Registers – Systems controlled by data bearing records – Banking systems
Patent
1997-02-04
1998-10-20
Hajec, Donald T.
Registers
Systems controlled by data bearing records
Banking systems
235381, 902 5, 902 32, G06F 1760
Patent
active
058250034
ABSTRACT:
A system and method for allowing funds to be transferred instantly to an account so that the funds are available to the beneficiary at the time they are sent, based on customer information which can be automatically accessed by the system, rather than needing to be manually entered. Further, the system automatically computes the appropriate exchange rate and any fees to be charged to the account and displays them to the user so that the user may authorize or cancel the transaction. They system also analyzes the parameters of the transfer to assure that the transfer conforms with pertinent government regulations. The system also enables the user to quantify the amount to be transferred in the currency of the originating account or the currency of the receiving account, thereby maximizing the flexibility of the system. The system further is designed so that it can be understood and accessed by individuals having no special expertise in computers, wire transfers and the like. Further, the system is provided with various safeguards to assure that only authorized individuals have access to the accounts and the funds and immediately verifies successful completion or failure to the customer.
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Do Khanh
Downing John
Goodhand Neil
Jennings Horton
Maino Marion
Citicorp Development Center
Hajec Donald T.
Lee Michael G.
Marcou George T.
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