Management of intra-day interest calculations for bank accounts
First Claim
Patent Images
1. A method for managing intra-day interest calculations for a bank account, comprising:
- (a) setting balance determination times for the account, the balance determination times corresponding to a plurality of points in time within the span of a day at which respective net account balances are to be used in an interest calculation for the account;
(b) determining the balances for the account for the balance determination times;
(c) determining applicable conditions for the interest calculation, the conditions relating to an interest rate to be applied based on time of day;
(d) providing the account balances and applicable conditions to interest calculation logic; and
(e) recording a result of operations by the interest calculation logic.
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Abstract
Embodiments of the present invention relate to a computer-implemented method and system for managing intra-day interest calculation on a bank account. The embodiments provide for control of and support for interest calculations that, instead of being based on daily end-of-day account balances, are based on a plurality of net account balances as determined for a plurality of points in time within a day.
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Citations
20 Claims
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1. A method for managing intra-day interest calculations for a bank account, comprising:
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(a) setting balance determination times for the account, the balance determination times corresponding to a plurality of points in time within the span of a day at which respective net account balances are to be used in an interest calculation for the account;
(b) determining the balances for the account for the balance determination times;
(c) determining applicable conditions for the interest calculation, the conditions relating to an interest rate to be applied based on time of day;
(d) providing the account balances and applicable conditions to interest calculation logic; and
(e) recording a result of operations by the interest calculation logic. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for managing intra-day interest calculations for a bank account, comprising:
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(a) receiving a designation of a bank account to receive intra-day interest calculation;
(b) receiving transaction information for the account, the transaction information including a value time specifying when a transaction is to be taken into account for interest calculation;
(c) receiving a specification of a plurality of points in time for determining corresponding account balances for use in calculating an interest on the bank account, wherein the points of time correspond to a plurality of times within a day;
(d) for each of the points in time, determining a corresponding account balance, the account balance at a given point in time at least partly depending on the value time;
(e) for each of the points in time, determining an applicable interest rate;
(f) providing the account balances and the applicable interest rates to interest calculation logic; and
(g) generating a record of interest amounts calculated by the interest calculation logic. - View Dependent Claims (10, 11)
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12. A system comprising:
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a memory including computer-executable instructions;
a processor coupled to the memory to execute the instructions, the instructions comprising;
intra-day interest account management software configured to receive information relating to an intra-day interest calculation, the intra-day interest calculation relating to a calculation of interest on an account for points of time corresponding to a plurality of times within a day, the information including;
transaction information including a value time relating to when a transaction to the account is included in the account balance for interest calculation; and
conditions applicable to the interest calculation, the conditions relating to interest rates to be applied based on time of day. - View Dependent Claims (13, 14)
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15. A system comprising;
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a memory including computer-executable instructions;
a processor coupled to the memory to execute the instructions, the instructions when executed implementing a process for managing intra-day interest calculation for a bank account, the process comprising;
(a) setting balance determination times for the account, the balance determination times corresponding to a plurality of points in time within the span of a day at which respective net account balances are to be used in an interest calculation for the account;
(b) determining the balances for the account for the balance determination times;
(c) determining applicable conditions for the interest calculation, the conditions relating to an interest rate to be applied based on time of day;
(d) providing the account balances and applicable conditions to interest calculation logic; and
(e) recording a result of operations by the interest calculation logic. - View Dependent Claims (16, 17)
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18. A machine-readable medium storing computer-executable instructions for performing a method for managing intra-day interest calculation for a bank account, the method comprising:
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(a) setting balance determination times for the account, the balance determination times corresponding to a plurality of points in time within the span of a day at which respective net account balances are to be used in an interest calculation for the account;
(b) determining the balances for the account for the balance determination times;
(c) determining applicable conditions for the interest calculation, the conditions relating to an interest rate to be applied based on time of day;
(d) providing the account balances and applicable conditions to interest calculation logic; and
(e) recording a result of operations by the interest calculation logic. - View Dependent Claims (19)
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20. A machine-readable medium storing computer-executable instructions for performing a method for managing intra-day interest calculation for a bank account, the method comprising:
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(a) receiving a designation of a bank account to receive intra-day interest calculation;
(b) receiving transaction information for the account, the transaction information including a value time specifying when a transaction is to be taken into account for interest calculation;
(c) receiving a specification of a plurality of points in time for determining corresponding account balances for use in calculating an interest on the bank account, wherein the points of time correspond to a plurality of times within a day;
(d) for each of the points in time, determining a corresponding account balance, the account balance at a given point in time at least partly depending on the value time;
(e) for each of the points in time, determining an applicable interest rate;
(f) providing the account balances and the applicable interest rates to interest calculation logic; and
(g) generating a record of interest amounts calculated by the interest calculation logic.
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Specification