KIDDING PATENTS 2014 - patentsbyfrip.compatentsbyfrip.com/images/KIDDING_PATENTS_2014.doc · Web viewFrip: Best word—concatenated. Dynamic verification value system and method;

KIDDING PATENTS, 2014

January 7, 2014

PATENT SUMMARY

METHOD OF AND SYSTEM FOR CAPTURING INTEREST EARNED ON THE MONETARY VALUE OF TRANSFERRED MONETARY RIGHTS MANAGED ON AN INTERNET-BASED MONETARY RIGHTS TRANSFER (MRT) NETWORK SUPPORTED BY A REAL-TIME GROSS SETTLEMENT (RTGS) SYSTEM; US 8,626,626 B2; 1/7/2014; Class 705/35; 20 claims; assigned to Interest Capturing Systems, LLC.

Relating to an Internet-based method of, and system for, enabling the customers of banks, brokerage firms, insurers, and other financial institutions the freedom to exercise the rights they possess as holders of money so that they can optimize the utility and value of their money, and capture interest on owned money currently surrendered in the global financial marketplace.

Frip: Admirable but confusing.ANNUITY HAVING INTEREST RATE COUPLED TO A REFERENCED INTEREST RATE; US 8,626,628 B1; 1/7/2014; Class 705/35; 24 claims; assigned to Allstate Insurance Company.

Providing a guaranteed rate of return for a guarantee period of a financial account while at the same time providing upward adjustments to the interest rate if there is a corresponding increase in a specified referenced rate.

Frip: How can you lose?SYSTEM AND METHOD FOR MARGIN LOAN SECURITIZATION; US 8,626,632 B1; 1/7/2014; Class 705/36; 14 claims; assigned to Charles Schwab & Co., Inc.

Providing for the administration of a margin loan securitization program, and in one embodiment providing a system for securitizing margin loans by transferring margin loans in brokerage accounts from a brokerage company.

Frip: Charlie Schwab, still goin’ strong.

METHOD FOR IMPLEMENTING AN INVESTMENT COMPANY THAT ISSUES A CLASS OF CONVENTIONAL SHARES AND A CLASS OF EXCHANGE-TRADED SHARES IN THE SAME FUND; US 8,626,636 B2; 1/7/2014; Class 705/36R; 7 claims; assigned to The Vanguard Group, Inc.

Administering a single investment company that issues one or more classes of shares that are bought from and redeemed with the single investment company at a net asset value, and that issues one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold at negotiated market prices, an owner of any share of any share class having an undivided interest in the single investment company.

Frip: And an investor wants to do this because. . .

APPARATUS, METHOD AND SYSTEM FOR PROVIDING AN ELECTRONIC MARKETPLACE TO JOIN A TRADE FOR CREDIT DEFAULT SWAPS AND OTHER FINANCIAL INTERESTS, AND TO DEAL-BY-VOLUME FOR THE INTERESTS; US 8,626,637 B1; 1/7/2014; Class 705/37; 16 claims; assigned to GFI Group, Inc.

Providing a method of trading an interest, the method including executing a trade for the interest between counterparties, locking the interest for further executions, providing an opportunity to the counterparties to work-up the trade, providing an opportunity to a trader not a counterparty to the trade to join in the trade, receiving a request from the trader to join the trade, and joining the trader in the trade.

Frip: Really? A patent on a bunch of human-executable steps? Must be quota week at the PTO.

TRADE MATCHING PLATFORM WITH VARIABLE PRICING BASED ON CLEARING RELATIONSHIPS; US 8,626,639 B2; 1/7/2014; Class 705/37; 18 claims; assigned to Chicago Mercantile Exchange Inc.

Describing a regulated trading platform capable of communicating with a plurality of clearing houses, aspects of the disclosure related to providing or calculating differentiated prices for the same or underlying financial product or instrument capable of being cleared at different clearing houses, the trading platform allowing anonymous counterparties in a multi-clearinghouse environment, and with full transparency and improved liquidity, and also non-anonymous counterparties in some situations.

Frip: Take that, NASDAQ.

SYSTEM AND METHOD FOR IMPLEMENTING AND MANAGING BUNDLED OPTION BOX FUTURES; US 8,626,640 B2; 1/7/2014; Class 705/37; 5 claims; assigned to Chicago Mercantile Exchange Inc.

Providing a collateralized loan utilizing a clearing counterparty, the system including a match engine module to receive an order for a bundled box spread future representative of the collateralized loan via an options box spread, the order specifying an interest rate associated with the collateralized loan as the price of the futures contract, a trade database identifying a bundled box spread future associated with the received order and interest rate, an order book module identifying a standing order that is compatible with the received order, a clearing module crediting an account with a loan amount based on the identified bundled option box future, and a risk management module crediting a margin amount to reflect the collateralized loan and associated collateral assets.

Frip: You’re just yanking my chain, right?

DELIVERABLE COMMODITY INVESTMENT VEHICLE; US 8,626,641 B1; 1/7/2014; Class 705/37; 20 claims; assigned to Merk Investments LLC.

Providing a system for delivering a commodity to a delivery applicant, the system including a trust for issuing shares that represent an interest in the trust and for owning a supply of the commodity, the system also including a trust custodian account for storing at least a portion of the supply where the supply has a first physical composition, and a commodity dealer account for conducting over-the-counter trades with the trust custodian account, the over-the-counter trades converting the first quantity of the supply in the trust custodian account to a second quantity of the commodity, the delivery application form being used by the delivery applicant shareholder to selectively define a conversion specification that defines a physical composition for the second quantity.

Frip: Couldn’t come up with a more concise description?

SYSTEM AND METHOD FOR A UTILITY FINANCIAL MODEL; US 8,626,643 B2; 1/7/2014; Class 705/38; 7 claims; assigned to Orion Energy Systems, Inc.

Involving the setting of a new utility rate after the introduction of a new utility technology that provides immediate capacity relief, reducing the base load capacity and the peak load capacity to electric power providers, the new utility rate not being based solely on performance of the new utility technology but rather on fixed and variable costs to introduce the new utility technology.

Frip: If less cost to the consumer, thumbs up. If not, stick it where the sun don’t shine.

SYSTEMS AND METHODS FOR LOAN OPTION CUSTOMIZATION; US 8,626,644 B2; 1/7/2014; Class 705/38; 10 claims.

Allowing a borrower the option of omitting scheduled payments without incurring penalties, the borrower having fully variable option loans, fixed option loans, and conventional loans available.

Frip: How about omitting all payments without incurring penalties.

ELECTRONIC MORTGAGE DOCUMENT CERTIFICATION; US 8,626,647 B1; 1/7/2014; Class 705/38; 29 claims; assigned to Fannie Mae.

Relating generally to financial transactions, more particularly to certifying transactions, and still more particularly to certifying electronic mortgage documents against corresponding paper documents.

Frip: No more paper!SYSTEMS AND METHODS FOR PROVIDING LOAN MANAGEMENT FROM CASH OR DEFERRED INCOME ARRANGEMENTS; US 8,626,649 B1; 1/7/2014; Class 705/39; 38 claims; assigned to Access Control Advantage, Inc.

Relating to methods for providing and managing loan programs related to pension plans including qualified benefit plans, or to employee-benefit plans, or to benefit plans generally, the invention including processes for authorizing and establishing pension related loan funds, processes for repayment and redemption suitable for the wide variety of access vehicles, processes for discharging trustee responsibilities delegated by the related pension funds, and processes for program loan repayment and for accounting for and reestablishment of such loan programs.

Frip: In other words, all other loan providers are now patent infringers?

METHOD FOR ELECTRONIC TRANSACTION SETTLEMENT; US 8,626,652 B2; 1/7/2014; Class 705/39; 18 claims; assigned to Advent IP LLC.

Providing a method implemented in an electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant, one facet being that the customer is allowed to select a payment method.

Frip: The customer is King!METHODS AND SYSTEMS FOR PROCESSING ELECTRONIC CROSS-BORDER PAYMENTS; US 8,626,653 B1; 1/7/2014; Class 705/39; 19 claims; assigned to MasterCard International Incorporated.

Relating to network-based systems and methods for processing cross-border transactions denominated in more than one currency.

Frip: So you have a series of steps for a process that has been around, in one form of another, for awhile, and you get a patent?

January 14, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR FUNDING AN ORGANIZATION; US 8,630,879 B1; 1/14/2014; Class 705/4; 31 claims; assigned to LTI Agency, LLC.

Providing a system and method and method for generating substantial net positive cash flows to fund organizations by initiating life insurance policies through asset-backed security transactions with no out-of-pocket expense to either the organizations or to the insureds, requiring no use of policies' cash value or transfer of ownership or beneficiary of the life insurance policies, and providing guaranteed funding to the organizations regardless of when deaths occur while keeping the original insurable interest intact, thereby creating a marketable, tradable uncorrelated security.

Frip: Huh?STORED VALUE CARD PROVIDED WITH MERCHANDISE AS REBATE; US 8,630,898 B1; 1/14/2014; Class 705/14.34; 30 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a system and method for providing a stored value account to a customer as a rebate for a purchase transaction.

Frip: So does this make JP a merchandise retailer?

ASSET-BACKED CONVERTIBLE SECURITY; US 8,630,928 B1; 1/14/2014; Class 705/35; 11 claims; assigned to Barclays Capital Inc.

Providing a financial unit security that includes a secured debt security and an option coupled together as a unit. Frip: Best you can do, Barclays?

SYSTEM AND METHOD FOR FUNDING COMPANIES; US 8,630,931 B2; 1/14/2014; Class 705/35; 18 claims.

Funding investment seeking companies (ISCs), for example, startup companies, by a funding company that, in exchange for private equity in an ISC, issues a corresponding publicly tradable class of its own stock substantially based on the performance of the ISC.

Frip: No prior art?SYSTEM AND METHOD FOR MONITORING TRADING; US 8,630,934 B2; 1/14/2014; Class 705/36R; 31 claims; assigned to OMX Technology AB (Sweden).

