Interbank Process

• US 20110040683A1
• Filed: 10/25/2010
• Published: 02/17/2011
• Est. Priority Date: 09/06/2000
• Status: Abandoned Application

• Current Assignee: Edeposit Corp.
• Original Assignee: Edeposit Corp.
• Inventors: Understein, Norman
• Application Number:
  US12/911,139
• Publication Number:
  US 20110040683A1
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• 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 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• 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 99/00 Subject matter not provided for in other groups of this subclass

Abstract

In transactions between a consumer and a merchant where a merchant requires a deposit for participation, a method and system are provided for intermediating the transaction. The system enables a consumer to secure the required deposit amount for the transaction with funds deposited in one of a bank account or a special deposit account. Fees are generated based on a percentage of the deposit amount secured with the deposited funds and/or by providing an interest rate on funds deposited in the special deposit account with a fixed spread from a bank interest rate. The system assures merchants that deposit funds have been reserved for a particular transaction, and enables consumers to participate in such transactions without requiring an actual transfer of funds.

Claims

1. A method of reserving funds in a transaction requiring a deposit between a consumer and a merchant, the method comprising holding consumer funds in one of an existing bank account or a special deposit account in an amount corresponding to a required deposit, and generating service fees (1) on a transaction basis in accordance with either an amount of funds deposited in the special deposit account or an average amount of funds held over a set period of time, or (2) based on a fixed spread between an interest rate offered by associated banks and an interest rate provided to the consumer.

2. A method according to claim 1, wherein the existing bank account comprises at least one of a checking account, savings account, credit card, or letter of credit.

3. A method according to claim 1, wherein the funds placed on hold are unavailable to the consumer.

4. A method according to claim 3, wherein upon completion of the transaction, the hold on the funds is released.

5. A method according to claim 3, wherein upon completion of the transaction, the funds placed on hold are transferred according to preset consumer preferences.

6. A method according to claim 1, further comprising providing an online link to a transaction intermediary through the consumer'"'"'s existing bank account.

7. A system for reserving funds in a transaction requiring a deposit between a consumer and a merchant, the system comprising means for holding consumer funds in one of an existing bank account or a special deposit account in an amount corresponding to a required deposit, and means for generating service fees (1) on a transaction basis in accordance with either an amount of funds deposited in the special deposit account or an average amount of funds held over a set period of time, or (2) based on a fixed spread between an interest rate offered by associated banks and an interest rate provided to the consumer.