Real-Time Core Integration Method and System

• US 20080301022A1
• Filed: 04/28/2008
• Published: 12/04/2008
• Est. Priority Date: 04/30/2007
• Status: Abandoned Application

• Current Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Ceng, Song Ting, Patel, Amit R., Narang, Girish
• Application Number:
  US12/111,012
• Publication Number:
  US 20080301022A1
• 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

Embodiments include a system, or platform, and method allowing financial institutions (FIs) to have access to an account opening platform that is capable of completing every aspect of the account opening approval process for the FI, and that is also capable of interfacing with their respective core systems (regardless of type or protocol) for receiving account opening requests from customers. Account opening requests may encounter permanent or temporary errors. When temporary errors are encountered, the account opening request is placed in a queue and automatically retried until the error is resolved. The account opening platform performs real-time integration with a variety of core systems such that approved new accounts are immediately “boarded” to the FI'"'"'s core. In an embodiment, the platform is a plug-and-play” architecture such that adding the ability to communicate with new or different cores requires minimal effort. For example, no recoding of basic FMS software is required, but only coding of a plug-in module for a specific FI.

Claims

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

a financial management system receiving a request from an applicant to open a financial account at a financial institution, wherein the financial management system is communicatively coupled with a plurality of financial institutions;

the financial management system determining whether the request is approved according to rules of the financial institution;

if the request is not approved, the financial management system placing the request in an account opening queue;

the financial management system receiving further inputs that allow the request to be approved;

if the request is approved, the financial management system transferring data regarding the application and the account to the financial institution core system according to a protocol of the core system; and

the financial institution automatically opening an account in real time in accordance with the request.

2. The method of claim 1, wherein the further input comprises input from the applicant, data obtained from the financial institution, and data obtained from a plurality of data sources.

3. The method of claim 1 further comprising verifying an identity of the applicant.

4. A financial management system, comprising:

a communications interface coupling the financial management system to at least one network;

a data source interface module configurable to communicate with a plurality of data sources via the at least one network;

at least one database configurable to store data comprising data regarding a plurality of financial institutions, data regarding core systems of the plurality of financial institutions, and data regarding customers of the financial institutions, wherein customers comprise existing customers and prospective customers; and

a real-time core integration module configurable to,

transfer data regarding the customer and the account opening request to a core system of the financial institution according to a protocol of the core system;

determine whether there is an error in the account opening request, wherein an error comprises a permanent error and a temporary error

place the application in an account opening queue if there is an error in the account opening request; and

monitor the account opening queue such that,

when the error is corrected, the account opening request is approved, and data regarding the customer and the account opening request is transferred to a core system of the financial institution according to a protocol of the core system; and

the account opening request is withdrawn if the error is not corrected within a predetermined period.

5. The system of claim 4, wherein the financial management system is further configurable to:

receive data from a customer comprising an application to open a financial account at one of the financial institutions; and

determine whether to approve the application based on rules of the financial institution.

6. The system of claim 4, wherein the FMS is configurable to verify an identity of the customer using the data source interface module.

7. A method of opening a financial account at a financial institution, the method comprising:

receiving a request from an applicant to open a financial account at one of a plurality of financial institutions;

determining whether to approve the request based on rules for approving the request, wherein the rules are specific to the financial institution, wherein rules comprise a plurality of milestones that are configurable by the financial institution;

if the request is not approvable, placing the request in a queue;

monitoring the queue to determine whether information has been received to make the request approvable; and

when the request is approvable, transmitting data to a core system of the financial institution to enable real-time opening of an account specified in the request.

8. The method of claim 7, wherein milestones comprise:

identity verification of the applicant;

signature card approval;

funding account verification;

eligibility; and

assignment of financial institution account number.

9. The method of claim 7, wherein the plurality of milestones are met independently of one another.

10. A financial management system, comprising:

a communications interface coupling the financial management system to at least one network;

at least one database configurable to store data comprising,

data regarding financial institutions;

data regarding respective core systems of financial institutions;

data regarding customers of financial institutions, wherein customers comprise prospective customers; and

data regarding customer and account information;

a real-time core integration module configurable to,

maintain plug-and-play adapter modules comprising data specific to core systems of each of the plurality of financial institutions in the format specified by the protocols of the core systems;

perform real-time account opening services for a plurality of financial institutions using a predetermined set of preferences for each of the financial institutions, comprising a set of account opening milestones configurable by each of the financial institutions;

determining that an account is not approved for opening and placing the account in an account opening queue, wherein the account opening queue holds account opening applications from customers of the plurality of financial institutions, and each of the plurality of financial institutions has access to information regarding only their own respective customer applications; and

when information is received allowing approval of a request in the account opening queue, transmitting data to a core system of the respective financial institution such that the respective financial institution can immediately open the requested account, wherein receiving information comprises receiving information input by the applicant.

11. The system of claim 10, further comprising a data source interface module configurable to communicate with a plurality of data sources via the at least one network, and wherein data received from the plurality of data sources is used by the financial management system to verify an identity of the customer.

12. The system of claim 10, further comprising a data source interface module configurable to communicate with a plurality of data sources via the at least one network, and wherein data received from the plurality of data sources is used by the financial management system to verify a risk level of the customer.

13. The system of claim 10, wherein the FMS maintains all stored data in the same format and the data is accessible to client financial institutions via an online graphical user interface (GUI), regardless of the format in which the data was originally received.

14. A method of opening a financial account, the method comprising:

a financial management system receiving a request from an applicant to open a financial account at a financial institution, wherein the financial management system is communicatively coupled with a plurality of financial institutions;

the financial management system determining whether the request is approved according to rules of the financial institution, wherein determining comprises automatically periodically checking a status of the request after receiving the request;

upon encountering an error during determining whether the request is approved,

determining whether the error is a temporary error that will be resolved without manual intervention, or an error that is not temporary and requires manual intervention to be resolved;

if the error is a temporary error, placing the request in a first application opening error queue, and periodically retrying the application at a point at which the error was encountered; and

if the error is not a temporary error, placing the request in a second application opening error queue, wherein the error requires manual intervention to resolve, and reporting the error to the financial institution.

15. The method of claim 14, further comprising the financial management system:

transferring a message to the financial institution when a determination is made that the request is approved; and

if no response is received, placing the application in the first application opening error queue.