System and method for automated electronic switching of customer selected financial transactions for a customer banking account

• US 8,924,288 B1
• Filed: 07/24/2007
• Issued: 12/30/2014
• Est. Priority Date: 07/24/2007
• Status: Active Grant

• Current Assignee: ClickSWITCH Holdings, Inc. (Q2 Holdings, Inc.)
• Original Assignee: United Services Automobile Association
• Inventors: Easley, Jeffrey Walton, Voutour, Teddy Joseph Edmond
• Primary Examiner(s): Niquette, Robert R
• Assistant Examiner(s): LIU, CHIA-YI
• Application Number:
  US11/782,335
• Time in Patent Office: 2,716 Days
• Field of Search: 705 35- 45
• US Class Current: 705/40
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present disclosure provides a relatively automated system and method for a customer to change to a new service provider of a financial product, such as banking services. In general, the customer may provide initial data to a new second provider that the second provider may use to automatically and electronically access data about the customer from a prior first provider data source, such as an electronic database of the first provider. The customer data may include a customer credential provided to the second provider to retrieve automated financial transactions from the first provider'"'"'s Web site on behalf of and with support of the customer. Automated financial transactions include direct deposits, automatic withdrawals, and online payment of bills. The second provider may use the data to at least partially recreate the automated financial transactions for the customer in an account with the second provider.

Claims

1. A system for transferring financial data from a first provider to a second provider, comprising:

a financial database disposed at a first provider and configured to store financial data associated with a customer, wherein said financial data comprises primary account holder data and electronic bill payment data associated with a set of electronic bill payment relationships between said customer and one or more payees;

a computer memory; and

a computer processor in communication with said computer memory, said computer processor operable to execute software modules, said software modules comprising;

a transfer data aggregator configured to;

retrieve a subset of said financial data on behalf of said customer from said financial database, wherein a customer-supplied credential is used to retrieve said subset of said financial data;

search a plurality of data sources to locate customer data associated with said customer;

retrieve said customer data on behalf of said customer, wherein said customer-supplied credential is not used to retrieve said customer data; and

process said subset of said financial data and said customer data to generate a respective set of transfer data for each of said set of electronic bill payment relationships, wherein said respective set of transfer data includes recurring electronic bill payment dates corresponding to recurring electronic bill payments; and

a bill pay switch module configured to;

display, on a user device, a selectable list of potential first providers;

receive a selection of said first provider from said selectable list of potential first providers;

identify respective transfer data requirements for effectuating transfer of each of said set of electronic bill payment relationships from said first provider to said second provider;

determine a subset of electronic bill payment relationships; and

process said respective set of transfer data for each of said subset of electronic bill payment relationships to transfer each of said subset of electronic bill payment relationships from said first provider to said second provider in accordance with the transfer data requirements,

wherein processing said respective set of transfer data for said each of said subset of electronic bill payment relationships includes scheduling, on behalf of said customer, said recurring electronic bill payments,

 

wherein a payment date of each of said recurring electronic bill payments is dated a number of days after a recurring electronic bill payment date associated with each of said recurring electronic bill payments to give said customer time to validate payment status of said each of said recurring electronic bill payments.

2. The system of claim 1, wherein said selectable list of potential first providers is based on a location of said customer.

3. The system of claim 1, wherein an account is selected by said customer from a list of accounts, said list of accounts provided by said first provider.

4. The system of claim 1, wherein said customer data is aggregated from said plurality of data sources.

5. The system of claim 1, wherein said bill pay switch module is further configured to:

identify said one or more payees associated with said set of electronic bill payment relationships from said financial data; and

make a financial payment by said second provider to said one or more payees on behalf of said customer.

6. A computer-implemented method of transferring financial data from a first provider to a second provider, comprising:

identifying, by a processor, a first provider having financial data associated with a customer, wherein said financial data comprises primary account holder data and electronic bill payment data associated with a set of electronic bill payment relationships between said customer and one or more payees,

wherein identifying, by the processor, said first provider comprises;

displaying, on a user device, a selectable list of potential first providers, and

receiving a selection of said first provider from said selectable list of potential first providers;

retrieving, by the processor, from a financial database disposed at said first provider, a subset of said financial data on behalf of said customer, wherein a customer-supplied credential is used to retrieve said subset of said financial data,

searching a plurality of data sources to locate customer data associated with said customer;

retrieving, by the processor, said customer data on behalf of said customer, wherein said customer-supplied credential is not used to retrieve said customer data;

aggregating, using the processor, said subset of said financial data and said customer data to generate a respective set of transfer data for each of said set of electronic bill payment relationships;

identifying, by the processor, respective transfer data requirements for effectuating transfer of each of said set of electronic bill payment relationships from said first provider to said second provider;

determining a subset of electronic bill payment relationships; and

processing said respective set of transfer data for each of said subset of electronic bill payment relationships to transfer each of said subset of electronic bill payment relationships from said first provider to said second provider, wherein said respective set of transfer data includes recurring electronic bill payment dates corresponding to recurring electronic bill payments,

wherein processing said respective set of transfer data for said each of said subset of electronic bill payment relationships includes scheduling, on behalf of said customer, said recurring electronic bill payments,

wherein a payment date of each of said recurring electronic bill payments is dated a number of days after a recurring electronic bill payment date associated with each of said recurring electronic bill payments to give said customer time to validate payment status of said each of said recurring electronic bill payments.

