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