SYSTEM AND METHOD FOR FACILITATING INVESTMENT ACCOUNT TRANSFERS

• US 20070130039A1
• Filed: 02/09/2007
• Published: 06/07/2007
• Est. Priority Date: 01/10/2002
• Status: Active Grant

• Current Assignee: Ameriprise Financial, Inc.
• Original Assignee: Ameriprise Financial, Inc.
• Inventors: Sheire, Marcus, Whitaker, Kelly, Pingaro, Todd, Krieger, Paul, Dexter, Gail, Block, Duane
• Granted Patent: US 7,593,888 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The present invention is directed toward a system and method that facilitates investment account transfers where the time standard for reliably accomplishing a transfer may be decreased. A system for facilitating investment account transfers includes an administrator, a rules engine, a service case manager, and a messaging engine. The administrator is configured to receive a transfer request and to initiate a transfer case. The administrator is also configured to cooperate with a rules engine to facilitate management of the transfer case in accordance with a set of business rules. Cooperating with the rules engine, the administrator is configured to initiate service cases comprising business process instructions which, when executed, advance the progress of the transfer case. A service case manager is configured to receive service cases from the administrator, and to perform the specific business processes specified therein. Finally, a messaging engine is configured to receive instructions from the service case manager and to transmit messages to appropriate parties at appropriate times in accordance with the specified business processes.

Claims

1. An improved system for transferring an account comprising:

an application program configured to interface with an administrator, and a rules engine;

said administrator configured to initiate a transfer case comprising transfer instructions, wherein said transfer case facilitates transfer of an account from a first entity to a second entity;

said rules engine configured to determine a transfer type;

said administrator configured to cooperate with said rules engine to initiate a business process instruction to advance said transfer case, wherein said business process instruction is configured in accordance with said transfer type;

said administrator configured to communicate said business process instruction to a business process instruction manager;

said business process instruction manager configured to facilitate management of said transfer case in accordance with a business rule of said rules engine, wherein said rules engine is configured to determine a correlation between said transfer instructions to a pre-determined threshold; and

,

said administrator configured to initiate an additional business process instruction when said rules engine determines that said correlation between said transfer instructions is below said pre-determined threshold.

2. The system of claim 1, wherein said transfer instructions comprise delivering data, receiving data, and external data.

3. The system of claim 1, wherein said account is an investment account.

4. The system of claim 1, wherein said transfer type comprises at least one of Automated Client Account Transfer System (ACATS), non-ACATS, and mutual fund.

5. The system of claim 1, wherein said business rules are configured to be modified by a user.

6. The system of claim 1, wherein said processing instructions are configured to determine eligibility of an asset for receipt by a receiving firm.

7. The system of claim 1, wherein said improved system is in communication with an automated account transfer system, said processing instructions configured to communicate said transfer request to said automated account transfer system.

8. The system of claim 1, said application program configured to interface with a messaging engine, said messaging engine configured to receive instructions from said service case manager and to transmit a message.

9. The system of claim 8, wherein said messaging engine is configured to notify a representative of an investor upon an occurrence of a predetermined event during at least one of analysis of said transfer request and execution of said processing instructions.

10. The system of claim 8, wherein said messaging engine is configured to notify an investor upon an occurrence of a predetermined event during at least one of analysis of said transfer request and execution of said processing instructions.

11. The system of claim 1, wherein said application program further comprises a service case manager for a service case.

12. An improved method for computerized transfer of accounts comprising the steps of:

initiating a transfer case comprising transfer instructions, wherein said transfer case facilitates transfer of management of an account from a first entity to a second entity;

initiating a business process instruction to advance said transfer case, wherein said business process instruction is configured in accordance with a transfer type;

performing said business process instruction based on said transfer instructions;

performing said business process instruction in conjunction with a business rule to create a transfer request, said business process instruction producing an automated response in accordance with values of said transfer instructions;

determining a correlation between said transfer instructions to a pre-determined threshold; and

,

initiating an additional business process when a rules engine determines that said correlation between said transfer instructions is below said pre-determined threshold.

13. The method of claim 12, wherein said transfer instructions comprise said delivering data, said receiving data, and said external data.

14. The method of claim 12, further comprising collecting transfer instructions, wherein said transfer instructions comprise said delivering data, said receiving data, and said external data, and wherein said delivering data is collected from a delivering firm, said external data is collected from an external source, and said receiving data is collected from a receiving firm.

15. The method of claim 12, wherein said transfer type comprises at least one of Automated Client Account Transfer System (ACATS), non-ACATS, and a mutual fund.

16. The method of claim 12, wherein said step of producing an automated response comprises communicating said transfer request to an automated account transfer system.

17. The method of claim 12, wherein said step of producing an automated response comprises determining eligibility of an asset for receipt by said receiving firm.

18. The method of claim 12, wherein said step of initiating a business process comprises initiating a service case which comprises a business process.

19. The method of claim 12, wherein said step of initiating a business process comprises initiating a service case which comprises a business process, and further comprising determining a transfer type of said service case.