Financial Collaboration Networks

Abstract

The disclosed system and method for providing financial collaboration networks generally includes a data processing system adapted to permit a plurality of group collaborators to perform financial transactions with a plurality of users or network participants. Representative embodiments of the present invention generally provide web-based financial collaboration systems that may be adapted to permit a plurality of borrowers, for example, to negotiate more favorable terms with a lender for subsequent loans made to the borrower members of the collaborative group.

1 - 62 . (canceled) 
     
     
         63 . A peer-to-peer on-line financial collaboration network for lending and other financial transactions, comprising:
 a plurality of network participants, wherein one of the plurality of network participants is a network initiator;   a lending group having lending group parameters, wherein the lending group is created by the network initiator, wherein the lending group has more than one network participant; wherein at least a first network participant is a borrower and a second network participant is a lender; wherein other network participants join the lending group; wherein the network participants can be lenders and borrowers; wherein the network participants agree to combine funds in to a portfolio based on a set of lending parameters established by the network initiator, and other network participants borrow from the portfolio; wherein the network participants agree to lend a predetermined amount that is accessible to other network participants in the form of a loan; wherein network participants are free to post loan requests or loan offers based on an individual network participant's criteria; and wherein network participants use loan syndication to fund loans;   a data processing system for managing a corresponding account for each of the plurality of network participants, wherein the data processing system is adapted to perform financial transactions including payment deposits and payment distributions associated with the corresponding account of the plurality of network participants, wherein the data processing system collects network participants' personal and credit information, wherein the data processing system receives instructions and parameters from the network participants for financial transactions; wherein the data processing system receives an electronic payment deposit from at least one participant of the plurality of network participants; wherein the data processing system issues at least one of a collective payment and a single payment to a payment recipient; wherein the payment recipient comprises a participant of the plurality of network participants; wherein the payment recipient repays the at least one collective and single payment through the data processing system; and wherein the data processing system is located on a computer network based system that is Internet accessible.   
     
     
         64 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein, on a rotating basis, the data processing system issues the at least one of a collective and a single payment to the payment recipient, wherein, on the rotating basis, the payment recipient is a member of the lending group, and wherein the network initiator is the payment recipient. 
     
     
         65 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein, on a rotating basis, the data processing system issues the at least one of a collective and a single payment to a payment recipient, and wherein, on the rotating basis, the payment recipient is a member of the lending group; and wherein the network initiator is not the payment recipient. 
     
     
         66 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the computer network based system is at least one of an on-line financial services system, an on-line trading system, an on-line group and an on-line social network. 
     
     
         67 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the network participants' personal and credit information comprises at least one of a network participant's name, address, telephone number, government-issued identification number, place of employment, and email address. 
     
     
         68 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the network participants' personal and credit information comprises at least one of a checking account number, a credit card account number, and a number associated with an Internet based payment system. 
     
     
         69 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the at least one of a collective and a single payment comprises at least one of an electronic fund transfer, a wire transfer, a bank check, a promissory note, an Internet based money or value transfer service, and a money order. 
     
     
         70 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein at least one of the network initiator and a network initiator's designate sets and modifies the lending group parameters. 
     
     
         71 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein parameters of the lending group comprise a lending group size, a group name, a payment parameter, a credit parameter, a lending process parameter and a definition of an amount of capital needed to be at least one of contributed, committed, and borrowed by network participants. 
     
     
         72 . The peer-to-peer on-line financial collaboration network of  claim 71 , wherein each of the lending group parameters and payment parameters of the lending group comprise a duration, a frequency of payment, an amount of payment, an amount of repayment, credit terms, at least one of a collateral and a promissory note, a destination of where the payments may be sent and received, and collection rights. 
     
     
         73 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the data processing system collects at least one of a fee and an interest payment from the network participants. 
     
     
         74 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein a network participant chooses to be issued the at least one of a collective and a single payment in advance of at least one of the other network participants, and wherein the at least one of a collective and a single payment is issued at a predetermined interest rate. 
     
