US5262942A
Expired / Lapsed
US
⏱️ 0.0 years remaining
Financial transaction network
Assignee: BANKER TRUST Co
•
Filing: 1990-06-05
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Granted: 1993-11-16
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Expires: 2010-06-05
Abstract
Abstract A financial transaction network employs a shareholder network serviced by a host processor. The financial network maintains (n) number of mutual fund portfolios operating in different currencies. The host processor acts a communications switch validating incoming transaction requests and routing them to a central Transfer Agent system for execution. The host processor maintains central records that can be queried through the host. The Transfer Agent is responsible for updating the database. The financial network provides accessibility, speed and finality of settlement in transactions by using mutual fund shares in diverse currencies as substitutes for those currencies.
Inventors
- 👤 Dennis M. Earle
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-10-23 14:56
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/02; G06Q40/04; G06Q40/06; Y; Y10; Y10S; Y10S706/00; Y10S706/902; Y10S706/925
Claims Analysis
Total Claims: 25
Claim 1
Independent Claim
140 words
A financial network for facilitating commercial transactions with immediate finality of settlement through the use of mutual fund shares as currency equivalents comprising: a plurality of shareholder workstations: a host processor accessed by said shareholder workstations for processing transaction instructions and maintaining account status information: said host processor including database means for maintaining records of shareholder accounts including transactions: means for establishing (n) currency portfolios, said portfolios each managed by an investment advisor, said shareholder workstations accessing said host processor to effectuate instructions for making transactions in any of (n) portfolios, means linked to said host processor to provide information on receipt of shareholder assets, and transfer agent means responsive to said host processor for completing transactions having immediate finality of settlement when authorized by said host processor, said transfer agent means updating said database with data on completed transactions.
Claim 2
Dependent Claim
140 words
A financial network for facilitating commercial transactions with immediate finality of settlement through the use of mutual fund shares as currency equivalents comprising: a plurality of shareholder workstations: a host processor accessed by said shareholder workstations for processing transaction instructions and maintaining account status information: said host processor including database means for maintaining records of shareholder accounts including transactions: means for establishing (n) currency portfolios, said portfolios each managed by an investment advisor, said shareholder workstations accessing said host processor to effectuate instructions for making transactions in any of (n) portfolios, means linked to said host processor to provide information on receipt of shareholder assets, and transfer agent means responsive to said host processor for completing transactions having immediate finality of settlement when authorized by said host processor, said transfer agent means updating said database with data on completed transactions.
Claim 3
Dependent Claim
29 words
The financial network of claim 1 further comprising an electronic bulletin board, said electronic bulletin board accessed by said shareholder workstations for viewing and transmitting information on potential transactions.
Claim 4
Dependent Claim
23 words
The financial network of claim 1 wherein said (n) currency portfolios comprise at least two currency portfolios each investing in a different currency.
Claim 5
Dependent Claim
22 words
The financial network of claim 3 wherein said transaction instruction is a transfer of shares between different shareholders in two different portfolios.
Claim 6
Dependent Claim
79 words
The financial network of claim 4 further comprising means at shareholder workstations to initiate a transaction instruction initiated by each of two shareholders for a matched transfer of shares whereby shares in one of (n) currency portfolios are transferred from a one shareholder to a second shareholder while simultaneously shares in another of (n) currency portfolios are transferred from said second shareholder to said first shareholder, based on an agreement between said shareholders negotiated outside of the financial network.
Claim 7
Dependent Claim
83 words
The network of claim 3 further comprising means at a shareholder workstation for entering data to initiate an exchange of shares from a first account of a shareholder in one of said currency portfolios to shares in a second account of said shareholder in another of said currency portfolios based on a current rate of exchange between currencies in said portfolios by means of a redemption in the portfolio of the first account and a purchase in the portfolio in the second account.
Claim 8
Dependent Claim
39 words
The financial network of claim 1 further comprising means at a shareholder workstation for entering data to initiate a transaction instruction to said host processor to purchase shares for said shareholder's account in one of said (n) currency portfolios.
Claim 9
Dependent Claim
41 words
The financial network of claim 1 further comprising means at a shareholder workstation for entering data to initiate a transaction instruction to said host processor to redeem shares from said shareholder s account maintained in one of said (n) currency portfolios.
Claim 10
Dependent Claim
34 words
The financial network of claim 1 further comprising means at a shareholder workstation for entering data to initiate a transaction instruction to said host processor to transfer shares from one account to another account.
Claim 11
Dependent Claim
25 words
The financial network of claim 9 wherein said transaction instruction is a transfer of shares between different shareholders in one of said (n) currency portfolios.
