Systems and methods for providing enhanced account management services for multiple banks
DCFirst Claim
1. A deposit interchange system for operating an interchange program, wherein a first plurality of financial entities participate in the interchange program, comprising:
- one or more electronic databases, stored on one or more computer-readable media, comprising;
aggregated deposit account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a second plurality of financial entities that are banks in an interchange program, wherein each of a third plurality of the financial entities in the interchange program maintains a plurality of primary client accounts, with each respective primary client account of the respective financial entity having funds of a respective primary client that were accepted for deposit in the name of the respective primary client at the respective financial entity, wherein each of the second plurality of the financial entities that comprises a bank in the interchange program holds at least one of the aggregated deposit accounts, wherein source funds from a fourth plurality of the financial entities participating in the interchange program are aggregated in the plurality of the aggregated deposit accounts, the aggregated deposit account information for each of the second plurality of the respective financial entities that is a bank, comprising;
a balance of funds held in the respective aggregated deposit account; and
a balance of source funds from the respective bank, held in one or more of the aggregated deposit accounts in one or more of the other banks in the interchange program holding source funds of the respective bank, the source funds of a respective one of the banks comprising funds where the respective bank is a source of the funds into the interchange program;
a communication component, configured on one or more computers that are operably connected to the one or more databases, to receive at least information on an amount of source funds from one of the financial entities participating in the interchange program that is a first bank, to be deposited in one or more aggregated deposit accounts in one or more of the other banks in the interchange program;
a selection and allocation engine, configured on the one or more computers to access the one or more databases to obtain the balance of funds held in each of one or more of the respective aggregated deposit accounts managed by the interchange program and the balance of source funds for each of one or more of the respective banks and to perform the following steps,selectingand allocating, using the one or more computers, one or more amounts from the source funds of at least the first bank, to one or more of the aggregated deposit accounts held in one or more of the respective banks in the program that is not the first bank with the selection and the amount allocated based, at least in part, on the balance of source funds of the respective bank held in one or more aggregated deposit accounts in one or more different of the banks in the interchange program; and
allocating, using the one or more computers, an amount of offset funds from source funds of one or more other of the financial entities to one or more aggregated deposit accounts held in the first bank, with the amount of offset funds, based, at least in part, on a difference between the balance of source funds of the first bank and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the first bank;
an amount generator, configured on the one or more computers, to generate one or more fund amounts to transfer to and/or from at least one of the aggregated deposit accounts based, at least in part, on the allocation made to the at least one bank and the first bank, made by the selection and allocation engine;
an interest engine, configured on the one or more computers, to determine for the aggregated deposit accounts, on a periodic basis, interest earned; and
an update engine, configured on the one or more computers, to update or to have updated in the one or more electronic databases, for at least one of the respective banks in the interchange program, the respective balance of source funds of the respective bank held in the one or more aggregated deposit accounts in one or more of the other banks in the interchange program.
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Abstract
This invention includes methods for delivering account management services to multiple financial institutions that provide for customer deposit accounts without transaction but than nevertheless offer interest and receive enhanced deposit insurance. The methods apply at least one customer transaction to that customer'"'"'s deposit account, and then re-allocate customer-deposited funds among the plurality of financial institutions in order that, for each customer, the risk of loss is not substantially increased, and that, for each financial institution, the amount of customer-deposited funds is not substantially decreased. Preferably, risk of loss is reduced by increasing the fraction of each customer'"'"'s deposited funds covered by FDIC deposit insurance, and interest and enhanced insurance are available by innovative management of customer transactions and accounts. This invention also includes computer systems for practicing the methods and program products for accordingly configuring such computer systems.
