Description:FIELD OF THE INVENTION
The present invention relates to the field of financial technology (fintech). More specifically, the invention relates to a Lending Solution Enabler System to enable availing of loans for a specific purpose under compliance of multiple domain-specific regulatory bodies while ensuring the purported end use of the loan.

BACKGROUND OF THE INVENTION
The lending industry plays a pivotal role in the global economy, providing individuals and businesses with access to capital for various financial needs. The financial service provider is entitled to transfer funds for different financial products as per agreement with the customer. Multiple stakeholders are involved in the disbursement of funds. Each stakeholder is required to comply with different regulatory compliances issued by domain-specific regulatory bodies during the availing of the loans by the customers. The customer has to use the fund amount as per the terms of the financial product agreement with the lender. The traditional lending processes, however, lack coordination among the different stakeholders on account of the overlap of multiple regulatory bodies.
This leads to the possible misuse of the loan purpose and/or possible non-compliance with regulatory guidelines. These challenges have prompted the need for innovative solutions that ensure purported end use and regulatory compliances while also enhancing the overall lending experience for both borrowers and lending institutions.
US20210082044A1 discloses an invention for a decentralized loan processes. An example method includes receiving a request to initiate a loan process that indicates a collateral item. The method also includes generating a collateral token corresponding to the collateral item. The method further includes instantiating a loan process smart contract instance that is configured to manage a loan process in accordance with a loan process workflow, wherein the loan process smart contract instance that is configured to instantiate a loan smart contract receives a loan agreement notification indicating one or more loan term parameters of a loan that was agreed to by a lender and the borrower and to manage repayment of a loan based on the one or more loan term parameters. The collateral token is locked in an virtual escrow account stored on a distributed ledger until the loan is fully repaid or in a default state.
KR20130089963A discloses a mortgage loan system of internet real estate to supply an internet loan system capable of mediating a real estate mortgage loan of an individual without a financial institution. A mediation system (10) operates a loan system of an individual by communicating a funds donor (1), a funds user (2), a financial institution (20), a law firm (30), an internet registry office (40), an appraisal and assessment cooperation (50), a tax accounting corporation (60), a real estate market price providing organization (70), and a real name confirmation organization (80) with the internet. The funds donor and the funds user register for membership of the mediation system by using the terminals. The mediation system receives collateral information and loan request information of the funds user and confirms the registration information of the collateral from the internet register office. The mediation system requests the settlement of the mortgage as the name of the funds donor on the collateral of the funds user in a law firm server and request to deposit the funds to an account of the funds user to the financial institution after the completion of the settlement. [Reference numerals] (1) Funds donor; (10) Mediation system; (2) Funds user; (20) Financial institution; (30) Law firm; (40) Internet registry office; (50) Appraisal and assessment corporation; (60) Tax accounting corporation; (70) Real estate market price providing organization; (80) Real name confirmation organization; (AA,BB,CC) Internet

The existing inventions do not provide the solution that enables compliance with regulations of different regulatory bodies by the all stakeholders, in the process of routing funds from the lender to the product seller for the products availed by the customers. There are also no existing solutions that control the end use of the loan as stated in the loan agreement if the funds are transferred directly to the customer account. Hence there is a need for present invention.
OBJECTIVE OF THE INVENTION
The main objective of the present invention is to uniquely route the loan funds from the lending source ( lender) to the target ( seller) through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring the purported end use of the loan funds.
The second objective of the present invention is to provide efficiency and automation by streamlining lending processes and automating various tasks such as application processing, and documentation verification leading to efficient loan approvals.
Yet another objective of the present invention is to enhance customer experience by providing a seamless and user-friendly experience for borrowers including a simplified application process, quick approvals, and transparent communication throughout the loan lifecycle, ultimately leading to higher customer satisfaction.
Yet another objective of the present invention is to provide compliance and security under the applicable data security and privacy laws by incorporating robust security measures and ensuring compliance with relevant regulations, as this is crucial in the financial industry, where data protection and regulatory adherence are of utmost importance.
Yet another objective of the present invention is to provide flexibility and customization by allowing financial institutions to tailor it to their specific lending products and processes and to ensure that the system aligns with the unique requirements of the different institutions.
Further objectives, advantages, and features of the present invention will become apparent from the detailed description provided herein below.

