Patents by Inventor Mark P. Jacobsen

Mark P. Jacobsen has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • Patent number: 8051004
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of unaffiliated custodians from their respective depositors. A processor receives orders from the plurality of custodians to process large deposits. The processor partitions each of the large deposits for each order into a plurality of deposit portions in a manner so that each deposit portion does not exceed the established deposit insurance limit. The processor then assigns at least some of the deposit portions for each of the large deposits for each order to at least some custodians that are unaffiliated with the custodian that received the large deposit for deposit therein.
    Type: Grant
    Filed: July 23, 2010
    Date of Patent: November 1, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 8051005
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of unaffiliated banks from their respective depositors. Orders are received at a processor from the plurality of banks to process large deposits. The processor automatically compares each order to a preset maximum order amount. Each of the large deposits for each order are partitioned using the processor into a plurality of deposit portions if the order does not exceed a preset maximum order amount. The partitioning is performed in a manner so that each deposit portion does not exceed the established deposit insurance limit. The processor assigns at least some of the deposit portions for each of the large deposits for each order to at least some banks that are unaffiliated with the bank that received the large deposit for deposit therein if the order does not exceed the preset maximum order amount.
    Type: Grant
    Filed: July 23, 2010
    Date of Patent: November 1, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 8036986
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. For selected large deposits received at an unaffiliated bank, a first deposit portion that does not exceed the established deposit limit is retained at the unaffiliated bank that received the large deposit. An order is received from the unaffiliated bank that received the large deposit to process the remaining amount of the large deposit. The processor partitions each of the large deposits into a plurality of second deposit portions, each of which do not exceed the established deposit insurance limit. The processor then assigns at least some of the second deposit portions to at least some of the other unaffiliated banks for deposit therein.
    Type: Grant
    Filed: July 23, 2010
    Date of Patent: October 11, 2011
    Assignee: Promontory Interfinancial Network LLC
    Inventor: Mark P. Jacobsen
  • Publication number: 20110166993
    Abstract: An automated method is provided of processing funds in amounts that are subject to an established deposit insurance limit so that the funds are eligible to be fully insured. The funds are assigned to a processor that creates a plurality of deposits on behalf of a plurality of banks for depositors of the funds. A plurality of orders to process the funds are received at the processor. The processor prioritizes the plurality of orders for order filling based on various different factors. The processor then partitions each of the fund amounts associated with the order being filled into a plurality of deposit portions in a manner such that each deposit portion does not exceed the established deposit insurance limit. The processor allocates each of the deposit portions associated with the order being filled to a specific one of the banks. In this manner, a deposit is established via the processor at the bank to which the deposit portion was allocated.
    Type: Application
    Filed: February 28, 2011
    Publication date: July 7, 2011
    Applicant: PROMONTORY INTERFINANCIAL NETWORK, LLC
    Inventor: Mark P. JACOBSEN
  • Publication number: 20110166981
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. For selected large deposits received at an unaffiliated bank, a first deposit portion that does not exceed the established deposit limit is retained at the unaffiliated bank that received the large deposit. An order is received from the unaffiliated bank that received the large deposit to process the remaining amount of the large deposit. The processor partitions each of the large deposits into a plurality of second deposit portions, each of which do not exceed the established deposit insurance limit. The processor then assigns at least some of the second deposit portions to at least some of the other unaffiliated banks for deposit therein.
    Type: Application
    Filed: July 23, 2010
    Publication date: July 7, 2011
    Applicant: PROMONTORY INTERFINANCIAL NETWORK, LLC
    Inventor: Mark P. JACOBSEN
  • Publication number: 20110166991
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of unaffiliated banks from their respective depositors. Orders are received at a processor from the plurality of banks to process large deposits. The processor automatically compares each order to a preset maximum order amount. Each of the large deposits for each order are partitioned using the processor into a plurality of deposit portions if the order does not exceed a preset maximum order amount. The partitioning is performed in a manner so that each deposit portion does not exceed the established deposit insurance limit. The processor assigns at least some of the deposit portions for each of the large deposits for each order to at least some banks that are unaffiliated with the bank that received the large deposit for deposit therein if the order does not exceed the preset maximum order amount.
