Automated matching system for borrowers and savers
First Claim
1. A computer system for conducting a savings and loan auction between a plurality of saver'"'"'s institutions acting on behalf of a plurality of savers and a plurality of borrower'"'"'s institutions acting on behalf of pre-qualified borrowers for a plurality of pre-set amounts of offered principal, each offered principal being offered for one of a plurality of pre-set time periods via a funds auctioneer, said computer system comprising:
- (a) at least one computer maintained by said funds auctioneer;
(b) at least one computer network connected to said computer;
(c) means for receiving an electronic savings deposit offer and ask rate from a prospective saver'"'"'s institution over said at least one computer network;
(d) means for receiving an electronic loan request and bid rate from a prospective borrower'"'"'s institution over said at least one computer network;
(e) means, located at said funds auctioneer, for electronically sorting, matching, and selecting electronic savings deposit offers and ask rates which match with electronic loan requests and bid rates to form a plurality of matches of bids and asks or transactions, (f) means, operated by said funds auctioneer, for electronically confirming each said match of a bid and ask to each said saver'"'"'s institution and each said borrower'"'"'s institution which is a party to the matched bid and ask or transaction over said at least one computer network or another computer network;
(g) means, operated by said funds auctioneer, for electronically confirming each said match of a bid and ask to a clearinghouse and a surety, specifying each said saver'"'"'s institution and each said borrower'"'"'s institution, which is a party to the matched bid and ask or transaction, over said at least one computer network or another computer network;
(h) means, operated by said funds auctioneer, for electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse bank to each saver'"'"'s institution that is a party to the matched transaction;
(i) means for electronically issuing a negotiable certificate of deposit from the auctioneer to a saver via saver'"'"'s institution and the clearinghouse bank;
(j) means for electronically redeeming and issuing notification of redemption of said auctioneer'"'"'s negotiable certificate of deposit to the surety, the clearinghouse bank, the saver'"'"'s instition, and the borrower'"'"'s institution;
(k) means, operated by said funds auctioneer, for electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse to each saver'"'"'s institution that is a party to the matched transaction; and
, (l) means for electronically transferring final principal and accrued interest from the borrower'"'"'s institution via the clearinghouse bank to the auctioneer'"'"'s certicate holder and canceling the auctioneer'"'"'s certificate of deposit.
1 Assignment
0 Petitions
Accused Products
Abstract
A computer system and method, incorporating a computer network for conducting a savings and loan auction between a plurality of saver'"'"'s institutions acting on behalf of a plurality of savers and a plurality of borrower'"'"'s institutions acting on behalf of pre-qualified borrowers for a plurality of pre-set amounts of offered principal, each offered principal being offered for one of a plurality of pre-set time periods via a funds auctioneer, is provided. The system enables receiving an electronic savings deposit offer and ask rate from a prospective saver'"'"'s institution over the network and an electronic loan request and bid rate from a prospective borrower'"'"'s institution over the network. The funds auctioneer electronically sorts, matches, and selects electronic savings deposit offers and ask rates which match with electronic loan requests and bid rates to form a plurality of matches of bids and asks, or transactions, settles the transaction at the end of the loan and makes available to the borrower'"'"'s institutions uncollateralized funds via a sterlization account during the terms of a loan.
