Automatic financial account processing system

Abstract

A method and apparatus for closed loop, automatic processing of typical financial transactions, including loans, setting up checking, savings and individual retirement accounts, obtaining cashier's checks, ordering additional checks, issuing credit and debit cards, wire transferring money, and so on. The transactions are provided from a kiosk and controlled by a computer controller interacting with the consumer. In the case of loans, a computer controller helps the consumer in the completion of the application, performs the underwriting, and transfers funds. The computer controller obtains the information needed to process the application, determines whether to approve the loan, effects electronic fund transfers to the applicant's deposit account, and arranges for automatic withdrawals to repay the loan. The computer controller reviews documentation requirements including consumer lending and other required documentation with the consumer and obtains acknowledgment of acceptance of terms by having the consumer sign an electronic signature pad. Copies of documents with a digital photograph are printed out by a printer in the kiosk for the consumer. Finally, the kiosk has the capability of imprinting a credit or debit card in response to a consumer request.

1 . An automatic account processing system for allowing an applicant to establish a financial account over a communication network at a remote interface, said account processing system comprising: 
 a. a remote interface adapted to: 
 i. allow an applicant to remotely request a financial account; and  
 ii. receive data from an applicant;  
   b. a data processing system with associated memory for verifying the applicant's identity based on data obtained from the applicant and information about the applicant obtained from at least one database containing information about the applicant's identity;    c. a communication interface electronically coupling the data processing system to the remote interface; and    d. without human assistance, the data processing system adapted to: 
 i. receive the data from the applicant at the remote interface;  
 ii. send documentation required by regulation regarding the financial account to the applicant at the remote interface;  
 iii. receive acknowledgement of the documentation required by regulation by the applicant at the remote interface;  
 iv. access the at least one database for information relevant to the applicant's identity;  
 v. verify the applicant's identity by comparing certain of the information received from the applicant with certain of the information received from the at least one database relevant to the applicant's identity;  
 vi. determine in closed loop and without human assistance if the applicant's requested financial account is approved based on the verification of the applicant's identity; and  
 vii. send a result to the remote applicant interface informing the applicant whether or not establishment of the requested financial account was approved.  
   
   
   
       2 . The automatic account processing system of  claim 1  wherein the data processing system sends the documentation required by regulation regarding the financial account to the applicant at the remote interface after the data processing system receives the data from the applicant received at the remote interface.  
   
   
       3 . The automatic account processing system of  claim 1  wherein the data processing system sends the documentation required by regulation regarding the financial account to the applicant at the remote interface before the data processing system sends a result to the remote interface informing the applicant whether or not establishment of the requested financial account was approved.  
   
   
       4 . The automatic account processing system of  claim 1  wherein the documentation required by regulation is a consumer lending law.  
   
   
       5 . The automatic account processing system of  claim 1  wherein the documentation required by regulation is comprised from the group consisting of regulatory requirements, the Federal Reserve Board Regulations B and Z, Title I of the Consumer Credit Protection Act, and the Federal Truth In Lending Act.  
   
   
       6 . The automatic account processing system of  claim 1  wherein the documentation required by regulation comprises terms of the financial account.  
   
   
       7 . The automatic account processing system of  claim 1  wherein the acknowledgement of the documentation required by regulation by the applicant at the remote interface is an electronic signature.  
   
   
       8 . The automatic account processing system of  claim 7  wherein the electronic signature is received from a signature pad.  
   
   
       9 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to electronically deliver the documentation required by regulation to the applicant at the remote interface.  
   
   
       10 . The automatic account processing system of  claim 1  wherein the remote interface is adapted to print the documentation required by regulation using an internal printer or through a printer port coupled to the remote interface.  
   
   
       11 . The automatic account processing system of  claim 1  wherein the data processing system will not approve the financial account if acknowledgement of the documentation required by regulation by the applicant at the remote interface is not received.  
   
   
       12 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to open the financial account at the financial institution upon approval.  
   
