Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Patent
1996-10-11
1999-10-12
MacDonald, Allen R.
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
705 1, 705 35, 705 37, 235379, G06F 1760
Patent
active
059666994
ABSTRACT:
A computer system for conducting an electronic loan auction over a computer network such as the Internet. The computer system includes a computer connected to the Internet, which performs the following functions: (1) receiving an electronic loan application form from a prospective borrower; (2) providing such application to a loan authorizer's computer over the computer network for approval; (3) receiving an electronic message from the loan authorizer's computer indicating whether or not such loan has been approved; (4) entering the loan application into a database that is accessible to lenders via the computer network, if the loan is approved; and (5) maintaining the loan application in the database for a predetermined period time during which lenders may submit bids and the borrower may accept a bid.
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Kazimi Hani M.
MacDonald Allen R.
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