WO2009155631A1

WO2009155631A1 - The provision of goods and services and financing the provision of goods and services

Info

Publication number: WO2009155631A1
Application number: PCT/AU2008/000932
Authority: WO
Inventors: Michael Chan
Original assignee: M Plus Property Loans Pty Ltd
Priority date: 2008-06-26
Filing date: 2008-06-26
Publication date: 2009-12-30

Abstract

A funds provider (2) which has provided funds (11) to a borrower (4) takes a security (21) over property. A benefit is provided to the borrower (4), the magnitude of that benefit in a given period being related to interest payments that the borrower (4) has made in respect of the borrowed funds in an earlier period.

Description

THE PROVISION OF GOODS AND SERVICES AND FINANCING THE

PROVISION OF GOODS AND SERVICES FIELD OF THE INVENTION

The present invention relates to the provision of goods and services and to the financing of the provision of goods and services. It is convenient to describe the invention in relation to the provision of fuel for vehicles and health care benefits. However, the present invention is not limited to either one or both of those uses, only.

BACKGROUND OF THE INVENTION Throughout this specification the use of the word "inventor" in singular form may be taken as reference to one (singular) inventor or more than one (plural) inventor of the present invention.

Traditionally the grant of mortgage-secured finance has been to finance a one-off transaction, such as the purchase of the property which is the subject of the mortgage. Mortgage providers have competed against each other by the provision of inducements that are similarly one-off, such as lower interest rates for an introductory period of the mortgage. These inducements generally do not offer long term value to the borrower.

Moreover, modern day borrowers face a complex world in respect of their economic situation, due to the current global credit crisis, rising interest rates and rising costs of living in general (and rising costs for fuel and healthcare in particular). It is thus desirable that borrowers be provided with wider choices as to how they may exploit the value of mortgaged property.

It is accordingly an aim of the present invention to provide financial institutions with an additional basis on which they can compete. It is also an aim of the present invention to provide borrowers with additional flexibility as to how they may utilize the value of their mortgaged property.

The discussion throughout this specification comes about due to the realisation of the inventor and/or the Identification of certain related art problems by the inventor. Any discussion of documents, devices, acts or knowledge in this specification is included to explain the context of the invention. It should not be taken as an admission that any of the material forms a part of the prior art base or the common general knowledge in the relevant art in Australia or elsewhere on or before the priority date of the disclosure and claims herein. SUMMARY OF THE INVENTION

It is an object of the embodiments described herein to overcome or alleviate at least one of the above noted drawbacks of related art systems or to at least provide a useful alternative to related art systems.

Accordingly, in one aspect, embodiments of the present invention provide a process for the provision of a benefit from a funds provider to a borrower who has borrowed funds from the funds provider, comprising: the funds provider taking a security over property from the borrower; and in at least one given time period, a benefit being conferred on the borrower, the benefit being related -to the interest paid by the borrower in respect of the borrowed funds in an earlier time period.

It is preferred that the funds provider arranges for the benefit to be provided to the borrower by a third party.

It is preferred that the borrower chooses the benefit, In this case, it preferred that the borrower chooses the benefit from a menu of choices.

It is preferred that the benefit is directly proportional to the interest paid by the borrower in respect of the borrowed funds in the earlier time period. Alternatively, is preferred that the magnitude of at least a portion of the benefit is discretionary.

It is preferred that a payment is made to the party which provides the benefit to the borrower in return for the provision of that benefit, that payment being made from funds which are derived, directly or indirectly, from the funds provider.

It is preferred that the benefit comprises at least one of: the supply of services; and the supply of goods.

It is preferred that the benefits are provided to the borrower during substantially the entire term of the security.

It is preferred that the security if a mortgage.

!t is preferred that the process for the provision of a benefit is computer implemented. In another aspect, the present invention provides a method of processing coded information during a computer implemented process for the provision of a benefit from a mortgage manager to a borrower who has borrowed funds from the funds provider, in which the funds provider takes a security over property from the borrower; and in at least one given time period, a benefit is conferred on the borrower, the benefit being related to the interest paid by the borrower in respect of the borrowed funds in an earlier time period, the method comprising: creating a computer implemented transactions file which contains data about transactions: to which the borrower has been a party; and in respect of which the benefit may be conferred on the borrower.

