US 11,861,700 B1
Systems and methods for real time credit extension and bill pay configuration
Ashish B. Kurani, Burlingame, CA (US); and Nikolai Stroke, Gilbert, AZ (US)
Assigned to Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed by Wells Fargo Bank, N.A., San Francisco, CA (US)
Filed on Jan. 31, 2022, as Appl. No. 17/588,742.
Application 17/588,742 is a continuation of application No. 16/213,938, filed on Dec. 7, 2018, granted, now 11,238,530.
Application 16/213,938 is a continuation of application No. 14/798,157, filed on Jul. 13, 2015, granted, now 10,679,285.
This patent is subject to a terminal disclaimer.
Int. Cl. G06Q 40/00 (2023.01); G06Q 40/03 (2023.01)
CPC G06Q 40/03 (2023.01) 20 Claims
OG exemplary drawing
 
1. A method, implemented by a financial institution computing system, for point-of-sale financing at time of a purchase transaction involving a user computing device and a merchant computing device, the financial institution computing system, the user computing device, and the merchant computing device being in communication over a network, the method comprising:
receiving, by the financial institution computing system over the network from a software application executing on the user computing device, a loan request for a loan for the purchase transaction between the user computing device and the merchant computing device;
generating, by the financial institution computing system, one or more digital loan term tokens for a plurality of loan terms for the loan request, the digital loan term tokens generated based on the plurality of loan terms;
transmitting, by the financial institution computing system over the network, the one or more digital loan term tokens to the user computing device;
receiving, by the financial institution computing system over the network from the merchant computing device, a transaction package comprising a selection of at least one of the digital loan term tokens provided to the merchant computing device from the user computing device, the selection made via the software application executing on the user computing device, wherein the transaction package securely represents a method of payment and a payment interval for the purchase transaction between the user computing device and the merchant computing device, the transaction package comprising one or more payment source tokens associated with one or more payment sources for a down payment;
interpreting, by the financial institution computing system, based on comparing each token in the transaction package with corresponding token records in a token database of the financial institution computing system, the selection of the at least one of the digital loan term tokens and the one or more payment source tokens associated with the one or more payment sources for the down payment;
debiting, by the financial institution computing system, one or more of the payment sources for the down payment;
responsive to debiting one or more of the payment sources for the down payment, crediting, by the financial institution computing system over the network, an account of a merchant associated with the merchant computing device according to the down payment; and
automatically configuring, by the financial institution computing system, an auto-pay function for automatic periodic withdrawals of loan payments according to the method of payment and the payment interval selected using the software application executing on the user computing device.