WO2019194822A1

WO2019194822A1 - System, method, and computer program product for a peer-to-peer electronic contract network

Info

Publication number: WO2019194822A1
Application number: PCT/US2018/026521
Authority: WO
Inventors: Rupa KALIDOSS
Original assignee: Visa International Service Association
Priority date: 2018-04-06
Filing date: 2018-04-06
Publication date: 2019-10-10

Abstract

Provided is a system, method, and computer program product for facilitating a peer-to-peer electronic contract network and automated rating system. The method includes receiving and storing contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user. The method further includes generating a personal credit rating profile including an automatically generated user credit rating. The method further includes updating the personal credit rating profile in response to the contract and generating a personal profile identifier. The method further includes communicating the personal profile identifier for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

Description

SYSTEM, METHOD, AND COMPUTER PROGRAM PRODUCT

FOR A PEER-TO-PEER ELECTRONIC CONTRACT NETWORK

BACKGROUND OF THE INVENTION

1 . Field of the Invention

[0001] This invention relates generally to systems, devices, products, apparatus, and methods for distributed electronic communication networks, and, in one particular non-limiting embodiment, to a system, method, and computer program product for facilitating a peer-to-peer electronic contract network and automated rating system.

2. Technical Considerations

[0002] The development of a credit rating is an often essential aspect of leveraging one’s position to engage in important financial investments, seek employment, or make purchases beyond one’s current liquidity. For individuals who do not have bank accounts, particularly those lacking the ability to use and spend on credit ( e.g ., by credit card), obtaining and cultivating a credit rating can be difficult. For these “unbanked” individuals, some limited solutions exist that allow them to engage in only simple digital transactions, where they may make a payment and/or receive a payment. Flowever, there is not a solution in which an unbanked individual may be extended credit, develop a credit rating, and build a reputation of reliability and trustworthiness for engaging in contractual agreements.

[0003] Moreover, traditional credit ratings are generally restricted to the financial trustworthiness of an individual. Flowever, an individual may engage in any number of contracts for payment that may not necessarily involve credit payments or a loan. For example, an individual may contract to receive payment in exchange for services, such as with employment/independent contracting, and may wish to develop a rating that accounts for their performance of those services, including punctuality, quality of work, and peer review. Existing solutions do not account for these parameters.

[0004] There is a need for an electronic contract ecosystem in which individuals, including the unbanked, may engage in peer-to-peer (P2P) contracts for payment {e.g., loans, employment, rent, etc.) and develop a personal credit rating that may be used to gauge the reliability and trustworthiness of the individual, without reliance on bank accounts or credit rating agencies. There is a need for a credit rating system in which users may engage in contracts for payment, rate one another, and have their personal credit rating automatically update in response to their behavior within the ecosystem. SUMMARY OF THE INVENTION

[0005] Accordingly, and generally, provided is an improved method, system, and computer program product for facilitating a peer-to-peer electronic contract network and automated rating system. Preferably, provided is a system, method, and computer program product for receiving and storing contract data, representative of a contract between two users, in a database and generating a personal credit rating profile including an automatically generated user credit rating. Preferably, provided is a system, method, and computer program product for updating the personal credit rating profile in response to the contract and generating a personal profile identifier. Preferably, provided is a system, method, and computer program product for communicating the personal profile identifier for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0006] According to non-limiting embodiments, provided is a computer- implemented method for facilitating a peer-to-peer electronic contract network and automated rating system. The method includes receiving, with at least one processor, contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data including at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof. The method further includes storing, with at least one processor, the contract data in a database communicatively connected to the at least one processor. The method further includes generating, with at least one processor, a personal credit rating profile associated with at least one of the first user and the second user. The personal credit rating profile is stored in a database communicatively connected to the at least one processor. The personal credit rating profile includes an automatically generated user credit rating and profile data including at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof. The method further includes updating, with at least one processor, the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user. The method further includes generating, with at least one processor, a personal profile identifier associated with at least one of the first user and the second user. The personal profile identifier is stored in a database communicatively connected to the at least one processor and includes at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile. The personal profile identifier is configured to be shared between users in the peer-to-peer electronic contract network. The method further includes communicating, with at least one processor, the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0007] In further non-limiting embodiments, the method may include receiving, with at least one processor, a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user. The method may also include, in response to receiving the notification of the new payment being made in accordance with the contract, updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified. The method may further include generating, with at least one processor, an updated personal profile identifier, and communicating, with at least one processor, the updated personal profile identifier to at least one of the first user communication device and the second user communication device. The method may further include, in response to receiving the notification of the new payment being made in accordance with the contract, receiving, with at least one processor, a list of at least one other contract between the first user or the second user and at least one third user. The method may further include determining, with at least one processor, correspondence information for the at least one third user. The method may further include automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0008] In further non-limiting embodiments, the personal profile identifier may be a machine-readable code, the machine-readable code including: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data. The user credit rating of the personal credit rating profile may be automatically generated and periodically updated, with at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof. The contract for the at least one payment may be representative of a loan from the second user to the first user, to be paid back by the first user to the second user. The contract for the at least one payment may be representative of a loan from the first user to the second user, to be paid back by the second user to the first user.

[0009] In further non-limiting embodiments, the method may include receiving, with at least one processor in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user. The method may also include associating, with at least one processor, the at least one electronic transaction request with the contract. The method may further include, in response to receiving the at least one electronic transaction request, updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0010] In further non-limiting embodiments, the method may include, in response to the acceptance of the invitation to engage in the contract for the at least one payment, receiving, with at least one processor, a list of at least one other contract between the first user or the second user and at least one third user. The method may also include receiving, with at least one processor, correspondence information for the at least one third user. The method may further include automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0011] In further non-limiting embodiments, the method may include receiving, with at least one processor, a user rating associated with the contract for the at least one payment and including at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user. The method may also include, in response to receiving the user rating, updating, with at least one processor, the personal credit rating profile. The method may further include, generating, with at least one processor, an updated personal profile identifier. The method may further include communicating, with at least one processor, the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0012] In further non-limiting embodiments, the method may include monitoring, with at least one processor, a plurality of payments associated with fulfillment of the contract for the at least one payment. The method may also include determining, with at least one processor, that total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment. The method may further include generating and communicating, with at least one processor, a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed. The method may further include, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, updating, with at least one processor, (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified. The method may further include, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generating and communicating, with at least one processor and to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0013] According to non-limiting embodiments, provided is a system for facilitating a peer-to-peer electronic contract network and automated rating system. The system includes a database for storing contract data representative of a contract for at least one payment. The contract is invited by a first user and accepted by a second user. The contract data includes at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof. The system also includes at least one server computer having at least one processor. The at least one server computer is programmed and/or configured to generate a personal credit rating profile associated with at least one of the first user and the second user. The personal credit rating profile is stored in the database. The personal credit rating profile includes an automatically generated user credit rating and profile data including at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof. The at least one server computer is also programmed and/or configured to update the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user. The at least one server computer is further programmed and/or configured to generate a personal profile identifier associated with at least one of the first user and the second user. The personal profile identifier is stored in the database and includes at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile. The personal profile identifier is configured to be shared between users in the peer-to-peer electronic contract network. The at least one server computer is further programmed and/or configured to communicate the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0014] In further non-limiting embodiments, the at least one server computer may be programmed and/or configured to receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user. The at least one server computer may be programmed and/or configured to, in response to receiving the notification of the new payment being made in accordance with the contract, update the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified. The at least one server computer may be also programmed and/or configured to generate an updated personal profile identifier. The at least one server computer may be further programmed and/or configured to communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device. The at least one server computer may be further programmed and/or configured to, in response to receiving the notification of the new payment being made in accordance with the contract, receive a list of at least one other contract between the first user or the second user and at least one third user. The at least one server computer may be further programmed and/or configured to determine correspondence information for the at least one third user. The at least one server computer may be further programmed and/or configured to automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0015] In further non-limiting embodiments, the personal profile identifier may be a machine-readable code, the machine-readable code including: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data. The user credit rating of the personal credit rating profile may be automatically generated and periodically updated, by the at least one server computer, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof. The contract for the at least one payment may be representative of a loan from the second user to the first user, to be paid back by the first user to the second user. The contract for the at least one payment may be representative of a loan from the first user to the second user, to be paid back by the second user to the first user.

