Multi-channel transaction system for transferring assets between accounts at different financial institutions
First Claim
1. A computer-implemented method comprising:
- receiving a user initiated transaction for transfer of funds from a first account at a first financial institution to a second account at a second financial institution;
separating the transaction into two separate legs, a first leg comprising a debit of the funds from the first account, and a second leg comprising a credit of the funds into the second account;
selecting a first network coupling the first financial institution to the second financial institution for transmission of funds for the first leg; and
selecting a second network coupling the first financial institution to the second financial institution for transmission of funds for the second leg.
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Accused Products
Abstract
Embodiments of a system for providing an integrated financial system to facilitate the transfer of funds among accounts held at different financial institutions and over different networks are described. The system executes a transaction involving a withdrawal of assets from a first account at a first financial institution and a deposit of at least a portion of the withdrawn assets to a second account at a second financial institution. The first account and the second account are maintained by different corporate entities, and may have the same or different account holders. The financial institutions are coupled to one another through different types of networks. The transaction is broken down into separate debit and credit legs. An integrated transfer process selects the optimum network to perform each leg of the transaction based upon constraints associated with the transaction and user preferences, such as cost and speed of the transaction, and restrictions or rules imposed by the networks and/or the financial institutions.
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Citations
20 Claims
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1. A computer-implemented method comprising:
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receiving a user initiated transaction for transfer of funds from a first account at a first financial institution to a second account at a second financial institution;
separating the transaction into two separate legs, a first leg comprising a debit of the funds from the first account, and a second leg comprising a credit of the funds into the second account;
selecting a first network coupling the first financial institution to the second financial institution for transmission of funds for the first leg; and
selecting a second network coupling the first financial institution to the second financial institution for transmission of funds for the second leg. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system comprising:
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a user interface receiving a user initiated transaction for transfer of funds from a first account at a first financial institution to a second account at a second financial institution;
a transaction processing engine separating the transaction into two separate legs, a first leg comprising a debit of the funds from the first account, and a second leg comprising a credit of the funds into the second account;
a channel selection engine selecting a first network coupling the first financial institution to the second financial institution for transmission of funds for the first leg; and
selecting a second network coupling the first financial institution to the second financial institution for transmission of funds for the second leg; and
a channel communications rule engine configured to conform one or more messages comprising data for the transaction to a message protocol dictated by the first and second networks, respectively. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A machine-readable medium having a plurality of instructions stored thereon that, when executed by a processor in a system, causes the processor to:
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receive a user initiated transaction through a service provider for transfer of funds from a first account at a first financial institution to a second account at a second financial institution;
separate the transaction into two separate legs, a first leg comprising a debit of the funds from the first account, and a second leg comprising a credit of the funds into the second account;
select a first network coupling the first financial institution to the second financial institution for transmission of funds for the first leg; and
select a second network coupling the first financial institution to the second financial institution for transmission of funds for the second leg. - View Dependent Claims (18, 19, 20)
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Specification