Internet-based method of and system for transfering and exercising monetary rights within a financial marketplace

• US 20070162369A1
• Filed: 01/09/2006
• Published: 07/12/2007
• Est. Priority Date: 01/09/2006
• Status: Abandoned Application

• Current Assignee: Joseph Hardison
• Original Assignee: Joseph Hardison
• Inventors: Hardison, Joseph
• Application Number:
  US11/328,433
• Publication Number:
  US 20070162369A1
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

An Internet-based method of and system which inherently recognizes the separate and transferable rights associated with money (cash) ownership, thereby enabling the maximization of economic value that such personal property can support within society. According to the Internet-based method and system, the rights that customers of banks, brokerage firms, insurers and other financial institutions possess as owners, holders (fiduciary), and borrowers of money are automatically unbundled (i.e. individually separated) and ready to be transferred to other institutions offering more attractive financial terms in an effort to optimize the utility and economic value of their money. Diverse financial products can utilize the various monetary right(s) transfer processes described herein. Examples of such products include: checking accounts, debit and credit cards, stored value products, ATM products, and other financial accounts and products.

Claims

1-96. -96. (canceled)

97. An Internet-based monetary rights transfer (MRT) network operating in a financial marketplace, comprising:

an information infrastructure including web, application and database servers configured according to a multi-tier network architecture supporting a first suite of services for enabling an owner of money held in a first account with a home financial institution to transfer at least one monetary right possessed by said owner of money, from said home financial institution to either an external financial institution(s) or internally to a second account within said home institution, so as to allow said owner to receive better rate(s)/yield(s) on said money than that offered by said first account, while all other monetary rights associated within the bundle of rights {R(α

. . . ι

)} possessed by said owner of money remain at said home financial institution for full use by said owner, thereby allowing the owner to maximize the utility of said money in the financial marketplace.

98. The Internet-based MRT network of claim 97, which further comprises:

a second suite of service for enabling a financial institution to register (i) as a participating member of said MRT Network, as well as (ii) financial products which are to permit an account holder to transfer at least one monetary right possessed by an owner of money on said MRT Network.

99. The Internet-based MRT network of claim 98, wherein said financial institution is selected from the group consisting of Banks, Thrifts, Brokers, Insurers, Mortgage companies, Payroll services companies, Billing companies, and other financial institutions.

100. The Internet-based MRT network of claim 99, wherein said group further includes Homeland Security, Federal Reserve, US Treasury, State Banking Regulators, IRS, and SEC.

101. The Internet-based MRT network of claim 97, wherein said first suite of services comprises an interest-capturing service (ICS), wherein, the owner of money, as an account holder and network user, is capable of transferring one or more of its monetary rights to one or more participating financial institutions registered on said MRT network.

102. The Internet-based MRT network of claim 101, wherein said second suite of services comprises providing each financial institution, registered on said MRT network, with the ability to offer an ICS-enabled financial product or service on said MRT network, and automatically feed to the information servers of said MRT network, various kinds of time-varying information relating to interest rates/yields, accounts and products, and other information relevant to helping an account holder make investment decisions with regard to monetary right(s) transfers.

103. The Internet-based MRT network of claim 101, wherein said monetary right includes the right to earn interest (R (β

, $)) and/or right to invest (R (∝

, $)) associated with money ownership.

104. The Internet-based MRT network of claim 102, wherein each transfer of monetary rights on said MRT Network has a transfer period that is determined by one of the accountholders and/or by said MRT Network.

105. The Internet-based MRT network of claim 104, wherein at the end of the (R (∝

, $)) transfer period, the right to earn interest plus accrued interest (i.e. R (β

, $)+/−

(i)) is either returned to the account holder or transferred on to another external financial institution.