[0016] In further non-limiting embodiments, the at least one server computer may be programmed and/or configured to receive, in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user. The at least one server computer may be also programmed and/or configured to associate the at least one electronic transaction request with the contract. The at least one server computer may be further programmed and/or configured to, in response to receiving the at least one electronic transaction request, update the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0017] In further non-limiting embodiments, the at least one server computer may be programmed and/or configured to, in response to the acceptance of the invitation to engage in the contract for the at least one payment, receive a list of at least one other contract between the first user or the second user and at least one third user. The at least one server computer may be also programmed and/or configured to receive correspondence information for the at least one third user. The at least one server computer may be further programmed and/or configured to automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0018] In further non-limiting embodiments, the at least one server computer may be programmed and/or configured to receive a user rating associated with the contract for the at least one payment and including at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user. The at least one server computer may be also programmed and/or configured to, in response to receiving the user rating, update the personal credit rating profile, generate an updated personal profile identifier, and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0019] In further non-limiting embodiments, the at least one server computer may be programmed and/or configured to monitor a plurality of payments associated with fulfillment of the contract for the at least one payment. The at least one server computer may be also programmed and/or configured to determine that total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment. The at least one server computer may be further programmed and/or configured to generate and communicate a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed. The at least one server computer may be further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified. The at least one server computer may be further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0020] According to non-limiting embodiments, provided is a computer program product for facilitating a peer-to-peer electronic contract network and automated rating system. The computer program product includes at least one non-transitory computer- readable medium including program instructions that, when executed by at least one processor, cause the at least one processor to store, in a database, contract data representative of a contract for at least one payment. The contract is invited by a first user and accepted by a second user. The contract data includes at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof. The program instructions also cause the at least one processor to generate a personal credit rating profile associated with at least one of the first user and the second user. The personal credit rating profile is stored in the database. The personal credit rating profile includes an automatically generated user credit rating and profile data including at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof. The program instructions further cause the at least one processor to update the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user. The program instructions further cause the at least one processor to generate a personal profile identifier associated with at least one of the first user and the second user. The personal profile identifier is stored in the database and includes at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile. The personal profile identifier is configured to be shared between users in the peer-to-peer electronic contract network. The program instructions further cause the at least one processor to communicate the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0021] In further non-limiting embodiments, the program instructions may cause the at least one processor to receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user. The program instructions may also cause the at least one processor to, in response to receiving the notification of the new payment being made in accordance with the contract, update the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified. The program instructions may further cause the at least one processor to generate an updated personal profile identifier. The program instructions may further cause the at least one processor to communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device. The program instructions may further cause the at least one processor to, in response to receiving the notification of the new payment being made in accordance with the contract, receive a list of at least one other contract between the first user or the second user and at least one third user. The program instructions may further cause the at least one processor to determine correspondence information for the at least one third user. The program instructions may further cause the at least one processor to automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0022] In further non-limiting embodiments, the personal profile identifier may be a machine-readable code, the machine-readable code including: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data. The user credit rating of the personal credit rating profile may be automatically generated and periodically updated, by the at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof. The contract for the at least one payment may be representative of a loan from the second user to the first user, to be paid back by the first user to the second user. The contract for the at least one payment may be representative of a loan from the first user to the second user, to be paid back by the second user to the first user.

[0023] In further non-limiting embodiments, the program instructions may cause the at least one processor to receive, in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user. The program instructions may also cause the at least one processor to associate the at least one electronic transaction request with the contract. The program instructions may further cause the at least one processor to, in response to receiving the at least one electronic transaction request, update the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0024] In further non-limiting embodiments, the program instructions may cause the at least one processor to, in response to the acceptance of the invitation to engage in the contract for the at least one payment, receive a list of at least one other contract between the first user or the second user and at least one third user. The program instructions may also cause the at least one processor to receive correspondence information for the at least one third user. The program instructions may further cause the at least one processor to automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0025] In further non-limiting embodiments, the program instructions may cause the at least one processor to receive a user rating associated with the contract for the at least one payment and including at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user. The program instructions may also cause the at least one processor to, in response to receiving the user rating, update the personal credit rating profile, generate an updated personal profile identifier, and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0026] In further non-limiting embodiments, the program instructions may cause the at least one processor to monitor a plurality of payments associated with fulfillment of the contract for the at least one payment. The program instructions may also cause the at least one processor to determine that total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment. The program instructions may further cause the at least one processor to generate and communicate a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed. The program instructions may further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified. The program instructions may further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0027] Further non-limiting embodiments or aspects are set forth in the following numbered clauses:

[0028] Clause 1 : A computer-implemented method for facilitating a peer-to-peer electronic contract network and automated rating system, comprising: receiving, with at least one processor, contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof; storing, with at least one processor, the contract data in a database communicatively connected to the at least one processor; generating, with at least one processor, a personal credit rating profile associated with at least one of the first user and the second user, the personal credit rating profile stored in a database communicatively connected to the at least one processor, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof; updating, with at least one processor, the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user; generating, with at least one processor, a personal profile identifier associated with at least one of the first user and the second user, the personal profile identifier stored in a database communicatively connected to the at least one processor and comprising at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile, the personal profile identifier configured to be shared between users in the peer-to-peer electronic contract network; and communicating, with at least one processor, the personal profile identifier to the at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract. [0029] Clause 2: The method of clause 1 , further comprising: receiving, with at least one processor, a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and, in response to receiving the notification of the new payment being made in accordance with the contract: updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified; generating, with at least one processor, an updated personal profile identifier; and communicating, with at least one processor, the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0030] Clause 3: The method of clause 1 or 2, further comprising, in response to receiving the notification of the new payment being made in accordance with the contract: receiving, with at least one processor, a list of at least one other contract between the first user or the second user and at least one third user; determining, with at least one processor, correspondence information for the at least one third user; and automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0031] Clause 4: The method of any of clauses 1 -3, wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

[0032] Clause 5: The method of any of clauses 1 -4, wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, with at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof.

[0033] Clause 6: The method of any of clauses 1 -5, wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user. [0034] Clause 7: The method of any of clauses 1 -6, wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

[0035] Clause 8: The method of any of clauses 1 -7, further comprising: receiving, with at least one processor in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user; associating, with at least one processor, the at least one electronic transaction request with the contract; and, in response to receiving the at least one electronic transaction request, updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0036] Clause 9: The method of any of clauses 1 -8, further comprising, in response to the acceptance of the invitation to engage in the contract for the at least one payment: receiving, with at least one processor, a list of at least one other contract between the first user or the second user and at least one third user; receiving, with at least one processor, correspondence information for the at least one third user; and automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0037] Clause 10: The method of any of clauses 1 -9, further comprising: receiving, with at least one processor, a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and, in response to receiving the user rating: updating, with at least one processor, the personal credit rating profile; generating, with at least one processor, an updated personal profile identifier; and communicating, with at least one processor, the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0038] Clause 1 1 : The method of any of clauses 1 -10, further comprising: monitoring, with at least one processor, a plurality of payments associated with fulfillment of the contract for the at least one payment; determining, with at least one processor, that total historic payments associated with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment; and generating and communicating, with at least one processor, a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed.

[0039] Clause 12: The method of any of clauses 1 -1 1 , further comprising, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, updating, with at least one processor, (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

[0040] Clause 13: The method of any of clauses 1 -12, further comprising, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generating and communicating, with at least one processor and to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0041] Clause 14: A system for facilitating a peer-to-peer electronic contract network and automated rating system, comprising: a database for storing contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof; and at least one server computer having at least one processor, the at least one server computer programmed and/or configured to: generate a personal credit rating profile of at least one of the first user and the second user, the personal credit rating profile stored in the database, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof; update the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user; generate a personal profile identifier associated with at least one of the first user and the second user, the personal profile identifier stored in the database and comprising at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile, the personal profile identifier configured to be shared between users in the peer-to-peer electronic contract network; and communicate the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0042] Clause 15: The system of clause 14, wherein the at least one server computer is further programmed and/or configured to: receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and, in response to receiving the notification of the new payment being made in accordance with the contract: update the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified; generate an updated personal profile identifier; and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0043] Clause 16: The system of clause 14 or 15, wherein the at least one server computer is further programmed and/or configured to, in response to receiving the notification of the new payment being made in accordance with the contract: receive a list of at least one other contract between the first user or the second user and at least one third user; determine correspondence information for the at least one third user; and automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0044] Clause 17: The system of any of clauses 14-16, wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

[0045] Clause 18: The system of any of clauses 14-17, wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, by the at least one server computer, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof. [0046] Clause 19: The system of any of clauses 14-18, wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user.

