, the event data 362, and the like when communicating through the network communication interface 310 with the managing entity system 200, the clearing house database system 120, the one or more computing device systems 400, the first entity system 130, the second entity system 140, the merchant system 160, and/or the third party system 170.
Some embodiments of the computing device system 400 include a processor 410 communicably coupled to such devices as a memory 420, user output devices 436, user input devices 440, a network interface 460, a power source 415, a clock or other timer 450, a camera 480, and a positioning system device 475. The processor 410, and other processors described herein, generally include circuitry for implementing communication and/or logic functions of the computing device system 400. For example, the processor 410 may include a digital signal processor device, a microprocessor device, and various analog to digital converters, digital to analog converters, and/or other support circuits. Control and signal processing functions of the computing device system 400 are allocated between these devices according to their respective capabilities. The processor 410 thus may also include the functionality to encode and interleave messages and data prior to modulation and transmission. The processor 410 can additionally include an internal data modem. Further, the processor 410 may include functionality to operate one or more software programs, which may be stored in the memory 420. For example, the processor 410 may be capable of operating a connectivity program, such as a web browser application 422. The web browser application 422 may then allow the computing device system 400 to transmit and receive web content, such as, for example, location-based content and/or other web page content, according to a Wireless Application Protocol (WAP), Hypertext Transfer Protocol (HTTP), and/or the like.
The processor 410 is configured to use the network interface 460 to communicate with one or more other devices on the network 150. In this regard, the network interface 460 includes an antenna 476 operatively coupled to a transmitter 474 and a receiver 472 (together a “transceiver”). The processor 410 is configured to provide signals to and receive signals from the transmitter 474 and receiver 472, respectively. The signals may include signaling information in accordance with the air interface standard of the applicable cellular system of a wireless network. In this regard, the computing device system 400 may be configured to operate with one or more air interface standards, communication protocols, modulation types, and access types. By way of illustration, the computing device system 400 may be configured to operate in accordance with any of a number of first, second, third, and/or fourth-generation communication protocols and/or the like. For example, the computing device system 400 may be configured to operate in accordance with second-generation (2G) wireless communication protocols IS-136 (time division multiple access (TDMA)), GSM (global system for mobile communication), and/or IS-95 (code division multiple access (CDMA)), or with third-generation (3G) wireless communication protocols, such as Universal Mobile Telecommunications System (UMTS), CDMA2000, wideband CDMA (WCDMA) and/or time division-synchronous CDMA (TD-SCDMA), with fourth-generation (4G) wireless communication protocols, with LTE protocols, with 4GPP protocols and/or the like. The computing device system 400 may also be configured to operate in accordance with non-cellular communication mechanisms, such as via a wireless local area network (WLAN) or other communication/data networks.
As described above, the computing device system 400 has a user interface that is, like other user interfaces described herein, made up of user output devices 436 and/or user input devices 440. The user output devices 436 include a display 430 (e.g., a liquid crystal display or the like) and a speaker 432 or other audio device, which are operatively coupled to the processor 410.
The user input devices 440, which allow the computing device system 400 to receive data from a user such as the user 110, may include any of a number of devices allowing the computing device system 400 to receive data from the user 110, such as a keypad, keyboard, touch-screen, touchpad, microphone, mouse, joystick, other pointer device, button, soft key, and/or other input device(s). The user interface may also include a camera 480, such as a digital camera.
The computing device system 400 may also include a positioning system device 475 that is configured to be used by a positioning system to determine a location of the computing device system 400. For example, the positioning system device 475 may include a GPS transceiver. In some embodiments, the positioning system device 475 is at least partially made up of the antenna 476, transmitter 474, and receiver 472 described above. For example, in one embodiment, triangulation of cellular signals may be used to identify the approximate or exact geographical location of the computing device system 400. In other embodiments, the positioning system device 475 includes a proximity sensor or transmitter, such as an RFID tag, that can sense or be sensed by devices known to be located proximate a merchant or other location to determine that the computing device system 400 is located proximate these known devices.
The computing device system 400 further includes a power source 415, such as a battery, for powering various circuits and other devices that are used to operate the computing device system 400. Embodiments of the computing device system 400 may also include a clock or other timer 450 configured to determine and, in some cases, communicate actual or relative time to the processor 410 or one or more other devices.
