Banking/brokerage computer interface system

• US 4,694,397 A
• Filed: 12/27/1984
• Issued: 09/15/1987
• Est. Priority Date: 12/27/1984
• Status: Expired due to Fees

• Current Assignee: Advest Group Incorporated The
• Original Assignee: Advest Group, Inc. (Bank of America Corp.)
• Inventors: Grant, David J., Vignola, Andrew M. Sr.
• Primary Examiner(s): Harkcom, Gary V.
• Application Number:
  US06/686,976
• Time in Patent Office: 992 Days
• Field of Search: 364/200 MS File, 364/900 MS File, 364/ 300, 364/401, 364/406, 364/408, 235/379-382, 235/382.5
• 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 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/403 Solvency checks
• 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

Apparatus is provided for interfacing a banking system and a brokerage system having a number of brokerage offices. Clients having both a brokerage and a banking account transact both brokerage and banking activities from the brokerage office. Automatic transaction processing within and between the banking and brokerage systems is created in response to a client transaction activity originated at a brokerage office.

Claims

1. Apparatus for interfacing a banking system and a brokerage system to automatically create transaction processing within and between said banking and said brokerage systems, said brokerage system having a number of brokerage offices, said apparatus comprising:

a banking system having a plurality of client bank accounts;

bank account data file means for storing information characterizing each client bank account;

a brokerage system having a plurality of client brokerage accounts, at least one of said brokerage account clients having a bank account in said banking system;

brokerage account data file means for storing information characterizing each client brokerage account;

means for entering data at a brokerage office into said brokerage system for a client having bank and brokerage accounts, said data being representative of a plurality of client desired transaction activities, at least one of said plurality of activities characterized by a first activity wherein a bank account deposit transaction is initiated at said brokerage system, a second of said plurality of activities characterized by a bank account withdrawal transaction initiated at said brokerage system and a third of said plurality of activities characterized by a purchase or sale of investment instruments at said brokerage system;

first means responsive to said entry means activity data and said brokerage data file means for updating said client brokerage account characterizing information and for automatically generating data representative of a monies transfer transaction between said brokerage system and said banking system for said client banking and brokerage accounts;

receiving and verification means at said banking system for receiving and verifying said monies transfer transaction data;

second means responsive to said transfer transaction data and said banking data file means for updating said client bank account characterizing information to reflect said client desired transaction activity entered at said brokerage system office;

wherein monies deposited at said brokerage system by said client and identified for repository at said banking system in a bank account associated with said client making the deposit at said brokerage system are deposited in said client bank account in response to monies transfer transaction data generated by said brokerage and banking systems for said client banking and brokerage accounts in accordance with an investment strategy associated with said client, said client brokerage account deposited monies being available for withdrawal from said client bank account by said client at said banking system;

wherein monies deposited at said banking system by said client and identified for repository at said brokerage system in a brokerage account associated with said client making the deposit at said banking system are deposited in said client bank account in response to monies transfer transaction data generated by said brokerage and banking systems for said client banking and brokerage accounts in accordance with an investment strategy associated with said client, said client banking account deposited monies being available in said client brokerage account to satisfy brokerage transactions by said client brokerage account, and

wherein monies withdrawn from said client bank account by said client at said banking system are satisfied from monies reposing in said client bank account to the extent such withdrawal monies do not exceed the monies available in said client bank account, additional monies representative of the difference in monies between the desired withdrawal and available bank account monies being automatically transferred from said client brokerage account to said client bank account in response to monies transfer transaction data generated by said brokerage and banking system for said client banking and brokerage accounts in accordance with an investment strategy associated with said client.

2. Apparatus for interfacing a banking system and a brokerage system as defined in claim 1 further characterized by:

first storage means for recording each transaction activity associated with each client brokerage account including fund transfer to and from said brokerage account;

second storage means for recording each transaction activity associated with each client banking account including fund transfer to and from said banking account;

means for selecting from said plurality of client brokerage accounts, each brokerage account client having a corresponding banking account;

means for determining for said each selected client brokerage account the amount of funds above and below a predetermined fund amount;

means for automatically withdrawing an amount of funds above said threshold from each of said client brokerage accounts and depositing said withdrawn amount in said client corresponding banking account, and

means for automatically withdrawing an amount of funds equal to the amount of funds below said threshold for each of said client brokerage accounts below said threshold from said client corresponding banking account and depositing said withdrawn funds to said client corresponding brokerage account.

3. Apparatus for interfacing a banking and a brokerage system as defined in claim 2 further characterized by:

message processor means for generating a plurality of messages, each of said plurality of messages corresponding to a transaction processing activity response at said brokerage and banking system, and

means for displaying said transaction processing activity message at said brokerage system data entry means initiating said client desired transaction activity.