Patent ID: 7249095

Claim:
A method of conducting banking deposit transactions between a bank and its customers, the method comprising: providing a computer enabled interface to a public network to which customers of a bank have access; transmitting deposit terms over the public network to a customer, the deposit terms including value dates, currencies, tenors, settlement instructions and rates at which the bank will execute a deposit: receiving a deposit request generated by the customer that is transmitted by the customer to the bank over the public network, the deposit request including a specific value date, specific currency, specific tenor, specific rate, settlement instructions and a principle amount of a deposit; determining whether the specific rate specified in the received generated deposit request is a live rate or an indicative rate, and transmitting a modified deposit request comprising a modified rate over the public network to the customer if the specific rate in the received generated deposit request is an indicative rate, wherein the received generated deposit request is automatically executed if the specific rate in the generated deposit request is a live rate; wherein further the modified deposit request is automatically executed if the customer accepts the modified deposit request in a predetermined period of time, wherein further the principle amount of the deposit specified in the executed received generated deposit request or modified deposit request is deposited by the bank into an account of the customer, and wherein funds are transferred to the bank from or on behalf of the customer to settle the deposit according to the settlement instructions.