SUMMARY OF THE INVENTION
The present invention relates to a lending solution enabler system and a method to uniquely route loan funds from the lending party to the product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for. The present invention includes a lending solution enabler server, a customer device, a lender system, an escrow service provider server, and a product seller system. The lending solution enabler server includes a database, a memory, and a processor unit. The database stores customer details, customer proposal details, loan application, customer proposal ID, virtual escrow account data, virtual escrow account ID, lending party data, and loan fund details. The memory stores computer-readable instructions. The processor unit runs computer-readable instructions stored in the memory. The customer device is connected to the lending solution enabler server. The customer provides customer details and loan application details to the lending solution enabler server through the customer device. The lender system is connected to the lending solution enabler server. The lender system creates a lending pool account and transfers funds to the lending pool account.
The preferred embodiment is bound by four agreements. First, the escrow service provider, the lending solution enabler server, and the lender system are bound by a tri-partite agreement covering the duties & obligations of the parties involved in the agreement. Second, the customer device and the lender system are bound by a legally binding document covering the duties & obligations of the customer device and the lender system. Third, the lender system and the lending solution enabler server are bound by the legally binding documents covering the duties & obligations of both the parties, and the provision of services of the lending solution enabler. Fourth, the customer device and the lending solution enabler server are also bound by legally binding documents including terms and conditions to use the present invention and authorization. The lending solution enabler server sends the loan application and customer proposal details with a unique customer proposal ID with all the customer details to the lender system. The lender system decides the approval status of the loan application. If the loan application is approved, the lender system sends approval along with the customer proposal ID to the lending solution enabler server. The escrow service provider server is connected to the lending solution enabler server. After the customer provides approval for the opening of the virtual escrow account, the lending solution enabler server sends customer details and approved customer proposals to the escrow service provider. The escrow service provider server creates a virtual escrow account having a virtual escrow account ID and sends virtual escrow account details to the lending solution enabler server. After the account is created, the lending solution enabler takes the customer's acknowledgment for the virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc. The lending solution enabler server sends the customer proposal ID and approved virtual escrow account ID to the lender system for proper monitoring of the loan funds. So that the lender system transfers loan funds from the lender pool account to the designated virtual escrow account. The product seller system is connected to the lending solution enabler server. The product seller has access to the product seller system. The lending solution enabler server sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system. Herein, the above-discussed four agreements enable the lending solution enabler server to transfer loan funds from the lender pool account to the product seller. The routing of the loan funds to the product seller through the virtual escrow account ensures that the loan is used for the specific purpose the loan was availed for while complying with the regulatory guideline of not directly transferring funds from the lender to the regulated product seller. This protects the lender from loan fraud such as using the loan money for a purpose other than the stated one and also adheres to the regulatory compliances of all the stakeholders involved in the loan approval and loan disbursement process.
The lending solution enabler system also enables integration with multiple lenders with separate legal agreements as mentioned above for each of the lender’s that are on-boarded. When multiple lenders are connected to the lending solution enabler system, the proposals are routed to the appropriate lender, for the high probability of loan acceptance as well as better lending terms, through intelligent decision-making using methods including but not limited to artificial intelligence.

The main advantage of the present invention is that the present invention uniquely routes the loan funds from the lending source ( lender) to the target ( product seller) through the beneficiary or customer account under regulatory compliance, while ensuring the purported end use of the loan funds.
Another advantage of the present invention is that the present invention provides efficiency and automation by streamlining the lending processes and automating various tasks such as application processing, complying with regulatory compliance, and documentation verification leading to efficient loan approvals.
Yet another advantage of the present invention is that the present invention provides enhanced customer experience by providing a seamless and user-friendly experience for borrowers including a simplified application process, quick approvals, and transparent communication throughout the loan lifecycle, ultimately leading to higher customer satisfaction.
Yet another advantage of the present invention is that the present invention provides compliance and security by incorporating robust security measures and ensure compliance with relevant regulations as this is crucial in the financial industry, where data protection and regulatory adherence are of utmost importance.
Yet another advantage of the present invention is that the present invention provides flexibility and customization by allowing financial institutions to tailor it to their specific lending products and processes and ensures that the system aligns with the unique requirements of different institutions.
Further objectives, advantages, and features of the present invention will become apparent from the detailed description provided herein below.

