Centralized credit interchange system of converting purchase cre

Details Centralized credit interchange system of converting purchase cre Centralized credit interchange system of converting purchase cre

1997-04-14

1999-10-19

Peeso, Thomas R.

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

705 26, 705 27, B42D 1500

Patent

active

059704802

ABSTRACT:
A debt credit award interchange system interfacing with a credit award exchange system for conversion of any form of merchant or creditor credit award resulting from consumer incurring debt due to consumer purchase of goods or services of creditor. The debtor earns a preassigned credit award per credit vehicle utilized and amount of purchased item. At central location of credit award interchange system, secured creditor debt credit award agreement contracts are matched with point of sale transaction purchases, utilizing data processing methods to increment consumer account, summing accumulations; debiting creditors, authorized and confirmed thru interchange system. Interchange system communicates accumulated credit awards to credit award exchange that processes the conversion of credit award into purchase of mutual funds and/or imvestment vehicle of award account holder choice; maintaining open account of award holder for further purchase of investment vehicle as preassigned credit award accumulations direct and providing statements of purchase and periodic statements of account transactions and status.

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