System and method for executing deposit transactions over the internet

• US 20020059141A1
• Filed: 06/07/2001
• Published: 05/16/2002
• Est. Priority Date: 06/07/2000
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: The Chase Manhattan Bank (JP Morgan Chase & Co)
• Inventors: Chan, Coleman, Davies, Anthony, Hirschhorn, Eric, Lally, Dave, Resca, Teri, Moy, Eileen
• Granted Patent: US 7,249,095 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for initiating and processing banking deposits. In a preferred embodiment, the system is maintained by a financial institution such as a bank and the bank customers access the system through the Internet. A typical bank customer is a corporate treasurer. The system provides a Graphical User Interface that allows the customers to view the bank'"'"'s current rates for a plurality of currencies and a plurality of time periods. The time periods for the deposits typically range from overnight to several months. Once the customer has found a time period/rate/currency that is acceptable, the customer selects the desired rate on the customer interface and the system automatically generates a deal ticket that is presented to the customer. The customer can then modify the settlement date, the settlement instructions and the amount of the deposit. Once the customer is satisfied with the deal, the customer submits it for trading. In an important aspect of the present invention, the confirmation of the trade occurs online and real time. Once the customer accepts the deal, it is logged. The system has further utilities for the customers to view archives of previous deals, establish profiles and preferences and chat with bank representatives. The system further includes state of the art security in order to ensure the safety and confidentiality of the banking transactions.

Claims

1. A method of conducting banking deposit transactions between a bank and its customers, the method comprising:

providing a computer enabled interface to a public network to which the customers have access;

displaying deposit terms to the customers, the deposit terms including value dates, currencies, tenors and rates at which the bank will execute a deposit;

allowing the customer to generate a deposit request, the deposit request including a specific value date, specific currency, specific tenor and specific rate;

receiving the deposit request;

automatically executing the received deposit request if the specific rate is a live rate;

displaying a modified deposit request to the customer, the modified deposit request including a modified rate, the specific value date, the specific currency and the specific tenor to the customer if the specific rate is an indicative rate;

requiring the customer to accept the modified deposit request in a predetermined period of time; and

automatically executing the modified deposit request if the customer accepts the modified deposit request in the predetermined period of time.

2. The method as recited in claim 1, wherein the computer enabled interface is a secure interface.

3. The method as recited in claim 1, wherein the act of displaying the deposit terms further comprises displaying the deposit terms in a rate table.

4. The method as recited in claim 3, wherein one axis of the rate table are currencies and the other axis are tenors, the rate table being populated with the rates corresponding to the currencies and tenors.

5. The method as recited in claim 4, wherein the step of allowing the customer to generate a deposit request further comprises allowing the customer to select the specific rate from the rate table, wherein the specific value date, the specific currency and the specific tenor are automatically generated from the rate table in response to the specific rate selected by the customer.

6. The method as recited in claim 3, further comprising allowing the customer to create a customized rate table.

7. The method as recited in claim 6, wherein the step of allowing the customer to create a customized rate table further comprises allowing the customer to select one or more of a plurality of currencies for display on the customized rate table.

8. The method as recited in claim 7, wherein the plurality of currencies include major currencies and minor currencies.

9. The method as recited in claim 6, wherein the step of allowing the customer to create a customized rate table further comprises allowing the customer to select a customized value date for display on the customized rate table, the customized value date being selected from a plurality of value dates.

10. The method as recited in claim 9, wherein the plurality of value dates include today, tomorrow and spot.

11. The method as recited in claim 6, wherein the step of allowing the customer to create a customized rate table further comprises allowing the customer to select one or more of a plurality of tenors for display on the customized rate table.

12. The method as recited in claim 11, wherein the plurality of tenors range from overnight one year.

13. The method as recited in claim 1, further comprising displaying an archive of all executed deposit requests.

14. The method as recited in claim 1, wherein a session is the time period starting when the customer logs onto the computer enabled interface and ending when the customer logs off of the computer enabled interface, the method further comprising displaying an archive of all deposit requests executed by the customer during the session.

15. The method as recited in claim 1, further comprising displaying the deposit request to the customer in the form of a deal ticket, the deal ticket having fields containing data representing the specific value date, specific currency, specific tenor and specific rate.