The computing device system 400 also includes a memory 420 operatively coupled to the processor 410. As used herein, memory includes any computer readable medium (as defined herein below) configured to store data, code, or other information. The memory 420 may include volatile memory, such as volatile Random Access Memory (RAM) including a cache area for the temporary storage of data. The memory 420 may also include non-volatile memory, which can be embedded and/or may be removable. The non-volatile memory can additionally or alternatively include an electrically erasable programmable read-only memory (EEPROM), flash memory or the like.
The memory 420 can store any of a number of applications which comprise computer-executable instructions/code executed by the processor 410 to implement the functions of the computing device system 400 and/or one or more of the process/method steps described herein. For example, the memory 420 may include such applications as a conventional web browser application 422 and/or an event application 421 (or any other application provided by the managing entity system 200 and/or the clearing house system 300). These applications also typically instructions to a graphical user interface (GUI) on the display 430 that allows the user 110 to interact with the computing device system 400, the managing entity system 200, and/or other devices or systems. In one embodiment of the invention, when the user (e.g., user 110a or user 110b) decides to enroll in an event application 421 program, the user downloads, is assigned, or otherwise obtains the event application 421 from the managing entity system 200, the clearing house system 300, the first entity system 130, the second entity system 140, or from a distinct application server. In other embodiments of the invention, the user 110 interacts with the managing entity system 200, the clearing house system 300, the clearing house database system 120, the first entity system 130, the second entity system 140, a third party system, or another computing device system 400 via the web browser application 422 in addition to, or instead of, the event application 421.
The event application 421 may be configured to transmit and receive messages, notifications, calls, electronic mail messages, and the like, between a user and an entity associated with the event (e.g., a first entity system, a second entity system, and/or a clearing house system). In this way, the event application 421 acts as a communication interface that allows the user to perform any of the user-controlled or initiated actions described herein.
The memory 420 of the computing device system 400 may comprise a Short Message Service (SMS) application 423 configured to send, receive, and store data, information, communications, alerts, and the like via a wireless telephone network.
In embodiments where the computing device system 400 is owned, managed, or otherwise controlled by the merchant system 160, the memory 420 may include a merchant transaction application 424 that is configured to perform certain tasks associated with identifying products or services being purchased, initiating the processing of financial instruments being used to purchase the products or services, generating receipt information associated with transactions, recording supplemental information associated with products or services being purchased, and the like. For example, the merchant transaction application 424 may be configured to scan barcode information or otherwise identify a UPC for a product being purchased at a merchant location. The merchant transaction application 424 may additionally be configured to cause the camera 480 to acquire an image and/or video media of a region around or associated with a point of sale terminal (e.g., a component of the computing device system 400 of the merchant system 160) to record information about an individual engaging in a transaction with the merchant entity, and this media can be stored or otherwise recorded as additional information for the transaction or event.
The memory 420 can also store any of a number of pieces of information, and data, used by the computing device system 400 and the applications and devices that make up the computing device system 400 or are in communication with the computing device system 400 to implement the functions of the computing device system 400 and/or the other systems described herein.
Referring now to
As used herein, an “event” may comprise an interaction, resource transfer, transaction, transmission of data, communication, or the like between a first user and a second user, as facilitated by a first entity system and a second entity system, via a clearing house system. In some embodiments, the event comprises a payment or other financial transaction, where the first user 501 is paying the second user 509 a transaction amount, so a financial institution (i.e., the first entity system 503) associated with the first user 501 transmits the transaction amount and a message to a financial institution (i.e., the second entity system 507) associated with the second user 509, where the transaction amount is then transferred to an account of the second user 509. The second user 509 may then have a question, concern, or the like regarding the transaction (e.g., regarding the amount of the transaction, the timing of the transaction, the reason for the transaction, and the like). The second user 509 can then request its financial institution to analyze the transaction, determine a resolution, and automatically implement the resolution.
In some embodiments, the process 500 may begin at block 502, where the first user 501 submits an event request, instructing the first entity system to transfer an event amount to the second user. Again, the event may comprise a transaction of an amount of funds from an account of the first user 501 held by the first entity system 503 to an account of the second user 509 held by the second entity system 507. The request may further include information or data about the event, background details regarding the event, a contract or other agreement associated with the event (e.g., detailing a transaction that should occur between the first user 501 and the second user 509 and/or future resource transfer commitments between the first user 501 and/or the second user 509), content created or curated by the first user 501 (e.g., electronic messages, documents that may be useful to the second user 509, or the like), coupons, rebates, or offers for the second user, receipts associated with the event (e.g., an electronic receipt, invoice, or other recordation of the occurrence of a separate part of the transaction), a memorandum drafted by the first user, or the like. This information may be contained within an event content field within the event request. In some embodiments, the format of the event requests complies with ISO 20022.
