Affirm. has been granted a patent for a web-based finance system that enables users to refinance eligible past purchases. The system identifies qualifying credit card transactions and displays refinancing options, including terms and payment details, for user selection on client devices. GlobalData’s report on Affirm gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
According to GlobalData’s company profile on Affirm, was a key innovation area identified from patents. Affirm's grant share as of July 2024 was 21%. Grant share is based on the ratio of number of grants to total number of patents.
Web-based system for refinancing eligible credit card purchases
The patent US12026773B2 outlines a method and apparatus for displaying refinancing information for eligible credit card transactions on a client computer connected to a finance server. The process begins with the finance server identifying two credit card transactions that qualify for refinancing based on a specified minimum value. The system then determines the refinancing terms for these transactions and displays them simultaneously on the client computer. Users can select refinancing options for either transaction, prompting the display of specific refinancing terms, which include the number of monthly payments and associated fees. The method also allows for the display of cumulative loan repayment information if both transactions are selected.
Additionally, the patent describes the functionality of a client database that stores user bank account and credit card sign-in information. The client computer can be a mobile device, enhancing accessibility. The system provides multiple refinancing options, allowing users to view various payment plans and fees. It also includes features for displaying cumulative totals for selected transactions and their refinancing fees. The transactions can be linked to the same or different credit cards, offering flexibility in managing multiple credit accounts. Overall, the patent presents a comprehensive approach to facilitating refinancing transactions, aimed at improving user experience and financial management.
To know more about GlobalData’s detailed insights on Affirm, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
