Account synchronization

• US 8,001,045 B1
• Filed: 10/31/2008
• Issued: 08/16/2011
• Est. Priority Date: 07/10/2008
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: McClinton, Brian J.
• Primary Examiner(s): Kramer; James A
• Assistant Examiner(s): Fu; Hao
• Application Number:
  US12/262,515
• Time in Patent Office: 1,019 Days
• Field of Search: 705/35, 705 40- 44
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Aspects of this disclosure relate to a method of electronically receiving data from a first external source regarding the creation a first financial account or an update to the first financial account and storing the data from the first external source in a database. Further, the method includes determining whether the data from the first external source represents the creation of the first financial account or an update to the first financial account and if the data from the first external source represents the creation of the first financial account, then electronically transferring to a second external source the data from the first external source. Additionally, the method includes retrieving the stored data from the database and causing an indication to be displayed on a computer display through which a user can select the first financial account as an account from which a payment will be made directly to a payee and retrieving the stored data from the database and causing an indication to be displayed on the computer display through which a user can select the first financial account as an account from which funds will be transferred to or from a second financial account.

Claims

1. A computer-assisted method, comprising:

electronically receiving data from a bill pay vendor or a transfer vendor regarding the creation a first financial account or an update to the first financial account;

storing the data from the bill pay vendor or the transfer vendor in a database;

determining whether the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account or an update to the first financial account;

when the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account,

determining whether the data is received from the bill pay vendor or is received from the transfer vendor and based upon the determination of from where the data is received,

electronically transferring the data from the bill pay vendor to the transfer vendor when the data is received from the bill pay vendor, or

electronically transferring the data from the transfer vendor to the bill pay vendor when the data is received from the transfer vendor;

retrieving the stored data from the database and causing an indication to be displayed on a computer display through which a user can select the first financial account as an account from which a payment will be made directly to a payee; and

retrieving the stored data from the database and causing an indication to be displayed on the computer display through which a user can select the first financial account as an account from which funds will be transferred to or from a second financial account.

2. The computer-assisted method of claim 1, wherein electronically receiving data from a the bill pay vendor or the transfer vendor includes receiving a real time data feed from the bill pay vendor or the transfer vendor, further wherein the real time data feed includes data regarding the creation of the first financial account.

3. The computer-assisted method of claim 1, wherein one of the first financial account or the second financial account is an account managed by a first bank and the other of the first financial account or the second financial account is an account managed by a different second bank.

4. The computer-assisted method of claim 1, further comprising causing the selected first financial account to make the payment to the payee.

5. The computer-assisted method of claim 1, further comprising causing the funds to be transferred to or from the selected first financial account to or from the second financial account.

6. A non-transitory computer-readable medium storing computer-executable instructions for performing a method, the method comprising:

electronically receiving data from a bill pay vendor or a transfer vendor regarding the creation a first financial account or an update to the first financial account;

storing the data from the bill pay vendor or the transfer vendor in a database;

determining whether the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account or an update to the first financial account;

when the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account,

determining whether the data is received from the bill pay vendor or is received from the transfer vendor and based upon the determination of from where the data is received,

electronically transferring the data from the bill pay vendor to the transfer vendor when the data is received from the bill pay vendor, or

electronically transferring the data from the transfer vendor to the bill pay vendor when the data is received from the transfer vendor;

retrieving the stored data from the database and causing an indication to be displayed on a computer display through which a user can select the first financial account as an account from which a payment will be made directly to a payee; and

retrieving the stored data from the database and causing an indication to be displayed on the computer display through which a user can select the first financial account as an account from which funds will be transferred to or from a second financial account.

7. The computer-readable medium of claim 6, wherein electronically receiving data from the bill pay vendor or the transfer vendor includes receiving a real time data feed from the bill pay vendor or the transfer vendor further wherein the real time data feed includes data regarding the creation of the first financial account.

8. The computer-readable medium of claim 6, wherein one of the first financial account or the second financial account is an account managed by a first bank and the other of the first financial account or the second financial account is an account managed by a different second bank.

9. The computer-readable medium of claim 6, further comprising causing the selected first financial account to make the payment to the payee.

10. The computer-readable medium of claim 6, further comprising causing the funds to be transferred to or from the selected first financial account to or from the second financial account.

11. A system coupled to a bill pay vendor and a transfer vendor via a network, the system comprising:

a service provider computing device which includes at least one database;

wherein the system electronically receives data over the network from the bill pay vendor or the transfer vendor regarding the creation of a first financial account or an update to the first financial account;

further wherein the service provider computing device stores the data from the bill pay vendor or the transfer vendor in the database;

further wherein the service provider computing device determines whether the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account or an update to the first financial account;

further wherein when the data from the bill pay vendor or the transfer vendor represents the creation of the first financial account, the service provider computing device determines whether the data is received from the bill pay vendor or is received from the transfer vendor and based upon the determination of from where the data is received, and electronically transfers over the network the data from the bill pay vendor to the transfer vendor when the data is received from the bill pay vendor, or electronically transfers the data from the transfer vendor to the bill pay vendor when the data is received from the transfer vendor;

further wherein service provider computing device retrieves the stored data from the database and causes an indication to be displayed on a computer display through which a user can select the first financial account as an account from which a payment will be made directly to a payee; and

further wherein the service provider computing device retrieves the stored data from the database and causes an indication to be displayed on the computer display through which a user can select the first financial account as an account from which funds will be transferred to or from a second financial account.

12. The system of claim 11, wherein electronically receiving data over the network from includes receiving a real time data feed from the, further wherein the real time data feed includes data regarding the creation of the first financial account.

13. The system of claim 11, wherein one of the first financial account or the second financial account is an account managed by a first bank and the other of the first financial account or the second financial account is an account managed by a different second bank.

14. The system of claim 11, wherein the service provider computing device causes the selected first financial account to make the payment to the payee.

15. The system of claim 11, wherein the service provider computing device causes the funds to be transferred to or from the selected first financial account to or from the second financial account.