Method and apparatus for analyzing financial data

• US 7,797,207 B1
• Filed: 07/24/2000
• Issued: 09/14/2010
• Est. Priority Date: 07/24/2000
• Status: Expired due to Fees

• Current Assignee: Checkfree Services Corporation (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Dilip, Venkatachari, Dheer, Sanjeev
• Primary Examiner(s): Subramanian; Narayanswamy
• Application Number:
  US09/621,946
• Time in Patent Office: 3,704 Days
• Field of Search: 705 35- 40, 705/36.R
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass

Abstract

A system analyzes multiple financial accounts having a common account holder and identifies a particular attribute, such as interest rate, associated with each of the multiple financial accounts. The system then makes a determination regarding whether an adjustment of funds among the multiple financial accounts would benefit the account holder. If the adjustment of funds would benefit the account holder, then recommending the adjustment of funds to the account holder and offering to perform the recommended adjustment of funds. The system executes the adjustment of funds if the account holder accepts the offer to perform the recommended adjustment of funds.

Claims

1. A method comprising:

a processor-based financial management system receiving identification and access information for a plurality of financial accounts from an account holder, wherein the identification information is entered by the account holder in a client computer and transmitted to the financial management system via a publicly available communications network according to standard protocols accessible to any user of the publicly available network, wherein the financial management system is coupled to a plurality of financial institutions via the publicly available network, and wherein identification and access information comprises account information, one or more online banking login names, and one or more passwords;

the financial management system identifying a first account balance associated with a first account of the plurality of financial accounts;

the financial management system further identifying a second account balance associated with a second account of the plurality of financial accounts, wherein the first account and the second account are associated with one or more of the plurality of financial institutions;

obtaining account information from the first and second accounts using the identification and access information provided by the account holder, wherein obtaining comprises the financial management system accessing each of the associated financial institutions separately via the publicly available network;

the financial management system comparing the first account balance to a particular value;

if the first account balance exceeds the particular value, the financial management system recommending a transfer of funds from the first account to the second account, wherein the first account and the second account have a common account holder, and wherein the recommendation to transfer funds identifies an amount to be transferred equal to the value by which the first account balance exceeds the particular value, wherein recommending comprises generating a report for the account holder;

if the first account balance is below the particular value, the financial management system recommending a transfer of funds from the second account to the first account, wherein recommending comprises generating a report for the account holder that is viewable on a computer via the publicly available network; and

the financial management system automatically executing one or more financial transactions on behalf of the account holder, comprising transferring funds to implement the recommendation, wherein the one or more financial transactions involves one or more of the plurality of the financial institutions transacting with the financial management system.

2. A method as recited in claim 1 wherein obtaining account information and comparing the first account balance to a particular value is performed automatically at periodic intervals.

3. A method as recited in claim 1 wherein comparing the first account balance to a particular value includes applying at least one rule associated with the first account.

4. A method as recited in claim 1 wherein the first account is a checking account and the second account is a savings account.

5. A method as recited in claim 1 wherein the second account pays a higher interest rate than the first account.

6. A method as recited in claim 1 further comprising if the first account balance is below the particular value, the financial management system recommending a transfer of funds from the second account to the first account in an amount equal to the value by which the first account balance is below the particular value.

7. A method as recited in claim 1 wherein the first account is a checking account and the second account is an investment account.

8. A method as recited in claim 1 wherein the second account offers a better return than the first account.

9. A method as recited in claim 1 wherein the particular value is a minimum balance associated with the first account.

10. A method as recited in claim 1 wherein the particular value is a minimum required balance based on historical data.

11. A method as recited in claim 1 further comprising permitting the account holder to change the amount to be transferred from the first account to the second account.

12. A tangible computer-readable medium having stored thereon a computer program that is executable by a processor to perform a financial management method comprising:

a processor-based financial management system receiving identification and access information for a plurality of financial accounts from an account holder, wherein the identification information is entered by the account holder in a client computer and transmitted to the financial management system via a publicly available communications network according to standard protocols accessible to any user of the publicly available network, wherein the financial management system is coupled to a plurality of financial institutions via the publicly available network, and wherein identification and access information comprises account information, one or more online banking login names, and one or more passwords;

the financial management system identifying a first account balance associated with a first account of the plurality of financial accounts;

the financial management system further identifying a second account balance associated with a second account of the plurality of financial accounts, wherein the first account and the second account are associated with one or more of the plurality of financial institutions;

obtaining account information from the first and second accounts using the identification and access information provided by the account holder, wherein obtaining comprises the financial management system accessing each of the associated financial institutions separately via the publicly available network;

the financial management system comparing the first account balance to a particular value;

if the first account balance exceeds the particular value, the financial management system recommending a transfer of funds from the first account to the second account, wherein the first account and the second account have a common account holder, and wherein the recommendation to transfer funds identifies an amount to be transferred equal to the value by which the first account balance exceeds the particular value, wherein recommending comprises generating a report for the account holder;

if the first account balance is below the particular value, the financial management system recommending a transfer of funds from the second account to the first account, wherein recommending comprises generating a report for the account holder that is viewable on a computer via the publicly available network; and

the financial management system automatically executing one or more financial transactions on behalf of the account holder, comprising transferring funds to implement the recommendation, wherein the one or more financial transactions involves one or more of the plurality of the financial institutions transacting with the financial management system.

13. A computer-readable medium as recited in claim 12 wherein obtaining account information and comparing the first account balance to a particular value is performed automatically at periodic intervals.

14. A computer-readable medium as recited in claim 12 wherein comparing the first account balance to a particular value includes applying at least one rule associated with the first account.

15. A computer-readable medium as recited in claim 12 wherein the first account is a checking account and the second account is a savings account.

16. A computer-readable medium as recited in claim 12 wherein the second account pays a higher interest rate than the first account.

17. A computer-readable medium as recited in claim 12, the method further comprising if the first account balance is below the particular value, the financial management system recommending a transfer of funds from the second account to the first account in an amount equal to the value by which the first account balance is below the particular value.

18. A computer-readable medium as recited in claim 12 wherein the first account is a checking account and the second account is an investment account.

19. A computer-readable medium as recited in claim 12 wherein the second account offers a better return than the first account.

20. A computer-readable medium as recited in claim 12 wherein the particular value is a minimum balance associated with the first account.

21. A computer-readable medium as recited in claim 12 wherein the particular value is a minimum required balance based on historical data.

22. A computer-readable medium as recited in claim 12, the method further comprising permitting the account holder to change the amount to be transferred from the first account to the second account.