Method and apparatus for managing transactions
First Claim
Patent Images
1. A computer-implemented method, comprising:
- collecting, by a third-party financial management system comprising at least one computer, electronic user data comprising user identification (ID) information related to a user of the third-party financial system;
collecting, by the third-party financial management system, electronic user financial account information related to one or more accounts owned by the user, the data comprising account ID information, wherein the third-party financial management system communicates with the user, and with one or more financial institutions via at least one network;
collecting, by the third-party financial management system, electronic financial institution data comprising information about the one or more financial institutions;
defining, by the third-party financial management system, a set of one or more authentication rules to authenticate the user, wherein the set of authentication rules comprises one or more logic rules and one or more procedures;
receiving, by the third-party financial management system, electronic data comprising a request from the user to access one of the one or more accounts, wherein the request includes authentication information from the user comprising a user address, a user driver'"'"'s license number, and a user social security number, and wherein the request further comprises a user request to execute a financial transaction;
applying, by the third-party financial management system, the authentication rules to determine whether to authenticate the user;
when the user is successfully authenticated, retrieving, by the third-party financial management system, risk information related to the user, and to a requested transaction, wherein risk information comprises historical data related to user transactions, the historical data comprising dollar amounts and movement of funds between user accounts, including the overall behavior of the user as it relates to transfer of funds, success rate of transactions, and types of failure;
determining, by the third-party financial management system, whether a risk associated with the user and a risk associated with the requested financial transaction are acceptable; and
when the user is successfully authenticated, and the risk associated with the requested financial transaction is determined to be acceptable, determining, by the third-party financial management system, whether to allow access to the user account, wherein access includes the third-party financial management system executing the requested financial transaction on behalf of the user.
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Abstract
A system receives account access information from a user. The account is then accessed using the received access information. Data is harvested from a web page associated with the account or received from another financial data source. The user'"'"'s ability to access the account is authenticated based on the obtained information.
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Citations
25 Claims
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1. A computer-implemented method, comprising:
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collecting, by a third-party financial management system comprising at least one computer, electronic user data comprising user identification (ID) information related to a user of the third-party financial system; collecting, by the third-party financial management system, electronic user financial account information related to one or more accounts owned by the user, the data comprising account ID information, wherein the third-party financial management system communicates with the user, and with one or more financial institutions via at least one network; collecting, by the third-party financial management system, electronic financial institution data comprising information about the one or more financial institutions; defining, by the third-party financial management system, a set of one or more authentication rules to authenticate the user, wherein the set of authentication rules comprises one or more logic rules and one or more procedures; receiving, by the third-party financial management system, electronic data comprising a request from the user to access one of the one or more accounts, wherein the request includes authentication information from the user comprising a user address, a user driver'"'"'s license number, and a user social security number, and wherein the request further comprises a user request to execute a financial transaction; applying, by the third-party financial management system, the authentication rules to determine whether to authenticate the user; when the user is successfully authenticated, retrieving, by the third-party financial management system, risk information related to the user, and to a requested transaction, wherein risk information comprises historical data related to user transactions, the historical data comprising dollar amounts and movement of funds between user accounts, including the overall behavior of the user as it relates to transfer of funds, success rate of transactions, and types of failure; determining, by the third-party financial management system, whether a risk associated with the user and a risk associated with the requested financial transaction are acceptable; and when the user is successfully authenticated, and the risk associated with the requested financial transaction is determined to be acceptable, determining, by the third-party financial management system, whether to allow access to the user account, wherein access includes the third-party financial management system executing the requested financial transaction on behalf of the user. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A financial management system, comprising:
at least one computer, comprising, a communication interface through which the financial management system communicates via at least one network with one or more financial institutions and with a user device; a transaction execution module configurable to execute user-requested transactions with the one or more financial institutions on behalf of a user; and an authentication and risk analysis module configured to automatically collect risk information comprising historical data related to user-requested transactions, the historical data comprising dollar amounts and movement of funds between user accounts, including the overall behavior of the user as it relates to transfer of funds, success rate of transactions, and types of failure, the module further configured to determine whether a risk associated with the user and a risk associated with the requested financial transaction are acceptable, and further configured to authenticate the user when the user requests a transaction. - View Dependent Claims (8, 9, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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10. The system of 9, wherein the risk information further comprises:
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previous transaction history; previous session history, including duration of account access; account set-up history; time elapsed since last transaction; time elapsed since account added; affiliations of an account with other users; comparison of a geographic location of the request and geographic locations of previous requests, including determining distance between geographic locations, times of transactions executed from particular geographic locations, and types of connections used at particular geographic locations.
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21. A non-transitory computer-readable medium having stored thereon instructions, that when executed, cause method to be performed by at least one processor, the method comprising:
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collecting, by a third-party financial management system, user information comprising user identification (ID) information related to a user of the third-party financial system; collecting, by the third-party financial management system, user financial account information related to one or more accounts owned by the user, wherein the third-party financial management system communicates with the user and one or more financial institutions via at least one network; collecting, by the third-party financial management system, information about the one or more financial institutions; defining, by the third-party financial management system, a set of one or more authentication rules to authenticate the user, wherein the set of authentication rules comprises one or more logic rules and one or more procedures; receiving, by the third-party financial management system, a request from the user to access one of the one or more accounts, wherein the request includes authentication information from the user comprising a user address, a user driver'"'"'s license number, and a user social security number, and wherein the request further comprises a user request to execute a financial transaction; applying, by the third-party financial management system, the authentication rules to determine whether to authenticate the user; when the user is successfully authenticated, retrieving, by the third-party financial management system, risk information related to the user, wherein risk information comprises historical data related to user transactions a transaction execution module configurable to execute user-requested transactions with the one or more financial institutions on behalf of the user; automatically collecting, by an authentication and risk analysis module of the third-party financial management system, risk information comprising historical data related to user-requested transactions, the historical data comprising dollar amounts and movement of funds between user accounts, including the overall behavior of the user as it relates to transfer of funds, success rate of transactions, and types of failure, the module further configured to determine whether a risk associated with the user and a risk associated with the requested financial transaction are acceptable; and when the user is successfully authenticated, the third-party financial management system determining whether to allow access to the user account, wherein access includes the third-party financial management system executing a requested transaction on behalf of the user. - View Dependent Claims (22, 23, 24, 25)
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Specification