Importance

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Abstract

The present invention, is an online paperless account approval and provisioning technique and system. Specifically, the invention discloses a method and system for automatically approving an electronic account application (such as a merchant account) of an applicant to establish a valid account and provisioning the account with electronically integrated data systems in order to enable the applicant to provide a service. The method includes capturing account information via an online account application submitted by the applicant; automatically processing the account information using predetermined acceptance criteria; upon acceptance of the predetermined criteria, automatically approving the account; and automatically provisioning the approved account with the integrated data systems using the account information. The invention offers a number of advantages, including: (a) the elimination for the need of a 'wet signature;' (b) a reduction in the amount of information needed in a paper application; (c) significant reduction in the time required for account approval or denial; (d) once approved, significant reduction in the provisioning time (the time required to make applicants operational and to enable applicants to offer their services online); (d) the elimination of the human error factor in human review of applications; and (e) permitting auto-approval and auto-provisioning of accounts, whether they be merchant or other types of accounts.

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First Claim