Method and apparatus for managing transactions

• US 8,249,983 B2
• Filed: 12/31/2001
• Issued: 08/21/2012
• Est. Priority Date: 09/20/2000
• Status: Expired due to Fees

• Current Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Original Assignee: CashEdge Incorporated (Fiserv Incorporated)
• Inventors: Dilip, Venkatachari, Dheer, Sanjeev, Sunderji, Amir, Singh, Param
• Primary Examiner(s): Patel, Jagdish
• Assistant Examiner(s): POE, KEVIN T
• Application Number:
  US10/040,929
• Publication Number:
  US 20020091635A1
• Time in Patent Office: 3,886 Days
• Field of Search: 705/39, 705/35, 705/42, 705/44
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/401 Transaction verification
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system receives account access information from a user. The account is then accessed using the received access information. Data is harvested from a web page associated with the account or received from another financial data source. The user'"'"'s ability to access the account is authenticated based on the obtained information.

Claims

1. A computer-implemented method, comprising:

receiving, by a financial management system comprising one or more computers, electronic data comprising login credentials from a user;

logging, by the financial management system, a user into the financial management system using the login credentials;

receiving, by the financial management system, a request from the user to access an account at a financial institution, wherein the request includes account identification information and account access information;

querying, by the financial management system, the user for user information, wherein user information comprises one or more of a social security number, a name, an address, a phone number, a date of birth, or a driver'"'"'s license number;

receiving a response from the user comprising received user information;

obtaining, by the financial management system, data comprising corresponding user information via a network, wherein obtaining comprises receiving the corresponding user information from third parties in real-time using the received user information on the user'"'"'s behalf, the third parties including, a credit reporting service, government agencies, or a department of motor vehicles, wherein items of the corresponding user information correspond to items of the received user information, and wherein different third parties provide different items of obtained user information to the financial management system;

authenticating, by the financial management system, the user'"'"'s ability to access the account based on the corresponding information, wherein authenticating comprises verifying the user'"'"'s identity by comparing the received user information with the respective corresponding user information;

if authentication fails, wherein failure comprises a failed comparison, querying, by the financial management system, the user for additional user information, wherein querying comprises asking the user questions in real-time, wherein the questions comprise questions that require the user to input a response and;

executing, by the financial management system, a transaction at the request of the user, comprising the financial management system remotely accessing more than one user account at the financial institution and performing a transfer of funds, comprising the financial management system initiating a debit transaction, and initiating a separate credit transaction through an intermediate financial institution distinct from the financial institution,

wherein the credit transaction comprises one of a credit transaction involving the financial institution, and a credit transaction involving another financial institution.

2. A method as recited in claim 1 further comprising determining, by the financial management system, a risk associated with the user.

3. A method as recited in claim 1 wherein obtaining user information from third parties comprises harvesting data from a web page accessed using the received user information.

4. A method as recited in claim 1 further comprising:

accessing, by the financial management system, the account; and

handling, by the financial management system, financial transactions initiated by the user and associated with the account.

5. A method as recited in claim 1 further comprising handling, by the financial management system, financial transactions initiated by the user and associated with the account if the user'"'"'s ability to access the account is authenticated.

6. A method as recited in claim 1 wherein authenticating the user'"'"'s ability to access the account comprises presenting the user with a challenge question to be answered by the user.

7. A method as recited in claim 1 further comprising initiating a trial deposit into the account to further authenticate the user'"'"'s ability to access the account.

8. A method as recited in claim 1 further comprising requesting, by the financial management system, a cancelled check associated with the financial account to further authenticate the user'"'"'s ability to access the financial account, and comparing information on the cancelled check with information obtained from third-party sources.

9. A computer-implemented method for executing electronic transactions, the method comprising:

receiving, by a financial management system, electronic data comprising user login data to login to the financial management system;

receiving, by the financial management system, financial account access information from the user regarding at least one user account owned by a user at a financial institution;

querying, by the financial management system, the user for user account information regarding the user account;

receiving, by the financial management system, from the user, user account information, wherein the received user account information includes one or more of an account number and user login data;

querying, by the financial management system, the user for information regarding the user'"'"'s identity;

receiving, by the financial management system, from the user, user identity information regarding the user'"'"'s identity, wherein the received user identity information includes one or more items of information;

obtaining, by the financial management system, data comprising user account information regarding the user account via a network from a financial data source;

authenticating, by the financial management system, the user'"'"'s ability to access the financial account based on the obtained user account information, comprising,

comparing, by the financial management system, the received user account to the information obtained from the financial data source, wherein the financial data source is a third party and separate from the at the financial institution; and

verifying, by the financial management system, the user'"'"'s identity, wherein verifying comprises comparing the received user identity information, including one or more of a social security number, a name, an address, a phone number, a date of birth, or a driver'"'"'s license number, with information obtained from one or more third parties, wherein obtaining comprises accessing the one or more third party data stores, and wherein the third party comprises one or more of a credit reporting agency, a department of motor vehicles, or an address database;

if authentication fails, wherein failure comprises a failed comparison, querying, by the financial management system, the user for additional user identity information, wherein querying comprises asking the user questions in real-time, wherein the questions comprise questions that require the user to input a response; and

executing, by the financial management system, a transaction at the request of the user, comprising the financial management system remotely accessing more than one user account at one or more of the financial institution and performing a transfer of funds, comprising initiating, by the financial management system, a debit transaction and a credit transaction through an intermediate financial institution distinct from the financial institution.

10. A method as recited in claim 9 further comprising handling, by the financial management system, financial transactions initiated by the user and associated with the financial account.

11. A method as recited in claim 9 further comprising handling, by the financial management system, financial transactions initiated by the user and associated with the financial account.

12. A method as recited in claim 9 further comprising handling, by the financial management system, financial transactions initiated by the user and associated with the financial account if the user'"'"'s ability to access the financial account is authenticated.

13. A method as recited in claim 9 wherein authenticating the user'"'"'s ability to access the financial account comprises presenting the user with a challenge question to be answered by the user.

14. A method as recited in claim 9 further comprising initiating a trial transfer to further authenticate the user'"'"'s ability to access the financial account.

15. A method as recited in claim 9 further comprising requesting, by the financial management system, a cancelled check associated with the financial account to further authenticate the user'"'"'s ability to access the financial account.