In some embodiments, the information associated with the event (e.g., “event information”) may comprise one or more large data files or require a considerable amount of processing power or resources to transfer the entirety of the event information as part of the event request. In such embodiments, the request first user 501 and/or the first entity system 503 that receives the event request may compress the event data prior to putting it in a message, store the event data in a local or managed database such that the event information is identifiable and/or accessible upon the receipt of a reference code, database index position, keyword search, or the like.
In some embodiments, the process 500 includes block 504, where the first entity system 503 transmits a message comprising at least the event request to the clearing house system 505 and the second entity system 507. In some embodiments, the message was generated by the first user 501, either organically or by the first user 501 populating and/or adding to a message template created by the first entity system 503. In some embodiments, an agent of the first entity may receive the event request and generate at least a portion of the message based on the event request. In this way, the agent of the first entity system (e.g., a claims investigation specialist, a transaction specialist, or the like) may be specialized in assisting users like the first user 501 in requesting and/or generating event requests.
As noted, the message comprises at least the event request, which could be a request to transfer a certain amount of funds from an account of the first user 501 to an account of the second user 509. However, the message may also comprise some additional event information including, but not limited to, an explanation of the purpose of the event (e.g., payment for goods or services, rent, payment of an insurance claim, annuity payment, refund, or the like), background information for the event (e.g., a contract or agreement for providing the payment in exchange for goods or services, a contract or agreement for an insurance claim that is being paid, information regarding a future resource transfer commitment between the first and second users, or the like), content created or curated by the first user 501 and/or the first entity system 503 (e.g., discount codes, coupons, digitally autographed work product, or digital copies of work product like articles, movies, books, and/or the like). As noted above, this event data/information may be contained within an event content field of the event request.
In some embodiments, the first entity system 503 may identify the event content field, extract the event data contained therein, and store the event data within an event data repository. This event data may include information regarding a future resource transfer commitment between the first and second users. For example, the event content field may include a copy or description of an invoice or contract indicating the first user 501 participant is making a down payment of a fraction of a total amount owed to the second user 509, whereby the unpaid portion of the total amount represents a future resource transfer commitment of the first participant to the second participant.
This event data may be extracted directly from the event content field (e.g., extracted directly from text contained in the event content field). Alternatively, an electronic document may be contained in and extracted from the event content field, and the event data may be extracted from such electronic document (e.g., electronic copy of an applicable purchase order, contract, or invoice). In a further alternative embodiment, a reference number, event information indicia, or other identifier of the event data may be contained within and extracted from the event content field. This identifier may then be transmitted (e.g., in the form of a request containing the identifier) to another system (e.g., a user system, entity system, or clearing house database system) storing the event data. The event data may then be received from the other system.
The information contained within the event content field may be in an unstructured format. Accordingly, this unstructured information is typically parsed to identify relevant event data and convert the relevant event data into a structured format. The structured event data is then typically stored in an event data repository operated by the first entity system 503 for future processing.
As described above, the first entity system 503 typically transmits the event request to the second entity system 507. Similar to the first entity system 503, the second entity system 507 may identify the event content field of the event request, extract the event data contained therein, and store the event data within an event data repository (e.g., an event data repository operated by the second entity).
A secure messaging network may be established, managed, or otherwise be a component of the clearing house system 505. In some embodiments, the secure messaging network is managed or otherwise controlled by one or more entities (e.g., a consortium of financial institutions) like the first entity and the second entity. This secure messaging network may be configured to receive, transmit, display, record, facilitate, or otherwise transfer messages, data, information, content, files, or other media between two or more entity systems. Furthermore, the secure messaging network may be an integral part of the clearing house system 505 such that the secure messaging network and its messages can provide instructions that cause the clearing house system 505 to automatically transfer funds, content, files, documentation, and the like between two or more linked accounts (e.g., an account associated with the first entity system and an account associated with the second entity system) associated with the clearing house system 505.
