Methods and systems for expedited trading account funding

Patent metadata

Field	Value
Publication number	US-9928549-B2
Application number	US-201313923919-A
Country	US
Kind code	B2
Filing date	Jun 21, 2013
Priority date	Jun 21, 2013
Publication date	Mar 27, 2018
Grant date	Mar 27, 2018

Abstract

A computer-implemented method is provided for opening an expedited account for a user. The method includes receiving a request from the user to make a trade associated with at least one financial instrument, in the absence of an account being opened for the user. The method includes determining a plurality of factors in response to the request, the plurality of factors including 1) a credit worthiness score of the user; 2) a source of capital identified by the user to cover the trade; and 3) a type of the at least one financial instrument associated with the trade. The method also includes opening the expedited account for the user with limited trading privileges, in which an amount of fund for trading is advanced to the user based on the plurality of factors. The method further includes allowing the user to make a trade up to the amount of fund advanced.

First claim

What is claimed:

1. A computer-implemented method for opening an expedited account for a user, the method comprising:
with a processor of at least one server computing device of an expedited account opening system comprising an interface module, a computation module, an account opening module, and a trade module:
receiving, by operation of the interface module, a request from a remote computing device of the user to make a trade associated with at least one financial instrument, a source of capital identified by the user to cover the trade, and an amount of capital to be transferred by the user to cover the trade, in the absence of an account being opened for the user;
determining, by operation of the computation module, an amount of funds to advance to the user in response to the request, comprising:
determining, by operation of the computation module, a plurality of factors including 1) a first risk associated with a credit worthiness score of the user representing the likelihood that the user will default on the amount of funds for trading advanced by the computing device; 2) a second risk associated with the source of capital representing the likelihood the capital will be received from the user to cover the trade; and 3) a third risk associated with a type of the at least one financial instrument representing the volatility of the type of the financial instrument;
assigning, by the operation of computation module, a numerical value to each of the first, second and third risks;
calculating, by operation of the computation module, a combined score as a sum of the numerical values corresponding to the first, second and third risks;
adjusting, by operation of the computation module, the combined score based upon presence of an electronic token on the remote computing device, the electronic token being installed on the remote computing device after the computation module requests identity verification data from the remote computing device and validates the identity verification data, the electronic token having a limited temporal life on the remote computing device; and
determining, by operation of the computation module, the amount of funds to advance that is proportional to the combined score, but less than the amount of the capital identified by the user to cover the trade;

opening, by operation of the account opening module, the expedited account for the user with limited trading privileges regardless of completion of transfer of the amount of capital identified by the user to cover the trade;
authorizing, by operation of the trade module, the remote computing device to make a trade up to the amount of funds advanced after validating the electronic token installed on the remote computing device; and
upon expiration of the limited temporal life of the electronic token, automatically restricting, by operation of the trade module, the remote computing device from connecting to the trade module to make subsequent trades using the expedited account.

2. The computer-implemented method of claim 1 , further comprising:
clearing, by operation of the trade module, transfer of the capital identified by the user to cover the trade; and
converting, by operation of the trade module, the expedited account to a regular account by increasing trading privileges of the user.

3. The computer-implemented method of claim 1 , wherein the limited trading privileges comprise preventing, by operation of the trade module, the remote computing device to trade on a different financial instrument than the at least one financial instrument.

4. The computer-implemented method of claim 1 , wherein the limited trading privileges comprise preventing, by operation of the trade module, the remote computing device to trade beyond the amount of fund advanced.

5. The computer-implemented method of claim 1 , wherein the limited trading privileges comprise preventing, by operation of the trade module, the remote computing device to trade on the financial instrument if the financial instrument is not on a pre-approved list of financial instruments.

6. The computer-implemented method of claim 1 , wherein receiving the request from the remote computing device to make a trade comprises receiving the request from a mobile device upon the user selecting a promotion issued by a financial institution offering the financial instrument.

7. The computer-implemented method of claim 1 , wherein determining the first risk associated with the credit worthiness score of the user comprises determining a risk corresponding to at least one of a credit score of the user, one or more assets the user maintains with at least one financial institution, or employment history of the user.

8. The computer-implemented method of claim 1 , further comprising advancing, by operation of the trade module, the amount of fund up to a percentage of the capital the user identified to cover the trade.

9. The computer-implemented method of claim 8 , wherein the percentage is determined based on the plurality of factors.

10. The computer-implemented method of claim 1 , wherein the electronic token is installed on the remote computing device in response to the user visiting a branch office to perform in-person authentication.

11. A system for opening an expedited account for the user, the system comprising a processor of at least one computing device comprising an interface module, a computation module, an account opening module and a trade module being configured to:
receive, by operation of the interface module, a request from a remote computing device of the user to make a trade associated with at least one financial instrument, a source of capital identified by the user to cover the trade, and an amount of capital to be transferred by the user to cover the trade, in the absence of an account being opened for the user;
determine, by operation of the computation module, an amount of funds to advance to the user in response to the request, including
determining a plurality of factors including 1) a first risk associated with a credit worthiness of the user representing the likelihood that the user will default on the amount of funds for trading advanced by the computing device; 2) a second risk associated with the source of capital representing the likelihood the capital will be received from the user to cover the trade; and 3) a third risk associated with a type of the at least one financial instrument representing the volatility of the type of the financial instrument;
assigning a numerical value to each of the first, second and third risks;
calculating a combined score as a sum of the numerical values corresponding to the first, second and third risks;
adjusting the combined score based upon presence of an electronic token on the remote computing device, the electronic token being installed on the remote computing device after the computation module requests identity verification data from the remote computing device and validates the identity verification data, the electronic token having a limited temporal life on the remote computing device; and
determining the amount of funds to advance that is proportional to the combined score, but less than the amount of the capital identified by the user to cover the trade;

open, by operation of the account opening module, the expedited account for the user with limited trading privileges regardless of completion of transfer of the amount of capital identified by the user to cover the trade;
authorize, by the trade module, the remote computing device to make a trade up to the amount of fund advanced after validating the electronic token installed on the remote computing device; and
upon expiration of the limited t

Assignees

• Fmr Llc

Inventors

• Stern Hadley Rupert
• Toole Robert C
• Mcdonough John
• Hromi Jonathan
• Brooks Seth Warren

Classifications

• G06Q40/04 Primary

  Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange · CPC title

• G06Q40/03

  Credit; Loans; Processing thereof · CPC title

• G06Q40/025

  Physics · mapped topic