Methods and systems for consolidating financial reporting information

• US 7,490,059 B2
• Filed: 01/27/2003
• Issued: 02/10/2009
• Est. Priority Date: 01/27/2003
• Status: Expired due to Fees

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Provost, Christina Marie, Wordekemper, Glen David, Gross, Gerald Frederick, Royer, Terry Lynne, Haugen, Sandra Sue, Kann, Brenda Lee, Chladek, Gary Francis, Albee, Steven Ladd, Stier, Robert Alan, Gaines, Barbara C.
• Primary Examiner(s): Patel; Jagdish N
• Application Number:
  US10/353,778
• Publication Number:
  US 20040148239A1
• Time in Patent Office: 2,206 Days
• Field of Search: 705/35, 705/38, 705/39, 707/10, 707/101, 707/102, 707/201, 707/204, 715/515, 715/522, 715/500.1, 715/516, 715/526, 715/530
• 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 40/06 Asset management; Financial planning or analysis

Abstract

Methods and systems are provided for providing financial reporting information to a customer. Financial reporting information for a multiple distinct financial accounts is received at a host. The received financial reporting information is mapped onto a set of distinct financial account types. A consolidation of the mapped financial reporting information is determined according to a set of consolidation rules. The consolidated financial reporting information is then formatted according to a set of fulfillment rules for distribution to the customer.

Claims

1. A method for providing financial reporting information to a customer, the method comprising:

receiving financial reporting information for a plurality of distinct financial accounts at a host system;

mapping the received financial reporting information onto a set of distinct financial account types with the host computer system wherein each financial account type of the set of financial account types is distinguished based on a credit mechanism by which an account balance is increased and a debit mechanism by which the account balance is decreased;

consolidating the mapped financial reporting information according to a set of consolidation rules with the host computer system wherein the consolidation rules are defined by both the financial institution that controls at least one of the financial accounts and the customer;

formatting the consolidated financial reporting information according to a set of fulfillment rules with the host computer system for distribution to the customer; and

preparing a summary of the consolidated financial reporting information for distribution to the customer with the consolidated financial reporting information.

2. The method recited in claim 1 wherein the consolidation rules require consolidating a particular set of financial reporting information with any other available financial reporting information for the customer upon receipt of the particular set of financial reporting information.

3. The method recited in claim 1 wherein the consolidation rules specify that a first set of financial reporting information is to be consolidated with a second set of financial reporting information only if the first and second sets are received less than a maximum period of time apart.

4. The method recited in claim 1 further comprising distributing the consolidated financial reporting information to the customer with a delivery method selected from the group consisting of electronic delivery, fax delivery, postal delivery, and voice delivery based on the fulfillment rules.

5. The method recited in claim 1 further comprising preparing a summary report of the consolidated financial reporting information for transmission to a financial entity that maintains at least one of the plurality of distinct financial accounts.

6. The method recited in claim 1 wherein at least two of the plurality of distinct financial accounts are managed by different financial entities.

8. The method of claim 1, further comprising resolving inconsistencies between the consolidation rules defined by the financial institution that controls at least one of the financial accounts and consolidation rules defined by the customer based on a set of external rules.

9. The method of claim 8, wherein resolving inconsistencies between the consolidation rules defined by the financial institution that controls at least one of the financial accounts and consolidation rules defined by the customer based on a set of external rules comprises giving priority to consolidation rules defined by the financial institution.

10. The method of claim 8, wherein resolving inconsistencies between the consolidation rules defined by the financial institution that controls at least one of the financial accounts and consolidation rules defined by the customer based on a set of external rules comprises giving priority to consolidation rules defined by the customer.

7. A method for providing financial reporting information to a customer, the method comprising:

receiving financial reporting information for a plurality of distinct financial accounts at a host computer system, wherein each of the distinct financial accounts is one of a set of account types, each financial account type of the set of financial account types distinguished based on a credit mechanism by which an account balance is increased and a debit mechanism by which the account balanced is decreased and at least two of the plurality of distinct financial accounts are of different account types;

consolidating the received financial reporting information according to a set of consolidation rules with the host computer system based on the account type of each financial account wherein the consolidation rules are defined by both the financial institution that controls at least one of the financial accounts and the customer;

formatting the consolidated financial reporting information according to a set of fulfillment rules with the host computer system for distribution to the customer; and

preparing a summary of the consolidated financial reporting information for distribution to the customer with the consolidated financial reporting information.