DETAILED DESCRIPTION OF THE INVENTION
Definition
The term “a” or “an”, as used herein, is defined as one. The term “plurality”, as used herein, is defined as two as or more than one. The term “another”, as used herein, is defined as at least a second or more. The terms “including” and/or “having”, as used herein, are defined as comprising (i.e., open language).
The term “comprising” is not intended to limit the present invention with such terminology rather is used in a wider sense. Any invention using the term comprising could be separated into one or more claims using “consisting” or “consisting of”. The term “comprising” may be used interchangeably with the terms “having” or “containing”.
Reference in this document to “one embodiment”, “certain embodiments”, “an embodiment”, “another embodiment”, and “yet another embodiment” or similar terms, throughout the document means that a specific feature, structure, or characteristic described in connection with the embodiment is included in at least one embodiment of the present invention. Thus, the appearances of such phrases in various places, this specification throughout are not necessarily all referring to the same embodiment. Furthermore, the specific features, structures, or characteristics are combined in any suitable manner in one or more embodiments without limitation.
The term “or” as used herein is to be interpreted as inclusive or meaning any one or more combinations. Therefore, “A, B or C” means any of the following: “A; B; C; A and B; A and C; B and C; A, B and C”. An exception to this definition will occur only when a combination of elements, functions, steps, or acts are in mutually exclusive, inherently.
As used herein, the term "one or more" generally refers to, but is not limited to, singular as well as the plural form of the term.
Fig.1. illustrates a lending solution enabler system(100) and a method to uniquely route loan funds from the lending party to the product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for. The system(100) includes a lending solution enabler server(102), a customer device(108), a lender system(112), a product seller system(114), and an escrow service provider server(110). The lending solution enabler server(102) includes a database(104), and a processor unit(106). The customer device(108) is connected to the lending solution enabler server(102). The lender system(112) is connected to the lending solution enabler server(102). The escrow service provider server(110) is connected to the lending solution enabler server(102). The product seller system(114) is connected to the lending solution enabler server(102). The product seller has access to the product seller system(114).
Fig.2. illustrates a method to uniquely route loan funds under from lending party to product seller through the beneficiary account of the customerunder compliance of multiple domain specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for. The lender system(112) creates a lender pool account for routing loan funds to virtual escrow account. A customer logs in with a customer device(108). The customer fills in customer details and loan application details that includes product details and product seller bank account details. The customer details and loan application details are sent to a lending solution enabler server(102). The lending solution enabler server(102) creates a customer proposal ID. The lending solution enabler server(102) sends the customer proposal ID to the customer device(108). The lending solution enabler server(102) sends the customer proposal ID, customer details, proposal details, and loan application details to the lender system(112). The lender system(112) analyzes the customer proposal ID, customer details, and loan application details, for approval and rejection of the loan application. The lender system(112) sends the customer proposal ID and approval status of the loan to the lending solution enabler server(102). In case, the loan is approved by the lending party through the lender system(112). The customer provides approval for the opening of the virtual escrow account, and the lending solution enabler server(102) sends the customer details and customer proposal ID to the escrow service provider server(110). The escrow service provider server(110) creates the virtual escrow account having a virtual escrow account ID. The escrow service provider server(110) sends the virtual escrow account details to the lending solution enabler server(102). After the virtual escrow account is created, the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc. The lending solution enabler server(102) sends the customer proposal ID and approved virtual escrow account ID to the lender system(112) to safeguard the loan. The lender system(112) transfers loan funds from the lender pool account to the virtual escrow account ID. The lending solution enabler server(102) sends the funds to the product seller from the virtual escrow account ID on behalf of the customer.