Claim 12
Dependent Claim
49 words
The financial network of claim 1 further comprising fund accountant means, said fund accountant means receiving from said transfer agent means and said investment advisor data on assets held for determining the value of said assets to compute dividends payable to shareholders for each of said (n) currency portfolios.
Claim 13
Dependent Claim
25 words
The financial network of claim 1, wherein said transfer agent means operates to achieve finality of settlement of said transactions at any time of day.
Claim 14
Dependent Claim
26 words
The financial network of claim 1 further comprising security means to validate, accept or reject and route transactions between said host processor and said shareholder workstations.
Claim 15
Independent Claim
200 words
A method of effectuating settlement of commercial transactions using a host based computer system having remote workstations in a network comprising the steps of: establishing at least one mutual fund portfolio investing in assets denominated in a currency and having a custodian to hold assets of the portfolio with the portfolio managed by an investment advisor; establishing multiple shareholder accounts and providing shareholder access into said mutual fund portfolio for issuing instructions that affect share balances in his account; providing a host system serving as a transaction switch acting on instructions issued by said shareholder and maintaining a database of shares owned in said mutual fund portfolio; and providing a transfer agent system for said mutual fund portfolio, said transfer agent system executing instructions from said shareholder on a book entry basis and maintaining accountable records of said mutual fund portfolio; said shareholder initiating a transaction by issuing an instruction to said host system, said host system operating in response to a valid instruction from a shareholder that shareholder assets are available so that said transfer agent can complete the transaction requested by said shareholder to effectuate settlement of a commercial transaction between shareholder accounts within said mutual fund portfolio.
Claim 16
Independent Claim
200 words
A method of effectuating settlement of commercial transactions using a host based computer system having remote workstations in a network comprising the steps of: establishing at least one mutual fund portfolio investing in assets denominated in a currency and having a custodian to hold assets of the portfolio with the portfolio managed by an investment advisor; establishing multiple shareholder accounts and providing shareholder access into said mutual fund portfolio for issuing instructions that affect share balances in his account; providing a host system serving as a transaction switch acting on instructions issued by said shareholder and maintaining a database of shares owned in said mutual fund portfolio; and providing a transfer agent system for said mutual fund portfolio, said transfer agent system executing instructions from said shareholder on a book entry basis and maintaining accountable records of said mutual fund portfolio; said shareholder initiating a transaction by issuing an instruction to said host system, said host system operating in response to a valid instruction from a shareholder that shareholder assets are available so that said transfer agent can complete the transaction requested by said shareholder to effectuate settlement of a commercial transaction between shareholder accounts within said mutual fund portfolio.
Claim 17
Dependent Claim
43 words
The method of claim 14 further comprising the step of establishing (n) separate mutual fund portfolios which includes at least one mutual fund portfolio and a second mutual fund portfolio, each of said (n) separate mutual fund portfolios investing in a different currency.
Claim 18
Dependent Claim
27 words
The method of claim 15 where the instruction comprises the step of requesting the purchase of mutual fund shares in one of said (n) mutual fund portfolios.
Claim 19
Dependent Claim
51 words
The method of claim 15 wherein the instruction comprises the step of requesting the redemption of shares in one of said mutual fund portfolios and using the proceeds to purchase shares in another of said (n) mutual fund portfolios, once those proceeds are converted to the designated currency of said portfolio.
Claim 20
Dependent Claim
39 words
The method of claim 15 wherein the instruction comprises the steps of requesting the purchase of shares in one of said mutual funds and transferring the shares thus purchased to an account held for the benefit of another shareholder.
Claim 21
Dependent Claim
49 words
The method of claim 15 wherein the instruction comprises the steps of two shareholders agreeing on a swap of shares in different ones of said (n) mutual fund portfolios, each shareholder initiating an instruction for a mutual transfer of shares and said host processor matching and validating such instructions.
Claim 22
Dependent Claim
22 words
The method of claim 14 wherein the instruction comprises the step of requesting the redemption of shares in said mutual fund portfolio.
Claim 23
Dependent Claim
37 words
The method of claim 15 further comprising the step of establishing and maintaining a bulletin board to which shareholder expressions of interest for potential transactions involving shares can be posted and to which inquiries can be made.
Claim 24
Dependent Claim
26 words
The method of claim 15 further comprising the step of shareholder inquiry to a bulletin board to determine indications of interest in potential transactions involving shares.
Claim 25
Dependent Claim
24 words
The method of claim 14 further comprising the step of said shareholder posting to a bulletin board an indication of interest in potential transactions.
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USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 1996-11-15 | 1997-05-17 | 1997-11-16 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2000-11-15 | 2001-05-17 | 2001-11-16 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2004-11-15 | 2005-05-17 | 2005-11-16 | $7700.00 | Window Closed / Lapsed |