SYSTEMS AND METHODS FOR UTILIZING A MONEY TRANSFER NETWORK TO FACILITATE LENDING
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United States of America Patent
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Issued Date -
Jan 19, 2017
app pub date -
Jul 16, 2015
filing date -
Jul 16, 2015
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Abstract
Embodiments of systems, methods, and computer-readable storage media for processing loans using resources of a money transfer network are provided. The disclosed embodiment provide techniques for utilizing non-credit transactions executed via a money transfer network to establish credit worthiness and risk assessment for loans requested by borrowers, and may enable borrowers with little or no credit history to obtain loans that they may otherwise be unable to obtain. Further, the disclosed embodiments may utilize the money transfer service provider's expertise in anti-money laundering and other illicit financial behaviors to prevent the loans from being obtained for illicit purposes. Embodiments may also use information that may otherwise be unknown to the lender to generate a recommendation to the lender regarding whether the loan should be approved or denied.
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