Method and system for allocating funds over a plurality of time deposit instruments in depository institutions
DCFirst Claim
1. A method, comprising:
- A. accessing, using one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising;
(1) client information for each of a plurality of respective clients, i, comprising information on client funds held through a program in each of a plurality of depository institutions participating in the program, with information for a respective client comprising;
(i) a respective balance of funds of the client held through the program in each of multiple of the respective depository institutions holding funds of the respective client;
(ii) a distribution percent value, Xi, of a given client deposit amount to be distributed in tranches to each of Ni depository institutions; and
(2) information for each of multiple Federal Deposit Insurance Corporation (FDIC)-insured aggregated time deposit instruments holding a tranche of client funds, comprising;
(i) a rate for the respective aggregated time deposit instrument;
(ii) an identification of the depository institution holding the respective aggregated time deposit instrument; and
(iii) a term of the respective aggregated time deposit instrument holding funds of the respective client, andB. performing the following steps for each respective one of multiple of the clients;
(1) receiving from the respective client at least one client available distribution amount, Di,(2) determining, using the one or more computers, an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, the value of the Ni depository institutions for the respective client, and the respective client available distribution amount, Di, in order that the client tranches are approximately equal for the respective client, and wherein the Ni depository institutions are more than are necessary to obtain FDIC insurance for the funds of the respective client account;
(3) allocating substantially equally, using the one or more computers, the respective client tranches to the Ni depository institutions determined for the respective client, i;
(4) generating, using the one or more computers, data for instructions to transfer the respective client tranches and to purchase one or more aggregated time deposit instruments at each of the Ni depository institutions;
(C) updating, using the one or more computers, one or more of the electronic databases with update data for each of multiple of the clients, i, with the update data for each of the multiple clients, i, comprising data for respective client tranches transferred to purchase the one or more aggregated time depository instruments at the respective Ni depository institutions for the respective client;
(D) reallocating funds of a first one of the clients from a respective one of the aggregated time deposit instruments to a non-time deposit financial instrument, when a request to withdraw funds from or on behalf of the first client is received before the term for the aggregated time deposit instrument holding funds of the first client has been completed and the first client meets one or more withdrawal criteria;
(E) allocating funds of at least a second one of the clients to the respective aggregated time deposit instrument in place thereof; and
(F) withdrawing an amount of the funds of the first client from the non-time deposit financial instrument.
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Abstract
A method, system and program product, the method in one embodiment comprising: A method, comprising: accessing databases comprising: client information for each of a plurality of respective clients, comprising a balance of funds of the client; a distribution percent value, Xi, for tranches; information for each of multiple government backed-insured aggregated time deposit instruments holding a tranche of client funds, comprising: a rate; an identification of the depository institution; a term; and determining a given client available distribution amount, Di; determining an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, in order that the client tranches are approximately equal and are insured; determining Ni depository institutions to distribute the client tranches; allocating substantially equally respective client tranches to the Ni depository institutions; generating data for instructions to transfer the respective client tranches; updating, the databases.
284 Citations
23 Claims
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1. A method, comprising:
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A. accessing, using one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising; (1) client information for each of a plurality of respective clients, i, comprising information on client funds held through a program in each of a plurality of depository institutions participating in the program, with information for a respective client comprising; (i) a respective balance of funds of the client held through the program in each of multiple of the respective depository institutions holding funds of the respective client; (ii) a distribution percent value, Xi, of a given client deposit amount to be distributed in tranches to each of Ni depository institutions; and (2) information for each of multiple Federal Deposit Insurance Corporation (FDIC)-insured aggregated time deposit instruments holding a tranche of client funds, comprising; (i) a rate for the respective aggregated time deposit instrument; (ii) an identification of the depository institution holding the respective aggregated time deposit instrument; and (iii) a term of the respective aggregated time deposit instrument holding funds of the respective client, and B. performing the following steps for each respective one of multiple of the clients; (1) receiving from the respective client at least one client available distribution amount, Di, (2) determining, using the one or more computers, an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, the value of the Ni depository institutions for the respective client, and the respective client available distribution amount, Di, in order that the client tranches are approximately equal for the respective client, and wherein the Ni depository institutions are more than are necessary to obtain FDIC insurance for the funds of the respective client account; (3) allocating substantially equally, using the one or more computers, the respective client tranches to the Ni depository institutions determined for the respective client, i; (4) generating, using the one or more computers, data for instructions to transfer the respective client tranches and to purchase one or more aggregated time deposit instruments at each of the Ni depository institutions; (C) updating, using the one or more computers, one or more of the electronic databases with update data for each of multiple of the clients, i, with the update data for each of the multiple clients, i, comprising data for respective client tranches transferred to purchase the one or more aggregated time depository instruments at the respective Ni depository institutions for the respective client; (D) reallocating funds of a first one of the clients from a respective one of the aggregated time deposit instruments to a non-time deposit financial instrument, when a request to withdraw funds from or on behalf of the first client is received before the term for the aggregated time deposit instrument holding funds of the first client has been completed and the first client meets one or more withdrawal criteria; (E) allocating funds of at least a second one of the clients to the respective aggregated time deposit instrument in place thereof; and (F) withdrawing an amount of the funds of the first client from the non-time deposit financial instrument. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A system, comprising:
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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 electronic databases, stored on one or more computer-readable media, comprising; (1) client information for each of a plurality of respective clients, i, comprising information on client funds held through a program in each of a plurality of depository institutions participating in the program, with information for a respective client comprising; (i) a respective balance of funds of the client held through the program in each of multiple of the respective depository institutions holding funds of the respective client; (ii) a distribution percent value, Xi, of a given client deposit amount to be distributed in tranches to each of Ni depository institutions; and (2) information for each of multiple Federal Deposit Insurance Corporation (FDIC)-insured aggregated time deposit instruments holding a tranche of client funds, comprising; (i) a rate for the respective aggregated time deposit instrument; (ii) an identification of the depository institution holding the respective aggregated time deposit instrument; and (iii) a term of the respective aggregated time deposit instrument holding funds of the respective client, and B. performing the following steps for each respective one of multiple of the clients; (1) receiving from the respective client at least one client available distribution amount, Di, (2) determining, using the one or more computers, an amount of a client tranche to be deposited in each of Ni depository institutions based at least in part on the percentage, Xi, the value of the Ni depository institutions for the respective client, and the respective client available distribution amount, Di, in order that the client tranches are approximately equal for the respective client, and wherein the Ni depository institutions are more than are necessary to obtain FDIC insurance for the funds of the respective client account; (3) allocating substantially equally, using the one or more computers, the respective client tranches to the Ni depository institutions determined for the respective client, i; (4) generating, using the one or more computers, data for instructions to transfer the respective client tranches and to purchase one or more aggregated time deposit instruments at each of the Ni depository institutions; (C) updating, using the one or more computers, one or more of the electronic databases with update data for each of multiple of the clients, i, with the update data for each of the multiple clients, i, comprising data for respective client tranches transferred to purchase the one or more aggregated time depository instruments at the respective Ni depository institutions for the respective client; (D) reallocating funds of a first one of the clients from a respective one of the aggregated time deposit instruments to a non-time deposit financial instrument, when a request to withdraw funds from or on behalf of the first client is received before the term for the aggregated time deposit instrument holding funds of the first client has been completed and the first client meets one or more withdrawal criteria; (E) allocating funds of at least a second one of the clients to the respective aggregated time deposit instrument in place thereof; and (F) withdrawing an amount of the funds of the first client from the non-time deposit financial instrument. - View Dependent Claims (21, 22, 23)
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Specification