Financial services data model

• US 20070226093A1
• Filed: 05/08/2003
• Published: 09/27/2007
• Est. Priority Date: 12/20/2002
• Status: Active Grant

• Current Assignee: Oracle America, Inc. (Oracle Corporation)
• Original Assignee: Siebel Systems Inc. (Oracle Corporation)
• Inventors: Chan, Cynthia, Muralitharan, Caroline, Hsiao, Chiun-Feng, Chan, Lindy, Yeap, Hwee, Catahan, Nardo, Yang, Yi, Gu, Jing, Wheadon, Blair, Le Yuan, Hong, Chao, Edward
• Granted Patent: US 8,538,840 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

A data model that allows for relationships between entities, also referred to as parties, to be modeled as attributes of an entity and for customization of the data model in a manner that facilitates upgrading of the data model. In some embodiments, the data model may facilitate creation and processing of financial applications. Using the data model, received application data can be stored in a financial application record, including data relating to a party'"'"'s financial statements. In some embodiments, the data model may facilitate management of financial account data for multiple accounts. In some embodiments the data model may facilitate management of credit information, such as credit information collected by credit bureaus.

Claims

1. A method in a computer system for processing requests to open financial accounts, the method comprising:

providing financial statement records for parties, each financial statement record having a party identifier;

receiving from a party a request to open a financial account, the received request including application data that conforms to a financial application data model;

identifying a party identifier for the party requesting to open the financial account; and

storing a financial application record corresponding to the received request including the received application data along with the identified party identifier so that the financial application record can be associated with multiple financial statements for the party.

2. The method of claim 1 wherein the party consists of more than one applicant.

3. The method of claim 1 wherein each of the multiple financial statements is configured to represent various liabilities and assets of a party.

4. The method of claim 1 wherein the financial application record includes information relating to potential financial accounts.

5. The method of claim 1 wherein the financial application model includes a base data element, an applicant list data element, and a financial statement list data element.

6. The method of claim 1 wherein the financial application model includes an account application list data element configured to allow the party to apply for multiple accounts using a single application.

7. The method of claim 1 further comprising:

providing the stored financial application record to a financial institution;

where the request to open a financial account is approved by the financial institution, receiving approval information from the financial institution; and

after receiving the approval information, opening at least one account associated with the application.

8. The method of claim 1 wherein the financial statement records include information that is updated over time, and wherein the updated information is available via the financial application record.

9. In a computer system, a method for managing requests to open financial accounts, the method comprising:

receiving application data from a party applying for a plurality of financial products, the application data corresponding to a financial application data model for supporting applications for a plurality of financial products including credit products and deposit products; and

storing a financial application record including the received application data and a list of financial products the party is applying for, the application data including common data that is applicable to any financial product that can be applied for.

10. The method of claim 9 wherein the plurality of financial products further includes investment products.

11. In a computer system, a method for managing requests to open financial accounts, the method comprising:

receiving application data from a party applying for a plurality of financial accounts, the party consisting of at least two applicants, wherein the application data includes for each of the plurality of financial accounts, a designation of each of the applicants from the party that is to be identified with the financial account; and

storing a financial application record for the party including the received application data, wherein the application record for the party includes a list of financial accounts applied for, and for each account applied for, a list of the applicants from the party that are to be identified with the account so that each of the financial accounts can have a different set of applicants.

12. In a computer system, a method for managing requests to open financial accounts, the method comprising:

receiving application data from a party applying for a plurality of financial accounts, wherein the application data includes a designation of a primary account among the plurality of financial accounts;

storing a financial application record including the received application data and an indication of the designated primary account;

receiving decision information relating to each of the plurality of financial accounts applied for by the party; and

where the decision information includes a rejection of the account designated as the primary account, rejecting each of the plurality of accounts applied for by the party.

13. A method of managing financial account data for multiple accounts, the method comprising:

providing a single financial account data model applicable to multiple types of financial products including investment products, deposit products and credit products;

receiving account information corresponding to a plurality of data elements associated with the financial account data model, wherein the data elements include a first element that comprises basic attributes for a financial account and a plurality of additional data elements, and wherein each one of the plurality of additional data elements comprises attributes related to at least one financial product type; and

based on the received account information, storing a financial account record.

