Methods and systems for facilitating investment transactions and accounting for banks and credit unions
OwnerMichael F. Sobekinventor
Life of this patent
Estimating the term…
Abstract
A method for completing an investment transaction utilizing a clearing broker network and an electronic funds transfer service gateway is described. The method comprises formatting the investment transaction into at least one of an ISO-8583 message, an XML message, a National Automated Clearing House Association (NACHA) message, and a proprietary message. The method also includes forwarding the message to a switch that accesses the electronic funds transfer service gateway, utilizing the message content to post the investment transaction to an investment services account of a consumer, transmitting an acknowledgement of the posting to the switch, and forwarding the acknowledgement to the clearing broker network.
Claims25
A method for completing an investment transaction utilizing a clearing broker network and an electronic funds transfer service gateway, said method comprising:
- formatting the investment transaction into at least one of an ISO-8583 message, XML message, National Automated Clearing House Association (NACHA) message, and a proprietary message;
- forwarding the message to a switch that accesses the electronic funds transfer service gateway;
- utilizing the message content to post the investment transaction to an investment services account of a consumer;
- transmitting an acknowledgement of the posting to the switch;
- and
- forwarding the acknowledgement to the clearing broker network.
A method for completing a settlement transaction in support of investment transactions utilizing a clearing broker network and at least one of a Federal Reserve banking system and a Corporate Credit Union automated settlement network, said method comprising:
- receiving an aggregation of transactions from a clearing broker network via a secure data network connection;
- sorting the aggregation of transactions into groups assigned to individual banks and credit unions;
- totaling the transactions within the groups;
- creating posting files compatible with at least one of the Federal Reserve banking system and Corporate Credit Union automated settlement network file formats;
- transmitting the posting files compatible with the Federal Reserve banking system to the Federal Reserve;
- transferring funds equal to the total of the posting files for the Federal Reserve to an account within the Federal Reserve banking system;
- transmitting the posting files compatible with the Corporate Credit Union automated settlement network to the Corporate Credit Union;
- transferring funds equal to the total of the posting files for the Corporate Credit Union to an account within the Corporate Credit Union automated settlement network;
- and
- distributing the funds for each bank and credit union within the groups as specified within the posting files.
An investment services switching, settlement, and reporting system, said system comprising:
- an investment services switching controller;
- a settlement gateway to at least one of a credit union settlement network and the Federal Reserve system, said settlement gateway communicatively coupled to said switching controller;
- a clearing firm gateway to a clearing broker network, said clearing firm gateway communicatively coupled to said switching controller and configured to send investment transactions to said switching controller;
- an ISO8583 network to an automatic teller machine/point of sale network, said ISO8583 network communicatively coupled to said switching controller;
- and
- a credit union/banking reporting/positive balance file (PBF) gateway to participating credit unions, banks, and credit union service organizations, said PBF gateway communicatively coupled to said switching controller, said switching controller configured to switch transactions in real time or non-real time based upon capabilities of the participating credit unions, banks, and credit union service organizations.
Dependencies are inferred from the claim text.