Systems and methods for directing recurring financial transfer operations

• US 20040098328A1
• Filed: 02/24/2003
• Published: 05/20/2004
• Est. Priority Date: 11/04/2002
• Status: Active Grant

• Current Assignee: Paymap, Inc. (Western Union)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Corrigan, Mary Lou, Rogers, Michael W., Grant, William R., Gallagher, Michael F., Muniz, Tony A.
• Granted Patent: US 8,090,594 B2
• Time in Patent Office: Days
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention provides systems and methods for implementing variable financial plans. The methods can include identifying an account, and accessing an account planning tool. Characteristics associated with the account are presented to the account planning tool, and an account plan is developed using the planning tool. Based at least in part on the account plan, a funds transfer is facilitated from a source of funds to the account. Activity in the account is monitored, and the account plan is modified in response to activity detected in the account plan.

Claims

1. A method for implementing a variable financial plan, the method comprising:

identifying an account;

accessing an account planning tool;

presenting a characteristic associated with the account to the account planning tool;

receiving an account plan from the account planning tool;

based at least in part on the account plan, facilitating a funds transfer from a source of funds to the account;

monitoring activity in the account; and

modifying the account plan in response to the activity.

2. The method of claim 1, wherein the source of funds is a bank account.

3. The method of claim 2, the method further comprising:

performing a plurality of funds transfers from the source of funds to the first account in accordance with the account plan, wherein at least one funds transfer occurs prior to modifying the account plan, and another occurs after modifying the account plan.

4. The method of claim 2, the method further comprising:

authorizing access to the source of funds, wherein transferring funds from the source of funds to the first account can recur in accordance with the account plan in the absence of additional authorization.

5. The method of claim 1, wherein the account planning tool is a mortgage planning tool.

6. The method of claim 1, wherein the account planning tool is an investment projection tool.

7. The method of claim 1, wherein the account is a mortgage account, and wherein monitoring activity in the mortgage account includes identifying a change in one or more characteristics of the mortgage associated with the mortgage account.

8. The method of claim 1, wherein the account is an investment account, and wherein monitoring activity in the investment account includes identifying a change in a projected rate of growth of the investment account.

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

adding an additional account to the account; and

customizing the combination of the additional account and the account.

10. A method for directing recurring financial transfer operations, the method comprising:

preparing an account plan, wherein the account plan indicates transferring funds to an account associated with the account plan;

identifying an account plan variable;

monitoring activity in the account; and

modifying the account plan to maintain the account plan variable within a range.

11. The method of claim 10, wherein the account is a first account, the method further comprising:

identifying a second account, wherein the account plan indicates transferring funds from the second account to the first account.

12. The method of claim 11, the method further comprising:

performing a plurality of funds transfers from the second account to the first account in accordance with the account plan, wherein at least one funds transfer occurs prior to modifying the account plan, and another occurs after modifying the account plan.

13. The method of claim 11, the method further comprising:

facilitating one or more funds transfers in accordance with the account plan, wherein the funds transfers are performed by a loan maintenance organization.

14. The method of claim 11, the method further comprising:

authorizing access to the first and the second accounts, wherein transferring funds from the second account to the first account can recur in accordance with the account plan in the absence of additional authorization.

15. The method of claim 10, the method further comprising:

providing an account planning tool, wherein the account planning tool is used in preparing the account plan.

16. The method of claim 15, wherein the account planning tool is a mortgage planning tool.

17. The method of claim 16, wherein the account is a mortgage account, and wherein monitoring activity in the mortgage account includes identifying a change in one or more characteristics of the mortgage associated with the mortgage account.

18. The method of claim 15, wherein the account planning tool is an investment projection tool.

19. The method of claim 18, wherein the account is an investment account, and wherein monitoring activity in the investment account includes identifying a change in a projected rate of growth of the investment account.

20. The method of claim 10, wherein the account plan variable is an amount of a periodic funds transfer.

21. The method of claim 10, wherein the account plan variable is a goal.

22. The method of claim 10, wherein the variance of the range is approximately zero.

23. The method of claim 10, the method further comprising:

adding an additional account to the account; and

customizing the combination of the additional account and the account.