Methods and systems for opening and funding a financial account online

• US 8,160,957 B2
• Filed: 04/27/2007
• Issued: 04/17/2012
• Est. Priority Date: 04/28/2006
• Status: Active Grant

• Current Assignee: Fidelity Information Services, LLC (Fidelity National Information Services Incorporated)
• Original Assignee: Efunds Corporation (Fidelity National Information Services Incorporated)
• Inventors: Egnatios, Rockne, Byal, Amy B., Marineau, Gerard, Evans, Robert L. Jr.
• Primary Examiner(s): Meinecke Diaz, Susanna M
• Application Number:
  US11/796,561
• Publication Number:
  US 20080091593A1
• Time in Patent Office: 1,817 Days
• Field of Search: 705/42, 705/44, 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 30/0224 based on user history
• 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

Abstract

Methods and systems for opening an account with a financial institution. One method can include electronically storing at least one rule for opening an account with a financial institution. The method can also include electronically receiving account application information from a remote device over at least one network, wherein the account application information includes personal information of a customer requesting to open an account. In addition, the method can include generating at least one risk score based on the account application information and applying the at least one rule to the at least one risk score in order to determine a decision regarding the account application information and to determine at least one funding constraint associated with the account.

Claims

1. A method of opening an account with a financial institution via an account management system having an account opening service, the account management system including a memory module, an input/output interface, and a processor, the method comprising:

electronically storing in the memory module at least one rule for opening an account with a financial institution;

electronically receiving, by the input/output interface, account application information from a remote device over at least one network, the account application information including personal information of a customer requesting to open an account;

electronically receiving, by the input/output interface, funding source information from the remote device over at least one network, the funding source information specifying at least one funding source;

electronically receiving, by the input/output interface, transmitted configuration information;

processing the transmitted configuration information so as to modify functionality of the account opening service, wherein the functionality comprises;

determining with the processor, based on the account application information, at least one risk score specifying a risk to the financial institution of transferring funds from the at least one funding source to the account;

comparing the at least one rule with the at least one risk score by the processor in order to determine a decision regarding the account application information by comparing the at least one rule with the at least one risk score in order to determine whether to accept the account application information and open the account;

determining a set of parameters for at least one funding constraint based upon the risk score;

electronically transmitting, by the input/output interface, the decision and the parameters to the remote device over the at least one network;

electronically transmitting, by the input/output interface, the decision and the parameters to the financial institution over the at least one network; and

providing an account-opening solution in accordance with the decision and the parameters.

2. The method of claim 1, wherein the comparing the at least one rule with at least one risk score by the processor in order to determine at least one funding constraint associated with the account includes comparing the at least one rule with at least one risk score in order to determine a maximum funding amount for the account.

3. The method of claim 1, wherein the comparing the at least one rule with at least one risk score by the processor in order to determine at least one funding constraint associated with the account includes comparing the at least one rule with at least one risk score in order to determine a hold time for funds transferred to the account.

4. The method of claim 1, further comprising electronically receiving the at least one rule from an individual associated with the financial institution over at least one network.

5. The method of claim 1, further comprising opening the account with the financial institution by way of the processor and associating the at least one funding constraint with the account.

6. The method of claim 1, further comprising transferring funds to the account by way of the processor via at least one of a credit card transaction, a debit card transaction, an ACH transaction, and a wire transfer.

7. The method of claim 1, wherein the determining at least one risk score with the processor based on the account application information includes determining a risk score specifying a risk to the financial institution of opening the account for the customer.

8. The method of claim 1, wherein the determining at least one risk score specifying a risk to the financial institution of transferring funds from the at least one funding source includes determining a risk score based on attempting to match at least a portion of the account application information with at least a portion of the funding source information.

9. The method of claim 8, wherein the determining at least one risk score with the processor based on attempting to match at least a portion of the account application information with at least a portion of the funding source information includes processing previously-collected debit data with the processor.

10. The method of claim 1, wherein the comparing the at least one rule with the at least one risk score by the processor in order to determine a decision regarding the account application information includes applying the at least one rule to the at least one risk score in order to determine whether to open the account.

11. An account management system for opening an account with a financial institution via an account opening service, the system comprising:

an electronically-implemented memory configured to store at least one rule for opening an account with a financial institution and a rules engine application;

an electronically-implemented input/output interface device configured to receive;

account application information from at least one remote device over at least one network and

transmitted configuration information;

an electronically-implemented processor programmed to;

process the transmitted configuration information so as to modify functionality of the account opening service, the functionality configured to;

determine at least one risk score based on the account application information, the at least one risk score specifying a risk to the financial institution of opening the account for the customer;

execute the rules engine application to compare the at least one rule with the at least one risk score in order to determine a decision regarding the account application information;

determine a set of parameters for at least one funding constraint based upon the risk score; and

provide an account-opening solution in accordance with the decision and the parameters.

12. The system of claim 11, wherein the at least one funding constraint includes a maximum funding amount for the account.

13. The system of claim 11, wherein the at least one funding constraint includes a funding hold time for funds transferred to the account.

14. The system of claim 11, wherein the input/output interface electronically transmits the decision and the at least one funding constraint to the remote device over at least one network.

15. A system for opening an account with a financial institution, the system comprising:

an account management system having an account opening service;

at least one network; and

at least one remote device configured to electronically transmit account application information and configuration information to the account management system over the at least one network;

wherein the account management system is configured to;

process the transmitted configuration information so as to modify functionality of the account opening service, the functionality configured to;

generate at least one risk score based on the account application information;

compare at least one rule to the at least one risk score in order to determine a decision regarding the account application information;

determine a set of parameters for at least one funding constraint based upon the risk score;

electronically transmit the decision and the parameters to the at least one remote device over the at least one network; and

provide an account-opening solution in accordance with the decision and the parameters.