Method and apparatus for implementing financial transactions
First Claim
1. A method for executing a financial transaction, comprising:
- in a first transaction, a third-party financial management system executing a debit transaction with a first financial institution to withdraw funds at the request of an initiator from a source account owned by the initiator, and executing a credit transaction to deposit the funds in an intermediate account owned by a third-party system, wherein the intermediate account is not owned by the initiator;
holding the funds from the debit transaction in the intermediate at a third financial institution; and
in a second transaction, the third-party system executing a debit transaction with the third financial institution to withdraw the funds, and executing a credit transaction with a second financial institution to deposit the funds in an account owned by the initiator at the second financial institutions, wherein the amount of funds deposited equals the amount of funds withdrawn from the source account, and wherein the third-party system is independent from the first financial institution, the second financial institution, and the third financial institution, and wherein the third-party system communicates with the first financial institution, the second financial institution, and the third financial institution via a network.
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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 A deposit of the assets withdrawn from the first account is initiated to a second account at a second financial institution.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is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets.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.
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Citations
11 Claims
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1. A method for executing a financial transaction, comprising:
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in a first transaction, a third-party financial management system executing a debit transaction with a first financial institution to withdraw funds at the request of an initiator from a source account owned by the initiator, and executing a credit transaction to deposit the funds in an intermediate account owned by a third-party system, wherein the intermediate account is not owned by the initiator; holding the funds from the debit transaction in the intermediate at a third financial institution; and in a second transaction, the third-party system executing a debit transaction with the third financial institution to withdraw the funds, and executing a credit transaction with a second financial institution to deposit the funds in an account owned by the initiator at the second financial institutions, wherein the amount of funds deposited equals the amount of funds withdrawn from the source account, and wherein the third-party system is independent from the first financial institution, the second financial institution, and the third financial institution, and wherein the third-party system communicates with the first financial institution, the second financial institution, and the third financial institution via a network. - View Dependent Claims (5, 6, 7, 8, 9, 10, 11)
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2. A computer-readable medium storing instructions which, when executed by a processor, cause a system to perform a method for executing a financial transaction, the method comprising:
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in a first transaction, a third-party financial management system executing a debit transaction with a first financial institution to withdraw funds at the request of an initiator from a source account owned by the initiator, and executing a credit transaction to deposit funds in an intermediate account owned by a third-party system, wherein the intermediate account is not owned by the initiator; holding the funds from the debit transaction in the intermediate account at a third financial institution; and in a second transaction, the third-party system executing a debit transaction with the third financial institution to withdraw the funds, and executing a credit transaction with a second financial institution to deposit the funds in an account owned by the initiator at the second financial institution, wherein the amount of funds deposited equals the amount of funds withdrawn from the source account, and wherein the third-party system is independent from the first financial institution, the second financial institution, and the third financial institution, and wherein the third-party system communicates with the first financial institution, the second financial institution, and the third financial institution via a network. - View Dependent Claims (3, 4)
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Specification