System and method for executing deposit transactions over the internet
First Claim
1. A system for conducting banking deposit transactions between a bank and its customers, the system comprising:
- an interface to a network to which a customer has access;
a server coupled to the interface, the server configured to;
transmit deposit terms 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;
receive a deposit request over the network generated by the customer at the interface in response to the deposit terms, the deposit request including a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and
determine 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 server is configured to automatically execute the received generated deposit request by depositing the principal amount of the deposit at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer 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 server is configured to automatically settle the deposit using funds that are transferred to the bank from or on behalf of the customer according to settlement instructions communicated between the customer and the bank.
1 Assignment
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.
335 Citations
42 Claims
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1. A system for conducting banking deposit transactions between a bank and its customers, the system comprising:
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an interface to a network to which a customer has access; a server coupled to the interface, the server configured to; transmit deposit terms 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; receive a deposit request over the network generated by the customer at the interface in response to the deposit terms, the deposit request including a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and determine 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 server is configured to automatically execute the received generated deposit request by depositing the principal amount of the deposit at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer 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 server is configured to automatically settle the deposit using funds that are transferred to the bank from or on behalf of the customer 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 system for conducting banking deposit transactions between a bank and its customers, the system comprising:
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an interface to a network to which a customer has access; a server coupled to the interface, the server configured to; transmit deposit terms 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; receive a deposit request over the network generated by the customer at the interface in response to the deposit terms, the deposit request including a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; and determine 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 server is configured to automatically execute the received generated deposit request by depositing the principal amount of the deposit at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer 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 server is configured to automatically settle the deposit using funds 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 system for conducting banking deposit transactions between a bank and its customers, the system comprising:
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an interface to a network to which a customer has access; a server coupled to the interface, the server configured to; transmit deposit terms t over the network to the customer through the interface, the deposit terms including value dates, tenors and rates at which the bank will execute a deposit for a given currency; receive a deposit request over the network generated by the customer at the interface in response to the deposit terms, the deposit request including a specific value date, specific tenor, specific rate and a principal amount of a deposit for the given currency; determine whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank; and receive instructions from the customer at 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 server is configured to automatically execute the received generated deposit request by depositing the principal amount of the deposit at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer upon the specific rate in the generated deposit request matching a live rate and the deposit terms being within the predetermined parameters.
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42. A system for conducting banking deposit transactions between a bank and its customers, the system comprising:
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an interface to a network to which a customer has access; a server coupled to the interface, the server configured to; transmit deposit terms 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; receive a deposit request over the network generated by the customer at the interface in response to the deposit terms, the deposit request including a specific value date, specific tenor, specific rate and a principal amount of a deposit in U.S. dollars; determine whether the deposit terms specified in the received generated deposit request are within predetermined parameters set up between the customer and the bank; and determine 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 server is configured to automatically execute the received generated deposit request by depositing the principal amount of the deposit at the specific value date, specific tenor and specific rate specified in the executed received generated deposit request in an account of the customer 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 server is configured to automatically settle the deposit using funds that are transferred to the bank from a settlement account of the customer according to settlement instructions communicated between the customer and the bank, wherein further the server is configured to automatically deposit the principal and interest earned by the deposit into the settlement account following the end of the term of the deposit.
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Specification