    Type: Application
    Filed: July 23, 2010
    Publication date: July 7, 2011
    Applicant: PROMONTORY INTERFINANCIAL NETWORK, LLC
    Inventor: Mark P. JACOBSEN
  • Publication number: 20110166990
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of unaffiliated custodians from their respective depositors. A processor receives orders from the plurality of custodians to process large deposits. The processor partitions each of the large deposits for each order into a plurality of deposit portions in a manner so that each deposit portion does not exceed the established deposit insurance limit. The processor then assigns at least some of the deposit portions for each of the large deposits for each order to at least some custodians that are unaffiliated with the custodian that received the large deposit for deposit therein.
    Type: Application
    Filed: July 23, 2010
    Publication date: July 7, 2011
    Applicant: PROMONTORY INTERFINANCIAL NETWORK, LLC
    Inventor: Mark P. JACOBSEN
  • Patent number: 7921057
    Abstract: An automated method and article of manufacture are provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of banks from their depositors, and the plurality of banks include banks that are unaffiliated with each other. An order from a bank is received at a processor to process a large deposit. The processor partitions the large deposit into a plurality of deposit portions such that each deposit portion does not exceed the established deposit insurance limit. The processor automatically assigns at least some of the deposit portions to at least some banks other than the bank that received the large deposit for deposit therein. The processor automatically deposits in the bank that sent the order to the processor an amount of funds equal to the amount of the order.
    Type: Grant
    Filed: August 2, 2010
    Date of Patent: April 5, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7917433
    Abstract: An automated method and computer program product are provided for processing a large deposit that exceeds an established deposit insurance limit so that the large deposit is fully insured. The large deposit is received from a depositor by a first one of a plurality of unaffiliated banks. A processor receives an order placed by the first unaffiliated bank to process the large deposit. The first unaffiliated bank offers a first set of deposit terms to a first depositor. The processor assigns a portion of the large deposit not exceeding the established deposit insurance limit to a second one of the plurality of unaffiliated banks. The second unaffiliated bank offers a second set of deposit terms to a second depositor. The processor calculates the amount of a present value payment to be transferred between the first unaffiliated bank and the second unaffiliated bank to compensate for differences between the first and second sets of deposit terms.
    Type: Grant
    Filed: October 15, 2008
    Date of Patent: March 29, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7899745
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of unaffiliated banks from their respective depositors. The method is operated by an entity that processes the large deposits using a processor. The processor receives orders sent from the plurality of banks to process large deposits. Each of the large deposits are partitioned using the processor into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit. The processor assigns at least some of the deposit portions for each of the large deposits to at least some of the unaffiliated banks other than the bank that received the large deposit for deposit therein. The processor receives a fee from each of the banks that sent an order and credits the fee to the entity that processes the large deposits.
    Type: Grant
    Filed: July 23, 2010
    Date of Patent: March 1, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7899747
    Abstract: An automated method is provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received from a plurality of banks from their respective depositors. A processor receives orders from the plurality of banks to process large deposits. The processor prioritizes the orders for order filling based on an order matching process that simultaneously processes multiple orders as part of the order matching process. The processor partitions each of the large deposits into a plurality of deposit portions in a manner such that each deposit portion does not exceed the established deposit insurance limit. The processor assigns at least some of the deposit portions for each of the large deposits to at least some banks other than the bank that received the large deposit for deposit therein, wherein the assigning occurs based at least in part on the results of the order matching process.
    Type: Grant
    Filed: August 2, 2010
    Date of Patent: March 1, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7899746
    Abstract: An automated method and article of manufacture are provided for processing large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of banks from their depositors. A processor receives an order from a bank to process a large deposit. The processor partitions the large deposit into a plurality of deposit portions such that each deposit portion does not exceed the established deposit insurance limit. A network of banks is provided for receiving the plurality of deposit portions for deposit therein. The processor determines if there is an insufficient number of banks within the network of banks to receive all of the deposit portions. A loan is obtained from a lending bank using the processor if it is determined that there is an insufficient number of banks within the network of banks to receive all of the deposit portions.
