Distributed architecture utility

• US 5,978,779 A
• Filed: 11/14/1997
• Issued: 11/02/1999
• Est. Priority Date: 11/14/1997
• Status: Expired due to Term

• Current Assignee: Bank of America Corp.
• Original Assignee: Merrill Lynch Pierce Fenner & Smith Incorporated (Bank of America Corp.)
• Inventors: Stein, Derek N., Thomas, Arthur L., Alexander, Mark
• Primary Examiner(s): Cosimano, Edward R.
• Application Number:
  US08/970,483
• Time in Patent Office: 718 Days
• Field of Search: 705/1, 705/35, 705/36, 705/37, 707/1, 707/10, 707/104, 707/500, 707/523, 707/530
• US Class Current: 705/37
• 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

Abstract

The invention provides a system and device for integrating and structuring the relationships of a financial services provider (FSP) with its clients and with third parties (counterparties) with which the FSP transacts business. Preferably, each entity with which the FSP transacts business, preferably also including entities internal to the FSP, is assigned a unique, non-intelligent identifier (CCID), and a relationship is established between each identifier and at least on other entity likewise identified. The system allows the FSP'"'"'s users to seamlessly access information and transact business with all entities regardless of whether such entities are clients or third party providers (such as money managers). The system can be implemented on a network system. The system preferably also includes a library by which documents required for a particular transaction or account are associated with the entity(ies) engaging in such transaction or for which the account is generated, and also preferably a tracking system for assuring that required documents are forwarded when necessary and executed and returned as required.

Claims

1. A system for controlling a client'"'"'s account with a financial service and/or product provider (FSP), said system comprising:

A. a database of all client and counterparty entities with which and through which the FSP provides services and/or products, said database comprising data specifically related to such client or counterparty, and to the FSP, and comprising

i. a unique data identifier for each such client and counterparty entity, wherein a unique identifier is provide for each separate function such counterparty or FSP performs, and

ii. an indirect addressing data field identifying a relationship to another client or counterparty with which such client or counterparty in part i. conducts transactions;

B. input and modification devices for implementing one or more data manipulation functions selected from the group consisting of creating and/or changing said unique data identifier, creating and/or changing said indirect addressing data field, and creating and/or changing clients and counterparties;

C. a ledger system for recording financial transactions of said client, said counterparty, and/or said FSP wither reference to said unique data identifier; and

D. a library system, comprising

i. storage of a document related to a counterparty or FSP or a particular type of financial transaction, said document indexed with reference to the unique data identifier for the counterparty or FSP,

ii. at least one rule for determining which stored document is required for said particular financial transaction, and

iii. a transfer device for transferring said stored, required document to at least one party engaging in said particular type of financial transaction.

2. The system of claim 1, further comprising a Global Delivery Instruction Set for recording delivery instructions particular to a given client having said unique data identifier and to a given particular type of financial transaction.

3. The system of claim 1, further comprising a security device for determining whether to allow or deny access to said database by particular database entities.

4. The system of claim 3, further comprising allowing or denying access based on said determination.

5. The system of claim 1, wherein said rule is related to required governmental disclosures.

6. The system of claim 5, further comprising an alarm system for alerting the FSP when a required document has not been executed within a predetermined period of time.

7. The system of claim 1, wherein said database is retained in a mass storage device and is accessed by a server therefor.

8. The system of claim 7, further comprising a back-up server.

9. The system of claim 8, further comprising a back-up mass storage device accessible by said back-up server.

10. A system for recording and maintaining financial trading information, comprising:

A. a data input device for entering financial trading information comprising a set of trading data;

B. a transaction generator for associating said financial trading information with a transaction data template having fields associated with selected members of the set of trading data and generating transaction data having said selected data associated with particular transaction data template fields;

C. a converter for operating on said transaction data template and said selected data and, by mapping, deriving, and translating said selected data, generating a conversion template having data fields and conversion data associated therewith;

D. preprocessing said conversion data in the conversion template to validate the format and/or content of the data; and

E. processing the validated data to generate financial bookkeeping repository data and updating previously stored bookkeeping repository data to generate current financial bookkeeping repository data.

11. A system for managing the transaction, in the form of buying, selling, underwriting, distribution, tracking, clearing, and/or analyzing, of a financial product by a client, which system comprises:

A. a plurality of stations for user entry and/or receipt of data and/or commands relating to said financial product and said transaction, each of said stations providing a user interface for accepting said entry and/or receiving said data, and said plurality of stations communicating through a network;

B. at least one database for storing data about (i) said client and any related counterparty to said client, (ii) said financial product, and (iii) activity, positions, and balances for said client, said at least one database accessible through said network;

C. at least one application program for processing said commands and data associated therewith, said application program accessible through said network; and

D. an application program interface, through which data and/or commands pass between said station and one or both of said database and said application program, for normalizing commands and data into a format accepted by said station and by said database and said application.