It is preferred that, for each transaction for which there is data in the transaction file, the amount of the benefit is calculated by computer implemented processing. It is preferred that an invoice is generated by computer implemented processing for each transaction for which there is data in the transaction file. It is particularly preferred that one invoice is generated for a plurality of transactions for which there is data in the transaction file.

It is preferred that a computer implemented debits file is created, the debits file containing data about debits which are to be made to accounts which borrowers maintain with a depository institution.

It will accordingly be seen that the present invention provides financial institutions with an additional basis on which they can compete. It also provides borrowers with additional flexibility as to how they may utilize the value of their mortgaged property. .

Further scope of applicability of embodiments of the present invention will become apparent from the detailed description given hereinafter. However, it should be understood that the detailed description and specific examples, while indicating preferred embodiments of the invention, are given by way of illustration only, since various changes and modifications within the spirit and scope of the disclosure herein will become apparent to those skilled in the art from this detailed description. BRIEF DESCRIPTION OF THE DRAWINGS

Further disclosure, objects, advantages and aspects of preferred and other embodiments of the present invention may be better understood by those skilled in the relevant art by reference to the following description of embodiments taken in conjunction with the accompanying drawing(s), which are given by way of illustration only, and thus are not limitative of the disclosure herein, and in which:

Figure 1 is an entity relationship diagram illustrating relationships among entities according to preferred embodiments of the present invention; and

Figures 2, 3 and 4 are flowcharts illustrating computerized transaction processing according to the embodiments of figure 1.

DESCRIPTION OF PREFERRED EMBODIMENTS OF THE INVENTION Overview of operation

Figure 1 shows an entity relationship diagram which illustrates relationships among entities according to preferred embodiments of the present invention. The entities that are illustrated in figure 1 are: a funds manager 2; a funds provider 3; a mortgagor 4; a mortgage manager 6; a vendor 7; a mortgagor's borrowing account 8; a third party provider of goods and/or services 9; and a mortgage manager's account 20.

As is illustrated by the one-way arrow 11 connecting the funds provider 3 and the funds manager 2, the funds manager 2 acquires funds from the funds provider 3 in return for the issue of a security to the funds provider 3. The purpose of the funds manager 2 in raising the funds is in order to lend funds to mortgagors 4. According to one preferred form of the invention, the funds provider 3 is a lender such as a bank or a superannuation fund, and the security that the funds manager 2 grants to the funds provider 3 is a bond on which the funds manager is liable both to make periodic interest payments and to repay the capital. According to another preferred form of the invention, another form of raising funds and granting a security is for the funds manager 2 to assign its rights under securities that it holds (such as mortgages over property) to the funds provider 3 in return for supply of funds.

As is illustrated by the double-headed arrow 14 a mortgagor 4, either directly or indirectly through the agency of a mortgage broker or the like which is not illustrated in the drawing, enters into an agreement 14 with a mortgage manager 6. Other terms of that agreement will become apparent below, but an initial responsibility of the mortgage manager 6 under that agreement is to introduce the mortgagor 4 to the funds manager 2. According to some preferred forms of the invention this introduction is direct, according to other preferred forms this introduction is indirect, through another party.

The purpose of the introduction of the mortgagor 4 to the funds manager 2 is so that the funds manager 2 can finance the purchase of a property from a vendor 7, that purchase to be secured by a mortgage over the purchased property. The agreement 16 between mortgagor 4 and the funds manager 2 concerns the terms on which the funds manager 2 will finance a purchase from a vendor 7. According to alternative preferred forms of the invention that are not illustrated in figure 1 , the agreement 16 between the mortgagor 4 and the funds manager 2 relates to the re-financing of an existing mortgage over property and so there is no vendor involved. When the mortgagor 4 has identified a suitable property and entered into a contract of sale identified by the arrow 13, the settlement process that is customary in a sale takes place. According to the presently described preferred embodiments of the invention, the property to be purchased is land or an interest in land and the -security granted to the funds manager 2 Is a mortgage, either registered or unregistered, over that land. According to other preferred embodiments of the invention that are not illustrated in figure 1 , the property to be acquired from the vendor is personal property. According to yet further preferred embodiments of the invention that are not illustrated in figure 1 , other forms of security are granted to the funds manager 2. Such other forms of security comprise a deed of fixed and floating charge over the assets of the mortgagor 4 and a bill of exchange which is payable at some future date.