96 Citations
5 Claims
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1. A computer system for conducting a savings and loan auction between a plurality of saver'"'"'s institutions acting on behalf of a plurality of savers and a plurality of borrower'"'"'s institutions acting on behalf of pre-qualified borrowers for a plurality of pre-set amounts of offered principal, each offered principal being offered for one of a plurality of pre-set time periods via a funds auctioneer, said computer system comprising:
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(a) at least one computer maintained by said funds auctioneer;
(b) at least one computer network connected to said computer;
(c) means for receiving an electronic savings deposit offer and ask rate from a prospective saver'"'"'s institution over said at least one computer network;
(d) means for receiving an electronic loan request and bid rate from a prospective borrower'"'"'s institution over said at least one computer network;
(e) means, located at said funds auctioneer, for electronically sorting, matching, and selecting electronic savings deposit offers and ask rates which match with electronic loan requests and bid rates to form a plurality of matches of bids and asks or transactions, (f) means, operated by said funds auctioneer, for electronically confirming each said match of a bid and ask to each said saver'"'"'s institution and each said borrower'"'"'s institution which is a party to the matched bid and ask or transaction over said at least one computer network or another computer network;
(g) means, operated by said funds auctioneer, for electronically confirming each said match of a bid and ask to a clearinghouse and a surety, specifying each said saver'"'"'s institution and each said borrower'"'"'s institution, which is a party to the matched bid and ask or transaction, over said at least one computer network or another computer network;
(h) means, operated by said funds auctioneer, for electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse bank to each saver'"'"'s institution that is a party to the matched transaction;
(i) means for electronically issuing a negotiable certificate of deposit from the auctioneer to a saver via saver'"'"'s institution and the clearinghouse bank;
(j) means for electronically redeeming and issuing notification of redemption of said auctioneer'"'"'s negotiable certificate of deposit to the surety, the clearinghouse bank, the saver'"'"'s instition, and the borrower'"'"'s institution;
(k) means, operated by said funds auctioneer, for electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse to each saver'"'"'s institution that is a party to the matched transaction; and
,(l) means for electronically transferring final principal and accrued interest from the borrower'"'"'s institution via the clearinghouse bank to the auctioneer'"'"'s certicate holder and canceling the auctioneer'"'"'s certificate of deposit. - View Dependent Claims (2, 3, 4)
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5. A method for conducting a savings and loan auction between a plurality of saver'"'"'s institutions acting on behalf of a plurality of savers and a plurality of borrower'"'"'s institutions acting on behalf of pre-qualified borrowers for a plurality of pre-set amounts of offered principal, each offered principal being offered for one of a plurality of pre-set time periods via a finds auctioneer over a computer system comprising at least one computer and at least one computer network connected thereto, said method comprising the steps of:
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(a) providing at least one computer maintained by said funds auctioneer;
(b) providing at least one computer network connected to said computer;
(c) receiving an electronic savings deposit offer and ask rate from a prospective saver'"'"'s institution over said at least one computer network;
(d) receiving an electronic loan request and bid rate from a prospective borrower'"'"'s institution over said at least one computer network;
(e) said funds auctioneer, electronically sorting, matching, and selecting electronic savings deposit offers and ask rates which match with electronic loan requests and bid rates to form a plurality of matches of bids and asks or transactions, (f) said funds auctioneer, electronically confirming each said match of a bid and ask to each said saver'"'"'s institution and each said borrower'"'"'s institution which is a party to the matched bid and ask or transaction over said at least one computer network or another computer network;
(g) said funds auctioneer, electronically confirming each said match of a bid and ask to a clearinghouse and a surety, specifying each said saver'"'"'s institution and each said borrower'"'"'s institution, which is a party to the matched bid and ask or transaction, over said at least one computer network or another computer network;
(h) said funds auctioneer, electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse bank to each saver'"'"'s institution that is a party to the matched transaction;
(i) electronically issuing a negotiable certificate of deposit from the auctioneer to a saver via saver'"'"'s institution and the clearinghouse bank;
(j) electronically redeeming and issuing notification of redemption of said auctioneer'"'"'s negotiable certificate of deposit to the surety, the clearinghouse bank, the saver'"'"'s instition, and the borrower'"'"'s institution; and
(k) electronically monitoring payments of principal and interest from each borrower'"'"'s institution that is a party to a transaction via the clearinghouse bank to each saver'"'"'s institution that is a party to the matched transaction; and
,(l) electronically transferring final principal and accrued interest from the borrower'"'"'s institution via the clearinghouse to the auctioneer'"'"'s certicate holder and canceling the auctioneer'"'"'s certificate of deposit.
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Specification