Granted Patent B1

US 7,640,199 · App. 11/556,662 · Granted Dec 29, 2009

Assignee: Promontory Interfinancial Network, LLC

Abstract

Claims (71)

1. A computer-implemented method for reconciling a custodial account held at a depository institution by a custodial agent on behalf of a plurality of individuals, wherein funds in said custodial account are deposited in the aggregate from customer accounts belonging to said plurality of individuals, comprising:

receiving customer account transaction data relating to said customer accounts;

a processor deriving custodial account balance data relating to said custodial account from said customer account transaction data and storing said derived custodial account balance data;

receiving custodial account balance data from said depository institution;

said processor comparing said received custodial account balance data from said depository institution against said derived custodial account balance data;

identifying discrepancies between said received custodial account balance data from said depository institution and said derived custodial account balance data;

identifying a prospective write-off in the amount of one or more of said discrepancies;

displaying said prospective write-off to said custodial agent; and

prompting said custodial agent to indicate whether said custodial agent accepts the prospective write-off.

2. The method according to claim 1 , further comprising:

allowing said custodial agent to not accept the prospective write-off.

3. The method according to claim 1 , wherein said prospective write-off is an offset against an account.

4. The method according to claim 3 , wherein said prospective write-off is an offset against a fee charged to said depository institution by said custodial agent.

5. The method according to claim 1 , wherein said custodial account is a deposit sweep account.

6. The method according to claim 1 , wherein said depository institution is one of a network of banks at which deposits are held by the custodial agent on behalf of said plurality of individuals.

7. The method according to claim 1 , wherein said custodial agent is an investment broker and said plurality of individuals are customers of said investment broker.

8. The method according to claim 1 , further comprising:

selecting said depository institution from a plurality of depository institutions at which deposits are held by said custodial agent on behalf of said plurality of individuals.

9. The method according to claim 1 , further comprising:

selecting said custodial account from one or more custodial accounts held at a plurality of depository institutions by said custodial agent.

10. A computer-implemented method for auditing a custodial account held at a depository institution by a custodial agent on behalf of a plurality of individuals, wherein funds in said custodial account are deposited in the aggregate from customer accounts belonging to said plurality of individuals, comprising:

receiving customer account transaction data relating to said customer accounts;

a processor deriving custodial account balance data relating to said custodial account from said customer account transaction data and storing said derived custodial account balance data;

receiving custodial account balance data from said depository institution;

said processor comparing said derived custodial account balance data against said received custodial account balance data from said depository institution;

identifying discrepancies between said received custodial account balance data from said depository institution and said derived custodial account balance data; and

displaying said discrepancies to said custodial agent.

11. The method according to claim 10 , further comprising:

identifying a prospective write-off in the amount of one or more of said discrepancies.

12. The method according to claim 11 , further comprising:

prompting said custodial agent to indicate whether said custodial agent accepts the prospective write-off.

13. The method according to claim 12 , further comprising:

allowing said custodial agent to not accept the prospective write-off.

14. The method according to claim 11 , wherein said prospective write-off is an offset against an account.

15. The method according to claim 14 , wherein said prospective write-off is an offset against a fee charged to said depository institution by said custodial agent.

16. The method according to claim 10 , wherein said customer account transaction data comprises net daily deposit activity and net daily withdrawal activity for said customer accounts.

17. The method according to claim 10 , wherein said depository institution is one of a network of banks at which deposits are held by the custodial agent on behalf of said plurality of individuals.

18. The method according to claim 10 , wherein funds in said customer accounts are disaggregated and then reaggregated in said custodial account.

19. A computer program product comprising a computer usable medium having control logic stored therein, said control logic comprising:

first computer readable program code means for causing a computer to compare account balance data from a depository institution for a custodial account held at said depository institution by a custodial agent on behalf of a plurality of individuals against account balance data for said custodial account derived from customer account transaction data relating to customer accounts belonging to said plurality of individuals, wherein funds in said custodial account are deposited in the aggregate from said customer accounts;

second computer readable program code means for causing the computer to identify discrepancies between said balance data from said depository institution and said derived balance data;

third computer readable program code means for causing the computer to identify a prospective write-off in the amount of one or more of said discrepancies; and

fourth computer readable program code means for causing the computer to prompt said custodial agent to indicate whether said custodial agent accepts the prospective write-off.

20. A computer program product comprising a computer usable medium having control logic stored therein, said control logic comprising:

first computer readable program code means for causing the computer to derive account balance data for a custodial account held at a depository institution by a custodial agent on behalf of a plurality of individuals from customer account transaction data relating to customer accounts belonging to said plurality of individuals, wherein funds in said custodial account are deposited in the aggregate from said customer accounts;

second computer readable program code means for causing the computer to compare said derived account balance data against account balance data received from said depository institution for said custodial account;

third computer readable program code means for causing the computer to identify discrepancies between said account balance data received from said depository institution and said derived account balance data; and

fourth computer readable program code means for causing the computer to display said discrepancies.

21. The computer program product of claim 20 , further comprising:

fifth computer readable program code means for causing the computer to suggest a write-off in the amount of one or more of said discrepancies.

22. The computer program product of claim 21 , wherein said prospective write-off is an offset against an account.

23. The computer program product of claim 21 , further comprising:

sixth computer readable program code means for causing the computer to prompt said custodial agent to indicate whether said custodial agent accepts the prospective write-off.

24. The computer program product of claim 20 , further comprising:

fifth computer readable program code means for causing the computer to prompt said custodial agent to select said depository institution from a plurality of depository institutions at which deposits are held by said custodial agent on behalf of said plurality of individuals.

25. The computer program product of claim 20 , further comprising:

fifth computer readable program code means for causing the computer to prompt the custodial agent to select said custodial account from one or more custodial accounts held at a plurality of depository institutions by said custodial agent.

26. The computer program product of claim 20 , wherein said customer account transaction data comprises net daily deposit activity and net daily withdrawal activity for said customer accounts.

27. A computer-implemented method for reconciling a balance of funds in a custodial account held at a depository institution by a custodial agent on behalf of a plurality of individuals, wherein funds in said custodial account are deposited in the aggregate from customer accounts belonging to said plurality of individuals, comprising:

receiving customer account transaction data relating to said customer accounts;

a processor deriving an expected balance of funds for said custodial account from said customer account transaction data and storing said expected balance of funds data;

receiving balance of funds data for said custodial account from said depository institution and storing said received balance of funds data;

said processor comparing said expected balance of funds data for said custodial account against said received balance of funds data for said custodial account provided by said depository institution;

identifying discrepancies between said expected balance of funds data and said received balance of funds data;

identifying a prospective write-off;

displaying said prospective write-off to said custodial agent; and

prompting said custodial agent to indicate whether said custodial agent accepts said prospective write-off.

28. The method according to claim 27 , wherein said customer account transaction data comprises net aggregated deposits to said custodial account from said customer accounts and net aggregated withdraws from said custodial account to said customer accounts.

29. The method according to claim 27 , wherein said balance of funds comprises principal and interest.

30. The method according to claim 27 , wherein said balance of funds comprises principal, interest and fees.

31. The method according to claim 27 , wherein said custodial account is an insured deposit account.

Assignments (8)