System and method for allocation to obtain zero activity in a selected aggregated account with holdback

• US 8,019,668 B1
• Filed: 01/13/2010
• Issued: 09/13/2011
• Est. Priority Date: 02/28/2007
• Status: Active Grant

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Inventors: Bent, Bruce II, Bent, Bruce
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): AMELUNXEN, BARBARA J
• Application Number:
  US12/686,797
• Time in Patent Office: 608 Days
• Field of Search: 705/4, 705/35, 705/36, 705/36.R, 705/39, 705/41, 705/42
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method, system and program product, the method comprising: accessing one or more databases comprising: aggregated deposit account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of deposit institutions, and client information; determining at least one aggregated deposit account to which to deposit/transfer or to withdraw/transfer funds based at least in part on one or more selection rules; obtaining transfer data; allocating funds to one or more of the aggregated deposit accounts based on the transfer data and on one or more allocation rules; allocating fund amounts of client accounts to substantially match the respective amounts allocated; generating and communicating data for one or more instructions to transfer funds based at least in part on one or more of the allocating steps; and updating the one or more databases.

Claims

1. A method, comprising:

(A) accessing, using one or more computers, one or more databases comprising;

(1) aggregated deposit account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of deposit institutions, each of the respective deposit institutions holding one or more of the aggregated deposit accounts, each of the aggregated deposit accounts holding funds of a plurality of client accounts; and

(2) client account information for each of more than one of the respective client accounts, the client account information for a respective one of the client accounts comprising a respective balance of funds of the respective client account held in each of one or more of the government-backed insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

(B) determining, using the one or more computers, at least one aggregated deposit account in one of the deposit institutions to which to deposit/transfer or to withdraw/transfer funds, based at least in part on a selection rule to direct fund transfer activity to this one aggregated deposit account, and/or based at least in part on a selection rule to direct fund transfer activity away from one or more other of the respective aggregated deposit accounts;

(C) obtaining transfer data comprising an amount of funds comprising deposits/transfers to and/or withdrawals/transfers from one or more of the aggregated deposit accounts;

(D) allocating funds, using the one or more computers, to one or more of the aggregated deposit accounts held in one or more of the deposit institutions based on the transfer data and on one or more allocation rules;

(E) allocating, using the one or more computers, fund amounts of client accounts among the aggregated deposit accounts, to substantially match respective amounts allocated to the aggregated deposit accounts based on the transfer data and the one or more allocation rules;

(F) generating and communicating data for one or more instructions, using the one or more computers and a network communication link, to transfer funds to or from the at least one aggregated deposit account based at least in part on one or more of the allocating steps; and

(G) updating, using the one or more computers, the one or more databases with information based at least in part on one or more of the allocating steps.

2. The method as defined in claim 1, wherein the generating and communicating data step comprises:

generating transfer data for a sub-period of time, using the one or more computers, for a deposit/transfer of funds to or a withdrawal/transfer of funds from, the at least one aggregated deposit account, the allocating comprising;

(i) determining, using the one or more computers, whether the deposit/transfer of funds or the withdrawal/transfer of funds is for a sub-period of time before or after a cutoff time;

(ii) generating first transfer data for one or more instructions, using the one or more computers, for at least one sub-period of time that is before the cutoff time for a first deposit/transfer of funds to or a first withdrawal/transfer of funds from, the at least one aggregated deposit account, while holding back a holdback amount of funds;

(iii) generating second transfer data for one or more instructions, using the one or more computers, where the sub-period of time is after the cutoff time, for at least a second withdrawal/transfer of an amount of funds from the holdback amount of funds and/or for withdrawal/transfer of an amount of funds from or deposit/transfer of an amount of funds to, the at least one aggregated deposit account.

3. The method as defined in claim 2, wherein for the at least one sub-period of time that is before the cutoff time,

determining a withdrawal/transfer from the at least one aggregated deposit account based at least in part on one or more of the allocating steps;

and

increasing an amount of the withdrawal/transfer for the at least one aggregated deposit account based at least in part on the holdback amount.

