Account and customer creation in an on-line banking model

A method for providing a financial service to a customer, the method comprising the following operations performed by at least one processor in a computer system of a financial entity:

• receiving instructions from the customer to initiate a payment to a payee, wherein the customer and the payee each has a plurality of payment accounts with different financial institutions distinct from the financial entity;
• determining that the payee and the customer each has a payment account with a common financial institution;
• automatically selecting the payment account with the common financial institution from among the plurality of payment accounts for each one of the customer and the payee;
• transmitting an instruction to the common financial institution to adjust account balances of the payment account of the payee with the common financial institution and the payment account of the customer with the common financial institution;
• and
• notifying the customer that the payment has been initiated.

A computer system for providing a financial service of a financial entity to a customer, the computer system comprising:

• a memory that stores instructions;
• at least one processor configured with the instructions stored in the memory to:
• receive instructions from the customer to initiate a payment to a payee, wherein the customer and the payee each has a plurality of payment accounts with different financial institutions distinct from the financial entity;
• determine that the payee and the customer each has a payment account with a common financial institution;
• automatically select the payment account with the common financial institution from among the plurality of payment accounts for each one of the customer and the payee;
• transmit an instruction to the common financial institution to adjust account balances of the payment account of the payee with the common financial institution and the payment account of the customer with the common financial institution;
• and
• notify the customer that the payment has been initiated.

A non-transitory computer-readable medium storing instructions that, when executed, enable one or more processors in a computer system of a financial entity to:

• receive instructions from the customer to initiate a payment to a payee, wherein the customer and the payee each has a plurality of payment accounts with different financial institutions distinct from the financial entity;
• determine that the payee and the customer each has a payment account with a common financial institution;
• automatically select the payment account with the common financial institution from among the plurality of payment accounts for each one of the customer and the payee;
• transmit an instruction to the common financial institution to adjust account balances of the payment account of the payee with the common financial institution and the payment account of the customer with the common financial institution;
• and
• notify the customer that the payment has been initiated.