Systems and methods for facilitating a distribution of bank accounts via an educational institution

• US 7,792,744 B2
• Filed: 05/30/2007
• Issued: 09/07/2010
• Est. Priority Date: 01/17/2002
• Status: Active Grant

• Current Assignee: BMTX, Inc. (BM Technologies, Inc.)
• Original Assignee: Higher One, Inc. (Blackboard Incorporated)
• Inventors: McGuane, Casey, Glass, Sean, Jones, Ernest C., Lasater, Miles, Wong, Jeff, Savino, Kiril, Volchek, Mark, Fuldner, Henry G.
• Primary Examiner(s): APPLE, KIRSTEN SACHWITZ
• Application Number:
  US11/807,617
• Publication Number:
  US 20070239603A1
• Time in Patent Office: 1,196 Days
• Field of Search: 705/38, 707/202
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• 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

According to some embodiments, systems and methods are provided to facilitate a distribution of bank accounts via an educational institution. For example, information associated with a student, faculty member, or alum may be received from a university. A soft bank account may then be established based on the received information. If an indication of acceptance is received (e.g., via a Web site), the soft bank account may be activated. The activated bank account may then be used to process banking transactions.

Claims

1. A computer-implemented method performed by an account controller to facilitate a financial transaction between a student and an educational institution, comprising:

receiving by the account controller, via said educational institution, received information associated with said student; and

causing, via the account controller, a soft bank account to be created for the student based solely on the received information.

2. The method of claim 1 wherein on an indication of acceptance from said student, said account controller converts said soft bank account to an accessible bank account.

3. The method of claim 2 wherein said indication of acceptance is transmitted by said student from a device via at least one communication network.

4. The method of claim 3 wherein said indication of acceptance is transmitted by said student from a computer via a website.

5. The method of claim 4 wherein said indication of acceptance is transmitted by said student from a computer via a co-branded website.

6. The method of claim 3 wherein said indication of acceptance includes said student entering shared secret information.

7. The method of claim 6 wherein contemporaneously with said indication of acceptance, said student is requested to verify personal information and select account preferences.

8. The method of claim 2 wherein said account controller receives information from a plurality of educational institutions and stores said information in a database that is sortable by educational institution.

9. The method of claim 8 wherein said information is transmitted to a vendor that creates a unique token for each student.

10. The method of claim 9 wherein said information is transmitted to a card personalization vendor that creates a unique card for said student.

11. The method of claim 10 wherein said unique card identifies said educational institution.

12. The method of claim 10 wherein said unique card is non-functional until said student provides said indication of acceptance.

13. The method of claim 2 wherein said accessible bank account merges a plurality of financial functions.

14. The method of claim 13 wherein said plurality of financial functions include at least one of alumni donations, grant administration, procurement, financial aid refunds, tuition payments, person-to-person payments, investments, short term borrowing and long term borrowing.

18. The method of claim 14 wherein said indication of acceptance is transmitted by said member from a member device via at least one communication network.

19. The method of claim 18 wherein said indication of acceptance includes said member entering shared secret information.

20. The method of claim 19 wherein contemporaneously with said indication of acceptance, said member is requested to verify personal information and select account preferences.

15. A computer-implemented method performed by an account controller to facilitate a financial transaction between a member and an institution, comprising:

receiving by the account controller, via said institution, received information associated with said member; and

causing, via the account controller, a soft bank account to be created for the member based solely on the received information.

16. The method of claim 15 wherein said institution is one of a corporation, government entity and charitable organization.

17. The method of claim 16 wherein on an indication of acceptance from said member, said account controller converts said soft bank account to an accessible bank account.

21. The method of claim 17 wherein said account controller receives information from a plurality of institutions and stores said information in a database that is sortable by institution.

22. The method of claim 21 wherein said information is transmitted to a vendor that creates a unique token for said member.

23. The method of claim 22 wherein said information is transmitted to a card personalization vendor that creates a unique card for said member.

24. The method of claim 23 wherein said unique card is non-functional until said member provides said indication of acceptance.