Method and system for auctioning funds using a full-time public network

• US 8,924,280 B2
• Filed: 09/02/2010
• Issued: 12/30/2014
• Est. Priority Date: 04/23/2004
• Status: Expired due to Fees

• Current Assignee: Lydia Springer
• Original Assignee: Lydia Springer
• Inventors: Springer, Mark H
• Primary Examiner(s): FELTEN, DANIEL S
• Application Number:
  US12/875,109
• Publication Number:
  US 20110016034A1
• Time in Patent Office: 1,580 Days
• Field of Search: 705/35, 705/37, 705/38
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for auctioning funds to a bank or by a depositor using a full-time public network, including several steps. A connection is established (160) to a full-time public network. Bank or depositor criteria received via the full-time public network is accepted (162). Risk analytics is performed (164) to facilitate identification of acceptable bidders. At least one bid is accepted (166) from at least one acceptable bidder via the full-time public network. Each accepted bid is evaluated (168) based on the bank or depositor criteria to determine whether the bid satisfies the criteria. At least one bid is selected (170) as a winning bid determined to satisfy the bank or depositor criteria. A system for matching depositors and banks includes at least one depositor computing system (212), at least one bank computing system (216), and auctioneer computing system (218) having several operating modules.

Claims

1. A method for auctioning funds to a bank using a full-time public network, comprising the steps of:

connecting with at least one computer to a full-time public network;

accepting bank criteria received via said full-time public network;

performing risk analytics based on said bank criteria using a plurality of computer-aided risk analytics algorithms to facilitate identification of acceptable bidders in a funds auctioning marketplace;

receiving at least one bid from at least one bidder via the full-time public network;

evaluating each received bid based on said bank criteria to determine whether the bid satisfies the criteria;

selecting as a winning bid at least one received bid determined to satisfy the bank criteria;

requiring the bank to accept the winning bid;

notifying the bank of the winning bidder'"'"'s identity;

notifying the winning bidder of the bank'"'"'s identity; and

facilitating the transfer of funds from the winning bidder to the bank according to the terms of the bank criteria and the winning bid.

2. The method of claim 1, wherein the bank criteria includes a period of time.

3. The method of claim 1, wherein the bank criteria includes a range of acceptable interest rates.

4. The method of claim 1, wherein the bank criteria includes information pertaining to acceptable risk.

5. The method of claim 1, wherein the bank criteria includes a geographic area.