   
       13 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to open the financial account at the financial institution upon approval and acknowledgement by applicant of the documentation required by regulation.  
   
   
       14 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to effect a funds transfer to an account at a financial institution from the approved account.  
   
   
       15 . The automatic account processing system of  claim 1  wherein the remote interface comprises a personal computer monitor.  
   
   
       16 . The automatic account processing system of  claim 1  wherein the data processing system interface is further adapted to electronically deliver financial account documentation to the applicant at the remote interface.  
   
   
       17 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to communicate a financial account number to the applicant at the remote interface if the financial account is approved.  
   
   
       18 . The automatic account processing system of  claim 1  further comprising a card issuing device located at the remote interface and adapted to configure a card based on the applicant and financial account information wherein the data processing system is further adapted to effect issuance of a transaction card associated with the financial account from the card issuing device after approval of the financial account.  
   
   
       19 . The automatic account processing system of  claim 1  wherein the data processing system has associated memory having establishment criteria bearing on the ability and willingness of the applicant to comply with account requirements for establishing and holding the financial account at a financial institution based on the data obtained from the applicant and information about the applicant obtained from at least one database containing information about the applicant relevant to the ability and willingness of the applicant to comply with financial account requirements; and 
 the data processing system is further adapted to:    compare certain of the information received from the applicant and certain of the information received from the at least one database relevant to the applicant's ability and willingness to comply with the financial account requirements; and    determine in closed loop and without human assistance if the applicant's requested financial account is approved based on the information relevant to the applicant's ability and willingness to comply with the financial account requirements.    
   
   
       20 . The automatic account processing system of  claim 19  wherein the establishment criteria is weighted and the data processing system is further adapted to: 
 provide a score based on the comparison of certain of the data received from the applicant and certain of the information received from the at least one database relevant to the applicant's identity and the ability and willingness of the applicant to comply with the financial account requirements; and    determine whether or not to approve the financial account request based on the score.    
   
   
       21 . The automatic account processing system of  claim 1  wherein the financial account is one of the group consisting of a checking account, savings account, retirement account, interest bearing, non-interest bearing account, and credit account.  
   
   
       22 . The automatic account processing system of  claim 1  further comprising a printer located at the remote interface for printing checks, the data processing system further adapted to cooperate with the remote interface to effect printing a negotiable instrument having an assigned value to be drafted against the financial account.  
   
   
       23 . The automatic account processing system of  claim 1  wherein the data processing system is further adapted to effect ordering negotiable instruments associated with the financial account.  
   
   
       24 . The automatic account processing system of  claim 1  further comprising an electronic signature pad located at the remote interface and adapted to electronically receive the applicant's signature to indicate acceptance of the financial account.  
   
   
       25 . The automatic account processing system of  claim 19  wherein the at least one database includes credit bureau information relating to the applicant.  
   
   
       26 . The automatic account processing system of  claim 1  wherein the data processing system is configured to electronically transmit an image of a financial account agreement to the remote interface for display on the remote interface.  
   
   
       27 . The automatic account processing system of  claim 1  wherein the data processing system sends a result to the remote interface informing the applicant that the decision regarding the financial account approval is delayed if the financial account was not approved.  
   
   
       28 . A method for providing automatic closed loop financial account processing over a communication network at a remote interface, comprising the steps of, without human assistance: 
 a. receiving data about the applicant applying for a financial account from the remote interface;    b. sending documentation required by regulation regarding the financial account to the applicant at the remote interface;    c. receiving acknowledgement of the documentation required by regulation by the applicant at the remote interface;    d. accessing at least one database for information relevant to the applicant's identity;    e. verifying the applicant's identity by comparing certain of the information received from the applicant with certain of the information received from the at least one database relevant to the applicant's identity;    f. determining in closed loop and without human assistance if the applicant's requested financial account is approved based on the verification of the applicant's identity; and    g. sending a result to the remote applicant interface informing the applicant whether or not establishment of the requested financial account was approved.    
   