The present invention relates to a lending solution enabler system and a method to uniquely route loan funds from the lending party to product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product the loan was applied for. The present invention includes a lending solution enabler server, a customer device, a lender system, an escrow service provider server, and a product seller system. The lending solution enabler server includes a database, a memory, and a processor unit. The database stores customer details, customer proposal details, loan application, customer proposal ID, virtual escrow account data, virtual escrow account ID, lending party data, and loan fund details. The memory stores computer-readable instructions. The processor unit runs computer-readable instructions stored in the memory. The customer device is connected to the lending solution enabler server. The customer provides customer details and loan application details to the lending solution enabler server through the customer device. The lender system is connected to the lending solution enabler server. The lender system, creates a lending pool account and transfers funds to the lending pool account.The preferred embodiment is bound by four agreements. First, the escrow service provider, the lending solution enabler server, and the lender system are bound by a tri-partite agreement covering the duties & obligations of the parties involved in the agreement. Second, the customer device and the lender system are bound by a legally binding document covering the duties & obligations of the customer device and the lender system. Third, the lender system and the lending solution enabler server are bound by the legally binding documents covering the duties & obligations of both the parties, and the provision of services of the lending solution enabler. Fourth, the customer device and the lending solution enabler server are also bound by legally binding documents including terms and conditions to use the present invention and authorization. .The lending solution enabler server sends the loan application and customer proposal details with the unique customer proposal ID with all the customer details to the lender system. The lender system decides the approval status of the loan application. If the loan application is approved, the lender system sends approval along with the customer proposal ID to the lending solution enabler server. The escrow service provider server is connected to the lending solution enabler server. After the customer provides approval for the opening of the virtual escrow account, the lending solution enabler server sends customer details and approved customer proposal to the escrow service provider. The escrow service provider server creates a virtual escrow account having a virtual escrow account ID and sends a virtual escrow account details to the lending solution enabler server. After the virtual escrow account is created, the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc.. The lending solution enabler server sends the customer proposal ID and approved virtual escrow account ID to the lender system for proper monitoring of the loan funds. So that the lender system transfers loan funds from the lender pool account to the designated virtual escrow account. The product seller system is connected to the lending solution enabler server. The product seller has access to the product seller system. The lending solution enabler server sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system. Herein, the above-discussed four agreements enable the lending solution enabler server to transfer loan funds from the lender pool account to the product seller. The Routing of the loan funds to the product seller through the virtual escrow account ensures that the loan is used for the specific purpose it was availed for, while complying with the guidelines of multiple regulatory bodies of not directly transferring funds from the lender to the regulated product seller. This protects the lender from loan fraud such as using the loan money for purpose other than the stated one and also adhere to the regulatory compliances of all the stakeholders involved in loan approval and loan disbursement process. In an embodiment, the customer device includes but is not limited to, a desktop computer, a laptop, a tablet, a smartphone, a mobile phone, and cluster computers. In an embodiment, the lender system, includes but is not limited to, a desktop computer, a laptop, a tablet, a smartphone, a mobile phone, and cluster computers. In yet another embodiment, the term “regulatory guideline” is explained herein in the present embodiment. There are regulatory guidelines which mandate the funds to buy them should be received only through the “Accounts where the Customer is the beneficial owner”. In such a case, if the “Customer” requires a loan, the “Lending Party” can not directly transfer loan fund to the “Receiving Party” due to the violation in the above described clause. However, if the loan is directly transferred to the “Customer” from the “Lending Party”, loan fund end use cannot be controlled. For example: If the “Lending Party” transfers the loan amount to the Customer for paying an insurance premium, there is no way to ensure that the loan fund goes for the purpose loan fund was requested for. We propose to address this problem by designing and building system that enables the routing of the funds from the “Lending Party” to the “Receiving Party” via a “Virtual Escrow account ” governed by multi-party agreements and a Unique Identifier in the System. Thus the present system ensures the eradication of fraud while following the regulatory guidelines.

The lending solution enabler system also enables integration with multiple lenders with separate legal agreements as mentioned above for each of the lender’s that are on-boarded. When multiple lenders are connected to the lending solution enabler system, the proposals are routed to the appropriate lender, for the high probability of loan acceptance as well as better lending terms, through intelligent decision-making using methods including but not limited to artificial intelligence.