[0047] Clause 20: The system of any of clauses 14-19, wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

[0048] Clause 21 : The system of any of clauses 14-20, wherein the at least one server computer is further programmed and/or configured to: receive, in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user; associate the at least one electronic transaction request with the contract; and, in response to receiving the at least one electronic transaction request, update the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0049] Clause 22: The system of any of clauses 14-21 , wherein the at least one server computer is further programmed and/or configured to, in response to the acceptance of the invitation to engage in the contract for the at least one payment: receive a list of at least one other contract between the first user or the second user and at least one third user; receive correspondence information for the at least one third user; and automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0050] Clause 23: The system of any of clauses 14-22, wherein the at least one server computer is further programmed and/or configured to: receive a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and, in response to receiving the user rating: update the personal credit rating profile; generate an updated personal profile identifier; and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0051] Clause 24: The system of any of clauses 14-23, wherein the at least one server computer is further programmed and/or configured to: monitor a plurality of payments associated with fulfillment of the contract for the at least one payment; determine that total historic payments associated with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment; and generate and communicate a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed.

[0052] Clause 25: The system of any of clauses 14-24, wherein the at least one server computer is further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

[0053] Clause 26: The system of any of clauses 14-25, wherein the at least one server computer is further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0054] Clause 27: A computer program product for facilitating a peer-to-peer electronic contract network and automated rating system, the computer program product comprising at least one non-transitory computer-readable medium including program instructions that, when executed by at least one processor, cause the at least one processor to: store, in a database, contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof; generate a personal credit rating profile associated with at least one of the first user and the second user, the personal credit rating profile stored in the database, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof; update the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user; generate a personal profile identifier associated with at least one of the first user and the second user, the personal profile identifier stored in the database and comprising at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile, the personal profile identifier configured to be shared between users in the peer-to-peer electronic contract network; and communicate the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

[0055] Clause 28: The computer program product of clause 27, wherein the program instructions further cause the at least one processor to: receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and, in response to receiving the notification of the new payment being made in accordance with the contract: update the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified; generate an updated personal profile identifier; and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

[0056] Clause 29: The computer program product of clause 27 or 28, wherein the program instructions further cause the at least one processor to, in response to receiving the notification of the new payment being made in accordance with the contract: receive a list of at least one other contract between the first user or the second user and at least one third user; determine correspondence information for the at least one third user; and automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

[0057] Clause 30: The computer program product of any of clauses 27-29, wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

[0058] Clause 31 : The computer program product of any of clauses 27-30, wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, by the at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof.

[0059] Clause 32: The computer program product of any of clauses 27-31 , wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user.

[0060] Clause 33: The computer program product of any of clauses 27-32, wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

[0061] Clause 34: The computer program product of any of clauses 27-33, wherein the program instructions further cause the at least one processor to: receive, in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user; associate the at least one electronic transaction request with the contract; and, in response to receiving the at least one electronic transaction request, update the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

[0062] Clause 35: The computer program product of any of clauses 27-34, wherein the program instructions further cause the at least one processor to, in response to the acceptance of the invitation to engage in the contract for the at least one payment: receive a list of at least one other contract between the first user or the second user and at least one third user; receive correspondence information for the at least one third user; and automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

[0063] Clause 36: The computer program product of any of clauses 27-35, wherein the program instructions further cause the at least one processor to: receive a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and, in response to receiving the user rating: update the personal credit rating profile; generate an updated personal profile identifier; and communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device. [0064] Clause 37: The computer program product of any of clauses 27-36, wherein the program instructions further cause the at least one processor to: monitor a plurality of payments associated with fulfillment of the contract for the at least one payment; determine that total historic payments associated with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment; and generate and communicate a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed.

[0065] Clause 38: The computer program product of any of clauses 27-37, wherein the program instructions further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

[0066] Clause 39: The computer program product of any of clauses 27-38, wherein the program instructions further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

[0067] These and other features and characteristics of the present invention, as well as the methods of operation and functions of the related elements of structures and the combination of parts and economies of manufacture, will become more apparent upon consideration of the following description and the appended claims with reference to the accompanying drawings, all of which form a part of this specification, wherein like reference numerals designate corresponding parts in the various figures. It is to be expressly understood, however, that the drawings are for the purpose of illustration and description only and are not intended as a definition of the limits of the invention. As used in the specification and the claims, the singular form of “a,”“an,” and“the” include plural referents unless the context clearly dictates otherwise. BRIEF DESCRIPTION OF THE DRAWINGS

[0068] Additional advantages and details of the invention are explained in greater detail below with reference to the exemplary embodiments that are illustrated in the accompanying figures, in which:

[0069] FIG. 1 is a schematic diagram of a non-limiting embodiment of an environment in which systems, devices, products, apparatus, and/or methods described herein may be implemented according to the principles of the present invention;

[0070] FIG. 2 is a further schematic diagram of a non-limiting embodiment of an environment in which systems, devices, products, apparatus, and/or methods described herein may be implemented according to the principles of the present invention;

[0071] FIG. 3 is a flow diagram of a non-limiting embodiment of methods for facilitating a peer-to-peer electronic contract network and automated rating system according to the principles of the present invention;

[0072] FIG. 4 is a flow diagram of a non-limiting embodiment of methods for facilitating a peer-to-peer electronic contract network and automated rating system according to the principles of the present invention;

[0073] FIG. 5 is a flow diagram of a non-limiting embodiment of methods for facilitating a peer-to-peer electronic contract network and automated rating system according to the principles of the present invention; and

[0074] FIG. 6 is a flow diagram of a non-limiting embodiment of methods for facilitating a peer-to-peer electronic contract network and automated rating system according to the principles of the present invention.

DESCRIPTION OF THE INVENTION

[0075] No aspect, component, element, structure, act, step, function, instruction, and/or the like used herein should be construed as critical or essential unless explicitly described as such. Also, as used herein, the articles“a” and“an” are intended to include one or more items and may be used interchangeably with“one or more” and “at least one.” Furthermore, as used herein, the term“set” is intended to include one or more items (e.g., related items, unrelated items, a combination of related and unrelated items, and/or the like) and may be used interchangeably with“one or more” or“at least one.” Where only one item is intended, the term“one” or similar language is used. Also, as used herein, the terms“has,”“have,”“having,” or the like are intended to be open-ended terms. Further, the phrase“based on” is intended to mean“based at least in partially on” unless explicitly stated otherwise.

[0076] As used herein, the terms“communication” and“communicate” may refer to the reception, receipt, transmission, transfer, provision, and/or the like of information (e.g., data, signals, messages, instructions, commands, and/or the like). For one unit (e.g., a device, a system, a component of a device or system, combinations thereof, and/or the like) to be in communication with another unit means that the one unit is able to directly or indirectly receive information from and/or transmit information to the other unit. This may refer to a direct or indirect connection (e.g., a direct communication connection, an indirect communication connection, and/or the like) that is wired and/or wireless in nature. Additionally, two units may be in communication with each other even though the information transmitted may be modified, processed, relayed, and/or routed between the first and second unit. For example, a first unit may be in communication with a second unit even though the first unit passively receives information and does not actively transmit information to the second unit. As another example, a first unit may be in communication with a second unit if at least one intermediary unit (e.g., a third unit located between the first unit and the second unit) processes information received from the first unit and communicates the processed information to the second unit. In some non-limiting embodiments, a message may refer to a network packet (e.g., a data packet, and/or the like) that includes data. It will be appreciated that numerous other arrangements are possible.

[0077] As used herein, the term“transaction service provider” may refer to an entity that receives transaction authorization requests from merchants or other entities and provides guarantees of payment, in some cases through an agreement between the transaction service provider and an issuer institution. For example, a transaction service provider may include a payment network such as Visa® or any other entity that processes transactions. The term“transaction processing system” may refer to one or more computer systems operated by or on behalf of a transaction service provider, such as a transaction processing server executing one or more software applications. A transaction processing server may include one or more processors and, in some non-limiting embodiments, may be operated by or on behalf of a transaction service provider.