   
       29 . The method of  claim 28  wherein said step (b) is performed before said step (a).  
   
   
       30 . The method of  claim 28  wherein said step (b) is performed before said steps (d)-(g).  
   
   
       31 . The method of  claim 28  wherein said step (b) is performed after said step (d).  
   
   
       32 . The method of  claim 28  wherein said step (b) is performed after said step (e).  
   
   
       33 . The method of  claim 28  wherein said step (b) is performed after said step (f).  
   
   
       34 . The method of  claim 28  wherein the documentation required by regulation is a consumer lending law.  
   
   
       35 . The method of  claim 28  wherein the documentation required by regulation is comprised from the group consisting of regulatory requirements, the Federal Reserve Board Regulations B and Z, Title I of the Consumer Credit Protection Act, and the Federal Truth In Lending Act.  
   
   
       36 . The method of  claim 28  wherein said step of receiving acknowledgement is comprised of receiving an electronic signature of the applicant from the remote interface.  
   
   
       37 . The method of  claim 28  wherein said step of receiving acknowledgement is comprised of receiving an electronic data file transmission from the remote interface.  
   
   
       38 . The method of  claim 28  further comprising electronically delivering financial account documentation to the applicant.  
   
   
       39 . The method of  claim 28  further comprising printing the documentation required by regulation using an internal printer or through a printer port coupled to the remote interface.  
   
   
       40 . The method of  claim 28  wherein further comprising not approving the financial account if acknowledgement of the documentation required by regulation by the applicant at the remote interface is not received.  
   
   
       41 . The method of  claim 28  further comprising opening the financial account at the financial institution upon approval.  
   
   
       42 . The method of  claim 28  further comprising opening the financial account at the financial institution upon approval and acknowledgement by applicant of the documentation required by regulation.  
   
   
       43 . The method of  claim 28  further comprising effecting a funds transfer to an account at a financial institution from the approved account.  
   
   
       44 . The method of  claim 28  further comprising electronically delivering financial account documentation to the applicant at the remote interface.  
   
   
       45 . The method of  claim 28  further comprising communicating a financial account number to the applicant at the remote interface if the financial account is approved.  
   
   
       46 . The method of  claim 28  further comprising effecting issuance of a card associated with the financial account from a card issuing device located at the remote interface after approval of the financial account.  
   
   
       47 . The method of  claim 28  further comprising: 
 comparing certain of the information received from the applicant and certain of the information received from at least one database relevant to the applicant's ability and willingness to comply with the financial account requirements; and    determining in closed loop and without human assistance if the applicant's requested financial account is approved based on whether the information relevant to the applicant's ability and willingness to comply with the financial account requirements meets establishment criteria in memory in the data processing system.    
   
   
       48 . The method of  claim 47  wherein the establishment criteria is weighted and further comprises: 
 providing a score based on the comparison of certain of the data received from the applicant and certain of the information received from the at least one database relevant to the applicant's identity and the ability and willingness of the applicant to comply with the financial account requirements; and    determining whether or not to approve the financial account request based on the score.    
   
   
       49 . The method of  claim 28  further comprising printing a negotiable instrument at the remote interface having an assigned value to be drafted against the financial account.  
   
   
       50 . The method of  claim 28  further comprising ordering negotiable instruments associated with the financial account.  
   
   
       51 . The method of  claim 28  further comprising electronically receiving the applicant's signature to indicate acceptance of the financial account from a signature pad located at the remote interface.  
   
   
       52 . The method of  claim 47  wherein the at least one database includes credit bureau information relating to the applicant.  
   
   
       53 . The method of  claim 28  further comprising electronically transmitting an image of a financial account agreement to the remote interface for display on the remote interface.  
   
   
       54 . The method of  claim 28  further comprising sending a result to the remote interface informing the applicant that the decision regarding the financial account approval is delayed if the financial account was not approved.