In an embodiment, the present invention relates to a method to uniquely route loan funds from lending party to product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for, the method comprising:
the lender system creates a lender pool account for routing loan funds to virtual escrow account;
a customer logs in with a customer device;
the customer fills in customer details and loan application details that includes product details and product seller bank account details;
the customer details and loan application details are sent to a lending solution enabler server;
the lending solution enabler server creates a customer proposal ID;
the lending solution enabler server sends the customer proposal ID to the customer device;
the lending solution enabler server sends the customer proposal ID, customer details, and loan application details to lender system;
the lender system analyzes the customer proposal ID, customer details and loan application details, for approval and rejection of the loan application;
the lender system sends the customer proposal ID and approval status of the loan to the lending solution enabler server; in case, the loan is approved by the lending party through the lender system,
after the customer provides approval for the opening of the virtual escrow account, the lending solution enabler server sends the customer details and customer proposal ID to the escrow service provider server;
the escrow service provider server creates the virtual escrow account having a virtual escrow account ID;
the escrow service provider server sends the virtual escrow account details to the lending solution enabler server;
the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc;
the lending solution enabler server sends the customer proposal ID and approved virtual escrow account ID to the lender system for safeguarding the loan;
the lender system transfers loan funds from the lender pool account to the designated virtual escrow account; and
the lending solution enabler server sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system..

In an embodiment, the present invention relates to a lending solution enabler system and a method to uniquely route loan funds from lending party to product seller through the beneficiary account of the customer under compliance of multiple domain specific regulatory bodies while ensuring that the loan funds are transferred for the specific product the loan was applied for. The present invention includes a lending solution enabler server, one or more customer devices, a lender system, an escrow service provider server, and a product seller system. The lending solution enabler server includes a database, a memory, and a processor unit. the database stores customer details, proposal details, loan applications, customer proposal ID, virtual escrow account data, virtual escrow account ID, lending party data, and loan fund details. The memory stores computer-readable instructions. The processor unit runs computer-readable instructions stored in the memory. The one or more customer devices are connected to the lending solution enabler server. The customer provides customer details and loan application details to the lending solution enabler server through one or more customer devices. The lender system is connected to the lending solution enabler server. The lender system, creates a lending pool account and transfers funds to the lending pool account.The preferred embodiment is bound by four agreements. First, the escrow service provider, the lending solution enabler server, and the lender system are bound by a tri-partite agreement covering the duties & obligations of the parties involved in the agreement. Second, the customer device and the lender system are bound by a legally binding document covering the duties & obligations of the customer device and the lender system. Third, the lender system and the lending solution enabler server are bound by the legally binding documents covering the duties & obligations of both the parties and the provision of services of the lending solution enabler.Fourth, one or more customer devices and the lending solution enabler server are bound by legally binding documents including terms and conditions to use the present invention and authorization. The lending solution enabler server sends the loan application and customer proposal with a unique customer proposal ID with all the customer details to the lender system. The lender system decides the approval status of the loan application. If the loan application is approved, the lender system sends approvals along with the Customer proposal ID to the lending solution enabler server. The escrow service provider server is connected to the lending solution enabler server. After the customer provides approval for the opening of the virtual escrow account the lending solution enabler server sends customer details and approved customer proposal to the escrow service provider. The escrow service provider server creates a virtual escrow account having a virtual escrow account ID and sends a virtual escrow account details to the lending solution enabler server. After the virtual escrow account is created, the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etcThe lending solution enabler server sends the customer proposal ID and approved virtual escrow account ID to the lender system for proper monitoring of loan funds. So that the lender system transfers loan funds from the lender pool account to the designated virtual escrow account. The product seller system is connected to the lending solution enabler server. The product seller has access to the product seller system. The lending solution enabler server sends the funds to the seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system. Herein, the above-discussed four agreements enables the lending solution enabler server to transfer loan funds from the lender pool account to the product seller. The Routing of the loan funds to the product seller through the virtual escrow account ensures that the loan is used for the specific purpose it was availed for, while complying with the guidelines of multiple regulatory bodies of not directly transferring funds from the lender to the regulated product seller. This protects the lender from loan fraud such as using the loan money for purpose other than the stated one and also adhere to the regulatory compliances of all the stakeholders involved in loan approval and loan disbursement process. In an embodiment, the one or more customer devices include but are not limited to, a desktop computer, a laptop, a tablet, a smartphone, a mobile phone, and cluster computers. In an embodiment, the lender system, includes but is not limited to, a desktop computer, a laptop, a tablet, a smartphone, a mobile phone, and cluster computers.