As is illustrated by the arrow 19, at the time of settlement the funds manager 2 makes a debit entry in the mortgagor's borrowing account 8. This debit entry 19 represents the principal of the secured loan together with any other debits (such as loan establishment fees) that are payable the mortgagor 4 to the funds manager 2 in accordance with the agreement between the mortgagor 4 and the funds manager 2. Interest charges are also debited to the mortgagor's borrowing account 8 periodically.

As is illustrated by the arrow 26, the mortgagor 4 makes periodic payments 26 (such as monthly or fortnightly) to the borrowing account 8. In the period following such a periodic payment, the mortgagor 4 becomes entitled to a benefit which is related to the interest component of that periodic payment. The methodology by which that benefit is determined is described in detail below, but the benefit relates to the purchase by the mortgagor 4 of goods, of services, or of both goods and services, from a third-party provider 9.

According to some preferred embodiments of the present invention, the third party provider 9 is a retailer of automotive fuel. In this case, it is particularly preferred that the mortgagor 4 be supplied with a transaction card for the purpose of acquiring fuel from the third-party provider 9. Preferred forms of transaction card comprise debit cards, credit cards and smart cards. The mortgagor 4 acquires fuel from the suppler 9 on presenting the transaction card to the third- party provider 9. Consequent on that acquisition of fuel, the third party provider 9 debits 25 an account 20 of the mortgage manager 6 for the full retail price of the fuel. According to alternative preferred forms of the invention, this debiting to the mortgage manager's account 20 takes place in real time or by batch processing, such as in daily batches. Batch processing according to presently described embodiments of the invention is described in more detail below with reference to figures 1 , 2 and 3.

Although the embodiments of the invention that are described by reference to figure 1 show transactions as taking place directly between the third party provider 9 on the one hand and the mortgage manager 6 or the mortgage manager's account 20 on the other hand, in other embodiments these transactions are mediated through another party. According to alternative embodiments, the issuer of a transaction card stands between the provider 9 and the mortgage manager 6, so that purchase transactions by mortgagor 4 from third party providers 9 are accumulated by the issuer of the transaction card. Also consequent on the purchase by the mortgagor 4 of fuel from the third party provider 9, the mortgage manager 6 issues a tax invoice 24 for that purchase to the mortgagor 4. However, as described below, the amount of that tax invoice 24 is discounted from the amount that the provider 9 has debited to the mortgagor manager's account 20. This discount represents a benefit to the mortgagor 4.

Periodically, generally at the same time as the mortgage repayments 26, the mortgagor makes payments 27 into the mortgagor's borrowing account 8 representing payment of the tax invoices 24 for purchases from the third party provider 9. According to alternative preferred forms of the invention which are not illustrated in the drawings, instead of the mortgagor 4 making payments into the mortgagor's account 8 to cover such tax invoices 24, an external account of the mortgagor 4 is debited by the mortgage manager 6. The class of preferred external accounts comprise cheque accounts and savings accounts with a bank or other depository, institution.

The funds' manager 2 also makes drawings 30 from the mortgagor's borrowing account 8. The funds manager 2 also makes periodic payments 28 into the mortgage manager's account 20. According to the embodiments of the invention in which the mortgagor 4 makes payments 27 into the mortgagor's borrowing account 8, the payments 28 are the aggregate of: commissions payable by the funds manager 2 to the mortgage manager 4; and payments on the tax invoices 24 that the funds manager 2 has received from the mortgagor 4. According to the embodiments of the invention which are not illustrated in the drawings and in which the mortgage manager 6 debits an external account of the mortgagor 4 to cover payment of the tax invoices 24, the payments 28 are the commissions payable by the funds manager 2 to the mortgage manager 6.

