Method and apparatus for implementing financial transactions
First Claim
1. A method for executing a funds transfer transaction in response to a user input, the method comprising:
- receiving an electronic funds transfer request from the user comprising an identification of a source account, an identification of a destination account, and a transfer amount;
in a first transaction, a third-party financial management system executing a debit transaction from the source account at a first financial institution, comprising withdrawing funds from the source account, wherein the source account is owned by the user, the third party system having no financial relationship with the user, and depositing the funds from the debit transaction in an intermediate account, wherein the intermediate account is not owned by the user; and
in a second transaction, the third-party system executing a debit transaction to withdraw the funds from the intermediate account, and depositing the funds in a second account owned by the user at the second financial institution, wherein the amount of funds deposited equals the transfer amount, and wherein the third-party system is independent from the first financial institution and the second financial institution, and wherein the third-party system communicates with the first financial institution and the second financial institution via a network.
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Accused Products
Abstract
A withdrawal of assets is initiated from a first account at a first financial institution. A deposit of the assets withdrawn from the first account is initiated to a second account at a second financial institution. The first account and the second account have a common account holder. The withdrawal and deposit of assets may be initiated after analyzing multiple accounts of the account holder and determining whether an adjustment of funds among the multiple accounts would benefit the account holder. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.
287 Citations
8 Claims
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1. A method for executing a funds transfer transaction in response to a user input, the method comprising:
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receiving an electronic funds transfer request from the user comprising an identification of a source account, an identification of a destination account, and a transfer amount; in a first transaction, a third-party financial management system executing a debit transaction from the source account at a first financial institution, comprising withdrawing funds from the source account, wherein the source account is owned by the user, the third party system having no financial relationship with the user, and depositing the funds from the debit transaction in an intermediate account, wherein the intermediate account is not owned by the user; and in a second transaction, the third-party system executing a debit transaction to withdraw the funds from the intermediate account, and depositing the funds in a second account owned by the user at the second financial institution, wherein the amount of funds deposited equals the transfer amount, and wherein the third-party system is independent from the first financial institution and the second financial institution, and wherein the third-party system communicates with the first financial institution and the second financial institution via a network. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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Specification