In yet another embodiment, the term “regulatory guideline” is explained herein in the present embodiment. There are regulatory guidelines which mandate the funds to buy them should be received only through the “Accounts where the Customer is the beneficial owner”. In such a case, if the “Customer” requires a loan, the “Lending Party” cannot directly transfer loan fund to the “Receiving Party” due to the violation in the above described clause. However, if the loan is directly transferred to the “Customer” from the “Lending Party”, loan fund end use cannot be controlled. For example: If the “Lending Party” transfers the loan amount to the Customer for paying an insurance premium, there is no way to ensure that the loan fund goes for the purpose loan fund was requested for. We propose to address this problem by designing and building system that enables the routing of the funds from the “Lending Party” to the “Receiving Party” via a “Virtual Escrow account ” governed by multi-party agreements and a Unique Identifier in the System. Thus the present system ensures the eradication of fraud while following the regulatory guidelines.

The lending solution enabler system also enables integration with multiple lenders with separate legal agreements as mentioned above for each of the lender’s that are on-boarded. When multiple lenders are connected to the lending solution enabler system, the proposals are routed to the appropriate lender, for the high probability of loan acceptance as well as better lending terms, through intelligent decision-making using methods including but not limited to artificial intelligence.

In an embodiment, the present invention relates to a method to uniquely route loan funds from the lending party to the product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for, the method comprising:
the lender system creates a lender pool account for routing loan funds to a virtual escrow account;
a customer logs in with one or more customer devices;
the customer fills in customer details and loan application details that include product details and product seller bank account details;
the customer details and loan application details are sent to a lending solution enabler server;
the lending solution enabler server creates a customer proposal ID;
the lending solution enabler server sends the customer proposal ID to one or more customer devices;
the lending solution enabler server sends the customer proposal ID, customer details, and loan application details to lender system;
the lender system analyzes the customer proposal ID, customer details and loan application details, for approval and rejection of the loan application;
the lender system sends the customer proposal ID and approval status of loan to the lending solution enabler server; in case, the loan is approved by the lending party through the lender system,
after the customer provides approval for the opening of the virtual escrow account, the lending solution enabler server sends the customer details and customer proposal ID to the escrow service provider server;
the escrow service provider server creates the virtual escrow account having a virtual escrow account ID;
the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc;
the escrow service provider server sends the virtual escrow account details to the lending solution enabler server;
the lending solution enabler server sends the customer proposal ID and approved virtual escrow account ID to the lender system for safeguarding the loan;
the lender system transfers loan funds from the lender pool account to designated virtual escrow account; and
the lending solution enabler server sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system.
, Claims:I/ WE CLAIM
1. A lending solution enabler system(100) and method to uniquely route loan funds from lending party to product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product the loan was applied for, the system(100) comprises:
a lending solution enabler server(102), the lending solution enabler server(102) having,
a database(104), the database(104) stores, customer details, customer proposal details, loan application, customer proposal ID, virtual escrow account data, virtual escrow account ID, lending party data, and loan fund details,
memory(116), the memory(116) stores computer readable instructions,
processor unit(106), the processor unit(106) runs computer-readable instructions stored in the memory(116);
an at least one customer device(108), the at least one customer device(108) is connected to the lending solution enabler server(102), the customer provides customer details and loan application details to the lending solution enabler server(102), through the at least one customer device(108);
a lender system(112), the lender system(112) creates a lending pool account and transfers funds to the lending pool account, wherein, the lender system(112) is connected to the lending solution enabler server(102), the lending solution enabler server(102) sends the loan application and customer proposal with a unique customer proposal ID with all the customer details to the lender system(112), the lender system(112) decides approval status of the loan application if the loan application is approved, the lender system(112) sends approval along with the Customer proposal ID to the lending solution enabler server(102),
an escrow service provider server(110), the escrow service provider server(110) is connected to the lending solution enabler server(102), after the customer provides approval for the opening of the virtual escrow account the lending solution enabler server(102) sends customer details and approved customer proposal to the escrow service provider(110), the escrow service provider server(110) creates virtual escrow account having a virtual escrow account ID and sends virtual escrow account details to the lending solution enabler server(102), wherein, after the virtual escrow account is created, the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc wherein, the lending solution enabler server(102) sends the customer proposal ID and approved virtual escrow account ID to the lender system(112) for proper monitoring of loan funds, so that the lender system(112) transfer loan funds from lender pool account to the designated virtual escrow account ID;
a product seller system(114), the product seller system(114) is connected to the lending solution enabler server(102), the product seller has access to the product seller system(114), the lending solution enabler server(102) sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system(112);
characterize in that, the routing of the loan funds to the product seller through the virtual escrow account of the customer ensures that the loan is used for the specific purpose the loan was availed for while complying with the guidelines of multiple domain-specific regulatory bodies of not directly transferring funds from the lender to the regulated product seller, this protects the lender from loan fraud such as using the loan money for purpose other than the stated one and also adheres to the regulatory compliances of all the stakeholders involved in loan approval and loan disbursement process,
characterized in that, The lending solution enabler system(100) also enables integration with multiple lenders with separate legal agreements for each of the lender’s that are on-boarded, when multiple lenders are connected to the lending solution enabler system(100), the proposals are routed to the appropriate lender, for the high probability of loan acceptance as well as better lending terms, through intelligent decision-making using methods including but not limited to artificial intelligence.
