Method and apparatus for implementing financial transactions
First Claim
1. A method for executing financial transactions, the method comprising:
- a financial management system maintaining customer information for a plurality of customers, the customer information for each of the plurality of customers comprising,customer identification information;
account identification information for each of a plurality of customer accounts at each of the plurality of financial institutions;
active accounts and account balances; and
customer preferences, the customer preferences comprising,requirements for one or more of the plurality of customer accounts at each of the plurality of financial institutions, comprising a minimum balance and a maximum balance;
a manner in which accounts should be analyzed by the financial management system; and
types of recommendations the customer prefers to receive from the financial management system;
the financial management system maintaining financial institution information for each of a plurality of financial institutions, the financial institution information for each of the plurality of financial institutions comprising,financial institution identification information;
American Bankers Association (ABA) information, comprising an ABA number and a routing number;
account offering information;
a customer communicating with the financial management system to initiate a financial transaction involving at least two different financial institutions of the plurality of financial institutions; and
the financial management system executing the financial transaction, comprising,in a first part of the financial transaction, executing a debit transaction with a first financial institution;
holding the funds from the debit transaction in an intermediate account owned by the financial management system at a third financial institution; and
in a second part of the financial transaction, the financial management system executing a credit transaction with a second financial institution to deposit the funds in an account at the second financial institution;
the financial management system analyzing active accounts for a customer, comprising determining whether there is a more favorable allocation of at least one of assets and debts for the customer;
the financial management system making a recommendation to the customer based on the analysis; and
the financial management system receiving an instruction from the user to automatically execute the recommendation.
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Accused Products
Abstract
A withdrawal of assets is initiated from a first account at a first financial institution. A deposit of the assets withdrawn from the first account is initiated to a second account at a second financial institution. The first account and the second account have a common account holder. The withdrawal and deposit of assets may be initiated after analyzing multiple accounts of the account holder and determining whether an adjustment of funds among the multiple accounts would benefit the account holder. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.
310 Citations
10 Claims
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1. A method for executing financial transactions, the method comprising:
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a financial management system maintaining customer information for a plurality of customers, the customer information for each of the plurality of customers comprising, customer identification information; account identification information for each of a plurality of customer accounts at each of the plurality of financial institutions; active accounts and account balances; and customer preferences, the customer preferences comprising, requirements for one or more of the plurality of customer accounts at each of the plurality of financial institutions, comprising a minimum balance and a maximum balance; a manner in which accounts should be analyzed by the financial management system; and types of recommendations the customer prefers to receive from the financial management system; the financial management system maintaining financial institution information for each of a plurality of financial institutions, the financial institution information for each of the plurality of financial institutions comprising, financial institution identification information; American Bankers Association (ABA) information, comprising an ABA number and a routing number; account offering information; a customer communicating with the financial management system to initiate a financial transaction involving at least two different financial institutions of the plurality of financial institutions; and the financial management system executing the financial transaction, comprising, in a first part of the financial transaction, executing a debit transaction with a first financial institution; holding the funds from the debit transaction in an intermediate account owned by the financial management system at a third financial institution; and in a second part of the financial transaction, the financial management system executing a credit transaction with a second financial institution to deposit the funds in an account at the second financial institution; the financial management system analyzing active accounts for a customer, comprising determining whether there is a more favorable allocation of at least one of assets and debts for the customer; the financial management system making a recommendation to the customer based on the analysis; and the financial management system receiving an instruction from the user to automatically execute the recommendation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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Specification