Electronic acquisition of bill payment information from a financial account

• US 7,848,974 B1
• Filed: 09/01/2004
• Issued: 12/07/2010
• Est. Priority Date: 09/01/2004
• Status: Active Grant

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Sheehan, Mark
• Primary Examiner(s): Kalinowski; Alexander
• Assistant Examiner(s): Ebersman; Bruce I
• Application Number:
  US10/930,835
• Time in Patent Office: 2,288 Days
• Field of Search: 705/35, 705/36, 705/37, 705/38, 705/39
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for computer-implemented method for setting up customer bill payment information associated with a first financial account maintained by a first financial institution in a second account maintained by a second financial institution is provided. A request to transfer bill payment information from a first account with a first financial institution into a second account with a second financial institution is received from a customer, wherein the first account comprises first customer bill payment information, and wherein the transfer request comprises account access information usable to access the first account. The customer bill payment information is acquired by the second financial institution using a computer. The customer bill payment information is set up in the second account.

Claims

1. A computer-implemented method for setting up customer bill payment information associated with a first account maintained by a first financial institution in a second account maintained by a second financial institution, comprising:

receiving from a customer, via a computer processor over a computer based network, a request to transfer bill payment information from the first account with the first financial institution into the second account with the second financial institution, the second account comprising a new or a pre-existing account at the second financial institution and the first account comprising customer bill payment information, and the transfer request comprising account access information usable by the second financial institution to access the first account at the first financial institution, and the transfer request is received by the second financial institution;

wherein further the customer bill payment information comprises information about one or more payees and one or more of an address, account number, payment schedule, bill payment history information, and prior payment record;

acquiring, by synching the first account with the second account with no interaction from the customer, via the computer processor over the computer based network, the customer bill payment information from the first financial institution by the second financial institution using the account access information provided by the customer;

configuring, by the computer processor, the customer bill payment information in the second account;

directing, by the second financial institution, at the request of the customer, transactions associated with the bill payment information wherein the transactions are associated with at least one of the first account or the second account; and

accessing, by the second financial institution, the first account using a website of the first financial institution, by providing the account access information.

2. The method of claim 1, wherein the act of acquiring the customer bill payment information comprises passing an open financial exchange (OFX) request for customer bill payment information.

3. The method of claim 2, wherein the passing action comprises passing the OFX request on-line to a website of the first financial institution.

4. The method of claim 1, wherein the act of acquiring the first customer bill payment information comprises passing a request for the customer bill payment information from the second financial institution to the first financial institution, wherein the request is in an open financial exchange (OFX) format.

5. The method of claim 1, wherein the customer bill payment information is acquired from a personal financial manager (PFM) of the customer.

6. The method of claim 5, wherein the customer bill payment information is acquired by synching with the PFM of the customer.

7. The method of claim 1, further comprising:

receiving updated bill payment information from the customer; and

passing the updated bill payment information to the first financial institution by the second financial institution.

8. The method of claim 1, wherein the first account contains customer funds, further comprising:

passing a request to transfer the customer funds from the first financial institution to the second financial institution.

9. The method of claim 1, further comprising

receiving from the customer a request to close the first account.

10. The method of claim 9, further comprising:

instructing the first financial institution to close the first account.

11. The method of claim 1, further comprising:

receiving an account transfer request comprising a request to transfer the first account into the second account.

12. The method of claim 1, wherein the request to transfer bill payment information is received at a website of the second financial institution.

13. The method of claim 1, wherein the request to transfer bill payment information is received by a customer service representative at a retail branch of the second financial institution.

14. The method of claim 1, wherein the first account is at least one selected from the group consisting of a savings account, a credit card account, an investment account, and a stored value card account.

15. The method of claim 1, wherein the first account comprises one or more checking accounts associated with the customer.

16. The method of claim 1, wherein the first account comprises a small business account.

17. The method of claim 11, further comprising:

paying at least one of the one or more payees based on the customer bill payment information.

18. The method of claim 1, wherein the account access information comprises a user id.

19. The method of claim 1, wherein the account access information comprises a password.

20. The method of claim 1, further comprising:

controlling the first account by the second financial institution at the request of the customer for one or more transactions after the act of configuring the customer bill payment information in the second account.

21. The method of claim 1, further comprising:

conveying an offer to the customer to transfer bill payment information from the first account with the first financial institution into the second account with the second financial institution.

22. The method of claim 1 wherein the account access information comprises a password, personal identification number (PIN) or other private or confidential information of the customer.

23. The method of claim 1 wherein the second financial institution accesses the first account and acquires the customer bill payment information via an agent.

24. A system for setting up customer bill payment information associated with a first account maintained by a first financial institution in a second account maintained by a second financial institution, comprising:

at least one computer processor, associated with the second financial institution coupled to a computer network, the at least one computer processor being configured to;

receive a request to set up bill payment information associated with the first account with the first financial institution in a second account comprising a new or a pre-existing account with the second financial institution, wherein the transfer request comprises account access information usable by the second financial institution to access the bill payment information associated with the first account, and the request is received by the second financial institution;

wherein further the bill payment information comprises information about one or more payees and one or more of an address, account number, payment schedule, bill payment history information, and prior payment record;

acquire the customer bill payment information from the first financial institution, wherein the customer bill payment information is acquired by synching the first account with the second account by the second financial institution with no interaction from the customer; and

direct transactions, at the request of the customer, associated with the bill payment information wherein the transactions are associated with at least one of the first account or the second account;

access the first account using a website of the first financial institution by providing the account access information; and

configure the customer bill payment information in the second account.