According to GlobalData’s company profile on Goldman Sachs Group, digital lending was a key innovation area identified from patents. Goldman Sachs Group's grant share as of June 2023 was 1%. Grant share is based on the ratio of number of grants to total number of patents.

The patent is granted for a method of evaluating credit worthiness and offering loans to potential borrowers

Source: United States Patent and Trademark Office (USPTO). Credit: The Goldman Sachs Group Inc

A recently granted patent (Publication Number: US11688004B1) describes a method for evaluating the creditworthiness of a merchant and offering preapproved credit to potential customers. The method involves receiving location information from a merchant's computing device, determining street addresses based on the location information, and transmitting the addresses back to the merchant. The merchant selects a particular address, and the method proceeds to evaluate the creditworthiness of the likely occupant of that address.

The evaluation process includes performing a merchant credentialing process to assess the credit risk of the merchant based on the volume of loans given. Additionally, a likely occupant evaluation is conducted to determine the potential occupant of the selected address. This evaluation may involve using publicly available street address databases. A prescreening process is then performed based on the likely occupant evaluation and the selected address.

If the likely occupant passes the prescreening process, the method proceeds to transmit information about a preapproved credit offer to the likely occupant. This information includes details about the credit offer and the associated merchant fraud risk. The credit offer is sent to the likely occupant's computing device, and if the offer is accepted, electronic loan documents are dynamically generated. These documents allow the likely occupant to purchase goods or services directly from the merchant using a transaction processing access device.

The method also includes steps for identifying a subset of lenders based on their credit policies aligning with the information about the likely occupant, the merchant financing plan, and credit bureau information. A qualified lender is then assigned to the loan for the likely occupant.

The patent also describes the ability to request additional information about the likely occupant from the merchant's computing device and transmit that information back to the computing device. The method can be implemented using GPS coordinates or user-entered location information.

Overall, this patented method provides a streamlined process for evaluating the creditworthiness of a merchant and offering preapproved credit to potential customers based on their likely occupancy of a specific address. It aims to facilitate efficient and secure transactions between merchants and customers.

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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.