Patent ID: 8290860
Filing Date: 2012-10-16
Classification: G06Q

Abstract:
1. A deposit interchange system for operating an interchange program, wherein a first plurality of financial entities participate in the interchange program, comprising: A. one or more electronic databases, stored on one or more computer-readable media, comprising: B. a component, configured on the one or more computers, to receive and/or obtain at least information on an amount of source funds of one of the financial entities in the interchange program that is a first bank, to be deposited in or withdrawn from the one or more aggregated deposit accounts in one or more of the other banks in the interchange program; C. a selection and allocation engine, configured on the one or more computers to access the one or more databases and to perform the following steps: D. an instruction generator, configured on the one or more computers, to generate and to output instructions to transfer funds to and/or from the at least one of the aggregated deposit accounts in the at least one other bank and in the first bank, based, at least in part, on the allocation made to or from the at least one aggregated deposit account in the at least one other bank and the at least one aggregated deposit account in the first bank, made by the selection and allocation engine; E. an interest engine, configured on the one or more computers, to determine for the aggregated deposit accounts, on a periodic basis, interest earned; and F. an update engine, configured on the one or more computers, to credit or have credited the interest earned among the primary client accounts and to update or have updated in the one or more electronic databases, for at least one of the respective banks in the interchange program, the respective total 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.