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System and method for executing deposit transactions over the internet

  • US 7,680,732 B1
  • Filed: 07/12/2007
  • Issued: 03/16/2010
  • Est. Priority Date: 06/07/2000
  • Status: Expired due to Fees
First Claim
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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.

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