Methods and Systems for Facilitating Transactions Between Commercial Banks and Pooled Depositor Groups

• US 20070276752A1
• Filed: 08/23/2004
• Published: 11/29/2007
• Est. Priority Date: 08/21/2003
• Status: Active Grant

• Current Assignee: Anova Financial Corporation (Broad Street Software Group, Inc.)
• Original Assignee: Finistar, Inc. (Broad Street Software Group, Inc.)
• Inventors: Briabrin, Victor, Ryan, Tully, Winslow, Kim, Whiting, Richard
• Granted Patent: US 7,895,099 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• 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 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Methods and systems for facilitating transactions (200) between commercial banks and pooled depositor groups are disclosed. Employees of a control center determine interest rate return needs of pooled depositor groups (210), such as trust departments at commercial banks. The control center employees aggregate (204) the funds to produce a stable funds source and communicate the availability of the stable funds source to commercial banks for core deposits (210). The commercial banks communicate cash needs to the control center (202). The control center sets an interest rate (206) to be paid to the pooled depositor groups for use of the funds to at least the depositor groups'"'"'expected rate of return and below and the rate that commercial banks are willing to pay for the funds. The banks post master NOW accounts and the pooled depositor groups deposit funds in the master NOW accounts (212).

Claims

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5. A method for facilitating financial transactions between depositor groups and commercial banks, the method comprising:

(a) determining deposit needs of a plurality of depositor groups;

(b) aggregating the deposit needs of the depositor groups to provide a stable funds source;

(c) notifying commercial banks of the availability of the stable funds source and an amount of funds available in the stable funds source;

(d) setting an interest rate to be paid to the depositor groups to a predetermined value based on an interest rate that the commercial banks are willing to pay for the stable funds source and an interest rate the depositor groups expect as a return for use of funds in the stable funds source;

(e) receiving account postings from the commercial banks;

(f) depositing funds from the stable funds source in the accounts; and

(g) allowing the depositor groups to withdraw funds from the accounts on a demand basis without penalty, wherein determining deposit needs of a plurality of depositor groups includes determining deposit needs of different corporations and wherein aggregating the deposit needs includes aggregating funds from the corporations.

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9. A method for facilitating financial transactions between depositor groups and commercial banks, the method comprising:

(a) determining deposit needs of a plurality of depositor groups;

(b) aggregating the deposit needs of the depositor groups to provide a stable funds source;

(c) notifying commercial banks of the availability of the stable funds source and an amount of funds available in the stable funds source;

(d) setting an interest rate to be paid to the depositor groups to a predetermined value based on an interest rate that the commercial banks are willing to pay for the stable funds source and an interest rate the depositor groups expect as a return for use of funds in the stable funds source;

(e) receiving account postings from the commercial banks;

(f) depositing funds from the stable funds source in the accounts; and

(g) allowing the depositor groups to withdraw funds from the accounts on a demand basis without penalty, wherein setting the interest rate to be paid to the depositor groups to a predetermined value includes setting the interest rate to a value equal to the interest rate that the commercial banks are willing to pay for the funds.

12. The method of claim 9 comprising receiving incoming deposits and withdrawal requests from the depositor groups, satisfying the incoming withdrawal requests using the incoming deposits, and updating account records to change ownership of deposited funds without withdrawing funds from the commercial banks.

14. The method of claim 9 wherein depositing funds in the accounts includes depositing funds in excess of a federal deposit insurance limit from a single depositor group in a master NOW account of a single commercial bank and providing federal deposit insurance or a collateral for the entire deposit.

15. The method of claim 9 wherein the commercial banks report the funds deposited in the accounts as core deposits.

16. The method of claim 9 wherein the depositor groups comprise pooled depositor groups and wherein the accounts comprise master negotiated order of withdrawal accounts.

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18. A method for facilitating financial transactions between commercial banks and depositors, the method comprising:

(a) receiving deposit account postings from a plurality of different commercial banks;

(b) determining a deposit need of at least one depositor; and

(c) matching the deposit need with the deposit account postings in a manner that provides deposit insurance for funds deposited by the depositor.

19. The method of claim 18 wherein the depositor comprises an individual entity.

20. The method of claim 19 wherein the individual entity comprises a human being.

21. The method of claim 19 wherein the individual entity comprises a corporation.

22. The method of claim 18 wherein matching the deposit need with the deposit account posting includes auctioning available deposits to the commercial banks.

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27. A computer program product comprising computer-executable instructions embodied in a computer-readable medium for performing steps comprising:

(a) determining deposit needs of a plurality of depositor groups;

(b) aggregating the deposit needs of the depositor groups to provide a stable funds source;

(c) notifying commercial banks of the availability of the stable funds source and an amount of funds available in the stable funds source;

(d) setting an interest rate to be paid to the depositor groups to a predetermined value based on an interest rate that the commercial banks are willing to pay for the stable funds source and an interest rate the depositor groups expect as a return for use of funds in the stable funds source;

(e) receiving account postings from the commercial banks;

(f) depositing funds from the stable funds source in the accounts; and

(g) allowing depositor groups to withdraw funds from the accounts on a demand basis without penalty, wherein determining deposit needs of a plurality of depositor groups includes determining deposit needs of different corporations and wherein aggregating the deposit needs includes aggregating funds from the corporations.

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31. A computer program product comprising computer-executable instructions embodied in a computer-readable medium for performing steps comprising:

(a) determining deposit needs of a plurality of depositor groups;

(b) aggregating the deposit needs of the depositor groups to provide a stable funds source;

(c) notifying commercial banks of the availability of the stable funds source and an amount of funds available in the stable funds source;

(d) setting an interest rate to be paid to the depositor groups to a predetermined value based on an interest rate that the commercial banks are willing to pay for the stable funds source and an interest rate the depositor groups expect as a return for use of funds in the stable funds source;

(e) receiving account postings from the commercial banks;

(f) depositing funds from the stable funds source in the accounts; and

(g) allowing depositor groups to withdraw funds from the accounts on a demand basis without penalty, wherein setting the interest rate to be paid to the depositor groups to a predetermined value includes setting the interest rate to a value equal to the interest rate that the commercial banks are willing to pay for the funds.

34. The computer program product of claim 31 comprising receiving incoming deposits and withdrawal requests from the depositor groups, satisfying the incoming withdrawal requests using the incoming deposits, and updating account records to change ownership of deposited funds without withdrawing funds from the commercial banks.

36. The computer program product of claim 31 wherein depositing funds in the accounts includes depositing funds in excess of a federal deposit insurance limit from a single depositor group in a master NOW account of a single commercial bank and providing federal deposit insurance or collateral for the entire deposit.

37. The computer program product of claim 31 wherein the commercial banks report the funds deposited in the accounts as core deposits.

38. The computer program product of claim 31 wherein the depositor groups comprise pooled depositor groups and wherein the accounts comprise master negotiated order of withdrawal accounts.

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