[0078] As used herein, the term“issuer institution” may refer to one or more entities, such as a bank, that provide accounts to customers for conducting transactions (e.g., payment transactions), such as initiating credit and/or debit payments. For example, an issuer institution may provide an account identifier, such as a personal account number (PAN), to a customer that uniquely identifies one or more accounts associated with that customer. The account identifier may be embodied on a portable financial device, such as a physical financial instrument, e.g., a payment card, and/or may be electronic and used for electronic payments. The term“issuer system” refers to one or more computer systems operated by or on behalf of an issuer institution, such as a server computer executing one or more software applications. For example, an issuer system may include one or more authorization servers for authorizing a transaction.

[0079] As used herein, the term“account identifier” may include one or more PANs, tokens, or other identifiers associated with a customer account. The term“token” may refer to an identifier that is used as a substitute or replacement identifier for an original account identifier, such as a PAN. Account identifiers may be alphanumeric or any combination of characters and/or symbols. Tokens may be associated with a PAN or other original account identifier in one or more data structures (e.g., one or more databases and/or the like) such that they may be used to conduct a transaction without directly using the original account identifier. In some examples, an original account identifier, such as a PAN, may be associated with a plurality of tokens for different individuals or purposes.

[0080] As used herein, the term“merchant” may refer to an individual or entity that provides goods and/or services, or access to goods and/or services, to customers based on a transaction, such as a payment transaction. The term “merchant” or “merchant system” may also refer to one or more computer systems operated by or on behalf of a merchant, such as a server computer executing one or more software applications. A“point-of-sale (POS) system” or“point-of-sale (POS) device” as used herein, may refer to one or more computers and/or peripheral devices used by a merchant to engage in payment transactions with customers, including one or more card readers, near-field communication (NFC) receivers, RFID receivers, and/or other contactless transceivers or receivers, contact-based receivers, payment terminals, computers, servers, input devices, and/or other like devices that can be used to initiate a payment transaction.

[0081] As used herein, the term“portable financial device” may refer to a payment card (e.g., a credit or debit card), a gift card, a smartcard, smart media, a payroll card, a healthcare card, a wrist band, a machine-readable medium containing account information, a keychain device or fob, an RFID transponder, a retailer discount or loyalty card, a cellular phone, an electronic wallet mobile application, a personal digital assistant (PDA), a pager, a security card, a computer, an access card, a wireless terminal, a transponder, and/or the like. In some non-limiting embodiments, the portable financial device may include volatile or non-volatile memory to store information (e.g., an account identifier, a name of the account holder, and/or the like).

[0082] As used herein, the term “computing device” may refer to one or more electronic devices that are configured to directly or indirectly communicate with or over one or more networks. The computing device may include a computer, a desktop computer, a server, a client device, a mobile device, and/or the like. As an example, a mobile device may include a cellular phone (e.g., a smartphone or standard cellular phone), a portable computer, a wearable device (e.g., watches, glasses, lenses, clothing, and/or the like), a PDA, and/or other like devices. In some non-limiting embodiments, the computing device may not include a mobile device. For example, the computing device may include a desktop computer. An“application” or“application program interface” (API) may refer to software or other data sorted on a computer- readable medium that may be executed by a processor to facilitate the interaction between software components, such as a client-side front-end and/or server-side back-end for receiving data from the client. An “interface” refers to a generated display, such as one or more graphical user interfaces (GUIs) with which a user may interact, either directly or indirectly (e.g., through a keyboard, mouse, etc.).

[0083] As used herein, the term“server” may refer to one or more computing device that are operated by or facilitate communication and processing for multiple parties (e.g., multiple computing devices) via a network (e.g., a public network, a private network, the Internet, and/or the like). In some non-limiting embodiments, multiple computing devices (e.g., computers, servers, and/or the like) directly or indirectly communicating in the network environment may constitute a“system.” In some non limiting embodiments, reference to“a server” or“a processor,” as used herein, may refer to a previously-recited server and/or processor that is recited as performing a previous step or function, a different server and/or processor, and/or a combination of servers and/or processors. For example, as used in the specification and the claims, a first server and/or a first processor that is recited as performing a first step or function may refer to the same or different server and/or a processor recited as performing a second step or function. [0084] The term“client device,” as used herein, may refer to one or more computing devices that are configured to communicate with one or more servers via a network. In some non-limiting embodiments, a client device may include a device and/or a system configured to communicate with another device and/or another system that is remote from the client device ( e.g ., that is connected to a network that is different from the network to which the client device is connected). The term “communication device,” as used herein, may refer to one or more computing devices that are configured to communicate with other devices, servers, or systems in one or more networks. For example, a communication device of a user may be a mobile device, e.g., a smartphone, that is programmed and/or configured to communicate with other mobile devices in a network.

[0085] In non-limiting embodiments or aspects, the described systems and methods provide a new architecture for facilitating peer-to-peer communications and agreements, without reliance on banking institutions or credit rating agencies. The described systems and methods improve on existing solutions by providing direct user-to-user communication and contracting for payment {e.g., for rent, loans, employment, large purchases, etc.) through a computer-driven network, where contract data, user credit ratings, and personal profile identifiers are automatically generated, stored, and made shareable by users in the network. Advantageously, personal profile identifiers {e.g., data matrix codes, secure-signed interfaces, digital certificates, etc.) are generated, updated, and regularly pushed to corresponding users for sharing within the network, so that users within the network can verify other users, be linked to user credit rating profiles, and quickly view important user data {e.g., credit rating, number of contracts, total debt, etc.). Moreover, third party users who are not directly involved in a given contract, but who have relevant network connections {e.g., previously existing contractual relationships) with those contracting users, can be automatically notified of ongoing payments, new contracts, satisfied contracts, and changes in user credit ratings in real-time. In this manner, there is improved interoperability, by providing communicative connections and automatic updates within the electronic contracting network.

[0086] In further non-limiting embodiments or aspects, credit rating systems are further improved through integration with peer-to-peer rating and review systems. Users within the contracting network may submit to the system qualitative feedback {e.g., endorsements, text comments, commendations, etc.) and quantitative feedback ( e.g ., categorical ranking, numerical ranking, amount willing to loan, etc.) of other users. The system may account for the user ratings in the calculus of automatically generating the user credit ratings, and one user’s own rating may directly relate to how influential or meaningful their rating is of another user. Automatically generated credit ratings are thereby improved by additional data-driven factors for analysis, factors that are beyond mere financial figures. Through users communicating with others, contracting with others, and providing feedback of others within the system, an improved social contracting and credit rating system is provided, without reliance on formal credit rating agencies or institutions.

[0087] In further non-limiting embodiments or aspects, the credit rating and user rating systems may be integrated with a transaction processing service provider, which may monitor and process transaction authorization requests between users. As payments are processed in an electronic payment processing network, those transactions from one user to another may be corresponded to known contracts and automatically counted toward a user’s obligation on a contract. Integration with a transaction processing server provides the unique advantage of real-time contract settlement, automatic user notifications, and increased data feedback to each communicatively connected user, including third parties. In sum, the described architecture is a novel configuration for a backbone for a peer-to-peer electronic contracting network, and the arrangement of hardware and rules therein improve the function and feedback of the system itself.

[0088] In further non-limiting embodiments or aspects, for contracts for payment related to employment, the described systems improve over word-of-mouth referral and may be used to supplement or replace less trustworthy job-placement networks. The described systems also provide the advantage of lowering risk for individuals/institutions to lend money to the unbanked. Additionally, users can have their contract participation reviewed, authenticating their contract history, which will increase the likelihood of them participating in future contracts and strengthen participation in the network. In view of the foregoing, a number of technical advantages are provided by the present invention.

[0089] With specific reference to FIG. 1 , and in non-limiting embodiments or aspects, provided is system 100 for facilitating a peer-to-peer electronic contract network and automated rating system. In the system 100, a first user 102 and a second user 104 may wish to engage in a contract for payment. A contract for payment may be any agreement between two or more users in which at least one user agrees to pay money to at least one other user. The payment may be a one-time payment, a definite number of payments, or an indefinite number of payments. Payments may or may not be made in exchange for goods or services. The contract for payment may require payment on a certain date, dates, days of the week, or time periods. The payment of the contract may also be predetermined to recur or may be due on- demand, such as when requested by the receiving user or in response to the receiving user rendering goods and/or services to the paying user. Many types of contracts for payment may be possible including, but not limited to, loans, employment/independent contracting ( e.g ., maids, chauffeurs, handymen, watchmen, gardeners, nannies, etc.), rental agreements, purchases, invoice payments, utility statements, contractor bills, subscription services, mortgages, and/or the like. A first user 102, using a communication device 106, may send an invitation to contract (IC) 1 10 to the second user 104, via the second user’s 104 communication device 108. The invitation to contract 1 10 may include, or be included in, an in-application communication, an email, a text, an SMS communication, a direct message, and/or the like. The first user 102 may be inviting the second user 104 to receive payment by the contract, or may be inviting the second user to make payment by the contract. The first user 102 may also designate a number of second users 104 to be party to the contract (either as payers or payment recipients), and the invitation to contract 1 10 may contain contract data specifying the terms of the contract, e.g., payment amount, contract terms, payment date, payment recurrence, payment recipients, payers, payment apportionment among recipients, payment apportionment among payers, and/or the like. It will be appreciated that many configurations are possible.

