Location History:
- Edenten, NC (US) (2011)
- Williamsburg, VA (US) (2011)
Company Filing History:
Years Active: 2011
Title: Richard W Whiting: Innovator in Banking Transactions
Introduction
Richard W Whiting is a notable inventor based in Edenton, NC (US). He has made significant contributions to the field of banking transactions, holding two patents that enhance the efficiency of financial operations between commercial banks and depositor groups.
Latest Patents
Whiting's latest patents focus on methods and systems for facilitating transactions between commercial banks and pooled depositor groups. These innovations involve a control center where employees assess the interest rate return needs of pooled depositor groups, such as trust departments at commercial banks. The control center aggregates funds to create a stable source and communicates this availability to commercial banks for core deposits. The banks relay their cash needs to the control center, which then sets an interest rate that meets the expected return of the depositor groups while remaining competitive with what banks are willing to pay. This system allows pooled depositor groups to access their funds in master NOW accounts daily without penalties, providing commercial banks with a reliable source of funds that can be classified as core deposits.
Career Highlights
Richard W Whiting is associated with Finistar, Inc., where he applies his expertise in banking transactions. His work has been instrumental in developing systems that streamline financial processes and improve the interaction between banks and depositor groups.
Collaborations
Some of his coworkers include Kim B Winslow and Victor Briabrin, who contribute to the innovative environment at Finistar, Inc. Their collaboration fosters a culture of creativity and advancement in banking technologies.
Conclusion
Richard W Whiting's contributions to banking transaction methods demonstrate his commitment to innovation in the financial sector. His patents reflect a deep understanding of the needs of both banks and depositor groups, paving the way for more efficient financial operations.