Providing a monitoring system for monitoring trade at an electronic exchange, the system comprising memories related to a specific time interval, a trade occurring during that time interval or a parameter value related to the trade being recorded to a memory related to the time interval, and monitoring actions being executed.

Frip: Uh huh.SYSTEM AND METHOD FOR THE CREATION AND REBALANCING OF BENEFICIAL INTERESTS IN TRACKING INVESTMENT VEHICLES OVER MULTIPLE MARKET; US 8,630,935 B1; 1/14/2014; Class 705/36R; 4 claims.

Relating to methods and systems for creating, tracking, and adjusting beneficial interests of collective investment vehicles on a real-time basis based on exogenous market price movement and transaction activity on the beneficial interests.

Frip: Patent Examiners don’t necessarily have to understand applications, just approve or deny them, and denying is apparently frowned upon.

DERIVATIVES TRADING METHODS THAT USE A VARIABLE ORDER PRICE AND A HEDGE TRANSACTION; US 8,630,941 B2; 1/14/2014; Class 705/37; 8 claims; assigned to Chicago Mercantile Exchange, Inc.

Providing for executing a hedge transaction in connection with the execution of a derivative product order in which the price of the derivative product is defined by one or more variables.

Frip: Patent on hedging? Wasn’t that what Bilski was about?

CASH SWEEP ACCOUNT PLATFORM SYSTEM AND METHOD; US 8,630,943 B2; 1/14/2014; Class 705/39; 20 claims; assigned to BNY Mellon Distributors Holdings Inc.

Receiving, by an integrated banking transaction services (IBTS) module, an instrument from a client to initiate a brokerage transaction between a broker-dealer and an investment firm, transmitting a notification message to a broker-dealer that the instrument was presented, receiving a confirmation message that includes information as to whether to pay the instrument, and if the instrument is to be paid, transmitting information associated with the brokerage transaction to a sub-accounting engine.

Frip: Back-office stuff patent.METHOD FOR TRANSACTION PROCESSING IN A CAPTURE AND DEPOSIT; US 8,630,945 B1; 1/14/2014; Class 705/39; 15 claims; assigned to JPMorgan Chase Bank, N.A.

Providing a system and method for integrating transaction processing by use of a controlling processing engine that contains instructions on how the processes should be treated, the system and method providing an end to end integrated system for processing payments and reporting the transaction results in real time and for allowing customers to have access to the transaction data in real time and return any excepted payments in real time.

Frip: Real time. Everything’s gotta be real time these days.

METHOD AND SYSTEM FOR PROVIDING ELECTRONIC BILL PAYMENT AND PRESENTMENT; US 8,630,947 B1; 1/14/2014; Class 705/40; 34 claims; assigned to JPMorgan Chase Bank, N.A.

Providing a method for facilitating electronic payment related services to at least one payer entity for making payments to at least one biller, the method comprising the steps of collecting payer information, collecting billing information, identifying one or more billers, generating a menu for the at least one payer entity to select one or more billers, and activating the one or more electronic payment related services in response to the selection.

Frip: You da Man, JP!METHOD AND DEVICE FOR DEPOSITING CHECKS; US 8,630,950 B2; 1/14/2014; Class 705/43; 13 claims; assigned to Wincor Nixdorf International GmbH (Germany).

Relating to a method and device for depositing checks, and specifically to an interface of an ATM to transmit check data information that allows the check to be posted immediately.

Frip: Stick a check in an ATM, get your money, run like hell.

SYSTEMS AND METHODS FOR ELECTRONICALLY CIRCULATING A CURRENCY; US 8,630,951 B2; 1/14/2014; Class 705/44; 29 claims; assigned to Capitalwill LLC.

Providing systems and methods for electronically circulating a currency to thereby provide low-cost transactions using little or no personally-identifying information, the currency being referred to as “virtual” currency.

Frip: This “virtual” stuff is a bit confusing, to say the least.

METHODS AND SYSTEMS USING CONTACTLESS CARD; US 8,630,952 B2; 1/14/2014; Class 705/44; 9 claims; assigned to Citibank, N.A.

Relating generally to the secure use of Radio frequency identification (RFID) sticker for a financial transaction.

Frip: It won’t be long before we all have RFID stickers planted in our butts.

January 21, 2014

PATENT SUMMARY

AUTOMATIC SAVINGS PROGRAM; US 8,635,137 B2; 1/21/2014; Class 705/35; 20 claims; assigned to Bank of America Corporation.

Determining an automatic savings amount from a financial transaction of a first person by rounding up the amount of the financial transaction to the nearest dollar, the method further including debiting the calculated savings amount from an account of the first person and crediting the savings amount to an account of a second person.

Frip: A penny here, a penny there, and soon you’re talking nickels and dimes.

CONFIDENTIAL BLOCK TRADING SYSTEM AND METHOD; US 8,635,144 B2; 1/21/2014; Class 705/37; 12 claims; assigned to ITG Software Solutions, Inc.

Relating to a method for managing information to focus block-trading interests into a confidential crossing book, and executing block trades over a computer network such as the Internet.

Frip: Guess you gotta be part of the in-crowd to understand this baby.

SYSTEM AND METHOD FOR EXCHANGING INSTITUTIONAL RESEARCH AND TRADE ORDER EXECUTION SERVICES; US 8,635,148 B2; 1/21/2014; Class 705/37; 27 claims; assigned to UAT, Inc.

Relating to a system and method for creating a marketplace providing for and facilitating the cost effective exchange of institutional research and trade order execution services between asset management firms and executing brokers. Frip: Patent for insiders. Outsider? No patent for you.

SYSTEM AND METHOD FOR ONLINE TRADING USING AN ELECTRONIC SPREADSHEET; US 8,635,149 B2; 1/21/2014; Class 705/37; 13 claims; assigned to JPMorgan Chase Bank, N.A.

Receiving streamed, real time investment quotes, applying a spreadsheet-based investment strategy to the real time quotes, generating electronic orders based on the results of the investment strategy analysis, and transmitting the orders for real time execution.

Frip: JP, are you a trader or a banker?

SELF-SERVICE TERMINAL LIMITED ACCESS PERSONAL IDENTIFICATION NUMBER (“PIN”); US 8,635,159 B1; 1/21/2014; Class 705/43; 11 claims; assigned to Bank of America Corporation.

Providing an electronic self-service device that includes a receiver module configured to receive an input that includes information including a personal identification number ("PIN"), a processor module configured to determine whether predetermined limited access information corresponds to the received PIN, a transmitter module configured to communicate the limited access information to a central server, the receiver being configured to receive limited access instructions from the central server, the instructions providing access to a predetermined portion of a user's accounts that is less than the entirety of the user's accounts.

Frip: Well, la-de-da.January 28, 2014

PATENT SUMMARY

SYSTEM FOR MANAGING A STABLE VALUE PROTECTED INVESTMENT PLAN; US 8,639,537 B2; 1/28/2014; Class 705/4; 40 claims; assigned to Bancorp Services LLC.

Providing a method and system to track, reconcile, and administer the values of life insurance policies in separate accounts, including Stable Value Protected funds, the functions including tracking and reporting of assets and liabilities on a near real-time basis, projecting assets and liabilities into the future, simplifying the administration of Non-Qualified Deferred Compensation plans, and tracking liabilities in both Defined Contribution and Defined Benefit plans.

Frip: Can any investment plan claim a stable value?

CALENDAR SPREAD FUTURES; US 8,639,601 B2; 1/28/2014; Class 705/35; 18 claims; assigned to Chicago Mercantile Exchange Inc.

Trading calendar spread futures contracts, which are forward contracts on the intermonth spread of futures contracts, a calendar spread futures contract locking in a current spread between the front-month contract and the first-deferred contract, buying a calendar spread futures contract being the equivalent of buying the spread difference between the expiring contract and the second expiry, and selling a calendar spread futures contract being the equivalent of selling the spread difference between the expiring contract and the second expiry.

Frip: To be a trader on an exchange, you gotta forget the English language.

SYSTEM AND METHOD FOR MANAGING TAX-DEFERRED RETIREMENT ACCOUNTS; US 8,639,604 B1; 1/28/2014; Class 705/36R; 8 claims; assigned to Invest N Retire, LLC.

Providing a system and method of managing tax-deferred retirement accounts that enable the participants to invest in exchange traded funds (ETFs) and to forecast and intelligently plan for their retirement savings needs, the system and method preferably allowing each participant to select an asset allocation model pursuant to which his or her investments will be managed and to have his or her portfolio periodically rebalanced based on the selected asset allocation model. Frip: Throw some words at the PTO, get a patent.

CONVERSATIONAL DEALING IN AN ANONYMOUS TRADING SYSTEM; US 8,639,607 B2; 1/28/2014; Class 705/37; 4 claims; assigned to EBS Group Limited (United Kingdom).

Providing for the temporary resetting or resetting of credit limits within an anonymous trading system once two parties have concluded an anonymous deal, their identities have been revealed, and they have agreed that they would like to trade further.

Frip: I like her. Can we trade further, if you catch my drift?

AUTOMATED STOCK TRANSACTIONS REGARDING ATHLETES TRANSITIONING BETWEEN COMPETITIVE LEVELS; US 8,639,608 B1; 1/28/2014; Class 705/37; 20 claims; assigned to First Round Exchange LLC.

Performing automated fantasy stock transactions regarding athletes that may be transitioning to a higher competitive level, the method comprising allotting contestants a number of virtual game credits that they can use to buy stocks, determining prices for stocks associated with athletes at an amateur level based on athletes' projected salaries at a professional level (the determination comprising determining projected draft positions for athletes and correlating the draft positions with the projected salaries), receiving requests from contestants to buy stocks, assigning stocks to contestants in accordance with the stock prices, and debiting contestants' virtual game credits as they buy stocks.

Frip: Patent on fantasy football, or on the stock market?

SYSTEM AND METHOD FOR MANAGING RETURN OF COLLATERAL IN A SECURED TRANSACTION; US 8,639,610 B2; 1/28/2014; Class 705/37; 27 claims; assigned to The Bank of New York Mellon.