[0090] With further reference to FIG. 1 , and in further non-limiting embodiments or aspects, the second user 104 may communicate an acceptance of the contract (AC) 1 12 back to the first user 102 in response to the invitation to contract 1 10. The acceptance of the contract 1 12 may include, or be included in, an in-application communication, an email, a text, an SMS communication, a direct message, and/or the like. The communication device 106 of the first user 102 and/or the communication device 108 of the second user 104 may communicate the contract data to a peer-to- peer contracting network server 1 14. The second user 104 may alternatively accept the contract by communicating the acceptance of the contract directly to the peer-to- peer contracting network server 1 14. Moreover, the invitation to contract 1 10 and/or the acceptance of the contract 1 12 may be communicated between users 102, 104 indirectly through the peer-to-peer contracting network server 1 14. The contract data of the contract may be stored in a contract database 1 16 communicatively connected to the peer-to-peer contracting network server 1 14. The contract data may include, but is not limited to, payment term, payment amount, payment due date, payment recipient(s), payers(s), or any combination thereof.

[0091] With further reference to FIG. 1 , and in further non-limiting embodiments or aspects, a personal credit rating profile may be generated for the first user 102 and/or the second user 104. A personal credit rating profile may include an automatically generated user credit rating and other profile data including, but not limited to, user name, user identifier ( e.g ., a unique ID, social security number, username, etc.), at least one existing user contract, number of user contracts, value of user contracts or any combination thereof. The profile data of the personal credit rating profile may also be stored in a database 1 16 communicatively connected to the peer-to-peer contracting network server 1 14, which may be the same or different database 1 16 than is used to store contract data. The personal credit rating profile of the first user 102 and/or the second user 104 may be updated in response to the new contract formed between the users 102, 104. For example, the new contract may be added to the list of existing user contracts, the number of user contracts may be incremented, the value of user contracts may be increased by the value of the new contract, and the user credit rating may be modified (i.e., increased, improved, decreased, reduced, etc.). Additionally, a personal profile identifier for network users 102, 104, 1 18 may be generated by the peer-to-peer contracting network server 1 14. The personal profile identifier may be any data, device, apparatus, and/or tool that is customizable and able to be configured to be unique to a user, and that which is able to provide identifying information about the user and their personal credit rating profile. The personal profile identifier may be a machine-readable code. For example, the personal profile identifier may include, but is not limited to, a data matrix code {e.g., a QR code), a bar code, an RFID, a secure-signed interface or digital document, a digital certificate, and/or the like. The personal profile identifier may be stored in a database 1 16 connected to the peer-to-peer contracting network server 1 14, and when generated or updated, it may be sent to its corresponding user 102, 104, 1 18 for storage on communication devices 106, 108, 120 and sharing with other users 102, 104, 1 18. The personal profile identifier may be programmed and/or configured to include profile data of the personal credit rating profile, a link to access the personal credit rating profile, and other information. The personal profile identifier may be a machine-readable code. For example, the personal profile identifier may be a data matrix code, e.g., a QR code, that when decoded contains a user credit rating, a number of contracts the user has made, the value of outstanding contracts of the user, and a network link (e.g., an Internet URL) to an interface (e.g., a web page) containing information from the user’s personal credit rating profile. It will be appreciated that many configurations are possible.

[0092] With further reference to FIG. 1 , and with specific reference to the non limiting embodiments or aspects of FIG. 2, the peer-to-peer contracting network server 1 14 may be communicatively connected to a transaction processing server 122. The transaction processing server 122 may be programmed and/or configured to facilitate transactions between users 102, 104, 1 18 in the system 100. The transaction processing server 122 may include a transaction handler positioned in an electronic payment processing network that receives transaction authorization requests from a transaction account 132, 134 of one user 102, 104 for payment to another account 132, 134 of the other user 102, 104. The transaction processing server 122 may be positioned as an intermediary for satisfying transaction requests between an issuer institution (e.g., a financial device issuer, associated with the payer account) and an acquirer institution (e.g., an entity associated with the recipient account). The transaction processing server 122 may itself be associated with and control the accounts 132,134 of the participating users 102, 104, thereby forming the primary controller of the electronic payment processing network. In the latter case, it is not required that a user 102, 104 maintain a bank account or a credit card or the like. Also, the transaction processing server 122 may be the same server or servers as the peer- to-peer contracting network server 1 14. It will be appreciated that many configurations are possible.

[0093] With further reference to FIGS. 1 and 2, the peer-to-peer contracting server 1 14 may receive a notification of a new payment being made in accordance with the contract that was made between a first user 102 and a second user 104 (i.e., payment from the first user 102 to the second user 104, or from the second user 104 to the first user 102). The notification may be communicated from a user communication device 106, 108, such as when payment is sent or received by one of the users 102, 104. The notification may also be received from the transaction processing server 122, such as when a transaction authorization request is received, processed, and/or authorized. The peer-to-peer contracting network server 1 14 may be provided with information of the corresponding contract along with notification of the payment, or the server 1 14 may correspond the payment with a stored contract based on identifying information in the notification, e.g., payer identity, recipient identity, payment amount, payment date, and/or the like. In response to the notification of the new payment being made in accordance with the contract, the network server 1 14 may update the contract data and/or the personal credit rating profile. For example, the contract’s total amount paid (or total amount remaining due) may be adjusted for the amount of the completed payment. Moreover, the user credit rating of the payer may be modified to reflect a successful payment on the contract. The personal profile identifier may be updated to adjust any profile data contained therein that might have been altered by the payment {e.g., total contracts, total debt, user credit rating, etc.). The user credit rating may be automatically generated and periodically updated— triggering re-generation of the personal profile identifier— based on one or more of the following parameters: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof. The updated personal profile identifier may be communicated to its corresponding user 102, 104, for storage on a communication device 106, 108 and further sharing with other users 102, 104, 1 18. It will be appreciated that many configurations are possible.

[0094] With further reference to FIGS. 1 and 2, because the network server 1 14 is programmed and/or configured to receive notifications of payments being made in accordance with contracts (from communication devices 106, 108 and/or the transaction processing server 122), the server 1 14 may monitor ongoing payments to detect fulfillments of contracts. The server 1 14 may determine, when a payment is made, that the total historic payments in connection with a contract meet or exceed a total amount due on the contract. For example, the first user 102 may have contracted to pay the second user 104 a total amount of $500 in ten $50 monthly payments. When the first user 102 submits a payment to the second user 104, the network server 1 14 may determine that the payment meets or exceeds the $500 of the contract. In response to the detection of the contract being fulfilled, the network server 1 14 may generate and communicate a notification to the first user 102 and/or the second user 104 that the contract has been completed. The network server 1 14 may further update at least one existing user contract of the profile data of the personal credit rating profile of the payer/payee ( e.g ., to remove the contract as an active contract). The network server 1 14 may further update the personal credit rating profile of either or both users 102, 104, such that at least the user credit rating of the payer is modified. In response to the contract being fulfilled, the personal profile identifier of one or more of the users 102, 104 may be updated and pushed to respective communication devices 106, 108. A third party user 1 18 {e.g., a user that has one or more contracts with the first user 102 and/or the second user 104) may also receive an automatically generated and communicated notification that the contract was completed. It will be appreciated that many configurations are possible.