     
         75 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the plurality of network participants are invited to join the lending group by the network initiator; and wherein other network participants ask to join the peer-to-peer on-line financial collaboration network. 
     
     
         76 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the plurality of network participants is comprised of at least a user of the data processing system. 
     
     
         77 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein network participants are grouped into a certain affinity groups, including at least one of a worker's union, a school alumni group, a company alumni or retirement group and or a company active employees group, a community group, a club group, an active military and retired military group, and a religious group. 
     
     
         78 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the lending group is structured using a lending process that includes at least one of a portfolio, a predetermined credit line, posting requests and offers, and a rotating fund. 
     
     
         79 . The peer-to-peer on-line financial collaboration network of  claim 63 , wherein the network participants agree to lend a predetermined amount that is accessible to other network participants in the form of a credit line. 
     
     
         80 . The peer-to-peer financial collaboration network of  claim 63 , wherein the plurality of network participants are entities. 
     
     
         81 . The peer-to-peer financial collaboration network of  claim 63 , wherein the network initiator selectively chooses to create a visible or non-visible lending network, and wherein a visible network allows at least one participant to view and ask to join the lending group. 
     
     
         82 . The peer-to-peer financial collaboration network of  claim 63 , wherein the network initiator is at least one of an individual, a financial entity, a marketplace, an exchange, a social network, and a money market. 
     
     
         83 . An on-line peer-to-peer financial collaboration network, comprising:
 means for creating a lending group on a data processing system;   means for inviting a network participant into the lending group;   means for allowing the network participants to request to join the lending group;   means for managing financial transactions of the lending group and network participants on the data processing system;   means for issuing a payment to any network participant, wherein the payment is issued on a frequency determined by at least one of a network initiator and a designate; and   means for collecting fees for utilizing the data processing system.   
     
     
         84 . A method for providing a peer-to-peer financial collaboration network comprising the steps of:
 identifying an initiator, wherein the initiator creates a lending group on a data processing system;   naming the lending group on the data processing system;   inviting a plurality of network participants to participate in the lending group though the data processing system;   selectively determining a network participant's access to the lending group;   entering a personal information and a credit information of the plurality of network participants onto the data processing system, wherein the personal information and credit information are associated with the lending group;   electronically transferring funds of the plurality of network participants to the data processing system, wherein electronically transferred funds are associated with the lending group;   combining electronically transferred funds to form at least one of a collective and a partial payment fund;   defining lending parameters of the lending group including at least one of a traditional installment loan parameters, wherein interest is paid during a loan repayment agreement's duration and a non-traditional lending parameters, wherein funds are lent on a rotating basis with and without interest; and   issuing the at least one collective and partial payment to a network participant of the plurality of network participants.   
     
     
         85 . The method of  claim 84 , wherein the plurality of network participants are at least one of selectively invited by an electronic communication or individually requests to join the network on line. 
     
     
         86 . The method of  claim 84 , wherein the data processing system is an on-line financial network. 
     
     
         87 . The method of  claim 84 , wherein the personal information comprises at least one of a network participant's name, address, telephone number, government-issued identification number, place of employment, and email address. 
     
     
         88 . The method of  claim 84 , wherein the credit information comprises at least one of a checking account number, a credit card account number, and a number associated with an Internet based payment system. 
     
     
         89 . The method of  claim 84 , wherein the at least one collective or partial payment comprises at least one of an electronic fund transfer, a wire transfer, a bank check, a promissory note, an Internet based money or value transfer service, and a money order. 
     
     
         90 . The method of  claim 84 , wherein the at least one collective or partial payment is issued to the network participant in a predetermined sequence. 
     
     
         91 . The method of  claim 84 , wherein a network participant selectively chooses to be issued the at least one collective or partial payment in advance of at least one other network participant, and wherein the at least one collective or partial payment is issued at a predetermined interest rate. 
     
     
         92 . The method of  claim 84 , wherein the plurality of network participants agree to repayment parameters through the data processing system. 
     