According to alternative embodiments of the invention that are not illustrated in figure 1 , it is the mortgage manager 6, rather than the funds manager 2, which makes drawings from the mortgagor's borrowing account 8 to directly reimburse the mortgage manager on the tax invoices 24 which have been debited 25 to the mortgage manager's account. Description of transaction processing

It is particularly preferred that transaction processing according to the present invention be performed by use electronic computing hardware. Such computerized processing is described below with reference to figures 2, 3 and 4. The flowchart of figure 2 illustrates the processing 35 that takes place in importing fuel purchase transactions that have taken place between the mortgagor 4 and the third party provider 9. As a preliminary step that is not illustrated in the flowchart, a .csv (comma-separated values) file is periodically imported (preferably daily) into the mortgage manager's 6 computer system either from the computer system of the third party provider 9 or from an intermediate party such as the transaction card issuer.

The process 35 starts at 36 and operates iterativeiy on that file until it finishes at 47. At 37 the process 35 opens the .csv file of transactions that has been previously imported. At decision step 39, the process determines whether or not the transaction card is a card which appears in a database of valid transaction cards. If the transaction card is not valid, processing of that entry in the ,csv file terminates and the process moves on to another entry in the file.

If the transaction card is found to be valid at step 39, then processing moves to step 41 in which a decision is made whether or not the transaction already appears in the mortgage manager's 6 database of fuel transactions. If it already appears in the database of fuel transactions, then processing moves on to another entry in the file.

If the transaction does not already appear in the database of fuel transactions, then processing moves on to sub-process 42 which creates a new transaction entry in the database for that transaction.

At decision step 43, the transaction is examined to determine whether or not it includes the purchase of non-fuel items. If it includes the purchase of non- fuel item, then a warning letter is generated at 44 and process continues to step 46. If the transaction does not include the purchase of non-fuel items, then processing continues to step 46.

At step 46, a decision is made whether the iast entry in the .csv file has been processed. If the last entry has been processed, then processing terminates at 47. if the last entry has not been processed, then processing returns to 38.

The flowchart of figure 3 illustrates the processing 51 in: calculating the discount that is available to mortgagors 4 on fuel that that they have purchased from a third party vendor 9; and in generating tax invoices 24 for those purchases of fuel.

The process starts at 52 and operates iteratively on the entries in the fuel purchase database until all entries in that database are processed.

At step 53, the process retrieves an un-invoiced transaction in the fuel purchase database which is dated on or before the date that the process is running.

At step 54, a decision is made as to whether the transaction was for a purchase of fuel. If the transaction was not for a purchase of fuel, processing goes to step 58 where a discount of $0 is allocated to the transaction. If the transaction was for the purchase of fuel, then the processing goes to step 57 where a discount is calculated in accordance with the agreement between the mortgage manager 6 and the mortgagor 4.

According to some preferred embodiments of the invention, the aggregate of the discounts allowed to mortgagors 4 in respect of fuel purchases in a given period has an upper limit, where that upper limit is calculated having regard to the mortgage interest paid by the mortgagor 4 in the immediately preceding period. According to some embodiments of the invention, if the mortgagor 4 does not qualify to claim that maximum aggregate discount, the excess is forfeited while according to other embodiments of the invention that excess is carried over to the next period. Also according to some embodiments of the invention, if a mortgagor 4 has qualified to claim the maximum aggregate discount in a period, the mortgage manager 6 has a discretion to allow further discounts in respect of additional fuel purchases in that period.

At step 59, a decision is made as to whether the remaining discounting available to the mortgagor 4 in the time period is greater than the calculated eligible discount on the purchase transaction. If this is the case, at step 61 the mortgagor 4 is allocated a discount on the purchase transaction which is equal to the calculated eligible discount for that transaction. If the remaining discount available for the period is equal to or less than the calculated eligible discount for the transaction, then the mortgagor 4 is allocated a discount on the purchase transaction which is equal to the unconsumed amount of the discount available for the time period, At step 64, the total of a tax invoice 24 for the purchase is calculated as being equal to the purchase amount minus the discount that was allocated at whichever of steps 61 and 62 is applicable.