[0095] With further reference to FIGS. 1 and 2, when the first user 102 and the second user 104 initiate a new contract, the network server 1 14 may retrieve from the contract database 1 16 a set of other contracts between the first user 102 or the second user 104 and one or more third party users 1 18. For each third party contract identified between the first user 102 and a third party user 1 18, or the second user 104 and a third party user 108, the network server 1 14 may automatically generate and transmit a communication to that third party 1 18 notifying them that a contract has been entered between the first user 102 and the second user 104. The notification about the new contract may contain contract data, e.g., contract amount, contract term, contract type, and/or the like. In this manner, the third party user 1 18 may be automatically notified of contracts that may affect their business relationships. For example, a third party user 1 18 may have previously entered into a contract with the second user 104, to loan the second user 104 money and receive payments back over time. If the second user 104 then enters into a new contract with the first user 102, to receive a loan from the first user 102 with the expectation of paying it back, then the third party user 1 18 may be automatically notified that the second user 104 has taken out a new loan. Based on that information, the third party user 1 18 may take steps to investigate or assure that the prior contract with the second user 104 is fulfilled. Additionally, if a particular user 102, 104, 1 18 defaults on too many contracts, other users may be notified. It will be appreciated that many configurations are possible.

[0096] With further reference to FIGS. 1 and 2, the network server 1 14 may also facilitate a rating system between users 102, 104, 1 18 in the system 100. One user 102, 104, 1 18 may submit a user rating of any other user 102, 104, 1 18. The user rating may include qualitative feedback {e.g., endorsements, text comments, commendations, etc.) and/or quantitative feedback {e.g., categorical ranking, numerical ranking, amount willing to loan, etc.)· The user rating may be corresponded to a specific contract for payment between users 102, 104, 1 18, and the feedback from one user 102, 104, 1 18 may directly relate to the other user’s 102, 104, 1 18 participation in the contract. In response to receipt of the user rating, the personal credit rating profile of a user 102, 104, 1 18 may be updated, such as to include the user rating for public access, update the user credit rating, and/or the like. For example, if the first user 102 receives a good user rating from the second user 104 ( e.g ., 5 out of 5 stars for being communicative, paying off the contract in a timely fashion, and not missing payments), the personal credit rating profile of the first user 102 may be updated to display the rating, and the user credit rating of the first user 102 may be improved because of the positive review. The personal profile identifier of a rated user 102, 104, 1 18 may be re-generated, to update any personal profile credit rating information therein, and the identifier may be communicated to a communication device 106, 108, 120 and for storage and sharing with other users 102, 104, 1 18.

[0097] With specific reference to FIG. 3, and in non-limiting embodiments or aspects, provided is a method 200 for facilitating a peer-to-peer electronic contract network and automated rating system. The method 200 may be carried out by one or more servers/processors in the system 100 depicted and described in FIGS. 1 and 2. In step 202, a first user communicates an invitation to contract to a second user. In step 204, the second user communicates an acceptance of the contract to the first user. Either the first user or the second user may be the payer/recipient. The invitation and acceptance may be between more than two users, and the invitation and acceptance may be sent directly between users, or indirectly, such as through a peer- to-peer contracting network processor. In step 206, contract data of the newly formed contract is stored in a database. The contract data may include, but is not limited to, payment term, payment amount, payment due date, payment recipient(s), payer(s), or any combination thereof. In step 208, a personal credit rating profile is generated, the profile including an automatically generated user credit rating and additional profile data including, but not limited to, user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof. Step 208 may be executed prior the users engaging in a new contract, in steps 202 and 204, particularly if the users have already initiated their profile or engaged in prior contracts. In step 210, the personal credit rating profile is updated in response to the contract being formed in steps 202 and 204. For example, the set of existing user contracts may be modified to include the new contract, the number of user contracts may be incremented, the value of user contracts may be increased to reflect the amount of the new contract, and/or the like. It will be appreciated that many configurations are possible.

[0098] With further reference to FIG. 3, in step 212, a personal profile identifier for one or more of the contracting users may be generated. The personal profile identifier may be stored in a database connected to the network server, and the personal profile identifier may include at least a portion of the profile data of the personal credit rating profile. The personal profile identifier may also include a link configured to access the personal credit rating profile. For example, the personal profile identifier may be a machine-readable code, such as a data matrix code ( e.g ., a QR code), that, when scanned by a computing device and decoded, indicates a user’s credit rating, depicts number or value of outstanding loans, and/or provides an Internet URL to a web page depicting the user’s personal credit rating profile. The generation of a personal profile identifier in step 212 may be executed before the formation of the contract in steps 202 and 204, particularly if the corresponding user previously initiated their personal credit rating profile and/or engaged in prior contracts. If already generated, the personal profile identifier may be updated, to reflect the changes in the personal credit rating profile due to the new contract. In step 214, the personal profile identifier may be communicated to a communication device of its respective user, to be stored and shared with other users, to provide access to the personal credit rating profile of the user and facilitate future invitations to contract. For example, by scanning another user’s personal profile identifier, an interface may be displayed on the communication device to engage in a contract with that user, and the interface may be auto-populated with information from the scanned user’s personal credit rating profile. Contracts that are created by a user for acceptance by another may be immediately linked with a user’s prior contracts and stored in a network database. An invitation to contract may be the personal profile identifier itself, or it may be a separate communication that provides a link to a user-initiated contract. Once the users execute a contract, such as through digital signatures, their account/profile information of existing contract data may be updated, where contract number is incremented and total contract value is augmented by the value of the new contract. It will be appreciated that many configurations are possible. [0099] With specific reference to the non-limiting embodiments or aspects of FIG.

4, a notification may be received of new payment being made in accordance with the contract, in step 216. In response to receipt of that notification, either from communication devices or a transaction processing server, a number of actions may be triggered. In step 218, the contract data and personal credit rating profile of one or more users may be updated. For example, the contract data may be updated so that total amount due on the contract is less. Also, the user credit rating of the payer may be improved, to reflect successful payments in fulfillment of the contract. In step 220, the personal profile identifier may be re-generated, to update any personal credit rating profile data that may be contained therein. In step 222, the re-generated personal profile identifier may be communicated to its respective user, for storage on a communication device and sharing with other users. In step 224, a list of one or more other contracts may be received, namely, contracts between the first/second user and a third party user, and/or between the same parties. For contracts with third party users, correspondence information ( e.g ., phone number, direct message user ID, email address, communication device address, etc.) of the third party may be determined. The correspondence information may be stored in the contract database communicatively connected to the network server. In step 226, a communication may be automatically generated and communicated to one or more third parties, notifying them that a new payment was made in accordance with the contract between the first and second user. It will be appreciated that many configurations are possible.

[0100] With specific reference to the non-limiting embodiments or aspects of FIG.

5, transaction requests in an electronic payment processing network may be monitored, in step 228, such as by a transaction processing server. In step 230, an electronic transaction request may be received for payment between the first user and the second user. For example, the transaction request may be for payment from an account of the first user to an account of the second user. In step 232, the transaction request may be corresponded with a contract from stored contract data, to identify that the payment is being made in accordance with a contract between the parties involved in the transaction. In step 234, contract data and personal credit rating profile data may be updated to reflect the payment being made in fulfillment of the contract. In step 236, in response to a particular payment transaction, it may be determined that total historic payments in connection with the contract meet or exceed a total amount due on the contract. In step 238, a notification may be generated and communicated to one or more of the users to indicate that the contract has been fulfilled, and the most recent payment has meet or exceeded the amount that was agreed to be paid in total. In step 240, at least one existing user contract of the profile data of the personal credit rating profile of one or more users may be updated, to reflect the contract being completed. The personal credit rating profile of one or more users may also be updated, including to improve the user credit rating. In step 242, a notification may be generated and communicated to third party users, particularly third party users that have existing relationships with one of the parties, to notify the third party users that the contract was completed. It will be appreciated that many configurations are possible.

[0101] With specific reference to the non-limiting embodiments or aspects of FIG. 6, a user may rate another, in step 250, to provided qualitative and/or quantitative feedback of the user, which may be in relation to satisfaction of one or more contracts. In response, in step 252, the personal credit rating profile of the rated user may be updated. In particular, the user rating may be made publically accessible in the profile, and/or the rated user’s user credit rating may be modified (i.e., increased, improved, reduced, decreased, etc.) depending on the rating being favorable/unfavorable. In step 254, the personal profile identifier may be updated, particularly, to update any profile data of the personal credit rating profile data that is provided therein. In step 256, the updated personal profile identifier may be communicated to its respective user, for storage on a communicative device and sharing with other users. In step 258, a list of at least one other contract between the first/second user with a third party user may be received, such as from a contract database communicatively connected to the network server. The correspondence information of one or more third party users may be determined. In step 260, a communication may be generated and communicated to the third party user to notify them about the user rating and/or the personal credit rating profile update. It will be appreciated that many configurations are possible.