106. The Internet-based MRT network of claim 104, wherein if the accountholder chooses to transfer the right to earn interest and/or right to invest (R (∝

, $)) on money R (β

, $) to another financial institution, then the account holder can choose to transfer the accrued interest (i) along with the right to earn interest R (β

, $) either to another financial external institution or back to the account of the account holder at the home financial institution.

107. The Internet-based MRT network of claim 98, wherein said second suite of services further comprises services for enabling registered financial institutions to manage the holding of reserves (Cash ($)) to support the monetary right(s) transfer processes on the MRT Network.

108. The Internet-based MRT network of claim 98, wherein said second suite of services further comprises enabling netting of earned interest between financial institutions registered on the MRT Network while being totally transparent to the account holders on the MRT Network.

109. The Internet-based MRT network of claim 101, wherein said second suite of services further comprises management services for financial institutions who have registered and are supporting their ICS-enabled products on the MRT Network.

110. The Internet-based MRT network of claim 101, wherein said first suite of services further comprises management services for clients holding accounts on ICS-enabled products registered on the MRT Network.

111. The Internet-based MRT network of claim 98, wherein said second suite of services further comprises management services supported for any financial product offered on and registered with the MRT Network, including services selected from the group consisting of:

financial institution configuration and maintenance;

consumer metrics;

continual interest rates and product/account updates;

deposit and account insurance.

112. The Internet-based MRT network of claim 110, wherein said first suite of services further comprises management services for clients holding accounts on ICS-enabled products registered on the MRT Network, including:

the client'"'"'s right to initiate the transfer of his/her right to earn interest (REI) and/or right to invest (R (∝

, $));

check all account balances;

update user preferences;

review updated rate feed information;

as well as the selection of various REI transfer methods supported on the MRT Network.

113. The Internet-based MRT network of claim 97, wherein said home financial institution or external financial institution, upon reviewing notice of accountholder'"'"'s intent to transfer one or more monetary rights, is given an opportunity to maintain accountholder'"'"'s monetary right(s) within said home financial institution, improving the yield, or matching or beating the yield of a competition offer, as pre-specified by the accountholder, to maintain accountholder'"'"'s money.

114. An Internet-based method of transferring monetary rights transfer (MRT) in a global marketplace, comprising the steps of:

(a) providing an information infrastructure including web, application and database servers configured according to a multi-tier network architecture, so as to form a MRT Network; and

(b) supporting on said information infrastructure, a first suite of services for enabling an owner of money held in a first account with a home financial institution to transfer at least one monetary right possessed by said owner of money, from said home financial institution to either an external financial institution(s) or internally to a second account within said home institution, so as to allow said owner to receive better rate(s)/yield(s) on said money than that offered by said first account, while all other monetary rights associated within the bundle of rights {R(α

. . . ι

)} possessed by said owner of money remain at said home financial institution for full use by said owner, thereby allowing the owner to maximize the utility of said money in the global marketplace.

115. The Internet-based method of claim 114, which further comprises:

(c) supporting a second suite of service for enabling a financial institution to register (i) as a participating member of said MRT Network, as well as (ii) financial products which are to permit the owner of money, as an account holder, to transfer at least one monetary right possessed by an owner of money on said MRT Network.

116. The Internet-based method of claim 114, wherein said financial institution is selected from the group consisting of Banks, Thrifts, Brokers, Insurers, Mortgage companies, Payroll services companies, Billing companies, and other financial institutions.

117. The Internet-based method of claim 114, wherein said first suite of services comprises an interest-capturing service (ICS), wherein, the owner of money, as an account holder, is capable of transferring one or more of its monetary rights to one or more participating financial institutions registered on said MRT network.

118. The Internet-based method of claim 114, wherein said home financial institution or external financial institution, upon reviewing notice of accountholder'"'"'s intent to transfer one or more monetary rights, is given an opportunity to maintain accountholder'"'"'s monetary right(s) within said home financial institution, improving the yield, or matching or beating the yield of a competition offer, as pre-specified by the accountholder, to maintain accountholder'"'"'s money.