Method and system for preparing a transfer document
A system and method of preparing a transfer document for a client to transfer services provided by counterparties that require recurring transactions using a first account to use a second account is provided. A cashflow analysis for the first account and a cashflow analysis for the second account are performed to determine for each counterparty and each service the desired date to effect the transfer to avoid undesirable cashflow spikes or interruptions in both accounts. A transfer document for transferring services requiring recurring transactions for each counterparty is electronically generated via at least one computer. Each transfer document identifies at least the service to be transferred, the client, the second account, the desired date for the transfer and proof of authorization from the client. A replica of an account document selected according to the service being transferred and the second account is included on the transfer document.
1. A method of preparing a transfer document for a client to transfer services provided by counterparties that require recurring transactions using a first account to use a second account, the method comprising the steps of:
(i) performing a cashflow analysis for the first account and a cashflow analysis for the second account to determine for each counterparty and each service the desired date to effect the transfer to avoid undesirable cashflow spikes or interruptions in both accounts;
(ii) electronically generating, via at least one computer, a transfer document for transferring services requiring recurring transactions for each counterparty, each transfer document identifying at least the service to be transferred, the client, the second account, the desired date for the transfer and proof of authorization from the client;
(iii) including on said transfer document a replica of an account document selected according to the service being transferred and the second account; and
(iv) providing said transfer documents to said counterparties.
2. The method of claim 1 wherein said replica account document is a replica of a voided check.
3. The method of claim 1 wherein said replica account document is a replica of a credit card transaction record.
4. The method of claim 1 wherein said transfer document is an electronic document and is forwarded via electronic delivery.
5. The method of claim 1 , wherein said client authorization is determined according to a database which identifies client authorization requirements for different services.
6. The method of claim 1 wherein the first account is provided by a first financial institution and the second account is provided by a second financial institution.
7. The method of claim 1 wherein the first account is provided by a first branch of a financial institution and the second account is provided by a second branch of the financial institution.
8. The method of claim 1 wherein the first and second accounts are provided by the same financial institution, the first account being a different type of account than the second account.
9. The method of claim 1 wherein the first and second accounts are provided by the same financial institution.
10. The method of claim 1 wherein the proof of authorization from the client in said transfer document is a digital reproduction of the signature of the client.
11. The method of claim 1 wherein the proof of authorization from the client in said transfer document is a confirmation of a personal identification number identifying the client.
12. The method of claim 1 wherein the proof of authorization from the client in said transfer document is an audio recording of the client authorizing the transfer.
13. A system for preparing transfer documents to assist a client to transfer services provided by counterparties that require recurring transactions using a first account to a second account, comprising:
a counterparty database operable to maintain and provide counterparty information regarding the counterparties providing services to be transferred for a client, the counterparty information identifying the information required by the respective counterparty to effect a transfer and an indication of any mandatory lead time required by the counterparty to effect a transfer;
a cashflow engine operable to examine each service to be transferred from a first account to a second account and the date the service debits or credits the account of the client, the cashflow engine determining for each service to be transferred a desired date for the transfer to be effected using the counterparty database, the determined date being selected to avoid undesirable cashflow spikes or interruptions in both the first account and the second account; and
a transfer engine comprising at least one computer for creating a transfer document containing transfer information required by each respective service for transferring said services provided by said counterparties that require recurring transactions, said transfer information including said desired date for the transfer to be affected, client identity information and proof of authorization, said transfer document also containing a replica of an account document associated with the service being transferred and the second account, said transfer engine forwarding said transfer documents to each said respective counterparty.
14. The system of claim 13 wherein the transfer document comprises a paper form.
15. The system of claim 13 wherein the transfer document comprises an electronic dataset.
16. The method of claim 1 wherein said generating comprises printing said transfer document.
17. The method of claim 1 wherein said providing comprises faxing said transfer document.
18. The method of claim 1 wherein said providing comprises sending said transfer document via electronic data transfer.