Multi-channel transaction system for transferring assets between accounts at different financial institutions

• US 20070100748A1
• Filed: 10/19/2006
• Published: 05/03/2007
• Est. Priority Date: 10/19/2005
• Status: Abandoned Application

• Current Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Dheer, Sanjeev, Panthaki, Behram, Sunderji, Amir, Sokolic, Jeremy
• Application Number:
  US11/584,783
• Publication Number:
  US 20070100748A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/26 Debit schemes, e.g. "pay now"
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

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a withdrawal of assets from a first account at a first financial institution and a deposit of at least a portion of the withdrawn assets to a second account at a second financial institution.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.

Claims

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.

2. The method of claim 1, further comprising:

receiving user input through a service provider, the user input specifying transaction amount, account identifiers, and one or more preference selections including transaction cost limits and transaction time;

selecting the first network based on the user input and preference selections, transmission constraints associated with the first network, and business rules of the service provider; and

selecting the second network based on the user input and preference selections, transmission constraints associated with the second network, and the business rules of the service provider.

3. The method of claim 2, further comprising:

providing to the user an indication of transaction cost and transaction time based on the selection of the first network and selection of the second network;

prompting the user for approval of the transaction using the first network and second network; and

selecting at least a first alternate network if the user does not approve the transaction.

4. The method of claim 1, further comprising:

validating the size and type of transaction against transmission rules for the first and second networks; and

conforming one or more messages comprising data for the transaction to a message protocol dictated by the first and second networks, respectively.

5. The method of claim 2, further comprising:

reconciling transactions performed within each of the first network and second network; and

reconciling transactions for transfers between the first network and second network.

6. The method of claim 4, wherein each network of the first network and second network is selected from the group consisting of EFT, ACH, OFX, SWIFT, credit card, and a proprietary bank network.

7. The method of claim 1, wherein the user initiated transaction comprises one of a real time financial transfer, and a batch financial transfer.

8. The method of claim 2 wherein the user input is provided through a graphical user interface provided by the service provider and displayed on a client computer coupled to a financial management system server, wherein the financial management system server is coupled to at least one of the first network and the second network.

9. A system comprising:

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.

10. The system of claim 9, wherein the channel selection engine is configured to:

receive user input through a service provider, the user input specifying transaction amount, account identification, and one or more preference selections including transaction cost limits and transaction time;

select the first network based on the user input and preference selections, transmission constraints associated with the first network, and business rules of the service provider; and

select the second network based on the user input and preference selections, transmission constraints associated with the second network, and the business rules of the service provider.

11. The system of claim 10 wherein the user interface is configured to provide to the user an indication of transaction cost and transaction time based on the selection of the first network and selection of the second network, and prompt the user for approval of the transaction using the first network and second network;

and wherein the channel selection engine is further configured to select at least a first alternate network if the user does not approve the transaction.

12. The system of claim 11, further comprising a validation engine configured to validate the transaction amount against the amount of funds available in the first account;

and validate the transaction size against transmission rules for the first and second networks.

13. The system of claim 12, further comprising a reconciliation engine configured to reconcile transactions performed within each of the first network and second network;

and reconcile transactions for transfers between the first network and second network.

14. The system of claim 9, wherein the transaction processing engine and channel selection engine are executed on a financial management system server coupled to a first financial institution server and a second financial institution server, and the user interface is executed on a client computer coupled to the financial management system server.

15. The system of claim 9, wherein the first network is selected from the group consisting of EFT, ACH, OFX, SWIFT, credit card, and a proprietary bank network.

16. The system of claim 14, wherein the second network is selected from the group consisting of EFT, ACH, OFX, SWIFT, credit card, and a proprietary bank network.

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:

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.

18. The machine-readable medium of claim 17 further having a plurality of instructions that cause the processor to:

receive user input specifying transaction amount, account identification, and one or more preference selections including transaction cost limits and transaction time;

select the first network based on the user input and preference selections, transmission constraints associated with the first network, and business rules of the service provider; and

select the second network based on the user input and preference selections, transmission constraints associated with the second network, and the business rules of the service provider.

19. The machine-readable medium of claim 18 further having a plurality of instructions that cause the processor to:

provide to the user an indication of transaction cost and transaction time based on the selection of the first network and selection of the second network;

prompt the user for approval of the transaction using the first network and second network; and

select at least a first alternate network if the user does not approve the transaction.

20. The machine-readable medium of claim 17 further having a plurality of instruction that cause the processor to validate the size and type of transaction against transmission rules for the first and second networks.