Relating to a computer-implemented system and method for managing custody of financial instruments, and in particular, a system and method for mitigating counterparty credit risk exposure in hedge fund transactions.

Frip: Counterparty credit risk exposure + hedge fund transactions = opportunity for a few side bets.

SYSTEM AND METHODS FOR TRADING COMPLEX FINANCIAL PRODUCTS; US 8,639,614 B2; 1/28/2014; Class 705/38; 12 claims; assigned to The Debt Exchange, Inc.

Relating to systems and methods for managing the workflow, distribution, and marketplace for syndicated loans.

Frip: So, a patent on communicating with other financiers, or wannabe financiers?

BUSINESS TO CONTACT LINKAGE SYSTEM; US 8,639,616 B1; 1/28/2014; Class 705/38; 20 claims; assigned to Experian Information Solutions, Inc.

Directed to systems and methods for capturing and maintaining business to contact links, where the links comprise a persistent and enduring association between business entities and individuals, the process including the maintenance of a data structure having a plurality of personal identification numbers and associations between respective personal identification numbers and businesses.

Frip: And people are mad at the NSA?

BUDGET MANAGEMENT SYSTEM AND METHOD; US 8,639,622 B1; 1/28/2014; Class 705/43; 20 claims; assigned to Wells Fargo Bank, N.A.

Providing a computer-implemented data processing system with account management logic and budget logic, the account management logic being configured to manage accounts respectively associated with a plurality of users and including account processing logic configured to process transactions and store account data, the budget logic being coupled to the account management logic and configured to provide budget data including budget cash flow amounts for a user for cash withdrawals, the cash withdrawals being executed via automated teller machines (ATMs), the budget logic enabling the user to access and modify the budget data including the budget spending amounts via the ATMs.

Frip: Does it come with a manual?

February 4, 2014

PATENT SUMMARY

PRIVATE SECTOR COIN CONSORTIUM; US 8,645,231 B2; 2/4/2014; Class 705/28; 16 claims; assigned to Bank of America Corporation.

Establishing a coin consortium that may be privately owned, operated, or both, that may include one or more banks, coin aggregators, commercial institutions, and financial institutions, and that may receive excess coin inventory from one institution and distribute coins to another institution that requires the coins.

Frip: Coins?! Thought they were obsolete.

E-CHECK AND E-COMMERCE; US 8,645,241 B2; 2/4/2014; Class 705/35; 30 claims; assigned to Toshiba Global Commerce Solutions Holding Corporation (Japan).

Electronically scanning a paper check at a point of sale (POS) terminal to create a check object (the e-check) that contains the binary data of the check information, a scanned image of the paper check, and identification data from the purchaser, then submitting the check object to the check writer’s or purchaser’s bank, for automated clearing without having to process the physical document any further.

Frip: Next step, electronically scanning you personally.

SYSTEMS FOR STRUCTURED INVESTMENT SEEDING; US 8,645,247 B2; 2/4/2014; Class 705/35; 12 claims; assigned to Bank of America Corporation.

Providing an investment structure and corresponding arrangement that involve methods and systems whereby an asset manager directly or indirectly makes a seed investment in a new fund and hedges its risk, while obtaining financing on its investment. Frip: Planting the seeds of riches.

INTEGRATED CUSTOMER COMMUNICATIONS COMPUTER SYSTEM AND PROCESS FOR IMPLEMENTING SAME; US 8,645,248 B2; 2/4/2014; Class 705/35; 50 claims; assigned to HSBC Technology & Services (USA) Inc.

Directed to an integrated customer communications computer system configured to provide outbound customer communications, the system generating documents associated with the communications in a predefined format, in real-time or in batch, by merging templates comprising static data received from a template repository and dynamic data received from at least one component of an account opening system, and more.

Frip: Buy our system, and then pay us to debug and service it.

METHOD AND SYSTEM FOR PROVIDING MANDATORILY CONVERTIBLE SECURITIES WITH ASSOCIATED CALL OPTIONS; US 8,645,252 B1; 2/4/2014; Class 705/35; 20 claims; assigned to Citigroup Global Markets, Inc.

Relating to a method and system for offering mandatorily convertible securities with associated forward purchase contracts and call options, each mandatorily convertible security combining a forward purchase contract, a mandatory portable remarketable security, and a call option to form a single investment unit, the call option providing additional capital to the issuer of the investment unit and profits to the remarketing agent handling the mandatory portable remarketable security.

Frip: My spell checker likes neither “mandatorily” nor “remarketable.”

INVESTMENT FUND FOR MAXIMIZING A RISK ADJUSTED EXPECTED RETURN WHILE PROVIDING A DEFINED MINIMUM INCOME AT MATURITY; US 8,645,254 B2; 2/4/2014; Class 705/36R; 37 claims; assigned to BlackRock Institutional Trust Company, National Association.

Providing an investment fund that is designed to maximize an investor's risk-adjusted expected return on the investment while also providing the investor with a defined minimum level income upon the maturity of the investment.

Frip: Don’t all funds have that goal?

SYSTEMS AND METHODS FOR AN ONLINE CREDIT DERIVATIVE TRADING SYSTEM; US 8,645,258 B2; 2/4/2014; Class 705/37; 8 claims; assigned to Creditex Group, Inc.

Providing a credit derivative trading system comprising a credit derivative authority configured to receive defined positions for credit derivatives and to update a plurality of trade clients in real-time whenever there is movement in the market for a particular credit derivative.

Frip: Them derivatives are takin’ Capitalism to the porcelain receptacle.

SYSTEMS AND METHODS FOR MARKET ORDER VOLUME CLEARING IN ONLINE TRADING OF CREDIT DERIVATIVES; US 8,645,260 B2; 2/4/2014; Class 705/37; 11 claims; assigned to Creditex Group, Inc.

Selecting, from a plurality of credit derivatives, at least one most liquid credit derivative, determining a volume clearing price level for the selected credit derivative, inviting trading clients of the electronic trading system to submit buy orders and sell orders for the selected credit derivative at the volume clearing price level, matching the buy orders and the sell orders submitted within the time limit to maximize a total notional amount of the selected credit derivative that can be traded at the volume clearing price level, and completing trades at the volume clearing price level according to the matching of orders.

Frip: See previous comment.SYSTEM AND METHOD FOR CARD PROCESSING WITH AUTOMATED PAYMENT OF CLUB, MERCHANT, AND SERVICE PROVIDER FEES; US 8,645,265 B2; 2/4/2014; Class 705/38; 12 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to a system and method for providing credit instruments whereby the credit processing system is preconfigured with a series of participating clubs, merchants, or service providers such that an applicant can provide for automated payment of dues and fees without having to engage in a separate transaction with each club, merchant, or service provider.

Frip: So instead of bills controlling your life, the controller becomes dues.

USING CURRENCY TO PURCHASE FROM SELLERS THAT DO NOT RECOGNIZE THE CURRENCY; US 8,645,267 B2; 2/4/2014; Class 705/39; 29 claims; assigned to Risible Enterprises LLC.

Receiving, from a first participant in a transaction, a request to process the transaction using a first currency that is not recognized by a second participant in the transaction, decrementing an amount of the first currency associated with the first participant, incrementing an amount of the second currency associated with the first participant, wherein the second currency is recognized by the second participant, then processing the transaction using the amount of second currency associated with the first participant.

Frip: In other words, a patent on converting currencies for a customer.

METHODS AND APPARATUS FOR OPTIMIZING THE DISTRIBUTION OF TRADING EXECUTIONS; US 8,645,269 B2; 2/4/2014; Class 705/39; 20 claims; assigned to Goldman, Sachs & Co.

Relating to methods and apparatus for optimizing the distribution of trading executions in investor accounts, an integer allocation algorithm being provided in some embodiments.

Frip: Integer allocation algorithm. Cool.

ELECTRONIC CREDIT CARD WITH FRAUD PROTECTION; US 8,645,280B2; 2/4/2014; Class 705/67; 7 claims.

Providing a method for verifying permission to use a payment system such as an electronic credit card using a hand held communication device such as a smart phone, the customer presenting the communication device to a merchant who extracts account information from the hand held device, which generates a transaction code shared with the merchant and sent by both to a financial institution, who sends a new random code to the user and the merchant, the code being compared to verify the user's account and the financial institution's approval of the transaction.

Frip: Eliminating fraud might take all the fun out of life.

February 11, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR A MULTIPLE MERCHANT STORED VALUE CARD; US 8,650,077 B2; 2/11/2014; Class 704/14.3; 20 claims; assigned to American Express Travel Related Services Company, Inc.

Relating generally to an incentive system, and more particularly, to an incentive system that allows consumers to convert loyalty points to merchant-specific dollars and utilize the various merchant dollars using a single code key.

Frip: Encouraging you to use up your loyalty points quicker so you’ll be incentivized to spend more?

FOREIGN EXCHANGE COVERED WARRANT SYSTEM AND STRUCTURE; US 8,650,102 B2; 2/11/2014; Class 704/35; 22 claims; assigned to Goldman, Sachs & Co.

Relating to a financial process that facilitates structuring of a covered warrant financial product having an underlyer linked to a foreign exchange (FX) rate.

Frip: Serious stuff, eh?

METHOD AND SYSTEM FOR TRACKING DERIVATIVES POSITIONS AND MONITORING CREDIT LIMITS; US 8,650,111 B2; 2/11/2014; Class 704/36R; 20 claims; assigned to Tradeweb Markets LLC.

Providing a centralized trading engine with a trade history database capable of communication with a plurality of counterpart computers via a network to enable the execution of a derivatives transaction, the trading engine and counterpart computers enabling the counterpart computers to initiate, unwind, and assign requests, the records of an execution of a tear-up or assignment being stored in the trade history database, and more. Frip: I teared-up when she left me.

TOTAL FAIR VALUE SWAP; US 8,650,112 B2; 2/11/2014; Class 704/37; 16 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a synthetic instrument known as a “Total Fair Value Swap” that may comprise an agreement between two counterparties, a “Fixed Rate Payer” and a “Floating Rate Payer,” the Fixed Rate Payer making a stream of payments to the Floating Rate Payer based on a fixed rate, and the Floating Rate Payer making a second stream of payments to the Fixed Rate Payer based on a floating rate, wherein a first portion of the floating rate is based on a reference interest rate, and wherein a second portion of the floating rate is based on a credit spread associated with the Floating Rate Payer, the credit spread maybe being observed from the Credit Default Swap (CDS) market.