    Type: Grant
    Filed: August 2, 2010
    Date of Patent: March 1, 2011
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7899743
    Abstract: An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
    Type: Grant
    Filed: May 15, 2008
    Date of Patent: March 1, 2011
    Inventor: Mark P. Jacobsen
  • Patent number: 7603307
    Abstract: A computer-implemented method of processing large deposits that exceed an established deposit insurance limit is provided so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. A processor receives orders placed by the plurality of unaffiliated banks to process the large deposits. The processor partitions each of the large deposits into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit. The processor assigns at least some of the deposit portions to at least some of the unaffiliated banks for deposit therein. In this manner, at least some of the unaffiliated banks that place orders to process large deposits also receive deposit portions from other unaffiliated banks that place orders to process large deposits.
    Type: Grant
    Filed: February 3, 2009
    Date of Patent: October 13, 2009
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7596522
    Abstract: A computer program product is provided that includes computer-readable media encoded with instructions that, when executed by a processor, process large deposits that exceed an established deposit insurance limit so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. Orders are placed by the plurality of unaffiliated banks to process the large deposits. Each of the large deposits is partitioned into a plurality of deposit portions so that each deposit portion does not exceed the established deposit insurance limit. At least some of the deposit portions are assigned to at least some of the unaffiliated banks for deposit therein. In this manner, at least some of the unaffiliated banks that place orders to process large deposits also receive deposit portions from other unaffiliated banks that place orders to process large deposits.
    Type: Grant
    Filed: February 26, 2009
    Date of Patent: September 29, 2009
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Publication number: 20090138412
    Abstract: A computer-implemented method of processing large deposits that exceed an established deposit insurance limit is provided so that the large deposits are fully insured. The large deposits are received by a plurality of unaffiliated banks from their depositors. A processor receives orders placed by the plurality of unaffiliated banks to process the large deposits. The processor partitions each of the large deposits into a plurality of deposit portions, each deposit portion not exceeding the established deposit insurance limit. The processor assigns at least some of the deposit portions to at least some of the unaffiliated banks for deposit therein. In this manner, at least some of the unaffiliated banks that place orders to process large deposits also receive deposit portions from other unaffiliated banks that place orders to process large deposits.
    Type: Application
    Filed: February 3, 2009
    Publication date: May 28, 2009
    Applicant: Promontory Interfinancial Network, LLC
    Inventor: Mark P. JACOBSEN
  • Publication number: 20090043698
    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.
    Type: Application
    Filed: October 15, 2008
    Publication date: February 12, 2009
    Applicant: PROMONTORY INTERFINANCIAL NETWORK, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7440914
    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.
    Type: Grant
    Filed: April 17, 2002
    Date of Patent: October 21, 2008
    Assignee: Promontory Interfinancial Networks, LLC
    Inventor: Mark P. Jacobsen
  • Publication number: 20080222053
    Abstract: An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
    Type: Application
    Filed: May 15, 2008
    Publication date: September 11, 2008
    Applicant: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen
  • Patent number: 7376606
    Abstract: An Interbank Deposit Placement System (IDPS) that allows banks participating in the service to offer their customers multiple deposits so that potential deposit (fund) amounts exceeding an applicable Federal deposit insurance limit (e.g., $100,000) are fully insured. The IDPS partitions each of the potential deposit amounts into a plurality of deposit portions that do not exceed the Federal deposit insurance limit. In one embodiment, a proposed list of banks to which the deposit portions are allocated is presented to a recipient (e.g., bank representative, depositor) who is offered the option of modifying the proposed list during an established time window. After the time window expires, a deposit is established on behalf of each bank on the list to which the specific deposit portion was allocated by the processor.
    Type: Grant
    Filed: January 17, 2003
    Date of Patent: May 20, 2008
    Assignee: Promontory Interfinancial Network, LLC
    Inventor: Mark P. Jacobsen