Financial management system, and methods and apparatus for use therein
First Claim
1. A financial management system, wherein a real bank account is notionally sub-divided into at least two virtual sub-accounts and transactions are effected between said virtual sub-accounts without affecting the operation of the real bank account.
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Accused Products
Abstract
The invention provides a financial management system wherein a real bank account is notionally sub-divided into virtual sub-accounts and transactions are effected between the virtual sub-accounts without affecting the operation of the real bank account, such a system allowing a customer to maintain an automatically updated model of the customer'"'"'s finances within the single account, thus assisting visualisation of his or her financial position, while retaining the benefit of the single account.
144 Citations
42 Claims
- 1. A financial management system, wherein a real bank account is notionally sub-divided into at least two virtual sub-accounts and transactions are effected between said virtual sub-accounts without affecting the operation of the real bank account.
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7. An account operation apparatus operable to implement integrated bank accounts for a plurality of customers, each integrated bank account combining the features of (i) a loan secured against an asset of the customer and (ii) a current account, whereby the customer'"'"'s day-to-day credit and debit transactions are aggregated with the loan into a single account balance, said account operation apparatus comprising:
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real transaction means for receiving from the customer instructions for credit and debit transactions and for effecting said transactions by communication with apparatuses of a plurality of banking institutions;
accounting means for periodically updating said single account balance, interest deductions and available credit in response to said real transactions; and
primary reporting means for reporting to the customer the single account balance and transaction history, the apparatus further comprising secondary customer interface means for use in financial planning comprising;
sub-account creating means responsive to secondary customer instructions for creating a sub-account database defining attributes and virtual balances for a plurality of virtual sub-accounts so as to compartmentalise funds within said single account balance and credit limit without creating separate accounts in said account operation apparatus;
virtual transaction means for effecting virtual transactions between said sub-accounts without effecting any real transaction or altering the single account balance;
virtual accounting means for updating and reporting sub-account balances in response to each said virtual transaction. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 38, 39, 40, 41)
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26. An apparatus for the creation and maintenance of a model of a single bank account in which the single account is sub-divided into virtual sub-accounts.
- 37. A method of representing a personal single banking account as a number of virtual sub-accounts wherein parameters of said sub-accounts can be modified by a customer to produce a time-dependent model of the financial position of the customer.
Specification