Frip: Synthetic instruments. A scary term indeed.

METHOD AND SYSTEM FOR RESERVING FUTURE PURCHASES OF GOODS OR SERVICES; US 8,650,114 B2; 2/11/2014; Class 704/37; 20 claims; assigned to Smart Options, LLC.

Relating to electronic options used to reserve different types of airline services including, but not limited to, a desired seat row location, a desired seat location in a desired row location, a plural adjacent seats in a desired row, a plural adjacent seats in a plural desired rows, a desired location in an overhead bin to store carry-on luggage, a priority boarding sequence, a priority exiting sequence, priority pre-flight baggage handling, priority post-flight baggage handling, cancellation and change privileges for a purchased airline ticket, a priority list position in a stand-by list and/or a priority list position for an automatic upgrade to a first class seat, business class seat, or other non-economy seat and so on.

Frip: Sounds like a good way to make non-participating passengers madder than a ranting Fox news commentator.

SYSTEM AND METHOD FOR AUTOMATED DEBITING AND SETTLING OF FINANCIAL TRANSACTIONS; US 8,650,122 B2; 2/11/2014; Class 704/42; 19 claims; assigned to Citicorp Development Center, Inc.

Relating to an automated system for debiting and settling emergency cash transactions, such as what a customer in a foreign country might experience, the system involving interactive voice communication in the customer’s language with the customer’s home bank and the subsequent emergency provision of funds.

Frip: Whatever became of traveler’s checks?

ENTRY LEVEL BANKING PRODUCTS; US 8,650,123 B2; 2/11/2014; Class 704/42; 15 claims; assigned to Bank of America Corporation.

Relating to systems and methods for packaging personal banking products suitable for mass market entry level banking customers who traditionally might not rely on conventional or mainstream checking, savings, and credit account products.

Frip: BofA, going after the innocent.

METHOD, APPARATUS AND PROGRAM TO MAKE PAYMENT IN ANY CURRENCIES THROUGH A COMMUNICATION NETWORK SYSTEM USING PRE-PAID CARDS; US 8,650,126 B2; 2/11/2014; Class 704/51; 18 claims.

Providing a pre-paid card system used to store monetary value and make payment to merchants through the telephone system or through a data network, the invention employing the generation of encrypted dynamic codes for each transaction, which must be verified within a specific time, for payment initiation, the codes being sent by a merchant when a purchase is agreed upon and each code having a time limit, the invention also employing a unique formula to calculate stored value in domestic and foreign currencies.

Frip: Lots of stuff for hackers to hack?

DYNAMICALLY REACTING POLICIES AND PROTECTIONS FOR SECURING MOBILE FINANCIAL TRANSACTION DATA IN TRANSIT; US 8,650,129 B2; 2/11/2014; Class 704/64; 18 claims; assigned to American Express Travel Related Services Company, Inc.

Receiving, over a communication network, a list of protection mechanisms available for implementation by an external terminal, security-related data being received from one or more sensors and an attack signature being computed based on the security-related data, an appropriate security policy being selected from multiple security policies stored in a database based on the list of protection mechanisms and the attack signature, and beaucoup more.

Frip: Hackers are licking their lips.

February 18, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR THE AUTOMATED BROKERAGE OF FINANCIAL INSTRUMENTS; US 8,655,755 B2; 2/18/2014; Class 705/35; 40 claims; assigned to Scottrade, Inc.

Providing an automated financial instrument brokerage system wherein a front end layer interacts with customers to generate activity requests for an intermediate layer that preferably processes the activity requests and places financial instrument orders on a financial market if appropriate, a backend layer providing data to the intermediate layer for processing activity requests, and more stuff including a caching technique whereby turnaround time for processing activity requests can be reduced by reducing the number of times that the intermediate layer needs to interact with the backend layer.

Frip: My backend layer just got rammed.

FINANCIAL TRANSACTION MODELING SYSTEM; US 8,655,758 B2; 2/18/2014; Class 705/35; 28 claims; assigned to Goldman, Sachs & Co.

According to some embodiments, defining simple events, branch events, composite events, or contingent events associated with a financial transaction and then using the events to automatically manage the transaction during the transaction's lifecycle.

Frip: Define and conquer. Sounds like one of Rumsfeld’s screwy rules.

MICROFINANCE FUNDS AGGREGATION FOR A RETAIL INVESTOR; US 8,655,763 B2; 2/18/2014; Class 705/36; 19 claims; assigned to eBay, Inc.

Receiving a purchase request at a host site from an investor at an investor site, the purchase request including information identifying a security offered for sale by a security issuer on the host site, facilitating payment for the security by the investor via a financial site, receiving confirmation of payment for the security, and sending confirmation of payment for the security to the investor. Frip: Welcome to eBay, the securities broker.

HIGH SPEED PROCESSING OF FINANCIAL INFORMATION USING FPGA DEVICES; US 8,655,764 B2; 2/18/2014; Class 705/36R; 41 claims; assigned to IP Reservoir, LLC.

Disclosing a variety of data processing pipelines implemented in firmware deployed on reconfigurable logic, wherein a stream of financial data can be processed through these pipelines at hardware speeds, and also disclosing as an embodiment of the invention a ticker plant configured to process financial market data with a combination of software logic and firmware logic.

Frip: FPGA=Field Programmable Gate Array. Betcha didn’t know that, didja?

METHODS, SYSTEMS AND COMPUTER PROGRAM PRODUCTS FOR AUTOMATED INCORPORATION OF TRADED FUND SHARES IN QUALIFIED RETIREMENT PLANS; US 8,655,765 B1; 2/18/2014; Class 705/37; 54 claims; assigned to Navigate Fund Solutions LLC.

Using a net asset value-based secondary market trading system for ETF shares, using existing Record Keeper systems to trade, process, and hold retirement account ETF positions in the same manner used for mutual fund transactions and positions, accommodating both dollar amount and share-denominated orders, and crossing offsetting exchange-traded fund trades whenever possible.

Frip: Lotsa inside baseball jargon here.

SYSTEM AND METHOD FOR FACILITATING TRADING OF MULTIPLE TRADEABLE OBJECTS IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,655,766 B2; 2/18/2014; Class 705/37; 17 claims; assigned to Trading Technologies International, Inc.

Displaying at least one combined quantity indicator representing a combined quantity associated with at least two tradeable objects, detecting an input associated with an order for a predetermined order quantity in relation to one of the combined quantity indicators, and allocating the order quantity between the at least two tradeable objects using at least one quantity allocation rule, and in one example embodiment, permitting a user to configure a plurality of quantity allocation rules, different rules being defined and applied in relation to different order types.

Frip: Anything for the non-geek trader?

EMBEDDED HARDWARE BASED SYSTEM WHICH PROVIDES REAL-TIME PRE-TRADE RISK ASSESSMENTS FOR MULTIPLE PARTIES AND METHOD THEREOF; US 8,655,767 B2; 2/18/2014; Class 705/37; 20 claims; assigned to Fixnetix Ltd. (United Kingdom).

Providing a risk assessment system and method that may be implemented as an embedded hardware based system and method providing real-time pre-trade risk assessments for multiple parties, in addition to real-time market data and trading connectivity to a variety of liquidity venues, which may include regulated exchanges, ECNs, and other financial institutions listing securities, options, futures, commodities, foreign exchange, and other financial instruments.

Frip: Them Brits doin’ their stuff.

SYSTEM AND METHOD FOR MANAGING RISK ASSOCIATED WITH PRODUCT TRANSACTIONS; US 8,655,768 B2; 2/18/2014; Class 705/37; 34 claims; assigned to Cantor Index, LLC.

Receiving a request to place a first order to trade a first product, the request being made using an account having one or more current balances, determining a risk value for the first order based at least in part on the first product, determining whether to approve the first order based at least in part on the risk value determined for the first order and one or more of the current balances for the account, and if the first order is approved, placing the first order.

Frip: You guys any relation to the Congressman down in Richmond?

METHOD AND SYSTEM FOR IMPROVING EQUITY TRADE ORDER ACKNOWLEDGEMENT TIMES; US 8,655,769 B2; 2/18/2014; Class 705/37; 4 claims; assigned to Cape City Command, LLC.

Providing a method and system for improving stock exchange equity trade order acknowledgment times, the method and system including a network appliance ("trade accelerator") in the sub-network of the trading platforms, having a specialized network flow processor with associated micro-code and a host processor running specialized software, and having specialized network appliance software sensitive to trading protocols for communicating between trading platforms and exchange servers and capable of detecting latency variations in trade order acknowledgments at the exchange and recommending to subscribing trading platforms a least latency trade order path.

Frip: Bet there are a lotta micro-chips involved.

INVESTMENT FUNDS ENABLING A BOND LADDERING STRATEGY; US 8,655,770 B2; 2/18/2014; Class 705/37; 30 claims; assigned to BlackRock Fund Advisors.

Relating to financial systems that enable an investor to create bond laddering strategies, and other strategies that typically involve individual fixed-income securities, through a series of open-ended funds (such as exchange traded funds or mutual funds) that hold fixed-income securities.

Frip: If you gotta ask what a bond laddering strategy is, this ain’t for you.

DYNAMIC CURRENCY CONVERSION SYSTEM AND METHOD; US 8,655,781 B2; 2/18/2014; Class 705/42; 20 claims; assigned to Paymentech, LLC.

Pertaining to a system and method for dynamic currency conversion that allows the availability of currency conversion at a point of sale terminal and the availability of an exchange rate to be determined prior to presenting the card holder with the option of selecting a foreign currency transaction.

Frip: Sounds equitable.February 25, 2014

PATENT SUMMARY

MANAGED DEPOSIT PROGRAM; US 8,660,920 B2; 2/25/2014; Class 705/35; 12 claims; assigned to New Affinity Concepts Corp.

