Method and System for performing monetary transactions from multiple source accounts

• US 20080147549A1
• Filed: 12/18/2006
• Published: 06/19/2008
• Est. Priority Date: 12/18/2006
• Status: Active Grant

• Current Assignee: Pitney Bowes Incorporated (Böwe Systec AG)
• Original Assignee: Pitney Bowes Incorporated (Böwe Systec AG)
• Inventors: Rathbun, Darryl T., Mack, Alexandra
• Granted Patent: US 8,190,518 B2
• Time in Patent Office: Days
• US Class Current: 705/44
• 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 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method and system for performing monetary transactions across multiple source accounts. The method includes the steps of: determining whether a multi-source transaction is desired or required to complete a monetary transaction; selecting the specific source accounts to be accessed and debited to perform the monetary transaction; determining the amount of funds to be withdrawn from each of the source accounts; and communicating with the source accounts to (i) access the funds and (ii) determine whether adequate funds exist in each of the source accounts to perform the monetary transaction. When summed, the funds accessed from the multi-source accounts equal the total required to perform the monetary transaction. The final steps for completing the monetary transaction include approving the monetary transaction and transferring funds from the multiple source accounts to a single destination account. The funds may be drawn from the source accounts in accordance with a predetermined percentage defined by the holder/owner of the source accounts or based upon a specific input made by the holder/owner at the time of the monetary transaction. The system employs a communication link and processor to receive the various inputs of the account holder/owner to perform the monetary transaction.

Claims

1. A method for performing a monetary transaction across multiple source accounts, comprising the steps of:

communicating with at least two source accounts to access funds contained therein;

selecting at least two source accounts to be accessed and debited to perform the monetary transaction;

determining an amount of funds to be withdrawn from the at least two source accounts, which when summed, equal the total required to perform the monetary transaction;

determining whether adequate funds are available in the source accounts to perform the monetary transaction;

approving the monetary transaction;

transferring funds from the at least two source accounts to a single destination account to complete the monetary transaction.

2. The method according to claim 1 further comprising the step of:

providing evidence that funds were withdrawn from selected source accounts and the amount debited from each of the selected source accounts.

3. The method according to claim 1 wherein the step of determining an amount to be withdrawn from each of the multiple source accounts includes the step of communicating a specific amount of funds to be debited from at least one of the multiple source accounts.

4. The method according to claim 1 wherein the step of determining an amount to be withdrawn from each of the multiple source accounts includes predefining a percentage of funds to be debited from each account upon receiving a request to perform a multi-source monetary transaction.

5. The method according to claim 1 wherein the predefined percentage is distributed based upon the total funds available from the multiple source accounts.

6. The method according to claim 1 including the step of selecting a different composition of source accounts if adequate funds do not exist in at least one of the previously selected source accounts.

7. The method according to claim 1 wherein the step of selecting the source accounts further includes the step of selecting each of the source accounts based upon interest accrual characteristics of the source accounts.

8. The method according to claim 1 wherein the step of selecting the source accounts further includes the step of selecting each of the source accounts based upon interest fee characteristics of the source accounts.

9. The method according to claim 7 wherein the step of selecting the source accounts further includes the step of selecting each of the source accounts based upon interest fee.

10. A system for performing a monetary transaction across multiple source accounts, comprising:

a plurality of source accounts containing electronically transferable funds, the source accounts;

a communication network for accessing and transferring the electronically transferable funds and

a processor operative to receive inputs from the holder/owner to perform the monetary transaction, the inputs including a selection of at least two source source accounts and a determination of the amount of funds to be withdrawn from the at least two source source accounts, the processor, furthermore, operative to determine whether adequate funds are available to perform the monetary transaction and issuing an approval signal across the communication network to transfer funds from the at least two source source accounts to a single destination account.

11. The system according to claim 10 wherein the processor is operative to provide evidence that funds were withdrawn from the selected source accounts and the amount debited from each of the selected source accounts.

12. The system according to claim 10 wherein the processor is operative to provide the holder/owner with an indication that the source accounts contain inadequate funds and provide the holder/owner with an option to select a different composition of source accounts.

13. The system according to claim 10 wherein the processor contains program code operative to optimize the selection of source accounts based upon interest accrual characteristics of the source accounts.

14. The system according to claim 10 wherein the processor contains program code operative to optimize the selection of source accounts based upon interest fee characteristics of the source accounts.

15. The system according to claim 13 wherein the processor contains program code operative to optimize the selection of source accounts based upon interest fee characteristics of the source accounts.