Importance

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Abstract

A method, program product and system for managing a group of aggregated accounts, each aggregated account held in a different one of a plurality of deposit institutions, each of the aggregated accounts associated with at least one financial entity and holding funds of a plurality of clients of the at least one financial entity, the method comprising: (a) conducting an allocation process to allocate net deposits of funds to and net withdrawals of funds from the aggregated accounts, the allocation process comprising: (1) determining for each request for a net withdrawal of funds from or a net deposit of funds to at least one of the aggregated accounts whether the request occurred after a cut-off time; (2) receiving or calculating for at least one request that occurred before the cutoff time a holdback amount from the net deposit to or net withdrawal from the one aggregated account relating to funds to be heldback that may be used in covering post cut-off time transactions; (3) holding back the holdback amount of funds for the at least one request that occurred before the cutoff time by requesting withdrawal of an amount of funds from or depositing of an amount of funds to the aggregated account based at least in part on the holdback amount; and (b) initiating a post cut-off time procedure that transfers an amount of funds required to satisfy the request for withdrawal from the holdback amount of funds when it is determined that the request for withdrawal or deposit of funds occurred after the cut-off time.

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First Claim