METHOD AND APPARATUS FOR FULLY INSURING LARGE BANK DEPOSITS
First Claim
1. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
- (a) the processor receiving a plurality of orders to process the funds, each order including an indication of the maturity of the deposits to be established;
(c) the processor sorting the deposits to be established by maturity;
(d) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and
(e) the processor allocating each of the deposit portions to a specific one of the banks, each specific deposit portion being used to establish a deposit for one of the banks that the deposit portion was allocated to, and wherein the maturity-sorted deposits are allocated so as to match deposits of the same maturity for each bank contributing funds with the funds allocated to the respective bank.
8 Assignments
0 Petitions
Accused Products
Abstract
An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
-
Citations
21 Claims
-
1. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds, each order including an indication of the maturity of the deposits to be established; (c) the processor sorting the deposits to be established by maturity; (d) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (e) the processor allocating each of the deposit portions to a specific one of the banks, each specific deposit portion being used to establish a deposit for one of the banks that the deposit portion was allocated to, and wherein the maturity-sorted deposits are allocated so as to match deposits of the same maturity for each bank contributing funds with the funds allocated to the respective bank. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
-
-
12. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, the method comprising:
-
(a) the processor partitioning each of the fund amounts into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; (b) the processor allocating each of the deposit portions to a specific one of the banks; (c) presenting to a recipient a proposed list of banks to which the deposit portions are allocated, and offering the recipient the option of modifying the proposed list during an established time window; and (d) after the time window expires, the processor establishing a deposit for the recipient on behalf of the bank on the list to which the specific deposit portion was allocated by the processor. - View Dependent Claims (13)
-
-
14. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on the type of deposits established by the banks; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
15. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on earning rates specified by the banks; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
16. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on the geographical location of the bank; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
17. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on preferences indicated by the depositors; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
18. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on preferences indicated by the banks; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
19. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on the ability of the banks to offer a fully insured deposit in return for funds placed by a Lending Bank; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated.
-
-
20. A computer-implemented method of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured, the funds being assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds, each deposit having a predetermined maturity, the method comprising:
-
(a) the processor receiving a plurality of orders to process the funds; (b) the processor prioritizing the plurality of orders for order filling based on the availability of funds from a Lending Bank; (c) the processor partitioning each of the fund amounts associated with the order being filled into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit; and (d) the processor allocating each of the deposit portions associated with the order being filled to a specific one of the banks, wherein, through the processor, a deposit is established at the bank to which the deposit portion was allocated. - View Dependent Claims (21)
-
Specification