The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Oct. 21, 2008
Filed:
Apr. 17, 2002
Mark P. Jacobsen, Arlington, VA (US);
Mark P. Jacobsen, Arlington, VA (US);
Promontory Interfinancial Networks, LLC, Arlington, VA (US);
Abstract
An Interchange service that allows member banks participating in the service to offer their customers multiple certificates of deposit ('Multi-CDs') so that large deposits exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The Interchange partitions each of the large deposits into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. The deposit portions are assigned to the member banks so that, for each member bank, the difference between funds flowing out of and into each member bank is minimized or eliminated. Differences in deposit terms offered by each of the member banks are monetized and resolved through the calculation and payment of present value payments, which are transferred between member banks that have different sets of deposit terms.