Automated debt payment system and method using ATM network

Abstract

An electronic funds transfer methodology for providing access to a plurality of non-bank loan payment processors (loan servicers) through established ATM (automated teller machine) networks, thereby creating a payment system designed to allow a consumer to initiate an electronic transfer of funds from a primary bank transaction account (e.g., checking account, savings account) to a loan servicer to satisfy an outstanding consumer debt or payment obligation. Automated payment of consumer debt obligations through use of an ATM network is facilitated by a processor and associated software, which are employed to combine specific consumer loan payment data with specific depository transaction account information through an electronic ATM network for the purpose of affecting a more efficient loan payment/servicing process. Information relevant to the loan payment is electronically communicated from the loan servicer through software designed to access the servicer's loan database, extract specific fields from designated records, and communicate this information to a third party central computer. The third party central computer reformats the data as necessary, aggregates this information with any similar information received from other loan or debt servicers, and transmits the aggregated information to one or more ATM transaction processors.

What is claimed is:  
     
         1 . A method of processing a debt payment on a consumer debt obligation using an ATM network comprising the steps of: 
 communicating consumer debt obligation information for at least one consumer debt obligation from at least one debt servicer responsible for said at least one consumer debt obligation to a third party payment facilitator when a consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator to effect future payments over an ATM network;    storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;    receiving command information with an ATM network access device from the consumer sufficient to identify the consumer debt obligation;    accessing said consumer debt obligation information to retrieve at least a portion of said consumer debt obligation information corresponding to said command information; and    transmitting said portion of said consumer debt obligation information to a transaction processor associated with the ATM network to facilitate a transaction requesting that funds be transferred from an account associated with said consumer to at least one account at a banking institution associated with said at least one debt servicer whereby a payment on the consumer debt obligation is made.    
     
     
         2 . The method of    claim 1    wherein said at least one banking institution comprises a first banking institution and a second banking institution, and wherein a first portion of said funds is transferred to an account at said first banking institution and a second portion of said funds is transferred to an account at said second banking institution.  
     
     
         3 . The method of    claim 1    further comprising the step of converting said consumer debt obligation information communicated in a first data format from said at least one debt servicer into a second data format.  
     
     
         4 . The method of    claim 3    wherein said first data format is incompatible with the ATM network and said second data format is compatible with said ATM network.  
     
     
         5 . The method of    claim 3    wherein said second data format complies with one of the ANSI X.9, ANSI X.12, and ISO 8583 standards.  
     
     
         6 . The method of    claim 1    further comprising the step of verifying that sufficient funds are present in said account associated with said consumer to satisfy said consumer debt obligation.  
     
     
         7 . The method of    claim 1    further comprising the steps of receiving a confirmation record from said transaction processor, said confirmation record indicating that said funds have been transferred, and modifying said computer database in response to said confirmation record.  
     
     
         8 . The method of    claim 7    further comprising the step of transmitting a confirmation record to said at least one debt servicer institution through a communications path separate from said ATM network.  
     
     
         9 . A method for providing information concerning a consumer debt obligation to a consumer of an ATM network comprising the steps of: 
 communicating consumer debt obligation information for at least one consumer debt obligation from at least one debt servicer responsible for said at least one consumer debt obligation to a third party payment facilitator when a consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator;    storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;    receiving commands with an ATM network access device from the consumer identifying the consumer debt obligation and the information about said consumer debt obligation desired by the consumer;    accessing said computer database in response to said commands to retrieve at least a portion of said consumer debt obligation information from said database;    transmitting said portion of said consumer debt obligation information through said ATM network to said ATM network access device; and    providing, through said ATM network access device, said portion of said consumer debt obligation information to the user.    
     
     
         10 . A system for processing a debt payment on a consumer debt obligation using an ATM network comprising: 
 debt servicer access means for communicating consumer debt obligation information for at least one consumer debt obligation from at least one debt servicer responsible for said at least one consumer debt obligation to a third party payment facilitator when a consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator;    storage means connected with said debt servicer access means for storing said consumer debt obligation information in a computer database separate from said at least one debt servicer;    ATM network access means connected with said storage means for transferring at least a portion of said consumer debt obligation information to an ATM network.    
     
     
         11 . The system of    claim 10    further comprising conversion means connected between said debt servicer access means and said storage means for converting said consumer debt obligation information communicated from said at least one debt servicer from a first format compatible with said at least one debt servicer to a second format compatible with said ATM network.  
     
     
         12 . The system of    claim 11    wherein said second format complies with one of the ANSI X.9, ANSI X.12, and ISO 8583 standards.  
     
     
         13 . The system of    claim 10    wherein said at least one debt servicer comprises a first debt servicer and a second debt servicer, and wherein said consumer debt obligation information communicated from said first debt servicer is in a first format and said consumer debt obligation information communicated from said second debt servicer is in a second format different from said first format.  
     
     
         14 . The system of    claim 10    further comprising: 
 input means for receiving commands using an ATM network access device from a user identifying the consumer debt obligation and the consumer debt obligation information desired by the user;  
 database accessing means connected with said input means and said ATM network access means for accessing said computer database in response to said commands to retrieve at least a portion of said consumer debt obligation information from said database;  
 transmission means connected with said database accessing means for transmitting said portion of said consumer debt obligation information through said ATM network to said ATM network access device; and  
 information providing means connected with said transmission means for providing, through said ATM network access device, said portion of said consumer debt obligation information to the user.  
 
     
     
         15 . The system of    claim 10    further comprising: 
 input means for receiving commands using an ATM network access device from a user identifying the consumer debt obligation;  
 database accessing means connected with said input means and said ATM network access means for accessing said computer database in response to said commands to retrieve at least a portion of said consumer debt obligation information from said database;  
 transmission means connected with said database accessing means for transmitting said portion of said consumer debt obligation information to a transaction processor associated with the ATM network to facilitate a transaction requesting that funds be transferred from an account associated with said consumer to an account at a banking institution associated with said at least one debt servicer.  
 
     
     
         16 . A method of providing a reminder of a payment due on a debt obligation to a consumer using an ATM terminal during an ATM transaction session comprising the steps of: 
 communicating consumer debt obligation information from at least one debt servicer responsible for said debt obligation to a third party payment facilitator when the consumer has indicated to the at least one debt servicer that the consumer elects to use the third party payment facilitator;    accessing through an ATM network, in response to initiation of the ATM transaction session by the consumer, a database including the consumer debt obligation information said consumer debt obligation information including at least a payment due date, said database being associated with the third party payment facilitator;    retrieving from said database, said payment due date for said consumer debt obligation; and    displaying on the ATM terminal an indication that a payment is due in response to said payment due date for said consumer debt obligation.