The message and/or event request comprises instructions that are readable by the clearing house system 505, such that the clearing house system 505 executes the event (e.g., execute the transaction), or otherwise transfer information and/or funds from the first entity system 503 to the second entity system 507. In some embodiments, the clearing house system 505 comprises computer program instructions that are configured to execute the event based on one or more inputs identified in the message.
At this point, or prior to transmitting the message in block 504, the first entity system 503 may debit an identified account of the first user for the event amount and credit an account of the first entity which may be an account that is associated with the clearing house system 505.
Additionally, in some embodiments, the process 500 includes block 506, where the clearing house system 505 automatically debits the first entity account and credits the second entity account for the event amount. As described above, both the first entity system 503 and the second entity system 507 have one or more accounts (e.g., financial accounts, data repositories, and/or the like) in which the clearing house system 505 has permission to automatically debit and/or credit upon instructions or requests found in messages that are provided to and/or through the clearing house system 505. Because the clearing house system 505 is pre-authorized to perform these transactions, the clearing house system 505 can automatically execute transactions between these accounts in real-time or near real-time as messages with transfer requests are received.
In some embodiments, the clearing house system 505 may additionally or alternatively transmit one or more data files, documentation, reference numbers, database index positions, passcodes, website links, or the like (i.e., “content”) from one account or messaging platform to another account or messaging portal. For example, in response to instructions found in the message from the first entity system 503, the clearing house system 505 may transfer a copy of an insurance claim document related to the event request and event amount from a database associated with the first entity system 503 to a database associated with the second entity system 507. The content may be transferred within the message in a complete form that is readable by an application of a computing device of the second entity system 507 and/or a computing device of the second user 509. In other embodiments, the message may contain a reference number or passcode associated with the content that the clearing house system 505, the second entity system 507, and/or the second user 509 can provide to the first entity system 503 and/or the clearing house system 505 to prompt the first entity system 503 and/or the clearing house system 505 to transmit the complete version of the content.
In some embodiments, the message may comprise a database index position. For example, the first entity system 503 may have stored the content in a clearing house database 511 associated with the clearing house system 505, but not transferred the content as part of the message (e.g., to reduce processing requirements of the systems 503, 505, and 507 of this process 500). This database index position is associated with the location of where the content is stored within the clearing house database 511. In some embodiments, the first entity system 503 simply provides the content to the clearing house system 505, the clearing house system 505 stores the content in the clearing house database 511, and the clearing house system 505 generates or otherwise determines the database index position and adds the database index position to the message. Similarly, the clearing house system may generate a passcode or reference number for content from the first entity system 503 that is stored in the clearing house database and adds the passcode or reference number to the message.
The clearing house database 511 may be a secure database controlled solely by the clearing house system 505. In other embodiments, at least a portion of the clearing house database 511 is accessible to the first entity system and/or the second entity system, but not to the first user or the second user. Finally, in some embodiments, at least a portion of the clearing house database 511 is accessible to the first user 501 (e.g., via an application of the first entity system 503) and the second user 509 (e.g., via an application of the second entity system 507). As such, the first entity system 503, the clearing house system 505, the second entity system 507, and/or the second user 509 may have at least partial access to the clearing house database 511 to retrieve, view, copy, extract, identify, delete, or otherwise interact with content stored in the clearing house database 511. In some embodiments, the clearing house database 511 comprises a blockchain network that is accessible by the first entity system 503, the clearing house system 505, the second entity system 507, the first user 501, and/or the second user 509. In such embodiments, a reference to event information stored in the clearing house database 511 may comprise a public key associated with the event information and/or the location of the event information.
In some embodiments, the clearing house system 505, similar to the first entity system 503 and the second entity system 507, may identify the event content field of the event request, extract the event data contained therein, and store the event data within an event data repository (e.g., within the clearing house database 511).
As shown at block 508, the second entity system 507 may then transmit the event amount from the second entity account to an account of the second user 509. As the clearing house system 505 only has access to the accounts of the first entity system 503 and the second entity system 507 (e.g., financial institutions), the second entity system 507 would need to make the final transmittal of the event amount from its account associated with the clearing house system 505 to the account of the second user 509 specified by the first user 501 in the event request (as instructed by the message). Because the second entity system 507 will have received the event amount in real-time (or near real-time) from the clearing house system 505 in response to the message transmittal, the second entity system 507 can automatically transmit this event amount in real-time or near real-time to the account of the second user 509.