[0102] In non-limiting embodiments or aspects, for contracts for payment related to loans, the user credit rating may be related to the reliability and trustworthiness of an individual to borrow and pay back sums of money. A financial user credit rating may be based on one or more payment vectors including, but not limited to, timeliness of payments, total number of outstanding loans, total value of outstanding loans, number of loans paid in full, total value of loan repayment, percent of payments made digitally or with physical currency, and/or the like. Digital payments may be weighted more heavily in favor a user than cash payments due to its verifiability in the system. Additionally, for contracts for payment related to employment, the user credit rating may be related to the reliability and trustworthiness of an individual to fulfill the duties of a job they are hired to do. An employment user credit rating may be based on one or more service vectors including, but not limited to, quality of work, punctuality, perception of peers, ability to work in a team, attitude, and/or the like.

[0103] In non-limiting embodiments or aspects, a user credit rating may be determined by“hard” score (i.e., quantitative scores, 0-100) and a“soft” score (i.e., qualitative scores, A-N). Hard score parameters may include: number of outstanding loans, amount of outstanding loans, pay/salary ratio, number of on-time monthly payments, number of digital payments vs. cash payments, duration between loans, and/or the like. Soft score parameters may include: average credit score of your social group (i.e., network connections), an“ease of doing business” rating ( e.g ., a qualitative feedback from the other party reflecting how easy it was to conduct business with the rated user), number of users (friends, lenders) who have recommended the user (e.g., through an“I Recommend” button), and/or the like. A user may start off with a hard score of 0. A perfect hard score may be 100. Users may search for friends/connections on the application or invite individuals to register in the network. A new user’s hard score may be estimated based on connections to other users in the network. For example, the system may calculate an average credit score of others in the user’s social network. The user may engage in contracts, such as for loans. If their loan-to- salary ratio is less than half, they may not get penalized. If the user’s loan-to-salary ratio exceeds 50%, the hard score may be penalized, e.g., reduced by 20 points. For every 10% about 50% of the loan to salary ratio, additional penalties may be applied. Every time the user misses a payment, the hard score may be penalized as well, e.g., reduced by 5 points. Every time the user pays off an entire loan, their hard score may be improved, e.g., increased by 5 points. If a user defaults on a loan, penalties may be applied, and other users who are contracting with the defaulting user may be automatically notified. A soft score, reflective of the user’s social interactions, may start off at“N,” for“neutral.” A perfect soft score may be“A.” If the user’s connections in their social network have an average hard score of 80 or above, the user’s soft score may be incremented by two alphabets (e.g., from“N” to“L”). If the user’s connections have hard scores between 60 and 80, the soft score may be incremented by one alphabet. Friend-to-friend ratings may be restricted only to those reviewers with hard scores above 60. For every set of recommendations ( e.g ., 10) a user receives, a user’s soft score may be incremented by an alphabet. Once a loan payment is complete, lenders may also review/rate the borrower. Good ratings {e.g., five thumbs up for“ease of doing business”) may increment the soft score by one alphabet, and bad ratings (e.g., five thumbs down for“ease of doing business”) may decrement the soft score by one alphabet. These examples are for illustrative purposes only, and it will be appreciated that many configurations are possible.

[0104] In non-limiting embodiments or aspects, a user who has engaged in a contract to receive payment in return for their completion of a service may request to be rated by the paying user. The payer may then rate the user based on a number of service vectors, which may be predetermined/selected by the user for rating by the payer. The influential value of the payer’s rating may be weighted to account for the payer’s own rating reliability. If the payer has engaged in behavior indicative of rating manipulation {e.g., outlier ratings, multiple ratings, etc.), the payer’s rating may be discounted or ignored. Alternatively, if the payer has engaged in behavior indicative of reliable, honest rating, the payer’s rating may be weighted more heavily, comparatively. User rating weighting, either positive or negative, may be applied in all forms of user rating described herein.

[0105] In non-limiting embodiments or aspects, a user who solicits a payer to provide a user rating may optionally discount their services, or provide additional services, to incentivize the payer to provide the user rating. Discounts or coupons for services may be administrated through the peer-to-peer contracting network server, and those discounts/coupons may be stored in the contract database communicatively connected to the network server. A user may also solicit reviews from reviewers outside the contract network. Those reviewers may receive an invitation to review from the user, which would allow the reviewer to enroll in the network as a user (to be able to be a contracting user), or to enroll as merely a reviewer.

[0106] In non-limiting embodiments or aspects, and in an illustrative example, a first user may be seeking employment from a second user. The first user may open a network application on their smartphone (communication device) and display a matrix code (personal profile identifier) to the second user. The matrix code may contain the first user’s credit rating, a list of other contracts already entered into, and a link to the first user’s personal credit rating profile. The second user may open a network application on their own smartphone (communication device) and scan the matrix code (personal profile identifier) that was presented to them. The second user can review the first user’s personal credit rating profile and decide whether to hire the first user {i.e., engage in a contract for payment). If the second user approves of the first user, the second user can enter in contract data, such as payment date, payment amount, and other contract terms. The contract data may be sent to the first user’s smartphone application and displayed as an invitation to contract. The first user may accept the contract, which triggers and acceptance notification to be sent to the second user. Either the first user’s communication device or the second user’s communication device may notify the network server of the agreed contract, which will store the contract data, link the users, and, if necessary, update the matrix codes of either user and push new matrix codes to respective smartphones.

[0107] In non-limiting embodiments or aspects, a user of the peer-to-peer electronic contract network may register with the network through an existing social media profile or other identification account ( e.g ., Facebook, Linkedln, Google, Aadhaar ID, etc.). The user may set up their network profile based on the nature of the contract they desire, and depending on the type of credit they wish to establish. Contracts may include employment, loans, services, and/or the like. A user may then search for potential reviewers in the network and invite them to submit a rating of them. For example, a user may invite their landlord to rate them based on the timeliness of rent payment. The user may independently decide to discount provided services, or provide additional services, if a reviewer accepts the invite to submit a rating. For example, a taxi driver can provide a discount on a ride if the traveler agrees to review the driver’s service. Discounts may be provided through the network in the form of digital discount coupons for the reviewers, and may be configured to be transmitted automatically, depending on the user’s account settings. A reviewer who is not yet enrolled in the network may get a system invitation or user invitation to enroll, with or without a discount coupon. The reviewer may enroll with a normal account setting, to review and be reviewed, or as a reviewer-only account. The reviewer may be restricted to rating the inviting user based on metrics pre-selected by the user. For example, the user may invite their landlord to review their payment timeliness, but not their quality of employment service or punctuality. Rating comment submissions may be restricted to limit the amount of text/feedback, particularly to discourage overly lengthy negative or positive reviews. [0108] In non-limiting embodiments or aspects, user credit ratings based on payment worthiness vectors may be weighted to favor digital payments ( e.g ., Paytm) over cash payments. Reviewers may be restricted to accept only digital payments via the network, and likewise, reviewers who accept only cash payments may be restricted from submitting feedback (to promote traceability and verifiability). Each time a reviewer rates a user on a vector, if the rating score varies disproportionately from the average rating of other reviewers, then that vector may be weighted less. This dampening of outliers may be useful to defend against reviewers or users intentionally manipulating/gaming the rating system. Users may also decide what vectors of their user credit ratings are publicly available, and may select one or more vectors to be public or private. For example, a user may want loan credit worthiness to be viewable by potential lenders, but probably not employment punctuality. Conversely, users may want potential employers to see punctuality, but not loan credit worthiness. It will be appreciated that many configurations are possible for combining and/or displaying various vectors of user credit ratings.

[0109] Although the invention has been described in detail for the purpose of illustration based on what is currently considered to be the most practical and preferred embodiments, it is to be understood that such detail is solely for that purpose and that the invention is not limited to the disclosed embodiments, but, on the contrary, is intended to cover modifications and equivalent arrangements that are within the spirit and scope of the appended claims. For example, it is to be understood that the present invention contemplates that, to the extent possible, one or more features of any embodiment can be combined with one or more features of any other embodiment.

