Location History:
- Norcross, GA (US) (2010)
- Alpharetta, GA (US) (2011)
Company Filing History:
Years Active: 2010-2011
Title: Brian F. Stone: Innovator in Account Verification and Credit Extension
Introduction
Brian F. Stone is a notable inventor based in Norcross, GA (US). He has made significant contributions to the fields of account verification and automated credit extension. With a total of 3 patents, his work has paved the way for advancements in financial technology.
Latest Patents
One of his latest patents is titled "Method and system for account verification." This invention provides a system and method for verifying the existence of a deposit account, such as a checking account. The system can also determine whether the deposit account is configured to receive automatic transactions for withdrawal. For instance, a lender may extend a credit offer to a borrower, where payments of principal and interest are made through automatic withdrawals. Before transferring the principal, the lender verifies the existence and configuration of the borrower's deposit account by charging a fee to establish the line of credit and retrieving the fee through automatic withdrawal. Once the transaction clears and the lender receives the fee, the lender is assured that the account exists and is configured for automatic transactions. Two exemplary methods of retrieving the fee include electronic funds transfer and the remote creation of a paper negotiable instrument.
Another significant patent is "Method and system for extending credit with automated repayment." This invention outlines a system and method for extending a firm offer of credit, contingent upon receiving a one-time authorization to execute recurring automatic withdrawals from a deposit account. In providing this one-time authorization, a prospective borrower can choose from various automatic withdrawal repayment options. One option is electronic fund transfer, which involves initiating a withdrawal entry into the Automated Clearing House network. Another option is the remote creation of a paper negotiable instrument, which is then converted into an electronic substitute check capable of electronic routing. Upon receiving the one-time authorization, the lender can make recurring automatic withdrawals from the borrower's deposit account.
Career Highlights
Brian F. Stone is currently associated with Compucredit Intellectual Property Holdings Corp. II, where he continues to innovate in the financial technology sector. His work has been instrumental in developing systems that enhance the efficiency and reliability of financial transactions.
Collaborations
Some of his notable coworkers include Krishnakumar Srinivasan and Mark R. Pendleton, who have collaborated with him on various projects within the company.
Conclusion
Brian F. Stone's contributions to account verification and
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