The second entity system 507 can then notify the second user 509 of the event, including a notification that the event amount has been credited to the account of the second user 509, as shown at block 510. This notification may comprise details of the event, as input by the first user 501, may comprise a copy of the message, may comprise one or more items from transmitted content, or the like. The second user 509 can review this notification, including the event amount transferred to the account of the second user 509, and determine if the event is what the second user 509 expected.
Typically, the process 500 ends at block 510. However, if the second user 509 has questions about the event, believes there was a mistake in the processing of the event request by the first user 501, the first entity system 503, the clearing house system 505, and/or the second entity system 507, or if the first user 501 would like more information or content associated with the event, then the first user 501 may request an event analysis from the second entity system 507, as shown at block 512. While block 512 illustrates that the second user 509 requests an event analysis from the second entity system 507, it should be known that this event analysis request may be made to the clearing house system 505 and/or the first entity system 503. As such, the steps illustrated by blocks 514a, 516, and/or 518 may be executed by the clearing house system 505 and/or the first entity system 503 instead of, or in addition to, the second entity system 507.
The event analysis request may be made by the second user 509 by contacting the second entity system 507 via an online portal of the second entity system 507, a computing device application of the second entity system 507, by calling an agent of the second entity system 507, by messaging an agent of the second entity system 507, or the like. The event analysis request may comprise a request for investigation of a claim, a request for investigation of a transaction, an audit request, a request for additional information regarding a transaction, a request for certain content associated with the event, and the like. In some embodiments, an agent associated with the second entity system 507 may generate or otherwise initiate the event request on behalf of the second user 509, or conduct the event analysis for testing, customer support, or other purposes that are beneficial to the second entity system 507 and/or the second user 509.
As an example of block 512, the account of the second user 509 may have received a certain amount of funds (i.e., the event amount) from an insurance entity (i.e., the first user 501) that is a fraction of what the second user 509 expected to receive as part of a previously submitted insurance claim. The second user 509 has received the notification from the second entity system 507 that listed the certain amount of funds that the second user 509 has received, and a brief note that the certain amount of funds was provided by the insurance entity pursuant to the previously submitted insurance claim. As the second user 509 expected a different amount of funds to be transferred, the second user 509 submitted an event analysis request to see whether there was an error in the transaction processing stages, or whether there is more information about the claim that would explain why the certain amount of funds was provided instead of the expected amount of funds.
As shown at block 514a, the second entity system 507, in response to receiving the event analysis request, obtains event information/data from the message (e.g., from the event content field) that is related to the event analysis request. As noted above, the event content field may comprise documentation regarding the event, contracts associated with the event, files or media associated with the event, or the like. In embodiments where the entirety of the event data is provided in the message (e.g., included within the body of the message or as an attachment to the message), then the second entity system 507 may, if it has not already done so, extract the event information from the message and identify the event information that is related to the event analysis request. However, if the event data has already be extracted and stored in an event data repository of the second entity, the event data may be retrieved from such event data repository.
Moreover, as noted above, the first user 501, the first entity system 503, and/or the clearing house system 505 may have stored at least a portion of the event data in a database/repository and instead included a reference number, a passcode, a database index position, or the like (individually or collectively “event information indicia”) in the message.
In embodiments where the first user 501 and/or the first entity system 503 stored at least a portion of the event information in a first entity system 503 database, the second entity system 507 can request the event information from the first entity system 503, along with the event information indicia identified by the second entity system 507 in the message. The first entity system 503 will then automatically identify, extract (e.g., copy, move, or the like), and provide (e.g., transfer) the event information from its database upon being prompted by the second entity system 507, as shown at block 514b. For example, the second entity system 507 may transmit a request for the event information with a reference number for the event, the first entity system 503 automatically compares the reference number to an internal database to identify which information stored in its database is associated with the reference number, copy the associated event information, and transmit the event information to the second entity system 507 via a secured communication channel. It should be known that one or more of the processes described with respect to block 514b may be executed manually by an agent of the first entity system 503.
In embodiments where the clearing house system 505 has stored the event data in a database that the second entity system 507 does not have direct access to, then the second entity system 507 may transmit an event information request to clearing house system 505, along with the event information indicia identified by the second entity system 507 in the message. The clearing house system 505 will then automatically identify, extract (e.g., copy, move, or the like), and provide (e.g., transfer) the event information from its database upon being prompted by the second entity system 507, as shown at block 514c.
