17986098. AUTOMATIC BANKING PAYMENTS simplified abstract (Bank of America Corporation)

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AUTOMATIC BANKING PAYMENTS

Organization Name

Bank of America Corporation

Inventor(s)

Lalit Dhawan of Cranbury NJ (US)

Manu Kurian of Dallas TX (US)

Kathy E. Robbins of Charlotte NC (US)

Stanley J. Schwartz of Wesley Chapel NC (US)

Radha Karuppannan of Huntersville NC (US)

AUTOMATIC BANKING PAYMENTS - A simplified explanation of the abstract

This abstract first appeared for US patent application 17986098 titled 'AUTOMATIC BANKING PAYMENTS

Simplified Explanation

The invention described in the abstract is an intelligent and automatic bill payment decisor that helps users manage their bills and finances more effectively. Here is a simplified explanation of the patent application:

  • The program receives multiple bills from a user, along with information about the bills.
  • It offers the user various wealth-creation goals to choose from.
  • The program accesses the user's account to analyze the bills, selected goals, and other information.
  • Based on this analysis, the program decides which bill to pay first and in what amount.
  • Funds are then transferred from the user's account to pay the bills accordingly.
  • The program can also negotiate with payment recipients and use a revolving line of credit to pay bills.
      1. Potential Applications

This technology could be applied in personal finance management apps, banking services, and automated bill payment platforms.

      1. Problems Solved

This technology helps users prioritize and manage their bill payments more efficiently, reducing the risk of missed payments and late fees.

      1. Benefits

Users can save time and effort by automating their bill payment process, while also potentially improving their financial health by aligning payments with wealth-creation goals.

      1. Potential Commercial Applications

This technology could be integrated into existing banking apps or offered as a standalone service for individuals looking to streamline their bill payment process.

      1. Possible Prior Art

One possible prior art for this technology could be existing bill payment apps or services that offer automated payment options, but may not include the intelligent decision-making capabilities described in this patent application.

        1. Unanswered Questions
      1. How does the program determine the optimal amount to pay towards each bill?

The abstract does not provide specific details on the algorithm or methodology used by the program to determine the payment amounts for each bill.

      1. What security measures are in place to protect user account information?

The abstract does not mention any specific security features or protocols implemented to safeguard user account data and financial information.


Original Abstract Submitted

Apparatus and methods for an intelligent and automatic bill payment decisor are provided. A program may receive two or more bills payable by a user and including information. The program may provide two or more selectable wealth-creation goals to the user and receive the user's selection. The program may also receive access to an account belonging to the user. The program may analyze the two or more bills, the selected wealth-creation goals, the user account, and other information to determine which bill to pay first and in what amount. The program may then transfer funds from the user's account to pay the bill(s) as determined. The program may also negotiate with the payment recipient(s). The program may also pay one or more bills with a revolving line-of-credit.

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