System and method for executing deposit transactions over the internet
First Claim
1. A computer implemented method of conducting banking deposit transactions through a network between a bank and its customers, the computer implemented method comprising:
- providing an interface, comprising at least a computer processor, wherein the interface provides access to a network to which a customer has access;
linking a server to the interface over the network;
transmitting deposit terms from the server over the network to the customer at the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit for a given currency;
receiving at the server from the network a deposit request generated by the customer at the interface in response to the deposit terms, the deposit request comprising a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and
determining at the server whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank,wherein the deposit request is automatically executed upon the specific rate in the generated deposit request matching a live rate and the deposit terms being within the predetermined parameters,wherein further the principal amount of the deposit is deposited by the bank at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer, wherein funds are transferred to the bank from or on behalf of the customer to settle the deposit according to settlement instructions communicated between the customer and the bank.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for initiating and processing banking deposits. In a preferred embodiment, the system is maintained by a financial institution such as a bank and the bank'"'"'s customers access the system through the Internet. The system provides a Graphical User Interface that allows the customers to view the bank'"'"'s current rates for a plurality of currencies and a plurality of time periods. The customer selects the desired rate on the interface and the system automatically generates a deal ticket that is presented to the customer. The customer submits the deal ticket for trading. A confirmation of the trade occurs online and real time. The system has further utilities for the customers to view archives of previous deals, establish profiles and preferences and chat with bank representatives. The system further includes state of the art security in order to ensure the safety and confidentiality of the banking transactions.
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Citations
42 Claims
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1. A computer implemented method of conducting banking deposit transactions through a network between a bank and its customers, the computer implemented method comprising:
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providing an interface, comprising at least a computer processor, wherein the interface provides access to a network to which a customer has access; linking a server to the interface over the network; transmitting deposit terms from the server over the network to the customer at the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit for a given currency; receiving at the server from the network a deposit request generated by the customer at the interface in response to the deposit terms, the deposit request comprising a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and determining at the server whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank, wherein the deposit request is automatically executed upon the specific rate in the generated deposit request matching a live rate and the deposit terms being within the predetermined parameters, wherein further the principal amount of the deposit is deposited by the bank at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer, wherein funds are transferred to the bank from or on behalf of the customer to settle the deposit according to settlement instructions communicated between the customer and the bank. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39)
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40. A computer implemented method of conducting banking deposit transactions through a network between a bank and its customers, the computer implemented method comprising:
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providing a interface, comprising at least a computer processor, wherein the interface provides access to a network to which a customer has access; linking a server to the interface over the network; transmitting deposit terms from the server over the network to the customer at the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit for a given currency; receiving at the server over the network a deposit request generated by the customer at the interface in response to the deposit terms, the deposit request comprising a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and determining at the server whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank, wherein the deposit request is automatically executed upon the specific rate in the generated deposit request matching a live rate and the deposit terms being within the predetermined parameters, wherein further the principal amount of the deposit is deposited by the bank at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer, wherein funds are designated by the customer to settle the deposit that comprise a principal amount and interest generated by a previous deposit of the customer with the bank that has matured.
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41. A computer implemented method of conducting banking deposit transactions through a network between a bank and its customers, the computer implemented method comprising:
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providing a interface, comprising at least a computer processor, wherein the interface provides access to a network to which a customer has access; linking a server to the interface over the network; transmitting deposit terms from the server over the network to the customer at the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit for a given currency; receiving over the network at the server a deposit request generated by the customer at the interface in response to the deposit terms, the deposit request comprising a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and determining at the server whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank; and receiving instructions at the server from the customer through the interface over the network to rollover funds from a deposit of the customer with the bank that has matured to fund the current deposit request; wherein the deposit request is automatically executed upon the specific rate in the generated deposit request matching a live rate and the deposit terms being within the predetermined parameters, wherein further the principal amount of the deposit is deposited by the bank at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer.
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42. A computer implemented method of conducting banking deposit transactions through a network between a bank and its customers, the computer implemented method comprising:
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providing a interface, comprising at least a computer processor, wherein the interface provides access to a network to which a customer has access; linking a server to the interface over the network; transmitting deposit terms from the server over the network to the customer at the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit in U.S. dollars; receiving at the server over the network a deposit request generated by the customer at the interface in response to the deposit terms, the deposit request comprising a specific value date, specific tenor, specific rate and a principal amount of a deposit in U.S. dollars; determining at the server whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank; and determining at the server whether the deposit request has been made within a predetermined amount of time following the transmission of the deposit terms to the customer; wherein the deposit request is automatically executed upon the specific rate in the generated deposit request matching a live rate, the deposit terms being within the predetermined parameters and the deposit request being made within the predetermined amount of time, wherein further the principal amount of the deposit is deposited by the bank at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer, wherein further funds are transferred to the bank from a settlement account of the customer to settle the deposit according to settlement instructions communicated between the customer and the bank, wherein further the principal and interest earned by the deposit are deposited into the settlement account following the end of the term of the deposit.
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Specification