In other embodiments, where the second entity system 507 has access to a clearing house database 511 where the event information is stored (e.g., as indicated by the message), then the second entity system 507 may interact directly with the clearing house database 511 to identify and extract the event information. For example, if the second entity system 507 identifies a database index position of the event information for the clearing house database 511 within the event message, then the second entity system 507 may navigate to the identified database index position within the clearing house database 511 to identify the event information. In some embodiments, the event information may be further protected or encrypted within the clearing house database 511, such that the second entity system 507 is required to provide a passcode, a decryption key, or the like (e.g., as found in, or determined from, the event message) to gain full access to the event information within the event database.
Once the second entity system 507 has access to (or copies of) the event information associated with the event analysis request, the second entity system 507 may determine an event resolution based on the event information, as shown at block 516. The event resolution may comprise a determination that a processing error occurred, and additional funds should be transferred from the account of the first entity system 503 to the account of the second entity system 507, and subsequently on to the account of the second user 509. In other embodiments, the event resolution may comprise a determination that a processing error occurred to transmit too many funds in the original event, and therefore a particular amount of funds should be withdrawn from the account of the second user 509, placed in the account of the second entity system 507, and, in some embodiments, returned to the account of the first entity system 503.
The event resolution may alternatively comprise a determination that a notification should be transmitted to a computing device of the second user 509 to provide the event information, additional content, an explanation of the event, an explanation of the event amount, an explanation of why the expected amount was not correct, an explanation that additional funds will be provided at a later point in time, a copy of a contract or other documentation regarding the event and/or transfer of the event amount, or the like.
In continuing with the insurance claim example, the second entity system 507 may identify a claims report and underlying contract between the first user 501 (i.e., the insurance entity) and the second user 509 that describes the amount of funds that are to be transferred to the second user 509, a timing of the transfer (or multiple transfers), a reason for the transfer, and the like. Therefore, in some embodiments, the second entity system 507 may determine that the first user 501 (i.e., the insurance entity) intended to transfer a greater amount of funds to the second user 509 than what was actually transferred as the event amount. For example, the second entity system 507 may have identified an insurance claim amount from an insurance claims report in the event information, and determined that an agent for the first entity system 503 likely mistyped the insurance claim amount to input an incorrect transaction amount that was less than the insurance claim amount. The second entity system 507 may then determine that the event resolution comprises a subsequent transfer of a resolution amount from the account of the first entity system 503 to the account of the second entity system 507 via the clearing house system 505, and then a transfer of the resolution amount from the account of the second entity system 507 to the account of the second user 509, along with a notification of the resolution to the computing device of the second user 509.
However, in another scenario, if the second entity system 507 determines, from the documentation regarding the insurance claim and the event message information, that the event amount that was originally transferred to the second user 509 was appropriate, then the event resolution comprises a notification to the computing device of the second user 509 that the transaction was accurate. If the second entity system 507 determines additional useful information from the event information, like an explanation of why the original event amount was transferred instead of the expected amount, then the notification to the computing device of the second user 509 will contain this information. For example, the second entity system 507 may determine that the event amount was a preliminary payment, and a subsequent payment may be made from the first user 501 to the second user 509 at a later point in time (e.g., the insurance entity may require additional review before providing the full claim amount to the second user 509).
Once the event resolution has been determined, the second entity system 507 may proceed to block 518 to automatically implement the event resolution without requiring additional permission, comments, approvals, or other authorizations. Because the clearing house system 505 pre-authorization from both the first entity system 503 and the second entity system 507, resolution transactions can occur in real time (or near real time) once an entity determines that a processing error was made. In this way, the second user 509 can be made whole in real time, instead of having to contact the second entity system 507, the first entity system 503, and/or the first user 501 individually to determine whether an issue in the transaction has occurred and how to resolve the issue.