Claims

THE INVENTION CLAIMED IS:

1 . A computer-implemented method for facilitating a peer-to-peer electronic contract network and automated rating system, comprising:

receiving, with at least one processor, contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof;

storing, with at least one processor, the contract data in a database communicatively connected to the at least one processor;

generating, with at least one processor, a personal credit rating profile associated with at least one of the first user and the second user, the personal credit rating profile stored in a database communicatively connected to the at least one processor, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof;

updating, with at least one processor, the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user;

generating, with at least one processor, a personal profile identifier associated with at least one of the first user and the second user, the personal profile identifier stored in a database communicatively connected to the at least one processor and comprising at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile, the personal profile identifier configured to be shared between users in the peer-to-peer electronic contract network; and

communicating, with at least one processor, the personal profile identifier to the at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

2. The method of claim 1 , further comprising:

receiving, with at least one processor, a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and

in response to receiving the notification of the new payment being made in accordance with the contract:

updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified;

generating, with at least one processor, an updated personal profile identifier; and

communicating, with at least one processor, the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

3. The method of claim 2, further comprising, in response to receiving the notification of the new payment being made in accordance with the contract:

receiving, with at least one processor, a list of at least one other contract between the first user or the second user and at least one third user;

determining, with at least one processor, correspondence information for the at least one third user; and

automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

4. The method of claim 1 , wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

5. The method of claim 1 , wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, with at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof.

6. The method of claim 1 , wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user.

7. The method of claim 1 , wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

8. The method of claim 1 , further comprising:

receiving, with at least one processor in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user;

associating, with at least one processor, the at least one electronic transaction request with the contract; and

in response to receiving the at least one electronic transaction request, updating, with at least one processor, the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

9. The method of claim 1 , further comprising, in response to the acceptance of the invitation to engage in the contract for the at least one payment:

receiving, with at least one processor, correspondence information for the at least one third user; and

automatically generating and communicating, with at least one processor and to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

10. The method of claim 1 , further comprising:

receiving, with at least one processor, a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and

in response to receiving the user rating:

updating, with at least one processor, the personal credit rating profile;

1 1 . The method of claim 1 , further comprising:

monitoring, with at least one processor, a plurality of payments associated with fulfillment of the contract for the at least one payment;

determining, with at least one processor, that total historic payments associated with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment; and

generating and communicating, with at least one processor, a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed.

12. The method of claim 1 1 , further comprising, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, updating, with at least one processor, (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

13. The method of claim 12, further comprising, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generating and communicating, with at least one processor and to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

14. A system for facilitating a peer-to-peer electronic contract network and automated rating system, comprising:

a database for storing contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof; and

at least one server computer having at least one processor, the at least one server computer programmed and/or configured to:

generate a personal credit rating profile of at least one of the first user and the second user, the personal credit rating profile stored in the database, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof;

update the personal credit rating profile in response to the contract for the at least one payment invited by the first user and accepted by the second user;

generate a personal profile identifier associated with at least one of the first user and the second user, the personal profile identifier stored in the database and comprising at least a portion of the profile data of the personal credit rating profile and a link configured to access the personal credit rating profile, the personal profile identifier configured to be shared between users in the peer-to-peer electronic contract network; and

communicate the personal profile identifier to at least one of a first user communication device of the first user and a second user communication device of the second user for storage and sharing with third party users to provide access to the personal credit rating profile and to facilitate future invitations to contract.

15. The system of claim 14, wherein the at least one server computer is further programmed and/or configured to: receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and

update the contract data and the personal credit rating profile, such that the contract data reflects the new payment, and such that the user credit rating of the personal credit rating profile is modified;

generate an updated personal profile identifier; and

communicate the updated personal profile identifier to at least one of the first user communication device and the second user communication device.

16. The system of claim 15, wherein the at least one server computer is further programmed and/or configured to, in response to receiving the notification of the new payment being made in accordance with the contract:

receive a list of at least one other contract between the first user or the second user and at least one third user;

determine correspondence information for the at least one third user; and

automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the new payment being made in accordance with the contract.

17. The system of claim 14, wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

18. The system of claim 14, wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, by the at least one server computer, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof.

19. The system of claim 14, wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user.

20. The system of claim 14, wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

21 . The system of claim 14, wherein the at least one server computer is further programmed and/or configured to:

receive, in an electronic payment processing system, at least one electronic transaction request for payment between a first user account of the first user and a second user account of the second user;

associate the at least one electronic transaction request with the contract; and

in response to receiving the at least one electronic transaction request, update the contract data and the personal credit rating profile, such that the contract data reflects the payment between the first user account and the second user account, and such that the user credit rating of the personal credit rating profile is modified.

22. The system of claim 14, wherein the at least one server computer is further programmed and/or configured to, in response to the acceptance of the invitation to engage in the contract for the at least one payment:

receive correspondence information for the at least one third user; and automatically generate and communicate, to at least one third communication device of the at least one third user, at least one communication associated with the contract invited by the first user and accepted by the second user.

23. The system of claim 14, wherein the at least one server computer is further programmed and/or configured to: receive a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and

in response to receiving the user rating:

update the personal credit rating profile;

generate an updated personal profile identifier; and

24. The system of claim 14, wherein the at least one server computer is further programmed and/or configured to:

monitor a plurality of payments associated with fulfillment of the contract for the at least one payment;

determine that total historic payments associated with the contract for the at least one payment meet or exceed a total amount due on the contract for the at least one payment; and

generate and communicate a notification to at least one of the first user and the second user that the contract for the at least one payment has been completed.

25. The system of claim 24, wherein the at least one server computer is further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

26. The system of claim 25, wherein the at least one server computer is further programmed and/or configured to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.

27. A computer program product for facilitating a peer-to-peer electronic contract network and automated rating system, the computer program product comprising at least one non-transitory computer-readable medium including program instructions that, when executed by at least one processor, cause the at least one processor to:

store, in a database, contract data representative of a contract for at least one payment, the contract invited by a first user and accepted by a second user, the contract data comprising at least one of the following: payment term, payment amount, payment due date, payment recipient, or any combination thereof;

generate a personal credit rating profile associated with at least one of the first user and the second user, the personal credit rating profile stored in the database, the personal credit rating profile comprising an automatically generated user credit rating and profile data comprising at least one of the following: user name, user identifier, at least one existing user contract, number of user contracts, value of user contracts, or any combination thereof;

28. The computer program product of claim 27, wherein the program instructions further cause the at least one processor to:

receive a notification of a new payment being made in accordance with the contract for the at least one payment invited by the first user and accepted by the second user; and in response to receiving the notification of the new payment being made in accordance with the contract:

generate an updated personal profile identifier; and

29. The computer program product of claim 28, wherein the program instructions further cause the at least one processor to, in response to receiving the notification of the new payment being made in accordance with the contract:

determine correspondence information for the at least one third user; and

30. The computer program product of claim 27, wherein the personal profile identifier is a machine-readable code, the machine-readable code comprising: the link to access the personal credit rating profile, the user credit rating of the personal credit rating profile, and at least a portion of the profile data.

31 . The computer program product of claim 27, wherein the user credit rating of the personal credit rating profile is automatically generated and periodically updated, by the at least one processor, based on at least one of the following: payment timeliness, completed payment amount, number of existing contracts, number of completed contracts, or any combination thereof.

32. The computer program product of claim 27, wherein the contract for the at least one payment is representative of a loan from the second user to the first user, to be paid back from the first user to the second user.

33. The computer program product of claim 27, wherein the contract for the at least one payment is representative of a loan from the first user to the second user, to be paid back from the second user to the first user.

34. The computer program product of claim 27, wherein the program instructions further cause the at least one processor to:

35. The computer program product of claim 27, wherein the program instructions further cause the at least one processor to, in response to the acceptance of the invitation to engage in the contract for the at least one payment:

36. The computer program product of claim 27, wherein the program instructions further cause the at least one processor to:

receive a user rating associated with the contract for the at least one payment and comprising at least one of: (i) a rating of the second user submitted by the first user; and (ii) a rating of the first user submitted by the second user; and

in response to receiving the user rating:

update the personal credit rating profile; generate an updated personal profile identifier; and

37. The computer program product of claim 27, wherein the program instructions further cause the at least one processor to:

38. The computer program product of claim 37, wherein the program instructions further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, update (i) existing user contract data of the profile data of the personal credit rating profile, and (ii) the personal credit rating profile, such that the user credit rating of the personal credit rating profile is modified.

39. The computer program product of claim 38, wherein the program instructions further cause the at least one processor to, in response to determining that the total historic payments in connection with the contract for the at least one payment meet or exceed a total amount due on the contract, automatically generate and communicate, to at least one third communication device of at least one third user, at least one communication associated with the contract being completed.