16. The method as recited in claim 15, further comprising allowing the customer to modify the data in the fields of the deal ticket.

17. The method as recited in claim 15, wherein the deal ticket further has fields containing data representing a principle amount of the deposit.

18. The method as recited in claim 17, further comprising requiring the customer to supply the data representing the principle amount of the deposit.

19. The method as recited in claim 15, wherein the deal ticket further has fields containing data representing at least one customer account associated with the deposit.

20. The method as recited in claim 19, further comprising requiring the customer to supply the data representing the at least one customer account associated with the deposit.

21. The method as recited in claim 19, further comprising allowing the customer to supply the data representing a plurality of customer accounts associated with the deposit.

22. The method as recited in claim 1, further comprising requiring the customer to acknowledge the modified deposit request.

23. The method as recited in claim 1, further comprising allowing the customer to communicate with an employee of the bank through the computer enabled interface.

25. The system as recited in claim 24, wherein the server displays the deposit terms in a rate table.

26. The system as recited in claim 24, wherein one axis of the rate table are currencies and the other axis are tenors, the rate table being populated by the server with the rates corresponding to the currencies and tenors.

27. The system as recited in claim 26, wherein the server allows the customer to select the specific rate from the rate table, wherein server automatically generates the specific value date, the specific currency and the specific tenor from the rate table in response to the specific rate selected by the customer.

28. The system as recited in claim 25, further comprising a customization database coupled to the server, wherein the server allows the customer to create a customized rate table. and wherein the customized rate table is stored in the customization database.

29. The system as recited in claim 28, wherein the server further allows the customer to select one or more of a plurality of currencies for display on the customized rate table.

30. The system as recited in claim 29, wherein the plurality of currencies include major currencies and minor currencies.

31. The system as recited in claim 28, wherein the server further allows the customer to select a customized value date for display on the customized rate table, the customized value date being selected from a plurality of value dates.

32. The system as recited in claim 31, wherein the plurality of value dates include today, tomorrow and spot.

33. The system as recited in claim 28, wherein the server further allows the customer to select one or more of a plurality of tenors for display on the customized rate table.

34. The system as recited in claim 33, wherein the plurality of tenors range from overnight to one year or longer.

35. The system as recited in claim 24, wherein the server displays the deposit request to the customer in the form of a deal ticket, the deal ticket having fields containing data representing the specific value date, specific currency, specific tenor and specific rate.

36. The system as recited in claim 35, wherein the server allows the customer to modify the data in the fields of the deal ticket.

37. The system as recited in claim 35, wherein the deal ticket further has fields containing data representing a principle amount of the deposit.

38. The system as recited in claim 37, wherein the server requires the customer to supply the data representing the principle amount of the deposit.

39. The system as recited in claim 35, wherein the deal ticket further has fields containing data representing at least one customer account associated with the deposit.

40. The system as recited in claim 39, wherein the server requires the customer to supply the data representing the at least one customer account associated with the deposit.

41. The system as recited in claim 39, wherein the server allows the customer to supply the data representing a plurality of customer accounts associated with the deposit.

42. The system as recited in claim 24, wherein the server requires the customer to acknowledge the modified deposit request.

43. The system as recited in claim 24, wherein the server allows the customer to communicate with an employee of the bank through the computer enabled interface.

24. A system for conducting banking deposit transactions between a bank and its customers, the system comprising:

an interface to a public network to which the customers have access;

a server coupled to the interface, the server configured so as to;

display deposit terms to the customers, the deposit terms including the value dates, the currencies, the tenors and the rates at which the bank will execute a deposit,

allow the customer to generate a deposit request, the deposit request including a specific value date, specific currency, specific tenor and specific rate,

receiving the deposit request,

display a modified deposit request to the customer, the modified deposit request including a modified rate, the specific value date, the specific currency and the specific tenor to the customer if the specific rate is an indicative rate,

require the customer to accept the modified deposit request in a predetermined period of time; and

a back office deposit processing system, the back office deposit processing system configured so as to;

automatically execute the received deposit request if the specific rate is a live rate, and

automatically execute the modified deposit request if the customer accepts the modified deposit request in the predetermined period of time.