Relating to the field of investment and deposit funding, and more particularly to the management of agreed upon minimum levels of large deposits in Federal Deposit Insurance Corporation (FDIC) insured banks and savings and loan institutions, the system permitting the administration of large deposits in a multitude of banks in a manner that will assure the banks of a continuous source of deposits over a chosen period of time, for example one to three years, the banks being assured of a continuous source of deposits even though the deposited funds are held as money market funds.

Frip: Another party playing games with the FDIC.

SYSTEM FOR AUTOMATICALLY TRANSFERRING ACCOUNT INFORMATION, SUCH AS INFORMATION REGARDING A FINANCIAL SERVICES ACCOUNT; US 8,660,926 B1; 2/25/2014; Class 705/35; 24 claims; assigned to JPMorgan Chase Bank, N.A.

Providing a system for transferring a customer’s account information from one account to a new account, the method utilizing a switch kit application and associated system that can determine services at the old account and facilitate the transfer of these services to the new account. Frip: Does JP need our permission to do this, or are we now at the complete mercy of the banking industry and the NSA?

COLLATERALIZED LOANS WITH PERIODIC DRAWS SUBJECT TO A TRIGGERING EVENT; US 8,660,927 B2; 2/25/2014; Class 705/35; 20 claims; assigned to Goldman, Sachs & Co.

Receiving an indication from a client to manage a financial asset as collateral for a line of credit, deducting loan commitment fees from the financial asset, periodically dispensing a fixed amount from the credit line upon occurrence of a predetermined event and until death of the client, and releasing any remaining funds upon the death of the client. Frip: Funds remaining upon the death of the client? Yeah, right.

METHOD AND SYSTEM FOR BUILDING AND MAINTENANCE WATCH LISTS; US 8,660,929 B2; 2/25/2014; Class 705/36R; 18 claims; assigned to Charles Schwab & Co.

Directed to data organization in personal hand held organizers, and more particularly to a method and apparatus that maintains and organizes lists of and information about securities being monitored by a user in a personal hand held organizer operating over a wireless link.

Frip: Two things you shouldn’t be doing while playing with your hand-held organizer: driving and monitoring securities.

FUTURES CONTRACTS ON RESTRICTED COMPENSATION SECURITIES; US 8,660,933 B2; 2/25/2014; Class 705/37; 20 claims; assigned to BGC Partners, Inc.

Providing futures contracts on options contracts, in which the duty to purchase the right to purchase a commodity or security may be agreed upon by two or more parties.

Frip: Futures contracts on options contracts. Another flimsy addition to the financial system?

DISTRIBUTION OF ELECTRONIC MARKET DATA; US 8,660,938 B2; 2/25/2014; Class 705/37; 9 claims; assigned to Trading Technologies International, Inc.

Providing a multichannel-multicast network environment for use in dynamically assigning data to channels, the configuration being particularly useful in a trading network environment as it effectively performs channel reassignments in a way not to disturb the receipt of the underlying data.

Frip: TTI, branching out from graphic displays.

SYSTEM AND METHOD FOR BILL PAY WITH CREDIT CARD FUNDING; US 8,660,950 B2; 2/25/2014; Class 705/41; 20 claims; assigned to Wells Fargo, N.A.

Relating to an Internet-based bill payment system allowing a consumer to push payment to a payee, such as a merchant, from the consumer's credit card account, regardless of whether or not the payee accepts credit card payments.

Frip: How about pushing the consumer’s credit card debt back to the credit card? That would be an invention!

March 4, 2014

PATENT SUMMARY

METHODS AND SYSTEMS FOR STABILIZING REVENUE DERIVED FROM VARIABLE ANNUITIES REGARDLESS OF MARKET CONDITIONS; US 8,666,783 B1; 3/4/2014; Class 705/4; 14 claims; assigned to New York Life Insurance Company.

Providing a method for stabilizing revenue derived by a variable annuity provider from variable annuities, the method including the steps of offering a variable annuity at a premium, the variable annuity having a mortality and expense fee computed based on at least one variable that is not directly affected by market conditions, and using the mortality and expense fee to fund at least in part a risk associated with a death benefit for the variable annuity, the mortality and expense fee maybe being computed based on a variable that is proportional to the risk assumed with the annuity death benefit.

Frip: Yeah, Aunt Maude is gonna love this one.

SYSTEMS FOR ELECTRONIC TRADING; US 8,666,869 B2; 3/4/2014; Class 705/37; 18 claims; assigned to Redi Tech, LLC.

Relating to an electronic trading platform that provides for efficient presentation of option quote information and for efficient placement of option orders based thereon.

Frip: Cuttin’ into TTI’s territory.

SYSTEM AND METHOD FOR HANDLING TRADES BY ADVISERS TURNING INDEPENDENT; US 8,666,871 B1; 3/4/2014; Class 705/37; 2 claims; assigned to Charles Schwab & Co., Inc.

Allowing a broker at a wire house to enroll as an independent investment adviser at a fee-only broker/custodian, and as a broker at an independent broker-dealer, and service clients in a manner that allows both commission originated and non-commission originated trades to be made and a single statement to be received by the clients without being located at a wire house, the broker receiving the benefits of the offerings made by the fee-only broker/custodian while receiving legally-required supervision from the independent broker-dealer. Frip: Well, is she my broker or isn’t she?

ELECTRONIC SPREAD TRADING TOOL; US 8,666,872 B2; 3/4/2014; Class 705/37; 19 claims; assigned to Trading Technologies International, Inc.

Displaying, on an electronic display device, the market depth of a plurality of commodities including an anchor commodity and a non-anchor commodity, where the method includes dynamically displaying a plurality of bids and asks in the market for the commodities, statically displaying prices corresponding to those plurality of bids and asks, where the bids and asks are displayed in alignment with the prices corresponding thereto, displaying an anchor visual indicator corresponding to and in alignment with a desired price level of the anchor commodity, and displaying a price level indicator corresponding to and in alignment with a price level of the non-anchor commodity, and facilitating trading.

Frip: TTI, in its quest to patent every possible aspect of trading via graphic displays.

SYSTEMS AND METHODS FOR OPEN EXECUTION AUCTION TRADING OF FINANCIAL INSTRUMENTS; US 8,666,873 B2; 3/4/2014; Class 705/37; 24 claims; assigned to Curex Innovations LLC.

Providing for an open, no-last-look liquidity pool with transparent and disclosed rules where both liquidity providers and liquidity consumers benefit and are protected from abuse and manipulation, access to the pool being governed by, among other things, credit worthiness of the participants and adherence to the pool rules for both liquidity providers and liquidity consumers, and in a preferred embodiment the credit to trade in the pool being obtained from one of the pool's clearing agents or prime brokers, the process of obtaining such credit being transparent and straight forward and preferably based not on relationship but on the objective credit worthiness of participants.

Frip: “Preferably based not on relationship but on objective” yada, yada, yada? Since when is anything in this world preferably based?

TRADING OF COMBINATIONS AND BAITS GENERATED THEREOF IN AN AUTOMATED TRADING EXCHANGE SYSTEM; US 8,666,878 B2; 3/4/2014; Class 705/37; 14 claims; assigned to OMX Technology AB (Sweden).

Supplementing a matching unit with a calculation unit and a global memory accessible by both the calculation unit and the matching unit, this architecture making it possible to perform some of the calculations related to the volume and prices of the baits needed in the matching to be performed in advance, the matching process using the values resulting from the pre-calculation when needed, and since no or few calculations are done in the matching unit, the process of matching combination contracts being performed at a higher rate, thereby significantly improving the performance of the matching process. Frip: But aren’t today’s calculation speeds instantaneous, or faster?

SYSTEM, PROGRAM PRODUCT, AND METHOD FOR DEBIT CARD AND CHECKING ACCOUNT AUTODRAW; US 8,666,886 B2; 3/4/2014; Class 705/38; 20 claims; assigned to Metabank.

Relating to systems, computer program products, and associated methods of providing an automatic credit line draw in preselected increments for a checking account, including a checking account accessed through a debit card.

Frip: In other words, spending money you ain’t got.

SAME-DAY SETTLEMENT OF FINANCIAL TRANSACTIONS; US 8,666,888 B2; 3/4/2014; Class 705/39; 24 claims; assigned to Capital One Financial Corporation.

Providing a method to receive a financial transaction and transfer funds associated with the financial transaction into an account associated with an originator of the financial transaction to settle the financial transaction on the same day that the financial transaction is originated, the financial transaction being identified as eligible for same-day settlement using routing or transit numbers associated with an entity receiving the financial transaction.

Frip: Is this increase in speed due to new hardware or just a new flow chart?

SINGLE ACTION MOBILE TRANSACTION DEVICE; US 8,666,895 B2; 3/4/2014; Class 705/44; 20 claims; assigned to Bank of America Corporation.

Providing apparatuses (for example, systems, computer program products, and other devices) and methods that allow a user to assign a user defined action for wirelessly transmitting payment information from a mobile device to a point-of-sale terminal by the user performing the user defined action without the need to provide any additional authentication or input.

Frip: BofA says this “invention” lessens the “burden associated with carrying credit cards, checks, cash, and other payment vehicles.” Remember when, oh never mind.

March 11, 2014

PATENT SUMMARY

ELECTRONIC VOUCHERS AND A SYSTEM AND METHOD FOR ISSUING THE SAME; US 8,671,030 B1; 3/11/2014; Class 705/27.1; 15 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to electronic vouchers, and more specifically to electronic voucher images containing hidden data embedded in an image file, and a system and method for issuing such electronic vouchers.

Frip: Hidden data in an image file. Hackers are licking their lips.

SERVER FOR SUPPORTING AN EXCHANGE TRANSACTION; US 8,671,043 B2; 3/11/2014; Class 705/35; 17 claims; assigned to IP Strategy Incorporated (Japan).

Providing a server for supporting exchange transactions, in which users can complete exchange transactions between and/or among themselves.

Frip: “between and/or among themselves.” Is this about securities trading, or something more personal?