At step 64 a tax invoice 24 is generated. That tax invoice 24 includes details of the purchase including the purchase amount, the discount allowed on the purchase, and the total of the tax invoice 24. Although it is not illustrated in figure 3, the tax invoice 24 is e-mailed to the mortgagor 4.

At step 66 a test is made as to whether processing of. transactions in the database is complete, ff it is not complete, the process returns to step 53 and if it is complete the process terminates at 67. The flowchart of figure 4 illustrates process 71 that takes place according to those embodiments of the invention in which an account of the mortgagor 4 is directly debited with the purchase price of fuel (as discounted where appropriate)

The process 71 starts at 72 and operates iteratively on each invoiced transaction in the fuel purchase database until all such invoiced transactions are processed.

At step 72, the process 71 retrieves an invoiced transaction from the fuel purchase database.

At step 73, the process 71 creates an entry in a text file that is in .aba (Australian Banking Association) format for subsequent upload to a deposit institution for direct debit processing.

At step 74, a test is made as to whether processing of invoiced transactions in the fuel purchases database is complete. If it is not complete, processing returns to 72. If processing is complete, processing terminates at 75.

Although the processing as described with reference to figures 2, 3 and 4 is of embodiments of the invention in which the mortgagor 4 chooses to purchase fuel, it will be appreciated that this processing is generally applicable to embodiments in which the mortgagor may choose to purchase other goods or services. According to some preferred embodiments, the benefit that the mortgagor 4 chooses is health care insurance. According to these embodiments, the mortgage manager 6 negotiates with a health insurer for the insurer to make available one or more health insurance plans. The mortgagor 4 chooses a health insurance plan and receives a discount on the insurance premium for a period based on the mortgage interest paid in a previous period.

It will be appreciated that a mortgagor's interest payments will vary with variations in the outstanding balance of the mortgagor's borrowing account 8 and with variations in interest rates. According to preferred embodiments of the invention, the mortgage manager 6 retains the discretion not to reduce the discount on goods or services acquired from the third-party provider 9, or to reduce the discount only proportionately, in situations where the mortgagor's interest payments vary downwards.

While the present invention has been described with reference to a few specific embodiments, the description is illustrative of the invention and is not to be construed as limiting the invention. Various modifications may occur to those skilled in the art without departing from the true spirit and scope of the invention as defined by the appended claims.

As the present invention may be embodied in several forms of computer implementation without departing from the spirit of the essential characteristics of the invention, it should be understood that the above described embodiments are not to limit the present invention unless otherwise specified, but rather should be construed broadly within the spirit and scope of the invention as defined in the appended claims. The described embodiments are to be considered in all respects as illustrative only and not restrictive. Various modifications and equivalent computer implemented arrangements are intended to be included within the spirit and scope of the invention and appended claims. Therefore, the specific embodiments are to be understood to be illustrative of the many ways in which the principles of the present invention may be practiced. In the following claims, means-plus-function clauses are intended to cover structures as performing the defined function and not only structural equivalents, but also equivalent structures. For example, although a nail and a screw may not be structural equivalents in that a nail employs a cylindrical surface to secure wooden parts together, whereas a screw employs a helical surface to secure wooden parts together, in the environment of fastening wooden parts, a nail and a screw are equivalent structures,