227 Citations
40 Claims
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1. A deposit interchange system for operating an interchange program, wherein a first plurality of financial entities participate in the interchange program, comprising:
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one or more electronic databases, stored on one or more computer-readable media, comprising;
aggregated deposit account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a second plurality of financial entities that are banks in an interchange program, wherein each of a third plurality of the financial entities in the interchange program maintains a plurality of primary client accounts, with each respective primary client account of the respective financial entity having funds of a respective primary client that were accepted for deposit in the name of the respective primary client at the respective financial entity, wherein each of the second plurality of the financial entities that comprises a bank in the interchange program holds at least one of the aggregated deposit accounts, wherein source funds from a fourth plurality of the financial entities participating in the interchange program are aggregated in the plurality of the aggregated deposit accounts, the aggregated deposit account information for each of the second plurality of the respective financial entities that is a bank, comprising;a balance of funds held in the respective aggregated deposit account; and a balance of source funds from the respective bank, held in one or more of the aggregated deposit accounts in one or more of the other banks in the interchange program holding source funds of the respective bank, the source funds of a respective one of the banks comprising funds where the respective bank is a source of the funds into the interchange program; a communication component, configured on one or more computers that are operably connected to the one or more databases, to receive at least information on an amount of source funds from one of the financial entities participating in the interchange program that is a first bank, to be deposited in one or more aggregated deposit accounts in one or more of the other banks in the interchange program; a selection and allocation engine, configured on the one or more computers to access the one or more databases to obtain the balance of funds held in each of one or more of the respective aggregated deposit accounts managed by the interchange program and the balance of source funds for each of one or more of the respective banks and to perform the following steps, selecting and allocating, using the one or more computers, one or more amounts from the source funds of at least the first bank, to one or more of the aggregated deposit accounts held in one or more of the respective banks in the program that is not the first bank with the selection and the amount allocated based, at least in part, on the balance of source funds of the respective bank held in one or more aggregated deposit accounts in one or more different of the banks in the interchange program; and allocating, using the one or more computers, an amount of offset funds from source funds of one or more other of the financial entities to one or more aggregated deposit accounts held in the first bank, with the amount of offset funds, based, at least in part, on a difference between the balance of source funds of the first bank and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the first bank; an amount generator, configured on the one or more computers, to generate one or more fund amounts to transfer to and/or from at least one of the aggregated deposit accounts based, at least in part, on the allocation made to the at least one bank and the first bank, made by the selection and allocation engine; an interest engine, configured on the one or more computers, to determine for the aggregated deposit accounts, on a periodic basis, interest earned; and an update engine, configured on the one or more computers, to update or to have updated in the one or more electronic databases, for at least one of the respective banks in the interchange program, the respective balance of source funds of the respective bank held in the one or more aggregated deposit accounts in one or more of the other banks in the interchange program. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20)
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21. A deposit interchange method for operating an interchange program, wherein a first plurality of financial entities participate in the interchange program, comprising:
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accessing, using one or more computers, one or more electronic databases, stored on one or more computer-readable media, comprising;
aggregated deposit account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a second plurality of financial entities that are banks in an interchange program, wherein each of a third plurality of the financial entities in the interchange program maintains a plurality of primary client accounts, with each respective primary client account of the respective financial entity having funds of a respective primary client that were accepted for deposit in the name of the respective primary client at the respective financial entity, wherein each of the second plurality of the financial entities that comprises a bank in the interchange program holds at least one of the aggregated deposit accounts, wherein source funds from a fourth plurality of the financial entities participating in the interchange program are aggregated in the plurality of the aggregated deposit accounts, the aggregated deposit account information for each of the second plurality of the respective financial entities that is a bank, comprising;a balance of funds held in the respective aggregated deposit account; and a balance of source funds from the respective bank, held in one or more of the aggregated deposit accounts in one or more of the other banks in the interchange program holding source funds of the respective bank, the source funds of a respective one of the banks comprising funds where the respective bank is a source of the funds into the interchange program; receiving, using the one or more computers that are operably connected to the one or more databases, at least information on an amount of source funds from one of the financial entities participating in the interchange program that is a first bank, to be deposited in one or more aggregated deposit accounts in one or more of the other banks in the interchange program; selecting and allocating, using the one or more computers and using the balance of source funds of one or more of the banks obtained from the one or more databases, one or more amounts from the source funds of at least the first bank, to one or more of the aggregated deposit accounts held in one or more of the respective banks in the program that is not the first bank with the selection and the amount allocated based, at least in part, on the balance of source funds of the respective bank held in one or more aggregated deposit accounts in one or more different of the banks in the interchange program; allocating, using the one or more computers and using the balance of funds of the one or more aggregated deposit accounts held in the first bank and the balance of the source funds of the first bank, an amount of offset funds from source funds of one or more other of the financial entities to one or more of the aggregated deposit accounts held in the first bank, with the amount of offset funds, based, at least in part, on a difference between the balance of source funds of the first bank and a sum of the respective one or more balances of funds held in the one or more aggregated deposit accounts held in the first bank generating one or more fund amounts, using the one or more computers, to transfer to and/or from at least one of the aggregated deposit accounts based, at least in part, on the allocation made to the at least one bank and the first bank; determining, using the one or more computers, for the aggregated deposit accounts, on a periodic basis, interest earned; and updating or having updated, using the one or more computers, in the one or more electronic databases, for at least one of the respective banks in the interchange program, the respective balance of source funds of the respective bank held in the one or more aggregated deposit accounts in one or more of the other banks in the interchange program. - View Dependent Claims (22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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Specification