     
         93 . A peer-to-peer portfolio-based financial network, comprising:
 a plurality of network participants and an Internet accessible software process that allows the plurality of network participants to invest in an investment that issues at least one loan; wherein the plurality of network participants request the at least one loan from the investment directly through an entity administering the investment; wherein the investment may be initiated by at least one of the entity and the plurality of network participants; wherein the investment is structured to reduce risk; wherein the investment contains an additional risk reducing feature to further offset a default risk of the investment; and wherein the investment is located at a destination;   a data processing system, comprising a computer, the data processing system manages a corresponding account for each of the plurality of network participants,
 wherein the data processing system performs financial transactions including a payment deposit related to investment in a portfolio, a loan repayment deposit, a payment distribution associated with the corresponding account for each of the plurality of network participants, loan requests of the plurality of network participants, and collection of loan fees from the plurality of network participants; 
 wherein the data processing system combines loan fees from the network participants into a portfolio fee; 
 wherein the data processing system collects a network participants' personal and credit information; 
   wherein the data processing system combines deposits from the plurality of network participants in a loan fund; wherein loans requested by the plurality of network participants are issued on a first date by the data processing system from the loan fund based on a funding criteria;   wherein the data processing system determines whether one or more network participants of the plurality of network participants has repaid the requested loan on at least a second date;   wherein the data processing system redistributes at least a portion of the portfolio fee among the plurality of network participants who repaid their respective loan by at least the second date; and   wherein the data processing system calculates at least one of a gain and a loss on the investment for at least one lender.   
     
     
         94 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the plurality of network participants who did not repay their loans on at least the second date are sent to collections. 
     
     
         95 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the advanced loan fees may be charged at the time the loan is provided. 
     
     
         96 . The peer-to-peer portfolio-based financial network of  claim 93  wherein an advanced fee is charged at the time the loan is repaid with or without interest. 
     
     
         97 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the loan fee is a difference between the amount of the loan provided to the network participant and the amount of the loan that is repaid by the network participant. 
     
     
         98 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the loan fee is a discount on the loan at the time of funding or repayment of the loan plus a fee amount. 
     
     
         99 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the data processing system, based on lender instructions reinvests a gain in the investment. 
     
     
         100 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the data processing system, based on lender instructions, invests a gain in a money market account and other investment vehicles. 
     
     
         101 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the data processing system, based on lender instructions, returns a gain to the lender. 
     
     
         102 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the funding criteria include at least one of following: rating, track record, credit worthiness, length of employment, verifiable references, collateral, asset guarantees and propensity to pay. 
     
     
         103 . The peer-to-peer portfolio-based financial network of  claim 95 , wherein a portfolio is hosted on at least one of an on-line financial company, a market place, an exchange, an on-line group and a social network. 
     
     
         104 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the loans are structured as traditional installment loans, wherein interest is paid during the course of a loan repayment agreement. 
     
     
         105 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein a type of loan is as at least one of a home loan, an auto loan, a credit card loan, a home equity loan, an unsecured loan, a secured loan, a student loan, a purchased goods loan, a services loan and a payday loan. 
     
     
         106 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein an investment's risk is reduced by at least one of a traditional diversified portfolio, a traditional diversified fund, and a syndicated structure. 
     
     
         107 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the risk reducing feature includes at least one of a holding a portion of the loan as collateral, wherein the network participants are encouraged to repay the loan by refunding a portion of the loan fees charged to those who repay, and wherein a refunding of fees is based on the performance of the investment. 
     
     
         108 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the destination of the investment is at least one of a financial company, a marketplace, an exchange, an on-line group and a social network. 
     
     
         109 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein lenders may be required to keep their funds in the investment for a set period such as a year. 
     
     
         110 . The peer-to-peer portfolio-based financial network of  claim 106 , wherein the diversified portfolios may be set up by various risk profiles such as only a prime credit portfolio or a combination of prime, regular and sub-prime risks. 
     
     
         111 . The peer-to-peer portfolio-based financial network of  claim 93 , wherein the redistribution of at least the portion of the portfolio fee is based on the performance of the fund.