Of course the process 500 described in
In such embodiments, the first user 501 may be the user that initiates the event analysis described in
As described above, embodiments of the present invention may be directed to determining whether to extend a temporary resource transfer (e.g., loan) to a user. Referring now to
Initially, at block 602, a plurality of event requests associated with a first user (e.g., the first user 501) are processed. These event requests may be processed as described in more detail in
This event data may be extracted directly from the event content field (e.g., extracted directly from text contained in the event content field). Alternatively, an electronic document may be contained in and extracted from the event content field, and the event data may be extracted from such electronic document (e.g., electronic copy of an applicable purchase order, contract, or invoice). In a further alternative embodiment, a reference number, event information indicia, or other identifier of the event data may be contained within and extracted from the event content field. This identifier may then be transmitted (e.g., in the form of a request containing the identifier) to another system (e.g., a user system, entity system, or clearing house database system) storing the event data. The event data may then be received from the other system.
The event data contained within the event content may be in an unstructured format. Accordingly, this unstructured data is typically parsed to identify relevant event data and convert the relevant event data into a structured format for subsequent processing. For example, the event content may contain a string of text describing a future resource transfer commitment of the first participant to the second participant. This text string may be parsed to identify relevant pieces of event data such as a name of the underlying contract, a date of the underlying contract, the amount of the future commitment, dates and amounts of future payments, and the like. This event data is then typically converted to a structured format having metadata for identifying different types of event data. The structured event data is then typically stored in an event data repository operated by the first entity system 503.
Next, at block 604, a request or offer acceptance is received from the first user for a temporary resource transfer (e.g., loan) of temporary resource transfer amount. In some embodiments, the first user may, on his or her initiative, initiate a request for the temporary resource transfer. In alternative embodiments, the first user may transmit an offer acceptance in response to receiving an offer (e.g., from the first entity).
In a particular embodiment, a subsequent event request (i.e., an event request received subsequent to the event requests processed at block 602) associated with the first user is received. The event request may specify that an event amount is to be transferred from the first user to a second user. Next, it is determined that the first user does not have enough funds to transfer the event amount to the second user. For example, an applicable account might not include at least the event amount. If it is determined that the first user does not have enough funds to transfer the event amount to the second user, then an offer for a temporary resource transfer may be provided to the first user so that, if the first user accepts the offer, the first user would then have enough funds to transfer the event amount to the second user.
At block 606, it is determined whether the first user has capacity to return the temporary resource transfer amount (e.g., repay the loan). In other words, it is determined whether the first user has sufficient ability to repay the loan. In order to determine whether the first user has capacity to return the temporary resource transfer amount, event data extracted from prior event requests are typically retrieved from the event data repository and analyzed. In particular, data regarding future resource transfer commitments owed by or to the first user are typically analyzed. Based on this data regarding future resource transfer commitments owed by or to the first user, as well as the first user's general transaction history, the user's future expected cash flow is typically modeled. Based on this future expected cash flow, it can then be determined whether the first user has capacity to return the temporary resource transfer amount. For example, if the first user owes significant future resource transfer commitments but there are minimal future resource transfer commitments owed to the first user (e.g., the first user has high accounts payable, but low accounts receivable), the first user may not have the capacity to repay the temporary resource transfer. On the other hand, if the first user has significant accounts receivable and a history of being paid on its accounts receivable, then the first user may have the capacity to repay the temporary resource transfer. In some embodiments, the first user's capacity to return the temporary resource transfer amount may also be based on part on other underwriting metrics, such as the first user's credit score (e.g., Dunn & Bradstreet rating or FICO score).
The steps described with respect to block 606 may occur in response to receiving the request for the temporary resource transfer from the first user. Alternatively, the steps described with respect to block 606 may occur prior to providing the offer of the temporary resource transfer to the first user, and the offer may only be transferred to the first user if it is determined that the first user has sufficient capacity to return the temporary resource transfer amount. The first user's capacity to repay the temporary resource transfer may also impact the amount of the temporary resource transfer that may be offered to the first user.
At block 608, based on the capacity of the first user to return the temporary resource transfer amount, the temporary resource transfer may be completed. In this regard, the temporary resource transfer amount may be transferred to an account of the first user. If an offer for the temporary resource transfer was provided to the first user in response to determining that the account of the first user does not have enough funds to complete a subsequent event request with a second user, then at least a portion temporary resource transfer amount may be transferred directly to the second user to complete the subsequent event request.
However, if the first user does not have the capacity to return the temporary resource transfer amount, then temporary resource transfer may not be completed or the offer for the temporary resource transfer may not be extended to the first user.