FINANCIAL SYSTEM AND METHOD BASED ON ABSOLUTE RETURNS; US 8,671,049 B1; 3/11/2014; Class 705/37; 29 claims.

Relating to a financial system and method for providing a family of related financial instruments based on absolute returns with minimal contract specification complexity, the method and system simulating much of the features in options trading with a forward implied and a realized component based on absolute returns, which would be more efficient for defining derivative products defined, and less confusing for market participants. Frip: I’m definitely not confused already.

March 18, 2014

PATENT SUMMARY

COUNTERPARTY CREDIT LIMITS IN COMPUTERIZED TRADING; US 8,676,679 B2; 3/18/2014; Class 705/35; 33 claims; assigned to Bloomberg L.P.

Providing systems, methods, and computer program products that enable trading parties to establish, use, track, and enforce credit limits for trading with potential counterparties, where the financial interests are associated with financial exposure or risk in one or more future time periods.

Frip: Don’t get on Mr. Bloomberg’s wrong side.

BUSINESS TRANSACTION FACILITATION SYSTEM; US 8,676,683 B1; 3/18/2014; Class 705/35; 24 claims; assigned to Bank of America Corporation.

Providing systems, methods, and computer program products that allow a business to maintain, manage, and administer data and documents in a centralized repository that can be shared with multiple businesses and entities with which the company interacts, the business being able to create and manage its profile and add new companies and individuals that may access the electronic information in a secure electronic system, and so much more.

Frip: Providing lots of work for computer semi-literate folks.

METHODS AND SYSTEMS FOR PROVIDING PREFERRED INCOME EQUITY REPLACEMENT SECURITIES; US 8,676,688 B2; 3/18/2014; Class 705/36R; 11 claims; assigned to Barclays Capital, Inc.

Issuing perpetual preferred securities that provide non-cumulative dividends with a fixed liquidation preference, wherein valuation of the securities upon redemption or conversion is based on market value of a specified number of common shares, and wherein the securities are operable to receive treasury stock method accounting. Frip: Sounds like something for Mitt and his buddies.

ONLINE CHECK REGISTER USING CHECK IMAGING; US 8,676,706 B2; 3/18/2014; Class 705/42; 32 claims; assigned to Bank of America Corporation.

Relating to systems, methods, and computer program products for maintaining an updated check register in connection with an online banking account of a payor that tracks pending check payments using check imaging technology.

Frip: Paper checks have, what, maybe five more years?

March 25, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR LINKED ACCOUNT HAVING SWEEP FEATURE; US 8,682,730 B2; 3/25/2014; Class 705/16; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a system and method for a linked account having a sweep feature, enabling individuals to purchase goods and services from a merchant using a cash account backed by a credit account, but with overdrafts being reconciled automatically on a daily or other basis.

Frip: Another way to lose track of the balances in your various accounts?

METHODS AND DEVICES FOR SAVINGS PARTICIPATION; US 8,682,760 B2; 3/25/2014; Class 705/35; 32 claims; assigned to U.S. Bank National Association.

Pertaining to an automatic logic program that causes an accumulation of customer savings via a contribution system for automatically directing or contributing monies to customers' savings accounts in response to financial transactions or by depositing money into an account.

Frip: Needless to say, a customer-specified saving algorithm is involved.

COMPUTER-BASED AGGREGATED SECURITIES INVESTMENT SERVICE; US 8,682,771 B2; 3/25/2014; Class 705/36R; 20 claims.

Providing a computer-based aggregated security investment service that interacts with one or more customers via one or more communication links, the service allowing multiple customers to execute aggregated purchase orders of securities in dollar increments, and so much more. Frip: Lotsa stuff goin’ on here.

FLEXIBLE SYSTEM AND METHOD FOR ELECTRONIC TRADING; US 8,682,775 B2; 3/25/2014; Class 705/36R; 8 claims; assigned to Trading Technologies International, Inc.

Providing increased flexibility to a trader by offering the trader the ability to trade a tradeable object in a format that is preferred by the trader, rather than in a format that is based on the rigid set of terms and/or conditions provided by an exchange, thus allowing the trader, among other things, to view the market information, make trades, and analyze market data according to the trader's preferred format.

Frip: Don’t see any problems with this.

METHOD AND SYSTEM FOR INITIATING AND CLEARING TRADES; US 8,682,776 B2; 3/25/2014; Class 705/37; 41 claims; assigned to American International Group, Inc.

Facilitating the exchange of data between one or more price providers and customers who communicate with the price providers through various portals, each of which may use it own data format, the data output from each portal being normalized to a standardized format and then transmitted to the appropriate price provider or providers where the data exchanged with the various portals can be viewed by a trader at a single display or can be exchanged with an automated pricing engine.

Frip: Any chance the computer makes a mistake in ‘normalizing”?

METHODS AND SYSTEMS FOR COMPUTER-BASED TRADING ENHANCED WITH MARKET AND HISTORICAL DATA DISPLAYED ON LIVE SCREEN; US 8,682,777 B1; 3/25/2014; Class 705/37; 35 claims; assigned to MarketAxess Holdings, Inc.

Enabling users of the trading platform to view on their live screen of executed and pending orders, information about the market depth of a transmitted order, the current view of all transmitted orders and executed trades, historical view of all transmitted orders and executed trades, bond instrument details, execution prices for the various bond instruments, yield for the bond instruments, and spread for the bond instruments.

Frip: Graphic display gone nuts.

SYSTEM AND METHOD FOR LINKING AND MANAGING LINKED ORDERS IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,682,778 B2; 3/25/2014; Class 705/37; 20 claims; assigned to Trading Technologies International, Inc.

Enabling a trader to link two or more orders to form an order cancel order (OCO) pair, then submitting the two orders to a single or to different exchanges, a synthetic order manager associated with a gateway or any other network entity tracking any updates related to the submitted orders, such as partial order fills related to one of the orders, and then dynamically updating—for example, decrease or cancel—the order quantity associated with the second order based on the received updates and a quantity ratio between the two orders.

Frip: TTI wants a patent, TTI gets a patent.

BANK CARD AUTHORIZATION WITH BALANCE INDICATOR; US 8,682,785 B2; 3/25/2014; Class 705/39; 31 claims; assigned to Bank of America Corporation.

Relating to systems, methods, and computer program products for providing a bank card holder with an indication of the bank card holder's account balance when the bank card holder enters into a transaction using the bank card.

Frip: You have negative balance. Ha ha, just kidding.

ELECTRONIC LOCKBOX IMPLEMENTATION AND MANAGEMENT; US 8,682,788 B2; 3/25/2014; Class 705/40; 21 claims; assigned to Bank of America Corporation.

Relating to computing devices, computing systems, and computer software that may be used by an organization, such as a financial institution or other entity, to electronically sort and manage mail sent to a lockbox.

Frip: So now you need an IT degree just to open your mail?

April 1, 2014

PATENT SUMMARY

ELECTRONIC REGISTRY FOR AUTHENTICATING TRANSFERABLE RECORDS; US 8,688,461 B1; 4/1/2014; Class 705/1.1; 17 claims; assigned to Fannie Mae.

Concerning an electronic registry storing information relating to a transferable electronic record and the controller of an authoritative copy of the transferable electronic record, the registry including information for authenticating a true copy of the authoritative copy of the transferable electronic record, the registry also facilitating registration of the transferable electronic record and transfer of legal rights associated therewith.

Frip: You go, Fannie.METHOD AND APPARATUS FOR LEVERAGED TAX EFFICIENT INVESTMENT MANAGEMENT; US 8,688,550 B1; 4/1/2014; Class 705/31; 19 claims; assigned to BMO Financial Corp.

Providing a method and apparatus for automatically managing investment portfolios to substantially track a selected index and to automatically harvest tax losses, the system preferably comprising an accounting system for maintaining tax lot information for individual accounts, an optimization system for rebalancing each account to substantially model the index and for harvesting tax losses, and a trading system for executing trades.

Frip: Tax losses. That’s what Frip be needin’.

ALTERNATIVE VALUE EXCHANGE SYSTEMS AND METHODS; US 8,688,563 B2; 4/1/2014; Class 705/37; 14 claims; assigned to The Western Union Company.

Creating, at an alternative currency platform, a plurality of user accounts and receiving, from a first user in the plurality of user accounts, an alternative currency exchange offer that includes one or more offer terms and associated assets, the method including the determination and selection of an appropriate second user, and in response to verification of the assets of the first user and second user, providing settlement of the alternative currency exchange offer. Frip: Can one create his or her own currency?

SYSTEM AND METHOD FOR LINKING AND MANAGING LINKED ORDERS IN AN ELECTRONIC TRADING ENVIRONMENT; 8,688,565 B2; 4/1/2014; Class 705/37; 8 claims; assigned to Trading Technologies International, Inc.

Allowing a trader to first link two or more orders into a linked order, and then allowing one or more parameters associated with one of the orders to be dynamically changed based on user inputs or information being received from an exchange, and more.

Frip: Should linked orders even be allowed? Maybe they are too confusing for the SEC to comprehend.

SYSTEM AND METHOD FOR PROVIDING LATENCY PROTECTION FOR TRADING ORDERS; 8,688,566 B2; 4/1/2014; Class 705/37; 20 claims; assigned to BGC Partners, Inc.

Storing an order associated with a first price, identifying a latency value, receiving a counterorder, identifying a potential trade associated with the order and the counterorder, the potential trade based at least in part on the first price, and configuring a period of time to allow the trade if the latency value satisfies a configurable condition.

Frip: “Latency,” “configurable condition.” You don’t hear those in pick-up lines in bars.

SYSTEM AND METHOD FOR POST CLOSING AND CUSTODY SERVICES; 8,688,569 B1; 4/1/2014; Class 705/38; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Receiving loan documents directly from a closing agent upon closing of a loan, imaging at least a portion of the loan documents, making one or more of the imaged documents accessible to one or more post closing users, and performing a custody review of the loan documents prior to other post closing services associated with the loan.

Frip: And this is something new?!

CUSTOMIZABLE INVESTMENT FUND AND INVESTING EDUCATION; 8,688,575 B2; 4/1/2014; Class 705/40; 44 claims.

