Real-Time Core Integration Method and System

A financial management system, comprising:

• a communications interface coupling the financial management system to at least one network;
• a data source interface module configurable to communicate with a plurality of data sources via the at least one network;
• at least one database configurable to store data comprising data regarding a plurality of financial institutions, data regarding core systems of the plurality of financial institutions, and data regarding customers of the financial institutions, wherein customers comprise existing customers and prospective customers;
• and
• a real-time core integration module configurable to,
• transfer data regarding the customer and the account opening request to a core system of the financial institution according to a protocol of the core system;
• determine whether there is an error in the account opening request, wherein an error comprises a permanent error and a temporary error
• place the application in an account opening queue if there is an error in the account opening request;
• and
• monitor the account opening queue such that,
• when the error is corrected, the account opening request is approved, and data regarding the customer and the account opening request is transferred to a core system of the financial institution according to a protocol of the core system;
• and
• the account opening request is withdrawn if the error is not corrected within a predetermined period.

A method of opening a financial account at a financial institution, the method comprising:

• receiving a request from an applicant to open a financial account at one of a plurality of financial institutions;
• determining whether to approve the request based on rules for approving the request, wherein the rules are specific to the financial institution, wherein rules comprise a plurality of milestones that are configurable by the financial institution;
• if the request is not approvable, placing the request in a queue;
• monitoring the queue to determine whether information has been received to make the request approvable;
• and
• when the request is approvable, transmitting data to a core system of the financial institution to enable real-time opening of an account specified in the request.

A financial management system, comprising:

• a communications interface coupling the financial management system to at least one network;
• at least one database configurable to store data comprising,
• data regarding financial institutions;
• data regarding respective core systems of financial institutions;
• data regarding customers of financial institutions, wherein customers comprise prospective customers;
• and
• data regarding customer and account information;
• a real-time core integration module configurable to,
• maintain plug-and-play adapter modules comprising data specific to core systems of each of the plurality of financial institutions in the format specified by the protocols of the core systems;
• perform real-time account opening services for a plurality of financial institutions using a predetermined set of preferences for each of the financial institutions, comprising a set of account opening milestones configurable by each of the financial institutions;
• determining that an account is not approved for opening and placing the account in an account opening queue, wherein the account opening queue holds account opening applications from customers of the plurality of financial institutions, and each of the plurality of financial institutions has access to information regarding only their own respective customer applications;
• and
• when information is received allowing approval of a request in the account opening queue, transmitting data to a core system of the respective financial institution such that the respective financial institution can immediately open the requested account, wherein receiving information comprises receiving information input by the applicant.

A method of opening a financial account, the method comprising:

• a financial management system receiving a request from an applicant to open a financial account at a financial institution, wherein the financial management system is communicatively coupled with a plurality of financial institutions;
• the financial management system determining whether the request is approved according to rules of the financial institution, wherein determining comprises automatically periodically checking a status of the request after receiving the request;
• upon encountering an error during determining whether the request is approved,
• determining whether the error is a temporary error that will be resolved without manual intervention, or an error that is not temporary and requires manual intervention to be resolved;
• if the error is a temporary error, placing the request in a first application opening error queue, and periodically retrying the application at a point at which the error was encountered;
• and
• if the error is not a temporary error, placing the request in a second application opening error queue, wherein the error requires manual intervention to resolve, and reporting the error to the financial institution.