US 7,321,874 B2 | ||
Method and apparatus for implementing financial transactions | ||
Venkatachari Dilip, Cupertino, Calif. (US); and Sanjeev Dheer, Scarsdale, N.Y. (US) | ||
Assigned to CashEdge, Inc., New York, N.Y. (US) | ||
Filed on Jan. 25, 2007, as Appl. No. 11/698,468. | ||
Application 11/698468 is a division of application No. 09/665919, filed on Sep. 20, 2000. | ||
Prior Publication US 2007/0136167 A1, Jun. 14, 2007 | ||
Int. Cl. G06Q 40/00 (2006.01) |
U.S. Cl. 705—37 | 10 Claims |
1. A method for executing financial transactions, the method comprising:
a financial management system maintaining customer information for a plurality of customers, the customer information for
each of the plurality of customers comprising,
customer identification information;
account identification information for each of a plurality of customer accounts at each of the plurality of financial institutions;
active accounts and account balances; and
customer preferences, the customer preferences comprising,
requirements for one or more of the plurality of customer accounts at each of the plurality of financial institutions, comprising
a minimum balance and a maximum balance;
a manner in which accounts should be analyzed by the financial management system; and
types of recommendations the customer prefers to receive from the financial management system;
the financial management system maintaining financial institution information for each of a plurality of financial institutions,
the financial institution information for each of the plurality of financial institutions comprising,
financial institution identification information;
American Bankers Association (ABA) information, comprising an ABA number and a routing number;
account offering information;
a customer communicating with the financial management system to initiate a financial transaction involving at least two different
financial institutions of the plurality of financial institutions; and
the financial management system executing the financial transaction, comprising,
in a first part of the financial transaction, executing a debit transaction with a first financial institution;
holding the funds from the debit transaction in an intermediate account owned by the financial management system at a third
financial institution; and
in a second part of the financial transaction, the financial management system executing a credit transaction with a second
financial institution to deposit the funds in an account at the second financial institution;
the financial management system analyzing active accounts for a customer, comprising determining whether there is a more favorable
allocation of at least one of assets and debts for the customer;
the financial management system making a recommendation to the customer based on the analysis; and
the financial management system receiving an instruction from the user to automatically execute the recommendation.
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