Method and apparatus for implementing financial transactions

Details Method and apparatus for implementing financial transactions Method and apparatus for implementing financial transactions

2008-01-22

2008-01-22

Weisberger, Richard (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

07321874

ABSTRACT:
A withdrawal of assets is initiated from a first account at a first financial institution. A deposit of the assets withdrawn from the first account is initiated to a second account at a second financial institution. The first account and the second account have a common account holder. The withdrawal and deposit of assets may be initiated after analyzing multiple accounts of the account holder and determining whether an adjustment of funds among the multiple accounts would benefit the account holder. A debit instruction is used to initiate the withdrawal of assets and a credit instruction is used to initiate the deposit of the withdrawn assets. The withdrawal and deposit of assets can be implemented using one or more payment networks, debit networks, or a wire transfer between the two financial institutions.

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Short Takes: Royal Bank of Canada Will Offer Cross-Institution Account Aggregation to its Customers ( CashEdge Inc account aggregation services to be made available to the 10 mil retail banking clients of Royal Bank of Canada).
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