7. The method of claim 6, wherein said selectable list of potential first providers is based on a location of said customer.

8. The method of claim 6, wherein an account is selected by said customer from a list of accounts, said list of accounts provided by said first provider.

9. The method of claim 6, wherein said customer data is aggregated from said plurality of data sources.

10. The method of claim 6, further comprising:

identifying, using the processor, said one or more payees associated with said set of electronic bill payment relationships from said financial data; and

making a financial payment by said second provider to said one or more payees on behalf of said customer.

11. The method of claim 6, further comprising:

presenting a list of said subset of electronic bill payment relationships for which electronic bill payment services are being provided by default through said second provider to said customer; and

receiving, by the processor, indication from said customer to deselect one of said subset of electronic bill payment relationships from said list so as to stop providing said electronic bill payment services according to said deselected one of said subset of electronic bill payment relationships through said second provider to said customer.

12. The method of claim 6, wherein said subset of electronic bill payment relationships is a first subset of electronic bill payment relationships, and further comprising:

determining, using the processor, a second subset of electronic bill payment relationships, wherein a portion of said respective transfer data requirements for each of said second subset of electronic bill payment relationships cannot be completed from said respective set of transfer data;

prompting said customer to complete said portion of said respective transfer data requirements for one of said second subset of electronic bill payment relationships; and

after completion of said portion of said respective transfer data requirements for said one of said second subset of electronic bill payment relationships, adding said one of said second subset of electronic bill payment relationships to said first subset of electronic bill payment relationships.

13. The method of claim 6, wherein said financial data further comprises secondary account holder data, direct deposit data, and automatic withdrawal data.

14. The method of claim 6, further comprising:

generating pre-filled letters to notify one or more parties of said transfer of said financial data.

15. The method of claim 14, wherein said one or more parties comprises said first providers, a payee, and a vendor.

16. The method of claim 6, further comprising:

receiving an indication that said customer declines an offer from said second provider to generate pre-filled letters, said pre-filled letters for notifying one or more parties of said transfer of said financial data;

determining that said one or more parties requires notification of said transfer of said financial data; and

providing an indication to said customer that said customer is required to provide said notification to said one or more parties requiring said notification.

17. A non-transitory computer-readable medium comprising computer-readable instructions for transferring financial data of a customer from a first provider to a second provider, said computer-readable instructions comprising instructions for:

identifying a first provider having financial data associated with a customer, wherein said financial data comprises primary account holder data, secondary account holder data, and electronic bill payment data associated with a set of electronic bill payment relationships between said customer and one or more payees,

wherein said computer-readable instructions comprising instructions for

identifying said first provider further comprise instructions for;

displaying, on a user device, a selectable list of potential first providers, and

receiving a selection of said first provider from said selectable list of potential first providers;

retrieving a subset of said financial data on behalf of said customer, wherein a customer-supplied credential is used to retrieve said subset of said financial data;

searching a plurality of data sources to locate customer data associated with said customer;

retrieving said customer data on behalf of said customer, wherein said customer-supplied credential is not used to retrieve said customer data;

processing said subset of said financial data and said customer data to generate a respective set of transfer data for each of said set of electronic bill payment relationships, wherein said respective set of transfer data includes recurring electronic bill payment dates corresponding to recurring electronic bill payments;

identifying respective transfer data requirements for effectuating transfer of each of said set of electronic bill payment relationships from said first provider to said second provider;

determining a subset of electronic bill payment relationships; and

processing said respective set of transfer data for each of said subset of electronic bill payment relationships to transfer each of said subset of electronic bill payment relationships from said first provider to said second provider,

wherein processing said respective set of transfer data for said each of said subset of electronic bill payment relationships includes scheduling, on behalf of said customer, said recurring electronic bill payments,

wherein a payment date of each of said recurring electronic bill payments is dated a number of days after a recurring electronic bill payment date associated with each of said recurring electronic bill payments to give said customer time to validate payment status of said each of said recurring electronic bill payments.

18. The non-transitory computer-readable medium of claim 17, wherein said selectable list of potential first providers is based on a location of said customer.

19. The non-transitory computer-readable medium of claim 17, wherein an account is selected by said customer from a list of accounts, said list of accounts provided by said first provider.

20. The non-transitory computer-readable medium of claim 17, wherein said customer data is aggregated from said plurality of data sources.

21. The non-transitory computer-readable medium of claim 17, further comprising:

identifying said one or more payees associated with said set of electronic bill payment relationships from said financial data; and

making a financial payment by said second provider to said one or more payees on behalf of said customer.