4. The method as defined in claim 2, wherein for the at least one sub-period of time that is before the cutoff time,

determining a deposit/transfer to the at least one aggregated deposit account based at least in part on one or more of the allocating steps;

and

decreasing an amount of the deposit/transfer for the at least one aggregated deposit account based at least in part on the holdback amount.

5. The method as defined in claim 2, further comprising receiving or obtaining the holdback amount.

7. The method as defined in claim 1, wherein the amounts of client accounts allocated are client account balances, where the respective client account represents funds of the respective client held in the one or more of the aggregated deposit accounts holding funds of the client.

8. The method as defined in claim 1, wherein, for each aggregated deposit account with a no-withdrawal designation, the step of allocating further comprises:

offsetting, by the one or more computers, any withdrawal/transfer from this aggregated deposit account with deposits/transfers from another aggregated deposit account that does not have a no-withdrawal designation and is in a different one of the deposit institutions.

9. The method as defined in claim 8, further comprising:

selecting the another aggregated deposit account based, at least in part, on whether it is associated in the one or more databases with a same financial entity as the aggregated deposit account with the no-withdrawal designation.

6. The method as defined in 2, further comprising calculating, by the one or more computers, the holdback amount.

10. A system, comprising:

one or more computers comprising memory wherein the memory stores computer-readable instructions comprising program code that, when executed, cause the one or more computers to perform the steps;

(A) accessing, using the one or more computers, one or more databases comprising;

(1) aggregated deposit account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of deposit institutions, each of the respective deposit institutions holding one or more of the aggregated deposit accounts, each of the aggregated deposit accounts holding funds of a plurality of client accounts; and

(2) client account information for each of more than one of the respective client accounts, the client account information for a respective one of the client accounts comprising a respective balance of funds of the respective client account held in each of one or more of the government-backed insured and interest-bearing aggregated deposit accounts holding funds of the respective client account; and

(B) determining, using the one or more computers, at least one aggregated deposit account in one of the deposit institutions to which to deposit/transfer or to withdraw/transfer funds, based on a selection rule to direct fund transfer activity to this one aggregated deposit account, and/or based at least in part on a selection rule to direct fund transfer activity away from one or more other of the respective aggregated deposit accounts;

(C) obtaining transfer data comprising an amount of funds comprising deposits/transfers to and/or withdrawals/transfers from one or more of the aggregated deposit accounts;

(D) allocating funds, using the one or more computers, to one or more of the aggregated deposit accounts held in one or more of the deposit institutions based on the transfer data and on one or more allocation rules;

(E) allocating, using the one or more computers, fund amounts of client accounts among the aggregated deposit accounts, to substantially match respective amounts allocated to the aggregated deposit accounts based on the transfer data and the one or more allocation rules;

(F) generating and communicating data for one or more instructions, using the one or more computers and a network communication link, to transfer funds to or from the at least one aggregated deposit account based at least in part on one or more of the allocating steps; and

(G) updating, using the one or more computers, the one or more databases with information based at least in part on one or more of the allocating steps.

11. The system as defined in claim 10, wherein the memory stores computer-readable instructions comprising program code that, when executed, causes the one or more computers to perform the steps:

generating transfer data for a sub-period of time, using the one or more computers, for a deposit/transfer of funds to or a withdrawal/transfer of funds from, the at least one aggregated deposit account, the allocating comprising;

(i) determining, using the one or more computers, whether the deposit/transfer of funds or the withdrawal/transfer of funds is for a sub-period of time before or after a cutoff time;

(ii) generating first transfer data for one or more instructions, using the one or more computers, for at least one sub-period of time that is before the cutoff time for a first deposit/transfer of funds to or a first withdrawal/transfer of funds from, the at least one aggregated deposit account, while holding back a holdback amount of funds;

(iii) generating second transfer data for one or more instructions, using the one or more computers, where the sub-period of time is after the cutoff time, for at least a second withdrawal/transfer of an amount of funds from the holdback amount of funds and/or for withdrawal/transfer of an amount of funds from or deposit/transfer of an amount of funds to, the at least one aggregated deposit account.