Providing a mechanism for individuals to create, manage, and modify customized portfolios of assets and liabilities based on the individual's investment preferences, weighting schemes, risk tolerance, and timeframe, the system including an investment education component.

Frip: What if you’re uneducationable? Do you get your money back?

BILL CONTROL; 8,688,576 B2; 4/1/2014; Class 705/40; 20 claims; assigned to Bank of America Corporation.

In some embodiments, determining whether a bill is due within a predetermined period, initiating, via a mobile network, presentation of a duration in which the bill is due, initiating, via the mobile network, presentation of an option to authorize payment of the bill via the mobile network, and in response to receiving selection of the option to pay the bill, authorizing payment of the bill via a financial institution account.

Frip: Moral of the story: pay your freakin’ bills.

BUSINESS CUSTOMER COMMUNITY HUB; 8,688,578 B2; 4/1/2014; Class 705/42; 44 claims; assigned to Bank of America Corporation.

Relating to apparatuses and methods for online banking portals that provide special community banking oriented services for business banking customers, the business hub allowing business customers to interact with individual customers, the community in general, as well as other businesses, in a forum for exchanging products, services, and information.

Frip: Ain’t that nice. A facebook-type thingy for banks.

EXPEDITING ELECTRONIC FUNDS TRANSFERS; 8,688,580 B1; 4/1/2014; Class 705/44; 24 claims; assigned to Xoom Corporation.

Initiating a plurality of electronic funds transfer transactions using an automated clearing house (ACH) operator, receiving a negative return code for a particular transaction that is associated with a particular financial institution routing number, marking, as accepted, all other transactions in the plurality that are associated with the same particular financial institution routing number, and releasing the marked transactions.

Frip: ACH stuff. Best left to the insiders.

April 8, 2014

PATENT SUMMARY

Click based trading with market depth display; US 8,694,398 B2; 4/8/2014; Class 705/35; 16 claims; assigned to Trading Technologies International, Inc.

Enabling a trader to execute single mouse click trades for large volumes of commodities at a price within a pre-specified range.

Frip: Should the trader be sober?

System and method for linking and managing linked orders in an electronic trading environment; US 8,694,411 B2; 4/8/2014; Class 705/37; 8 claims; assigned to Trading Technologies International, Inc.

Submitting a first order to trade a first quantity of a first tradeable object at a first price to a first electronic exchange from a client computing device, submitting a second order to trade a second quantity of a second tradeable object at a second price, the second quantity being set according to a predetermined quantity relationship between the second quantity and the first quantity, the second order being submitted from the client computing device to a second electronic exchange substantially simultaneously as submitting the first order, receiving a user input changing at least one order parameter associated with the first order, submitting a first update to the first exchange to change the at least one order parameter of the first order, and submitting a second update to the second electronic exchange to change at least one order parameter of the second order in the second order book.

Frip: Alllright, it you say so.

System and method for simulating an electronic trading environment; US 8,694,414 B2; 4/8/2014; Class 705/37; 14 claims; assigned to Trading Technologies International, Inc.

Providing a system and related methods for recording market data from an exchange and from other trading-related sources, and generating orders based on that data to simulate the recorded market. Frip: Instead of losing real money, you only simulate losing real money.

Integrated trading information processing and transmission system for exempt securities; US 8,694,418 B2; 4/8/2014; Class 705/37; 18 claims; assigned to Globalprivatequity.com, Inc.

Directed to a financial trading information processing and transmission system comprising a multilateral counterparty trade module, an auction module, and optionally an asset tracking module, and a risk metric and analytical tool module, said auction module and multilateral counterparty trade module being particularly designed for conducting interactive online trading in unregistered and exempt securities that allows participants (i.e., bidders) to modify or withdraw their bids up to a certain point prior to acceptance by the seller, and sellers to withdraw their offers prior to a certain point.

Frip: Sounds vaguely disturbing.

Method for structuring a supplemental interest mortgage; US 8,694,421 B1; 4/8/2014; Class 705/38; 36 claims; assigned to Freddie Mac.

Securing a principal debt obligation and a supplemental debt obligation based on the principal debt loan by a single security instrument, the principal debt obligation including the principal loan and principal interest to compensate a lender for use of the lender's funds, the supplemental debt obligation including supplemental interest to compensate a lender for the risk of borrower nonpayment.

Frip: Patent on a financial product, pure and simple.

System and method for managing foreign payments using separate messaging and settlement mechanisms; US 8,694,424 B2; 4/8/2014; Class 705/39; 22 claims; assigned to Federal Reserve Bank of Atlanta.

Relating generally to managing foreign payments in an International low value, non-urgent payment system, and more particularly to managing fixed to fixed payments using separate messaging and settlement conduits.

Frip: Really inside baseball stuff.

Method and system for processing internet payments using the electronic funds transfer network; US 8,694,425 B2; 4/8/2014; Class 705/39; 22 claims; assigned to JPMorgan Chase Bank, N.A.

Generally relating to systems and methods for conducting electronic commerce, and more particularly to systems and method in which a payor pushes electronic credits to a payee using an Electronic Funds Transfer system.

Frip: Bits and bytes are replacing money.

Image cashletter processing with reject repair deferral; US 8,694,433 B1; 4/8/2014; Class 705/45; 13 claims; assigned to Bank of America Corporation.

In one aspect of the invention, providing a method for efficient image cashletter processing that includes receiving an image cashletter, the image cashletter comprising a plurality of monetary records, separating out failed monetary records in the image cashletter from good monetary records in the image cashletter, and processing the good monetary records independently of processing the failed monetary records.

Frip: Makes sense, but does it warrant a patent?

April 15, 2014

PATENT SUMMARY

Action console framework; US 8,700,439 B2; 4/15/2014; Class 705/7.13; 19 claims; assigned to Morgan Stanley.

Displaying a directory having one or more manual actions to a user, receiving a selection identifying a manual action from the user; and submitting the identified manual action to an automated workflow process to execute the identified manual action.

Frip: Is this the real Morgan Stanley?

Trader portal system and method; US 8,700,441 B1; 4/15/2014; Class 705/7.25; 27 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to systems and methods for operating a trader portal, and in particular to a trader portal that allows traders access to multiple distributed systems through a single desktop location, and a bunch of other stuff.

Frip: A bit more than retail banking, eh JP?

Redirecting or returning international credit transfers; US 8,700,510 B2; 4/15/2014; Class 705/35; 20 claims; assigned to Federal Reserve Bank of Atlanta.

Relating to managing credit transfer items that fail to clear a domestic Automated Clearing House system and, more particularly, to items that are unable to be processed because of a particular combination of inoperable routing and account numbers. Frip: Fed Atlanta is seriously into patenting stuff.

System and method for trading financial instruments using speech; US 8,700,518 B2; 4/15/2014; Class 705/37; 13 claims; assigned to Charles Schwab & Co., Inc.

Relating to speech recognition for trading securities, the process involving via a microphone at a computer system a spoken identifier of a user, a spoken command to trade at least one financial instrument, and a set of spokenopita.

Frip: “Spokenopita.” Now that’s a serious bit of jargon.

Cross-currency implied spreads; US 8,700,520 B2; 4/15/2014; Class 705/37; 20 claims; assigned to Chicago Mercantile Exchange.

Relating to allowing trading of over the counter foreign exchange contracts on a centralized matching and clearing mechanism, the disclosed systems and methods allowing for anonymous transactions, centralized clearing, efficient settlement, and the provision of risk management/credit screening mechanisms to lower risk, reduce transaction costs, and improve the liquidity in the foreign exchange marketplace, and in particular, the disclosed embodiments increase speed of execution facilitating growing demand for algorithmic trading, increased price transparency, lower cost of trading, customer to customer trading, and automated asset allocations.

Frip: Just what we need, more algorithmic trading.

Merchant bill pay; US 8,700,527 B2; 4/15/2014; Class 705/40; 18 claims; assigned to Bank of America Corporation.

Directed to systems, methods, and computer program products for transmitting, via an intermediary system, a payment request from a payment requestor to a customer.

Frip: Yawn.

Mutual fund card method and system; US 8,700,529 B2; 4/15/2014; Class 705/41; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Establishing a card payment instrument account for an approved customer and an investment account for the benefit of the approved customer, a rebate being calculated periodically based on credit card usage and the rebate being applied to fund the investment account periodically, the rebate being the only funding of the investment account accomplished through the card payment instrument account.

Frip: Has JP got just the thing for you!

April 22, 2014

PATENT SUMMARY

TRANSACTION COST RECOVERY INVENTORY MANAGEMENT; US 8,706,554 B1; 4/22/2014; Class 16; 13 claims; assigned to Bank of America Corporation.

Providing an apparatus and methods for determining a transaction cost recovery amount that may be imposed on a transaction that may involve an acceptance of a payment instrument by a merchant and that may involve a credit, debit, prepaid, automated clearing house, or any suitable payment method involving the transfer of funds from one transaction participant to another.

Frip: BofA is patenting everything it does.

INTERACTIVE ACCOUNT MANAGEMENT SYSTEM AND METHOD; US 8,706,579 B2; 4/22/2014; Class 30; 16 claims; assigned to JPMorgan Chase Bank, N.A.

Related generally to systems and methods for improving an interactive customer financial account experience within a customer financial network and in particular to improving customer accessibility to financial account information to facilitate achievement of financial goals.

Frip: Online, mobile, interactive—all words that should increase one’s pucker factor.

SYSTEM AND METHOD FOR MAKING POSITIONS HELD BY A TRADER FUNGIBLE; US 8,706,603 B2; 4/22/2014; Class 36R; 20 claims; assigned to Chicago Mercantile Exchange Inc.

Making positions held by a trader fungible by selecting a first position in a first futures contract that is deliverable and selecting a second position in a second futures contract, wherein the first and second futures contracts are traded in a first and second market, respectively, the offsetting first and second positions eliminating a delivery obligation of the trader. Frip: “Fungible.” Something vaguely disturbing about that word.

BUSINESS METHOD FOR CHARITABLE FUND RAISING; US 8,706,594 B2; 4/22/2014; Class 36T; 18 claims.