As will be appreciated by one of skill in the art, the present invention may be embodied as a method (including, for example, a computer-implemented process, a business process, and/or any other process), apparatus (including, for example, a system, machine, device, computer program product, and/or the like), or a combination of the foregoing. Accordingly, embodiments of the present invention may take the form of an entirely hardware embodiment, an entirely software embodiment (including firmware, resident software, micro-code, and the like), or an embodiment combining software and hardware aspects that may generally be referred to herein as a “system.” Furthermore, embodiments of the present invention may take the form of a computer program product on a computer-readable medium having computer-executable program code embodied in the medium.
Any suitable transitory or non-transitory computer readable medium may be utilized. The computer readable medium may be, for example but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, or device. More specific examples of the computer readable medium include, but are not limited to, the following: an electrical connection having one or more wires; a tangible storage medium such as 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 compact disc read-only memory (CD-ROM), or other optical or magnetic storage device.
In the context of this document, a computer readable medium may be any medium that can contain, store, communicate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device. The computer usable program code may be transmitted using any appropriate medium, including but not limited to the Internet, wireline, optical fiber cable, radio frequency (RF) signals, or other mediums.
Computer-executable program code for carrying out operations of embodiments of the present invention may be written in an object oriented, scripted or unscripted programming language such as Java, Perl, Smalltalk, C++, or the like. However, the computer program code for carrying out operations of embodiments of the present invention may also be written in conventional procedural programming languages, such as the “C” programming language or similar programming languages.
Embodiments of the present invention are described above with reference to flowchart illustrations and/or block diagrams of methods, apparatus (systems), and computer program products. It will be understood that each block of the flowchart illustrations and/or block diagrams, and/or combinations of blocks in the flowchart illustrations and/or block diagrams, can be implemented by computer-executable program code portions. These computer-executable program code portions may be provided to a processor of a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a particular machine, such that the code portions, which execute via the processor of the computer or other programmable data processing apparatus, create mechanisms for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks.
These computer-executable program code portions may also be stored in a computer-readable memory that can direct a computer or other programmable data processing apparatus to function in a particular manner, such that the code portions stored in the computer readable memory produce an article of manufacture including instruction mechanisms which implement the function/act specified in the flowchart and/or block diagram block(s).
The computer-executable program code may also be loaded onto a computer or other programmable data processing apparatus to cause a series of operational steps to be performed on the computer or other programmable apparatus to produce a computer-implemented process such that the code portions which execute on the computer or other programmable apparatus provide steps for implementing the functions/acts specified in the flowchart and/or block diagram block(s). Alternatively, computer program implemented steps or acts may be combined with operator or human implemented steps or acts in order to carry out an embodiment of the invention.
As the phrase is used herein, a processor may be “configured to” perform a certain function in a variety of ways, including, for example, by having one or more general-purpose circuits perform the function by executing particular computer-executable program code embodied in computer-readable medium, and/or by having one or more application-specific circuits perform the function.
Embodiments of the present invention are described above with reference to flowcharts and/or block diagrams. It will be understood that steps of the processes described herein may be performed in orders different than those illustrated in the flowcharts. In other words, the processes represented by the blocks of a flowchart may, in some embodiments, be in performed in an order other that the order illustrated, may be combined or divided, or may be performed simultaneously. It will also be understood that the blocks of the block diagrams illustrated, in some embodiments, merely conceptual delineations between systems and one or more of the systems illustrated by a block in the block diagrams may be combined or share hardware and/or software with another one or more of the systems illustrated by a block in the block diagrams. Likewise, a device, system, apparatus, and/or the like may be made up of one or more devices, systems, apparatuses, and/or the like. For example, where a processor is illustrated or described herein, the processor may be made up of a plurality of microprocessors or other processing devices which may or may not be coupled to one another. Likewise, where a memory is illustrated or described herein, the memory may be made up of a plurality of memory devices which may or may not be coupled to one another.
While certain exemplary embodiments have been described and shown in the accompanying drawings, it is to be understood that such embodiments are merely illustrative of, and not restrictive on, the broad invention, and that this invention not be limited to the specific constructions and arrangements shown and described, since various other changes, combinations, omissions, modifications and substitutions, in addition to those set forth in the above paragraphs, are possible. Those skilled in the art will appreciate that various adaptations and modifications of the just described embodiments can be configured without departing from the scope and spirit of the invention. Therefore, it is to be understood that, within the scope of the appended claims, the invention may be practiced other than as specifically described herein.
