Money fund banking system with multiple banks and/or rates
DCFirst Claim
1. A method for managing a plurality of individual client deposits for multiple clients, comprising:
- accessing, by a computer, in the performance of one or more of the following steps, an electronic database, stored on one or more computer-readable media, comprising;
aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a first plurality of banking institutions, wherein funds from client deposits of a plurality of clients are aggregated with funds of other client deposits in the aggregated deposit accounts held in the banking institutions;
client information for each of a plurality of the respective clients, comprising;
(i) a total of the respective client'"'"'s funds deposited across a plurality of the banking institutions in one or more of the FDIC-insured interest-bearing aggregated accounts held therein; and
(ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions;
allocating, by the computer, the client funds among a second plurality of the banking institutions in one or more aggregated deposit accounts held therein, based, at least in part, on the maximum deposit percentage in the database for one or more of the clients;
netting for at least one of the respective banking institutions, by the computer, client funds allocated to the one respective banking institution to obtain a net amount of funds for the at least one respective banking institution;
determining an amount of funds to be transferred to or from one or more of said aggregated deposit accounts based on data from the netting step; and
updating, by the computer, the database based on the allocation of client funds.
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Abstract
A method, system and program product for managing a plurality of individual client deposits for multiple clients, the method comprising: accessing, an electronic database, comprising: aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions, and client information for each of a plurality of the respective clients, i, comprising (i) a total of a respective client'"'"'s funds deposited across a plurality of the FDIC-insured interest-bearing aggregated accounts held in a plurality of the banking institutions; and (ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions; maintaining funds for said individual clients in a plurality of the FDIC-insured, interest-bearing aggregated deposit accounts at a plurality of banking institutions, wherein each of the banking institutions has at least one of the aggregated deposit accounts; processing, by computer, client transaction data comprising data for each of one or more deposits/transfers and/or one or more withdrawals/transfers for one or more of said clients, with the data comprising a respective amount for each respective deposit/transfer and each respective withdrawal/transfer; making needed deposits to, or needed withdrawals from one or more of said aggregated deposit accounts based on the data for one or more of the deposit/transfers and/or the withdrawals/transfers and based, at least in part, on the maximum deposit percentage in the database for one or more of the clients; and updating the database based on the client'"'"'s deposits/transfers and/or withdrawals/transfers.
246 Citations
22 Claims
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1. A method for managing a plurality of individual client deposits for multiple clients, comprising:
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accessing, by a computer, in the performance of one or more of the following steps, an electronic database, stored on one or more computer-readable media, comprising; aggregated account information for a plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a first plurality of banking institutions, wherein funds from client deposits of a plurality of clients are aggregated with funds of other client deposits in the aggregated deposit accounts held in the banking institutions; client information for each of a plurality of the respective clients, comprising; (i) a total of the respective client'"'"'s funds deposited across a plurality of the banking institutions in one or more of the FDIC-insured interest-bearing aggregated accounts held therein; and (ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions; allocating, by the computer, the client funds among a second plurality of the banking institutions in one or more aggregated deposit accounts held therein, based, at least in part, on the maximum deposit percentage in the database for one or more of the clients; netting for at least one of the respective banking institutions, by the computer, client funds allocated to the one respective banking institution to obtain a net amount of funds for the at least one respective banking institution; determining an amount of funds to be transferred to or from one or more of said aggregated deposit accounts based on data from the netting step; and updating, by the computer, the database based on the allocation of client funds. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for managing a plurality of client deposits for multiple clients, comprising:
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one or more computers comprising memory wherein the memory stores computer-readable instructions that, when executed, cause the one or more computers to perform the steps; accessing, by computer, in the performance of one or more of the following steps, an electronic database, stored on one or more computer-readable media, comprising; aggregated account information for a first plurality of Federal Deposit Insurance Corporation (FDIC)-insured and interest-bearing aggregated deposit accounts held in a plurality of banking institutions, wherein funds from client deposits of a plurality of clients are aggregated with funds of other client deposits in the aggregated deposit accounts held in the banking institutions; client information for each of a plurality of the respective clients, comprising; (i) a total of the respective client'"'"'s funds deposited across a plurality of the banking institutions in one or more of the FDIC-insured interest-bearing aggregated accounts held therein; and (ii) a maximum deposit percentage of the respective client funds to be held in at least one of the banking institutions; allocating, by the computer, the client funds among a second plurality of the banking institutions in one or more aggregated deposit accounts held therein, based, at least in part, on the maximum deposit percentage in the database for one or more of the clients; netting for at least one of the respective banking institutions, by the computer, client funds allocated to the one respective banking institution to obtain a net amount for the at least one respective banking institution; determining, by the computer, an amount of funds to be transferred to or from one or more of said aggregated deposit accounts based on data from the netting step; and updating, by the computer, the database based on the allocation of client funds. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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Specification