Company Filing History:
Years Active: 2010-2014
Title: The Innovative Contributions of Donald H. Schmitt
Introduction
Donald H. Schmitt is a notable inventor based in Greenville, DE (US). He has made significant contributions to the field of financial technology, holding a total of 3 patents. His work focuses on enhancing user experience in financial account management.
Latest Patents
One of Schmitt's latest patents is titled "System and method for establishing or modifying an account with user selectable terms." This invention relates to methods that allow account holders to easily customize the terms of various accounts, such as loan accounts, asset accounts, mortgage accounts, insurance accounts, or brokerage accounts. The exemplary embodiments of this invention enable users to specify preferred terms, including cost (e.g., APR and annual fee), rewards programs, card design, affiliates, credit line, and payment due date. The financial service provider, such as a bank, can make these terms easily accessible through an internet website or an automated phone system, allowing users to specify their preferences effortlessly. The customization methods can be applied to both new account openings and existing account modifications, dynamically updating available terms as users make selections.
Another patent by Schmitt also focuses on account management techniques within financial institutions. This invention outlines how a financial institution can establish accounts for account holders, allowing them to execute purchase transactions. It includes provisions for associating affiliates with the account and calculating rewards information based on account usage. Additionally, it details how compensation to affiliates can be calculated based on purchase transactions.
Career Highlights
Donald H. Schmitt is currently employed at JPMorgan Chase Bank, N.A., where he continues to innovate in the financial services sector. His work has contributed to the development of user-friendly financial products that enhance customer satisfaction and engagement.
Collaborations
Some of Schmitt's coworkers include Mary Carter Warren and Donna M. Barrett, who collaborate with him in various projects at JPMorgan Chase Bank.
Conclusion
Donald H. Schmitt's innovative patents and contributions to financial technology demonstrate his commitment to improving user experiences in account management. His work continues to influence the industry and pave the way for future advancements.
Inventor’s Patent Attorneys refers to legal professionals with specialized expertise in representing inventors throughout the patent process. These attorneys assist inventors in navigating the complexities of patent law, including filing patent applications, conducting patent searches, and protecting intellectual property rights. They play a crucial role in helping inventors secure patents for their innovative creations.