System and method to consolidate and update a user's financial account information

• US 8,682,753 B2
• Filed: 03/24/2012
• Issued: 03/25/2014
• Est. Priority Date: 03/24/2012
• Status: Active Grant

• Current Assignee: Murali S. Kulathungam
• Original Assignee: Murali S. Kulathungam
• Inventors: Kulathungam, Murali S.
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US13/429,341
• Publication Number:
  US 20130254079A1
• Time in Patent Office: 731 Days
• Field of Search: 705/30, 705/14.27, 705/76, 705/37, 705/52, 709/219
• US Class Current: 705/30
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Computer software, systems and methods preventing automatic deductions/credits to a User'"'"'s financial account from being interrupted when a User changes the account. A User inputs information for one or more of their financial accounts into a record stored on a server database that is accessible from the User'"'"'s electronic communications device. When the User changes information within the System database for one of their financial accounts, the System will automatically or periodically perform updates of the information on a Third Party database; or the Third Party server will request the updated information, wherein the Third Party is authorized to electronically debit or credit the account. Therefore, the User is not required to individually contact each Third Party with their updated account information, such as for monthly membership deductions, direct deposit of paychecks and retirement account contributions, and stored credit cards for online shopping.

Claims

1. A computer implemented method for Users to consolidate and update Users'"'"' financial account information on a networked System database comprising electronic debiting and crediting information for one or more of a User'"'"'s financial account(s), and then automatically updating the User'"'"'s information on a Third Party'"'"'s database, comprising:

a) Users consolidating and updating Users'"'"' financial account(s) information in a System database;

b) connecting to the System by Third Party Systems, wherein said Third Party Systems are authorized to electronically deduct or credit one or more of said Users'"'"' account(s);

c) granting by the System only the Users'"'"' account(s) information said Third Party Systems are authorized to receive;

d) making previously identified data available by the System for download by Third Party Systems, wherein said data comprises account information a Third Party needs for electronically deducting or crediting a User'"'"'s account; and

,

e) wherein financial accounts comprise bank accounts, credit card accounts, debit card accounts, retirement accounts, investment accounts, PayPal®

accounts and other similar financial accounts.

2. The method of claim 1, wherein said granting further comprises the Third Party Systems providing the System a list of Users'"'"' accounts for which data is requested.

3. The method of claim 1, wherein said granting further comprises the System identifying updated and new Users'"'"' accounts to provide the Third Party Systems.

4. The method of claim 1 further comprises the Users entering and updating Third Party access permissions for each of a User'"'"'s financial account(s) stored on the System database.

5. A non-transitory computer readable medium containing computer executable instructions to carry out the method of claim 1 wherein said instructions are downloadable from or stored on a system server.

6. A computer implemented method for Users to consolidate and update Users'"'"' financial account information on a networked System database comprising electronic debiting and crediting information for one or more of a User'"'"'s financial account(s), and then automatically updating the User'"'"'s information on a Third Parties'"'"' database, comprising:

a) Users consolidating and updating Users'"'"' financial account(s) information in a System database;

b) identifying by the System the Third Party Systems authorized to electronically deduct or credit from each of Users'"'"' financial account(s);

c) identifying by the System new User and updated User financial account(s) information to provide the Third Party Systems;

d) connecting by the System to the Third Party Systems and downloading the updates to the Third Party databases; and

,

e) wherein financial accounts comprise bank accounts, credit card accounts, debit card accounts, retirement accounts, investment accounts, PayPal®

accounts and other similar financial accounts.

7. The method of claim 6 further comprises the Users entering and updating Third Party access permissions for each of a User'"'"'s financial account(s) stored on the System database.

8. A non-transitory computer readable medium containing computer executable instructions to carry out the method of claim 6 wherein said instructions are downloadable from or stored on a system server.

9. A networked financial account management system for a User to consolidate and update a User'"'"'s financial account information and to automatically update the User'"'"'s information on a Third Party'"'"'s database, comprising:

a) a server System comprising;

a central database storing a record for each User'"'"'s consolidated financial account(s) information and designated privilege levels for sharing said information with a Third Party System, wherein said Party is authorized to electronically deduct or credit said account(s);

a financial account information manager software on said database providing access to Third Party Systems authorized to receive said User'"'"'s financial account(s) information through a computer interface;

b) one or more client systems comprising a user interface with web browsing capabilities and configured to communicate with the System server via the Internet to enable a User to create and update the User'"'"'s financial account(s) information on said database; and

,

c) wherein the financial account information comprises information pertaining to a User'"'"'s bank accounts, credit card accounts, debit card accounts, retirement accounts, investment accounts, PayPal®

accounts and other similar financial accounts.

10. The system of claim 9, wherein designating privilege levels comprises Users designating each Third Party System authorized access to financial account(s) information within a User'"'"'s record.

11. The system of claim 9, wherein said client system is a mobile communications device with web browser capabilities, and further comprising financial account information management modules enabling Users to create, access, and update their financial account information on said system server.

12. The system of claim 11, wherein said financial account information management modules on said mobile communications device provide functionality for:

a) a User to consolidate their online financial accounts into a file stored within the database of the mobile device memory;

b) a User to designate privilege levels to permit Third Parties access to each stored financial account information;

c) a User to automatically update their financial account information in said database; and

,

d) a User to authorize the System to provide said updates to designated Third Party Systems.

13. The system of claim 12, wherein the financial account information on the mobile communications device and in the System server are periodically synched with the central database to save said updates in the System database.

14. A non-transitory computer-readable medium having at least computer-executable program code tangibly embodied therein for updating an online record comprising one or more of a User'"'"'s financial account(s) information on a System database over a network, comprising:

a) computer program code for creating a User file, inputting said User'"'"'s financial account information for one or more accounts, and transmitting said information to User'"'"'s record stored on the System database;

b) computer program code for designating the Third Party Systems permitted access to each financial account within said User'"'"'s file;

c) computer program code for-inputting an update to a data element in User'"'"'s financial account information; and

transmitting said update to User'"'"'s record stored on the System database; and

,

d) wherein the financial account information comprises information pertaining to a User'"'"'s bank accounts, credit card accounts, debit card accounts, retirement accounts, investment accounts, PayPal®

accounts and other similar financial accounts.

15. The non-transitory computer readable medium of claim 14 further comprising, computer program code on a System server for permitting said Third Party Systems to connect to said System server, wherein said System makes said information available to said Third Party to download.

16. The non-transitory computer readable medium of claim 15, wherein said information is derived from the System identifying all Users'"'"' accounts the Third Party Systems need data from.

17. The non-transitory computer readable medium of claim 15, wherein said information is derived from the System identifying which Users'"'"' accounts have had data changes since the last System request.

18. The non-transitory computer readable medium of claim 14 further comprising, computer program code on a System server for permitting the System to connect to the Third Party servers, wherein said System downloads said Users'"'"' account information.