System, method and program product for minimizing fund movements

• US 8,452,702 B1
• Filed: 09/08/2011
• Issued: 05/28/2013
• Est. Priority Date: 09/08/2011
• Status: Active Grant

• Current Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Original Assignee: Island Intellectual Property LLC (Double Rock Corporation)
• Inventors: O'Donnell, Thomas J., Gareis, David Edgar
• Primary Examiner(s): Subramanian, Narayanswamy
• Application Number:
  US13/228,031
• Time in Patent Office: 628 Days
• Field of Search: 705/35, 705 39- 42, 705/45, 235/379, 235/380, 235/385, 235/437, 235/470
• US Class Current: 705/39
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method, system and program product, the method comprising: accessing databases, comprising (i) aggregated account information for a plurality of government-backed insured interest-bearing aggregated deposit accounts held in a plurality of recipient depository institutions, and (ii) client account information; obtaining client account transaction information of client accounts of a first financial institution; obtaining a first amount of funds for the first financial institution; allocating the first amount of funds to other of the recipient depository institutions; allocating a second amount of funds sourced from other of the financial institutions to the first financial institution, based on criteria; netting the first amount and the second amount to obtain a net amount; if the net amount is different from zero, allocating a positive or a negative third amount, to make the second amount equal to the first amount, so no transfer is necessary.

Claims

1. A method, comprising:

accessing, using one or more computers, one or more electronic databases, stored on one or more computer-readable media, for assisting in carrying out one or more of the following operations, the one or more databases comprising

(i) aggregated account information for a plurality of government-backed insured and interest-bearing aggregated deposit accounts held in a plurality of recipient depository institutions, comprising a balance of funds held in each of the aggregated deposit accounts, wherein funds from a plurality of client accounts are aggregated with funds of other client accounts in the aggregated deposit accounts; and

(ii) client account information for each of a plurality of the respective client accounts comprising at least a respective balance of funds from the respective client account held in each of one or more recipient depository institutions in the interest-bearing aggregated deposit accounts holding funds of the respective client account;

obtaining, using the one or more computers, client account transaction information of client accounts of a first financial institution that is one of the recipient depository institutions and is also operating as a source institution, for one or more sub-periods of time;

obtaining, using the one or more computers, a first amount of funds comprising a respective positive net transfer amount or negative net transfer amount for the one or more sub-periods of time for the first financial institution;

allocating, using the one or more computers, the first amount of funds, to one or more other of the recipient depository institutions in one or more aggregated accounts held therein;

allocating, using the one or more computers, a second amount of funds sourced from one or more other of the financial institutions to the first financial institution, based at least in part on the first amount of the funds and/or based at least in part on an amount held or to be held by the first financial institution sourced from the other financial institutions;

netting, using the one or more computers, the first amount and the second amount to obtain a net amount;

if the net amount is different from zero, allocating a positive or a negative third amount, using the one or more computers, to make the second amount equal to the first amount, so that no transfer of funds is necessary to or from the first financial institution, or taking no action for one or more sub-periods of time, or generating data for a single wire or other fund transfer to or from the first financial institution based at least in part on the net amount;

allocating, using the one or more computers, amounts of funds from multiple of the client accounts among multiple of the recipient depository institutions, so that for multiple of the aggregated deposit accounts, a sum of the respective balances of funds from the multiple of the respective client accounts allocated to the respective aggregated deposit account will substantially match the respective balance of funds in the respective aggregated deposit account, after taking into consideration the fund transfer amounts for the one or more sub-periods of time;

updating, using the one or more computers, one or more of the electronic databases to update the respective balances of client account funds held in one or more of the recipient depository institutions in one or more aggregated deposit accounts therein based on the allocations; and

after one or more sub-periods of time, if the first financial institution is not at a desired reciprocity level, then obtaining an amount to be transferred to achieve the desired reciprocity level, and generating data, using the one or more computers, for a wire or other fund transfer to or from the first financial institution to achieve this desired reciprocity level.

2. The method as defined in claim 1, wherein the allocating the second amount to the first financial institution is based at least in part on obtaining a reciprocity of a predetermined percentage.

3. The method as defined in claim 1, wherein the allocating the second amount to the first financial institution is based at least in part on obtaining a desired reciprocity value that varies from sub-period to sub-period.

4. The method as defined in claim 1, comprising performing the allocating of a positive or negative third amount, using the one or more computers, to make the second amount equal to the first amount.

5. The method as defined in claim 1, comprising performing the allocating of a positive or negative third amount, using the one or more computers, to make the second amount equal to the first amount, with this operation comprising:

determining if an absolute value of the net amount is less than or equal to a threshold amount;

if the absolute value of the net amount is less than or equal to the threshold amount, then allocating the third amount so that the net amount plus the third amount nets to zero for the first financial institution; and

if the absolute value of the net amount is greater than the threshold amount, then generating and outputting transfer data, by the one or more computers, for a single wire or other fund transfer to or from the first financial institution for the net amount.

6. The method as defined in claim 1, wherein if the net amount is different from zero, then taking no action for one or more sub-periods of time, and

after the one or more sub-periods of time, then performing the step of obtaining the amount to be transferred to achieve the desired reciprocity level, and generating the data for a wire or other fund transfer to or from the first financial institution to achieve the desired reciprocity level.

7. The method as defined in claim 1, wherein if the net amount is different from zero, generating data for a single wire or other fund transfer to or from the first financial institution based at least in part on the net amount.

8. The method as defined in claim 1, wherein after one or more sub-periods of time, the first financial institution is not at a desired reciprocity level, and obtaining an amount to be transferred to achieve the desired reciprocity level, and generating data, using the one or more computers, for a wire or other fund transfer to or from the first financial institution to achieve this desired reciprocity level.