It should be noted that where the terms "server", "secure server" or similar terms are used herein, a communication device is described that may be used in a communication system, unless the context otherwise requires, and should not be construed to limit the present invention to any particular communication device type. Thus, a communication device may include, without limitation, a bridge, router, bridge-router (router), switch, node, or other communication device, which may or may not be secure. It should also be noted that where a flowchart is used herein to demonstrate various aspects of the invention, it should not be construed to limit the present invention to any particular logic flow or logic implementation. The described logic may be partitioned into different logic blocks (e.g., programs, modules, functions, or subroutines) without changing the overall results or otherwise departing from the true scope of the invention. Often, logic elements may be added, modified, omitted, performed in a different order, or implemented using different logic constructs (e.g., logic gates, looping primitives, conditional logic, and other logic constructs) without changing the overall results or otherwise departing from the true scope of the invention. Various embodiments of the invention may be embodied in many different forms, including computer program logic for use with a processor (e.g., a microprocessor, microcontroller, digital signal processor, or general purpose computer), programmable logic for use with a programmable logic device (e.g., a Field Programmable Gate Array (FPGA) or other PLD), discrete components, integrated circuitry (e.g., an Application Specific Integrated Circuit (ASIC)), or any other means including any combination thereof. In an exemplary embodiment of the present invention, predominantly all of the communication between users and the server is implemented as a set of computer program instructions that is converted into a computer executable form, stored as such in a computer readable medium, and executed by a microprocessor under the control of an operating system.

Computer program logic implementing all or part of the functionality where described herein may be embodied in various forms, including a source code form, a computer executable form, and various intermediate forms (e.g., forms generated by an assembler, compiler, linker, or locator). Source code may include a series of computer program instructions implemented in any of various programming languages (e.g., an object code, an assembly language, or a high- level language such as Fortran, C, C++, JAVA, or HTML) for use with various operating systems or operating environments. The source code may define and use various data structures and communication messages. The source code may be in a computer executable form (e.g., via an interpreter), or the source code may be converted (e.g., via a translator, assembler, or compiler) into a computer executable form.

The computer program may be fixed in any form (e.g., source code form, computer executable form, or an intermediate form) either permanently or transitorily in a tangible storage medium, such as a semiconductor memory device (e.g, a RAM, ROM, PROM, EEPROM, or Flash-Programmable RAM), a magnetic memory device (e.g., a diskette or fixed disk), an optical memory device (e.g., a CD-ROM or DVD-ROM), a PC card (e.g., PCMCIA card), or other memory device. The computer program may be fixed in any form in a signal that is transmittable to a computer using any of various communication technologies, including, but in no way limited to, analog technologies, digital technologies, optical technologies, wireless technologies (e.g., Bluetooth), networking technologies, and inter-networking technologies. The computer program may be distributed in any form as a removable storage medium with accompanying printed or electronic documentation (e.g., shrink wrapped software), preloaded with a computer system (e.g., on system ROM or fixed disk), or distributed from a server or electronic bulletin board over the communication system (e.g., the Internet or World Wide Web).

Hardware logic (including programmable logic for use with a programmable logic device) implementing all or part of the functionality where described herein may be designed using traditional manual methods, or may be designed, captured, simulated, or documented electronically using various tools, such as Computer Aided Design (CAD), a hardware description language (e.g., VHDL or AHDL), or a PLD programming language (e.g., PALASM, ABEL, or CUPL). Programmable logic may be fixed either permanently or transitorily, in a tangible storage medium, such as a semiconductor memory device (e.g., a RAM, ROM, PROM₁ EEPROM, or Flash-Programmable RAM), a magnetic memory device (e.g., a diskette or fixed disk), an optical memory device (e.g., a CD-ROM or DVD-ROM), or other memory device. The programmable logic may be fixed in a signal that is transmittable to a computer using any of various communication technologies, including, but in no way limited to, analog technologies, digital technologies, optical technologies, wireless technologies (e.g., Bluetooth), networking technologies, and internetworking technologies. The programmable logic may be distributed as a removable storage medium with accompanying printed or electronic documentation (e.g., shrink wrapped software), preloaded with a computer system (e.g., on system ROM or fixed disk), or distributed from a server or electronic bulletin board over the communication system (e.g., the Internet or World Wide Web). "Comprises/comprising" when used in this specification is taken to specify the presence of stated features, integers, steps or components but does not preclude the presence or addition of one or more other features, integers, steps, components or groups thereof." Thus, and unless the context clearly requires otherwise, throughout the description and the claims, the words 'comprise', 'comprising', and the like are to be construed in an inclusive sense as opposed to an exclusive or exhaustive sense; that is to say, in the sense of "including, but not limited to"

Claims

THE CLAIMS DEFINING THE INVENTION ARE AS FOLLOWS:

1. A process for the provision of a benefit from a funds provider to a borrower who has borrowed funds from the funds provider, comprising: the funds provider taking a security over property from the borrower; and in at least one given time period, a benefit being conferred on the borrower, the benefit being related to the interest paid by the borrower in respect of the borrowed funds in an earlier time period.