wherein, compliance with multiple regulatory requirements across all stakeholders in the ecosystem through a single solution.
2. The at least one customer device(108) as claimed in claim 1, wherein the at least one customer device(108), is selected from a desktop computer, a laptop, a tablet, a smartphone, a mobile phone and cluster computers.
3. The lender system(112) as claimed in claim 1, wherein the lender system(112), is selected from a desktop computer, a laptop, a tablet, a smartphone, a mobile phone and cluster computers.
4. The lending solution enabler system(100) as claimed in claim 1, wherein, the escrow service provider server(110), , the lending solution enabler server(102) and the lender system(112) are bound by tri-party agreement covering the duties & obligations of the escrow service provider, wherein, the lender system(112) creates a lending pool account based on the tri-party agreement.
5. The lending solution enabler system(100) as claimed in claim 1, wherein the at least one customer device(108) and the lender system(112) are bound by legal binding document covering the duties & obligations of the at least one customer device(108).
6. The lending solution enabler system(100) as claimed in claim 1, wherein the lender system(112) and the lending solution enabler server(102) are bound by legal binding document covering the duties & obligations of both parties, and the provision of services of the lending solution enabler .7. The lending solution enabler system(100) as claimed in claim 1, wherein the at least one customer device(108) and the lending solution enabler server(102) are bound by legal binding documents including terms and conditions to use the system(100) and authorisation, wherein, legal bound between the at least one customer device(108) and the at least one customer device(108), and tri-party agreement among the escrow service provider server(110), and the lending solution enabler server(102) and the lender system(112), enables the lending solution enabler server(102) to transfer loan funds from lender pool account to the product seller.
8. The system as claimed in claims 1,4, 5, 6, and 7, wherein, a method to uniquely route the loan funds from the lending party to product seller through the beneficiary account of the customer under compliance of multiple domain-specific regulatory bodies while ensuring that the loan funds are transferred for the specific product, the loan was applied for, the method comprising:
the lender system(112) creates a lender pool account for routing loan funds to virtual escrow account;
a customer logs in with an at least one customer device(108);
the customer fills in customer details and loan application details that include product details and the product seller bank account details;
the customer details and loan application details are sent to a lending solution enabler server(102);
the lending solution enabler server(102) creates a customer proposal ID;
the lending solution enabler server(102) sends the customer proposal ID to at least one customer device(108);
the lending solution enabler server(102) sends the customer proposal ID, customer details, and loan application details to lender system(112);
the lender system(112) analyzes the customer proposal ID, customer details and loan application details, for approval and rejection of the loan application;
the lender system(112) sends the customer proposal ID and approval status of loan to the lending solution enabler server(102), in case, the loan is approved by the lending party through the lender system(112),
after the customer provides approval for the opening of the virtual escrow account, the lending solution enabler server(102) sends the customer details and customer proposal ID to the escrow service provider server(110);
the escrow service provider server(110) creates the virtual escrow account having a virtual escrow account ID
the escrow service provider server(110) sends the virtual escrow account details to the lending solution enabler server(102);
the lending solution enabler takes the customer's acknowledgment for virtual escrow account details using virtual or physical tokens including but not limited to OTP, biometrics, etc;
the lending solution enabler server(102) sends the customer proposal ID and approved virtual escrow account ID to the lender system(112) for safe guarding the loan;
the lender system(112) transfers loan funds from the lender pool account to designated virtual escrow account;
the lending solution enabler server(102) sends the funds to the product seller from the designated virtual escrow account on behalf of the customer upon approval by the lender’s representative through the lender system(112).