System and method for facilitating investment account transfers

• US 7,222,093 B2
• Filed: 04/19/2002
• Issued: 05/22/2007
• Est. Priority Date: 01/10/2002
• Status: Expired due to Fees

• Current Assignee: Ameriprise Financial, Inc.
• Original Assignee: Ameriprise Financial, Inc.
• Inventors: Dexter, Gail Jean, Krieger, Paul Eric, Block, Duane James, Whitaker, Kelly, Sheire, Marcus Paul, Pingaro, Todd C.
• Primary Examiner(s): Laneau; Ronald
• Application Number:
  US10/125,929
• Publication Number:
  US 20030130916A1
• Time in Patent Office: 1,859 Days
• Field of Search: 705/35, 705/39, 705/37, 705/36, 705/44, 705/26
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The present invention is directed toward a system and method that facilitates investment account transfers where the time standard for reliably accomplishing a transfer may be decreased. A system for facilitating investment account transfers includes an administrator, a rules engine, a service case manager, and a messaging engine. The administrator is configured to receive a transfer request and to initiate a transfer case. The administrator is also configured to cooperate with a rules engine to facilitate management of the transfer case in accordance with a set of business rules. Cooperating with the rules engine, the administrator is configured to initiate service cases comprising business process instructions which, when executed, advance the progress of the transfer case. A service case manager is configured to receive service cases from the administrator, and to perform the specific business processes specified therein. Finally, a messaging engine is configured to receive instructions from the service case manager and to transmit messages to appropriate parties at appropriate times in accordance with the specified business processes.

Claims

1. An improved system for transferring an investment account comprising:

a processor for processing digital data;

a memory coupled to said processor for storing digital data;

means, coupled to said memory, for inputting said digital data;

an application program stored in said memory and accessible by said processor for directing processing of said digital data by said processor;

a display coupled to said processor and said memory for displaying information derived from said digital data processed by said processor;

said application program configured to interface with an administrator, a rules engine, and a service case manager for a service case;

said administrator configured to initiate a transfer case comprising delivering data, receiving data, and external data, wherein said transfer case facilitates transfer of an investment account from a first entity to a second entity;

said rules engine configured to determine a transfer type of said service case, wherein said transfer type is at least one of Automated Client Account Transfer System (ACATS), non-ACATS, and mutual fund;

said administrator configured to cooperate with said rules engine to initiate said service case comprising a business process instruction to advance said transfer case, wherein said business process instruction is configured in accordance with said transfer type;

said administrator configured to communicate said service case to said service case manager;

said service case manager configured to facilitate management of said transfer case in accordance with a business rule of said rules engine, wherein said rules engine is configured to determine a correlation between said delivering data, said receiving data, and said external data to a pre-determined threshold; and

,

said administrator configured to initiate an additional service case when said rules engine determines that said correlation between said delivering data, said receiving data, and said external data is below said pre-determined threshold.

2. The system of claim 1, wherein said business rules are configured to be modified by a user.

3. The system of claim 1, wherein said processing instructions are configured to determine eligibility of an asset for receipt by a receiving firm.

4. The system of claim 1, wherein said improved system is in communication with an automated account transfer system, said processing instructions configured to communicate said transfer request to said automated account transfer system.

5. The system of claim 1, said application program configured to interface with a messaging engine, said messaging engine configured to receive instructions from said service case manager and to transmit a message.

6. The system of claim 5, wherein said messaging engine is configured to notify a representative of an investor upon an occurrence of a predetermined event during at least one of analysis of said transfer request and execution of said processing instructions.

7. The system of claim 5, wherein said messaging engine is configured to notify an investor upon an occurrence of a predetermined event during at least one of analysis of said transfer request and execution of said processing instructions.

8. An improved method for computerized transfer of investment accounts comprising the steps of:

collecting delivering data from a delivering firm;

collecting external data from an external source;

collecting receiving data from a receiving firm;

initiating a transfer case comprising said delivering data, said receiving data, and said external data, wherein said transfer case facilitates transfer of management of an investment account from a first entity to a second entity;

initiating a service case comprising a business process instruction to advance said transfer case, wherein said business process instruction is configured in accordance with said transfer type;

determining a transfer type of said service case, wherein said transfer type is at least one of Automated Client Account Transfer System (ACATS), non-ACATS, and mutual fund;

performing said business process instruction based on said delivering data, said external data and said receiving data;

performing said business process instruction in conjunction with a business rule to create a transfer request, said business process instruction configured to produce an automated response in accordance with values of said delivering data, said external data and said receiving data;

determining a correlation between said delivering data, said receiving data, and said external data to a pre-determined threshold; and

,

initiating an additional service case when a rules engine determines that said correlation between said delivering data, said receiving data, and said external data is below said pre-determined threshold.

9. The method of claim 8, said automated response including the step of communicating said transfer request to an automated account transfer system.

10. The method of claim 8, said automated response including the step of determining eligibility of an asset for receipt by said receiving firm.