14. The method of claim 13 wherein the plurality of additional data elements include a demand deposit data element, an interest data element, an investment data element, a loan data element, a term data element, and a time deposit data element.

15. The method of claim 13 wherein the data model is applicable to checking accounts, saving accounts, loan accounts, credit accounts, and securities accounts.

16. The method of claim 13 wherein the received account information includes information from a financial application record.

17. A method of managing financial account data for multiple accounts, the method comprising:

providing a financial account data model for use in supporting accounts for multiple types of financial products including investment products and deposit products, wherein the financial account data model includes a product type data element for identifying product types supported by the financial account data model;

providing a securities data model for representing a securities product type supported by the provided financial account data model;

receiving account information from a party including account information corresponding to the provided financial account data model and securities information corresponding to the provided securities data model; and

storing the received account information in a financial account record and the received securities information in one or more securities records, wherein information associated with the securities record is accessible via the financial account record.

18. The method of claim 17 wherein the multiple types of financial products further include credit products and loan products.

19. The method of claim 17 wherein the financial account data model includes a holding data element for containing holding information for one or more securities records for a party, the holding data element including a security identifier and a security status over time.

20. A system for managing and sharing financial account data for multiple accounts using a financial account data model, the system comprising:

a front end system from which financial account customers may provide and request financial account information for multiple financial accounts, the financial account information organized using a single financial account data model that supports accounts related to a plurality of financial products including deposit products, loan products and credit products;

an integration server for contacting external systems upon receiving requests for information from the front end system; and

a plurality of external systems configured to provide financial account information upon request by the integration server, each external system associated with at least one type of financial account.

21. The system of claim 20 wherein the front end system is a bank system.

22. The system of claim 20 wherein at least one of the plurality of external systems is a lending institution.

23. The system of claim 20 wherein at least one of the plurality of external systems is a credit card company.

24. The system of claim 20 wherein the front end system is configured to aggregate account information received in response to a request.

25. The system of claim 20 wherein the plurality of financial products includes investment products.

26. A method in a computer system for managing credit information, the method comprising:

receiving a request to collect credit information for a party;

requesting credit information from a first set of external sources including at least one credit bureau, wherein each request includes an identification of the party, and wherein the requested credit information corresponds to a first set of data elements in accordance with a credit bureau report data model;

requesting fraud information from a second set of external sources, wherein each request includes an identification of the party, and wherein the requested fraud information corresponds to a second set of data elements in accordance with the credit bureau report data model;

receiving the requested information from the first and second sets of external sources; and

storing the received information in a credit bureau report record.

27. The method of claim 26 further comprising aggregating the received credit and fraud information.

28. The method of claim 26 further comprising displaying the information stored in the credit bureau report record.

29. The method of claim 26 wherein the received information includes an indication of past credit inquiries for the party.

30. The method of claim 26 wherein the received information includes a credit score specifying the party'"'"'s credit rating.

31. The method of claim 26 wherein the received credit information includes a credit score specifying the party'"'"'s credit rating and a reason for the credit score.

32. A method in a computer system for aggregating information received from credit sources providing information affecting credit scores, the method comprising:

requesting credit information for a party from a plurality of external sources, including at least one credit bureau; and

upon receiving the requested credit information from the plurality of external sources, storing the requested credit information in a credit bureau report record, the credit bureau report record including a credit score and a credit history for the party, wherein the credit history is based in part on information aggregated from the received credit information.

33. A computer-readable medium accessible by a computer system containing a data structure comprising:

a financial application record for a party including a list of accounts applied for by the party; and

a collection of at least one financial statement record for the party, wherein each financial statement record in the collection is associated with the party and with the financial application record using a party identifier.

34. The computer readable medium of claim 33 wherein the party consists of more than one applicant and wherein at least one financial statement record in the collection includes a financial statement that is associated with only one applicant from the party.