Methods and systems for opening and funding a financial account online

• US 20080091593A1
• Filed: 04/27/2007
• Published: 04/17/2008
• Est. Priority Date: 04/28/2006
• Status: Active Grant

• Current Assignee: Fidelity Information Services, LLC (Fidelity National Information Services Incorporated)
• Original Assignee: Efunds Corporation (Fidelity National Information Services Incorporated)
• Inventors: Egnatios, Rockne, Marineau, Gerard, Byal, Amy, Evans, Robert
• Granted Patent: US 8,160,957 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/0224 based on user history
• 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

Abstract

Methods and systems for opening an account with a financial institution. One method can include electronically storing at least one rule for opening an account with a financial institution. The method can also include electronically receiving account application information from a remote device over at least one network, wherein the account application information includes personal information of a customer requesting to open an account. In addition, the method can include generating at least one risk score based on the account application information and applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information and to determine at least one funding constraint associated with the account.

Claims

1. A method of opening an account with a financial institution, the method comprising:

electronically storing at least one rule for opening an account with a financial institution;

electronically receiving account application information from a remote device over at least one network, the account application information including personal information of a customer requesting to open an account;

generating at least one risk score based on the account application information; and

applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information and to determine at least one funding constraint associated with the account.

2. The method of claim 1, wherein applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information includes applying the at least one rule to the at least one risk score in order to whether to accept the account application information and open the account.

3. The method of claim 1, wherein applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information includes applying the at least one rule to the at least one risk score in order to whether to reject the account application information.

4. The method of claim 1, wherein applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information includes applying the at least one rule to the at least one risk score in order to whether to accept the account application information, open the account, and place a hold on the account.

5. The method of claim 1, wherein applying the at least one rule to the at least one risk score in order to determine at least one funding constraint associated with the account includes applying the at least one rule to the at least one risk score in order to determine a maximum funding amount for the account.

6. The method of claim 1, wherein applying the at least one rule to the at least one risk score in order to determine at least one funding constraint associated with the account includes applying the at least one rule to the at least one risk score in order to determine a hold time for funds transferred to the account.

7. The method of claim 1, further comprising electronically receiving the at least one rule from an individual associated with the financial institution over at least one network.

8. The method of claim 1, further comprising electronically transmitting the decision and the at least one funding constraint to the remote device over at least one network.

9. The method of claim 1, further comprising opening the account with the financial institution and associating the at least one funding constraint with the account.

10. The method of claim 1, further comprising transferring funds to the account via at least one of a credit card transaction, a debit card transaction, an ACH transaction, and a wire transfer.

11. The method of claim 1, wherein generating at least one risk score based on the account application information includes generating a risk score specifying a risk to the financial institution of opening the account for the customer.

12. The method of claim 1, further comprising electronically receiving funding source information from the remote device over at least one network, the funding source information specifying at least one funding source.

13. The method of claim 12, wherein generating at least one risk score based on the account application information includes generating a risk score specifying a risk to the financial institution of transferring funds from the at least one funding source.

14. The method of claim 13, wherein generating a risk score specifying a risk to the financial institution of transferring funds from the at least one funding source includes generating a risk score based on attempting to match at least a portion of the account application information with at least a portion of the funding source information.

15. The method of claim 14, wherein generating a risk score based on attempting to match at least a portion of the account application information with at least a portion of the funding source information includes processing previously-collected debit data.

16. An account management system for opening an account with a financial institution, the system comprising:

a memory module storing at least one rule for opening an account with a financial institution and a rules engine application;

an input/output interface receiving account application information from at least one remote device over at least one network; and

a processor generating at least one risk score based on the account application information, the at least one risk score specifying a risk to the financial institution of opening the account for the customer, executing the rules engine application to apply the at least one rule to the at least one risk score in order to determine a decision regarding the account application information and to determine at least one funding constraint associated with the account.

17. The system of claim 16, wherein the at least one funding constraint includes a maximum funding amount for the account.

18. The system of claim 16, wherein the at least one funding constraint includes a funding hold time for funds transferred to the account.

19. The system of claim 16, wherein the input/output interface electronically transmits the decision and the at least one funding constraint to the remote device over at least one network.

20. A system for opening an account with a financial institution, the system comprising:

an account management system;

at least one network; and

at least one remote device electronically transmitting account application information to the account management system over the at least one network;

the account management system generating at least one risk score based on the account application information, applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information and to determine at least one funding constraint associated with the account, and electronically transmitting the decision and the at least one funding constraint to the at least one remote device over the at least one network.