2. A process for the provision of a benefit as claimed in claim 1 in which the funds provider arranges for the benefit to be provided to the borrower by a third party.

3. A process for the provision of a benefit as claimed in claim 1 or claim 2, in which the borrower chooses the benefit.

4. A process for the provision of a benefit as claimed in claim 3, in which the borrower chooses the benefit from a menu of choices.

5. A process for the provision of a benefit as claimed in any one of the preceding claims, in which the benefit is directly proportional to the interest paid by the borrower in respect of the borrowed funds in the earlier time period.

6. . A process for the provision of a benefit as claimed in any one of claims 1 to 4, in which the magnitude of at least a portion of the benefit is discretionary.

7. A process for the provision of a benefit as claimed in any one of claims 2 to 6, in which a payment is made to the party which provides the benefit to the borrower in return for the provision of that benefit, that payment being made from funds which are derived, directly or indirectly, from the funds provider.

8. A process for the provision of a benefit as claimed in any one of the preceding claims, in which the benefit comprises at least one of: the supply of services; and the supply of goods.

9. A process as claimed in any one of the preceding claims, in which the benefits are provided to the borrower during substantially the entire term of the security.

10. A process as claimed in any one of the preceding claims when computer implemented.

11. A process as claimed in any one of the preceding claims in which the security is a mortgage.

12. A method of processing coded information during a computer implemented process for the provision of a benefit from a mortgage manager to a borrower who has borrowed funds from the funds provider, in which the funds provider takes a security over property from the borrower; and in at least one given time period, a benefit is conferred on the borrower, the benefit being related to the interest paid by the borrower in respect of the borrowed funds in an earlier time period, the method comprising: creating a computer implemented transactions file which contains data about transactions: to which the borrower has been a party; and in respect of which the benefit may be conferred on the borrower.

13. A method of processing coded information as claimed in claim 12 in which, for each transaction for which there is data in the transaction file, the amount of the benefit is calculated by computer implemented processing.

14. A method of processing coded information as claimed in claim 12 or claim 13 in which an invoice is generated by computer implemented processing for each transaction for which there is data in the transaction file.

15. A method of processing coded information as claimed in claim 14 in which one invoice is generated for a plurality of transactions for which there is data in the transaction file.

16. A method of processing coded information as claimed in any one of claims 12 to 15 in which a computer implemented debits file is created, the debits file containing data about debits which are to be made to accounts which borrowers maintain with a depository institution.

17. Executable code on a machine readable substrate, the executable code being adapted to implement a method of processing coded information as claimed in any one of claims 12 to 1β.

18. A process as claimed in any one of claims 1 to 11 , substantially as described with reference to the drawings.

18. A method of processing coded information as claimed in any one of claims 12 to 16, substantially as described with reference to the drawings.

20. Apparatus adapted to process coded information during a computer implemented process for the provision of a benefit from a funds provider to a borrower who has borrowed funds from the fund provider, said apparatus comprising: processor means adapted to operate in accordance with a predetermined instruction set, said apparatus, in conjunction with said instruction set, being adapted to perform the process steps of any one of claims 1 to 11 or the method steps of any one of claims 12 to 16.

21. A computer program product comprising: a computer usable medium having computer readable program code and computer readable system code embodied on said medium for processing coded information for the provision of a benefit from a funds provider to a borrower who has borrowed funds form the funds provider within a data processing system, said computer program product comprising: computer readable code within said computer usable medium for performing the process steps of any one of claim 1 to 9 or the method steps of any one of claims 11 to 15.

22. Apparatus, device or product as disclosed herein with reference to at least one of the accompanying drawings.