Management of intra-day interest calculations for bank accounts

• US 20050080694A1
• Filed: 09/30/2003
• Published: 04/14/2005
• Est. Priority Date: 09/30/2003
• Status: Active Grant

• Current Assignee: SAP SE
• Original Assignee: SAP AG (SAP SE)
• Inventors: Schmidt, Diane Simona Bettina
• Granted Patent: US 7,693,793 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• 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

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.

Claims

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.

2. The method of claim 1, wherein the balance determination times define intervals of arbitrary length.

3. The method of claim 1, wherein the balance determination times define intervals of an hour.

4. The method of claim 1, wherein the balance determination times define intervals of a second.

5. The method of claim 1, further comprising assigning a value time to a transaction to the account, the value time corresponding to a time when the transaction is included in a balance determination.

6. The method of claim 5, wherein the value time is specified with an accuracy to the second.

7. The method of claim 1, wherein the conditions depend on a calendar day on which the interest is calculated.

8. The method of claim 1, wherein based on the conditions, an interest rate used in performing the interest calculation may change from a first time interval to a second time interval.

9. A method for managing intra-day interest calculations for a bank account, comprising:

(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.

10. The method of claim 9, wherein the value time is specified with an accuracy to the second

11. The method of claim 9, wherein (e) comprises referring to an interest calendar that classifies days according to differing interest day types, each type having an interest rate associated therewith.

12. A system comprising:

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.

13. The system of claim 12, wherein the intra-day interest account management software is configured to implement a user interface providing for entry of the information.

14. The system of claim 12, wherein the intra-day interest account management software comprises an interest calendar, the interest calendar classifying days according to differing interest day types, each type having an interest rate associated therewith.

15. A system comprising;

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.

16. The system of claim 15, wherein the balance determination times wherein the balance determination times define intervals of arbitrary length.

17. The system of claim 15, the process further comprising assigning a value time to a transaction to the account, the value time corresponding to a time when the transaction is included in a balance determination, wherein the value time is specified with an accuracy to the second.

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:

(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.

19. The machine-readable medium of claim 18, wherein the balance determination times wherein the balance determination times define intervals of arbitrary length.

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:

(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.