Patent ID: 8355985
Filing Date: 2013-01-15
Classification: G06Q

Abstract:
1. A deposit interchange system for operating an interchange program, wherein a plurality of financial entities participate in the interchange program, comprising: one or more electronic databases, stored on one or more computer-readable media, comprising: (1) aggregated account information for a plurality of government backed-insured and interest-bearing aggregated deposit accounts held in a plurality of financial entities that are depository institutions in an interchange program, wherein each of a plurality of the depository institutions in the interchange program holds at least one of the aggregated deposit accounts, wherein source funds associated with a plurality of the financial entities participating in the interchange program are aggregated in the plurality of the aggregated deposit accounts, the aggregated account information for each of a plurality of the respective financial entities that is a depository institution, comprising: (2) client account information for each of a plurality of respective primary client accounts of a plurality of clients, comprising: one or more computers configured to form the following components: a communication component, configured on the one or more computers, to obtain via an internet interface an instruction from or on behalf of one of the client accounts, at least information on an amount of funds to be deposited in one or more aggregated deposit accounts in one or more of the other depository institutions in the interchange program, wherein the one client account is associated with a first one of the depository institutions; a selection and allocation engine, configured on the one or more computers, an amount generator, configured on the one or more computers, to generate one or more amounts to transfer to and/or from at least one of the aggregated deposit accounts in the at least one other depository institution, based, at least in part, on the allocation made to the aggregated deposit accounts held in the at least one other depository institution and the first depository institution, 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 to allocate the interest earned among the client accounts with funds held in the respective aggregated deposit accounts; and an update engine, configured on the one or more computers, to update or have updated in the one or more electronic databases, for respective of the depository institutions in the interchange program, the respective balance of source funds of the respective depository institution held in the one or more aggregated deposit accounts in one or more of the other depository institutions in the interchange program based on the allocations and based on the interest earned by the client accounts in the aggregated deposit accounts held in the respective depository institutions.