11. The method recited in claim 7 wherein the consolidation rules require consolidating a particular set of financial reporting information with any other available financial reporting information for the customer upon receipt of the particular set of financial reporting information.

12. The method recited in claim 7 wherein the consolidation rules specify that a first set of financial reporting information is to be consolidated with a second set of financial reporting information only if the first and second sets are received less than a maximum period of time apart.

13. The method recited in claim 7 further comprising distributing the consolidated financial reporting information to the customer with a delivery method selected from the group consisting of electronic delivery, fax delivery, postal delivery, and voice delivery based on the fulfillment rules.

14. The method recited in claim 7 further comprising preparing a summary report of the consolidated financial reporting information for transmission to a financial entity that maintains at least one of the plurality of distinct financial accounts.

15. The method recited in claim 7 wherein at least two of the plurality of distinct financial accounts are managed by different financial entities.

16. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a host system including an input device, a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the host system to process a financial transaction in accordance with the following:

receiving financial reporting information for a plurality of distinct financial accounts with the communications system;

mapping the received financial reporting information onto a set of distinct financial account types with the processor wherein each financial account type of the set of financial account types is distinguished based on a credit mechanism by which an account balance is increased and a debit mechanism by which the account balance is decreased;

consolidating the mapped financial reporting information with the processor according to a set of consolidation rules maintained on the storage device wherein the consolidation rules are defined by both the financial institution that controls at least one of the financial accounts and the customer;

formatting the consolidated financial reporting information with the processor according to a set of fulfillment rules maintained on the storage device for distribution to the customer; and

preparing with the processor a summary of the consolidated financial reporting information for distribution to the customer with the consolidated financial reporting information.

17. The computer-readable storage medium recited in claim 16 wherein the consolidation rules require consolidating a particular set of financial reporting information with any other available financial reporting information for the customer upon receipt of the particular set of financial reporting information.

18. The computer-readable storage medium recited in claim 16 wherein the consolidation rules specify that a first set of financial reporting information is to be consolidated with a second set of financial reporting information only if the first and second sets are received less than a maximum period of time apart.

19. The computer-readable storage medium recited in claim 16 wherein the computer-readable program further includes instructions for distributing the consolidated financial reporting information to the customer with a delivery method selected from the group consisting of electronic delivery, fax delivery, postal delivery, and voice delivery based on the fulfillment rules.

20. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a host system including an input device, a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the host system to process a financial transaction in accordance with the following:

receiving financial reporting information for a plurality of distinct financial accounts with the communications system, wherein each of the distinct financial accounts is of one of a set of account types, each financial account type of the set of financial account types distinguished based on a credit mechanism by which an account balance is increased and a debit mechanism by which the account balanced is decreased and at least two of the plurality of distinct financial accounts are of different account types;

consolidating the received financial reporting information with the processor according to a set of consolidation rules maintained on the storage device based on the account type of each financial account wherein the consolidation rules are defined by both the financial institution that controls at least one of the financial accounts and the customer;

formatting the consolidated financial reporting information with the processor according to a set of fulfillment rules maintained on the storage device for distribution to the customer; and

preparing with the processor a summary of the consolidated financial reporting information for distribution to the customer with the consolidated financial reporting information.

21. The computer-readable storage medium recited in claim 20 wherein the consolidation rules require consolidating a particular set of financial reporting information with any other available financial reporting information for the customer upon receipt of the particular set of financial reporting information.

22. The computer-readable storage medium recited in claim 20 wherein the consolidation rules specify that a first set of financial reporting information is to be consolidated with a second set of financial reporting information only if the first and second sets are received less than a maximum period of time apart.

23. The computer-readable storage medium recited in claim 20 wherein the computer-readable program further includes instructions for distributing the consolidated financial reporting information to the customer with a delivery method selected from the group consisting of electronic delivery, fax delivery, postal delivery, and voice delivery based on the fulfillment rules.