Financial management system
First Claim
1. A financial transaction network for facilitating direct management of financial assets for customers each having individual program accounts, comprising:
- means allowing a plurality of customers to access their individual program accounts, the individual program account being an account representing an array of accounts that have been individually selected by the customer from the totality of the accounts and including at least one stored value account for each customer (“
SVA”
, which is a non-bank account maintained by a merchant for the customer), and at least a bank demand deposit account,a host processor having a database for maintaining individual program account transactions and records,means for establishing and maintaining a plurality of customer individual program accounts and,means enabling a plurality of customers to individually utilize the value in the individual customer'"'"'s stored value account and instruct the merchant to credit the customer'"'"'s demand deposit account at a bank with funds from a merchant'"'"'s demand deposit account.
5 Assignments
0 Petitions
Accused Products
Abstract
A financial transaction network includes a customer network serviced by a host processor. The financial transaction network provides customers with a plurality of diverse and interchangeable financial products and financial services that customers may utilize to directly manage their financial assets. The host processor acts as a communications switch validating incoming transaction requests and routing them to specialized subsystems. The host processor maintains central records that can be accessed by network participants. The financial transaction network enables customers to continually interchange account values relating to any financial product, or financial service within the network. With its accessibility, speed and finality of settlement, the network permits these interchanges to be accomplished with maximum efficiency.
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Citations
17 Claims
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1. A financial transaction network for facilitating direct management of financial assets for customers each having individual program accounts, comprising:
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means allowing a plurality of customers to access their individual program accounts, the individual program account being an account representing an array of accounts that have been individually selected by the customer from the totality of the accounts and including at least one stored value account for each customer (“
SVA”
, which is a non-bank account maintained by a merchant for the customer), and at least a bank demand deposit account,a host processor having a database for maintaining individual program account transactions and records, means for establishing and maintaining a plurality of customer individual program accounts and, means enabling a plurality of customers to individually utilize the value in the individual customer'"'"'s stored value account and instruct the merchant to credit the customer'"'"'s demand deposit account at a bank with funds from a merchant'"'"'s demand deposit account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method of consumer transaction comprising the steps of:
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establishing a customer demand deposit account, establishing a customer individual program account which includes at least one customer stored value account, establishing a merchant stored value account (“
SVA”
, which is a non-bank account maintained by a merchant for the customer), andexecuting a transaction between said consumer and said merchant affecting the account balances in said customer stored value account and said customer demand deposit account. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
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Specification