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US 7,873,573 B2Granted
Virtual pooled account for mobile banking
AssigneeObopay Inc.
InventorCarol Realini
Life of this patent
Estimating the term…
Abstract
A virtual pooled account is used in operating a system having multiple financial partners. In a specific implementation, the system is a mobile banking system. Instead of maintaining separate general ledgers for each financial institution, the system will keep one general virtual pooled account. This will reduce the settlement and operational costs of the system. The owner of the virtual pooled account will receive the float on the virtual pooled account, and this float will be distributed to the multiple financial partners according to a formula.
Claims17
A method comprising:
- handling financial transactions of a group of users of a system, wherein the financial transactions are initiated through users' mobile phones communicating with at least one server and a plurality of subgroups of the users are associated with a plurality of banking institutions;
- processing, through the at least one server, the financial transactions associated with a first banking institution, wherein users in a first subgroup are associated with the first banking institution;
- processing, through the at least one server, financial transactions associated with a second banking institution, wherein users in a second subgroup are associated with the second banking institution;
- processing, through the at least one server, financial transactions associated with a third banking institution, wherein users in a third subgroup are associated with the third banking institution;
- maintaining a virtual pooled account, accessible by the at least one server, comprising funds for the first, second, and third subgroups of users associated with the first, second, and third banking institutions for managing funds transfers required by the financial transactions;
- and
- distributing, via the at least one server, a first dividend to the first banking institution based on float for funds in the virtual pooled account for the first subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.
4 more elements
A method comprising:
- handling, via at least one server, financial transactions of a group of users of a system, wherein the financial transactions are initiated through users' mobile phones and each of a plurality of subgroups of the users are associated with one of a plurality of banking institutions;
- processing, via the at least one server, financial transactions associated with a first banking institution, wherein users in a first subgroup are associated with the first banking institution;
- processing, via the at least one server, financial transactions associated with a second banking institution, wherein users in a second subgroup are associated with the second banking institution;
- processing, via the at least one server, financial transactions users in a third subgroup that are associated with the system and not the first and second banking institutions;
- maintaining a virtual pooled account, accessible by the at least one server, comprising funds for the first, second, and third subgroup users associated with the first and second banking institutions and the system;
- and
- distributing, via the at least one server, a first dividend to the first banking institution based on float for funds in the virtual pooled account for the first subgroup users plus a percentage of float on funds in the virtual pooled account for the third subgroup users.
4 more elements
Dependencies are inferred from the claim text.