System and method for dividing a remittance and distributing a portion of the funds to multiple investment products
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Dec 25, 2007
Grant Date -
N/A
app pub date -
Oct 12, 1999
filing date -
Oct 12, 1999
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A known charge card billing system communicates with an investment broker system, wherein the investment broker system includes an instruction arrangement database, payment hierarchy and an investment account. An interested cardholder suitably appoints the charge card administrator as a processing agent to collect and promptly remit the cardholder's voluntary, periodic payments for investment into preselected investment products, such as, for example, mutual fund shares, fixed annuities, variable annuities, CDs, insurance, certificates, equities and/or the like. The billing system distributes a billing statement at the end of each month, wherein the statement includes all of the charges for that month and a reminder to remit an additional dollar amount for the preselected investments. The cardholder then sends a single payment for the charges and the investments to the charge card administrator. After receiving the payment, the system appropriately unbundles the payment and distributes the remitted payment to the card account to satisfy the captured financial events and to the investment broker system for the purchase of investment products.
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