Identifying a charitable cause in need of funding, providing a plurality of flags to be displayed as a healing field that is linked to the charitable cause in need of funding, the healing field also being displayed as part of a public awareness campaign, and selling the flags that are displayed in the healing field, with the profits from the sale going to the charitable cause in need of funding.

Frip: The epitome of a “You’re Kidding, Right” Patent?

SYSTEM AND METHOD FOR HEDGING RISKS IN COMMERCIAL LEASES; US 8,706,604 B1; 4/22/2014; Class 37; 22 claims; assigned to JPMorgan Chase Bank, N.A.

Receiving information related to a lease agreement between a lessor and a lessee, estimating potential losses that the lessor will suffer if at least one credit event causes the lessee to default on the lease agreement, and providing the lessor a put option, whereby, upon the at least one credit event, the lessor can choose to sell a claim against the defaulting lessee at a strike price, the strike price being an amount that varies based at least in part on the estimated potential losses and the time at which the lessee defaults.

Frip: What if all leases go bad at once?

AUTOMATED TRADING SYSTEM; US 8,706,606 B2; 4/22/2014; Class 37; 22 claims; assigned to Zomojo Pty Ltd (Australia).

Relating generally to improvements in automated trading systems for market trading, and, particularly, but not exclusively, to a communications interface for an automated trading system.

Frip: And this is a sufficient improvement on existing systems to warrant a patent?

DYNAMIC AGGRESSIVE/PASSIVE PEGGED TRADING; US 8,706,608 B2; 4/22/2014; Class 37; 6 claims; assigned to ITG Software Solutions, Inc.

Executing trades of financial securities according to a combination passive/aggressive trading strategy that reliably executes trades of lists of securities or blocks of a single security within a desired time frame while taking advantage of dynamic market movement to realize price improvement for the trade within the desired time frame.

Frip: My Mama told me to avoid passive-aggressive people.

SYSTEM AND METHOD FOR CREATING TRADE-RELATED ANNOTATIONS IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,706,609 B2; 4/22/2014; Class 37; 14 claims; assigned to Trading Technologies International, Inc.

Allowing a trader to enter trade-related annotations in a quick and efficient manner or flag a predetermined time and input annotations to be associated with the flagged time at a later time, and to make trades on the interface at the most favorable prices and in a speedy manner.

Frip: TTI, leavin’ em in the dust.

SYSTEMS AND METHODS FOR ELECTRONICALLY INITIATING AND EXECUTING SECURITIES LENDING TRANSACTIONS; US 8,706,610 B2; 4/22/2014; Class 37; 30 claims; assigned to SL-x Technology UK Ltd. (GB).

Relating to systems and methods that facilitate electronic negotiation of terms for securities lending transactions between a trader and one or more counterparties, that execute the securities lending transactions in accordance with the negotiated terms, and that submit the executed transactions to central clearing counterparties.

Frip: Well, la-de-da.SYSTEM AND METHOD FOR USE OF FRACTIONAL PAY-UP TICKS IN RELATION TO TRADING STRATEGIES IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,706,611 B2; 4/22/2014; Class 37; 16 claims; assigned to Trading Technologies International, Inc.

Providing a system and associated methods for use of fractional pay-up ticks in relation to offset orders being sent for a trading strategy that involves trading a first tradeable object and at least a second tradeable object, one example method being when an indication is received that a quantity at a first price for the first tradeable object is filled, a plurality of offset orders for the second tradeable object is sent to an electronic order book of the second tradeable object, the plurality of offset orders being placed at a plurality of price levels determined based on at least one fractional pay-up tick value, the first price, and the desired spread price, a quantity for each order being determined based on a quantity divider rule that is applied to an offset quantity to offset the fill.

Frip: Come again?

SYSTEM AND METHODS FOR PROVIDING STARTER CREDIT CARD ACCOUNTS; US 8,706,617 B2; 4/22/2014; Class 38; 27 claims; assigned to Capital One Financial Corporation.

Relating to systems and methods for providing starter credit card accounts to high credit risk customers that are monitored during a trial period.

Frip: Aren’t we all, at some level, high risk customers?

SYSTEM AND METHOD FOR PROVIDING BORROWING SCHEMES; US 8,706,625 B2; 4/22/2014; Class 40; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Establishing an interest-free revolving amount or account, establishing a periodic payment for maintaining the interest-free revolving amount or account, and automatically revising the interest-free revolving amount or account or the periodic payment based upon at least one user performance metric over a predetermined period of time, wherein the interest-free revolving amount or account or the periodic payment for maintaining the interest-free revolving amount is determined by the user via the network.

Frip: No patent should be granted to something entitled “schemes.”

DEPOSIT FOR ENTITY ASSOCIATED NON-ACCOUNT HOLDERS; US 8,706,629 B2; 4/22/2014; Class 43; 27 claims; assigned to Bank of America Corporation.

Relating to procedures for non-account holders to deposit money into accounts.

Frip: Anybody wanna put some coins into my account?

April 29, 2014

PATENT SUMMARY

TRANSACTION COST RECOVERY QUEUE MANAGEMENT; US 8,712,855 B1; 4/29/2014; Class 705/16; 17 claims; assigned to Bank of America Corporation.

Providing an apparatus and methods for determining a transaction cost recovery amount, the transaction maybe involving an acceptance of a payment instrument by a merchant and a credit, debit, prepaid, automated clearing house, or any suitable payment method involving the transfer of funds from one transaction party (TP) to another.

Frip: Really?

SYSTEM AND METHOD FOR ASSOCIATING FINANCIAL TRANSACTION DATA WITH A USER'S PROJECT DATA USING A PORTABLE ELECTRONIC DEVICE; US 8,712,874 B2; 4/29/2014; Class 705/28; 19 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a system for viewing and manipulating a user's financial transaction data and a method for associating financial transaction data with a user's project data using a portable electronic device.

Frip: Portable electronic device. Civilization on the precipice.

SYSTEM AND METHOD FOR ASSOCIATING FINANCIAL TRANSACTION DATA WITH USER'S PROJECT DATA; US 8,712,875 B2; 4/29/2014; Class 705/28; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a system for viewing and manipulating a user's financial transaction data and a method for associating financial transaction data with a user's project data using a portable electronic device. Frip: See above. Really.

METHOD, SYSTEM AND COMPUTER PROGRAM PRODUCT FOR MANAGING FUNDS IN CUSTODIAL DEPOSIT ACCOUNTS; US 8,712,881 B1; 4/29/2014; Class 705/30; 20 claims; assigned to Promontory Interfinancial Network, LLC.

Directed to a method, system, and computer program product for managing aggregate funds held in custodial deposit accounts by a custodial agent on behalf of a plurality of individuals, the custodial deposit accounts comprising an omnibus transaction account ("Omnibus TA") and an omnibus money market deposit account ("Omnibus MMDA"), a corresponding individual transaction account ("Individual TA") and individual money market deposit account ("Individual MMDA") being kept on the books and records of the custodial agent for each individual, representing the amount of the individual's funds deposited in the Omnibus TA and Omnibus MMDA, respectively, transfers from the Omnibus MMDA to the Omnibus TA being reduced by daily allocation of the funds in the Individual TAs and Individual MMDAs, thereby decreasing the likelihood that an established transfer limit for the Omnibus MMDA (e.g., the limit of six transfers per month in Regulation D) is reached.

Frip: Take that, FDIC.METHOD FOR ASSISTING IN THE CHECKING OF TRANSACTION RECORDS, TRANSACTION DEVICE, SERVER, MOBILE TERMINAL, AND CORRESPONDING COMPUTER PROGRAMS; US 8,712,885 B2; 4/29/2014; Class 705/34; 7 claims; assigned to Compagnie Industrielle et Financiere d'Ingenierie “Ingenico” (FR),

Relating to the production of bank statements representing transactions performed by means of a transaction device, and more specifically the implementation of means for assisting in the checking of the accuracy of data appearing on said statements.

Frip: Bon jour, Ingenico.

ELECTRONIC MULTIPARTY ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE SYSTEM; US 8,712,887 B2; 4/29/2014; Class 705/35; 28 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a multiparty accounts receivable and accounts payable system that allows creditors and debtors to exchange information and settle their respective debts electronically, and that also allows participants to borrow more efficiently and to create and sell independent payment obligations to third parties using a new type of financial instrument.

Frip: How about a new term, Fuzzy Patent?

METHOD OR SYSTEM FOR INVESTING AND/OR TRADING; US 8,712,901 B1; 4/29/2014; Class 705/36R; 16 claims.

Relating to a method or system for investing, and more particularly to methods of encouraging long-term investing by employing lottery and/or raffle-style disbursements in connection with various investment portfolios or other investment systems.

Frip: A lottery. Cool.SYSTEM AND METHOD FOR ORDER PLACEMENT IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,712,904 B2; 4/29/2014; Class 705/37; 11 claims; assigned to Trading Technologies International, Inc.

Directed towards automated order entry tools in an electronic trading environment.

Frip: Just let the durn computer do it.

HOME APPRECIATION PARTICIPATION NOTES; US 8,712,908 B2; 4/29/2014; Class 705/39; 54 claims; assigned to Habitat Economics, LLC.

Relating to a method or system for separating a real property investment into a consumption-oriented realty investment and an investment-oriented realty investment, and for creating documents, monitoring, and reporting to effect this separation, the method realizable in conjunction with standard forms of house financing.

Frip: Home appreciation notes. Everybody wants to reinvent the wheel.

SYSTEM AND METHOD FOR INVESTING PUBLIC DEPOSITS; US 8,712,911 B1; 4/29/2014; Class 705/39; 22 claims; assigned to Island Intellectual Property LLC.

Relating generally to a system and method for investing public deposits from federal, state, or municipal entities, the process involving a complex system of shuffling funds to and from money center banks, or something.

Frip: Too murky for this child to follow.

May 6, 2014

PATENT SUMMARY

METHOD AND SYSTEM FOR ALLOCATING FUNDS OVER A PLURALITY OF TIME DEPOSIT INSTRUMENTS IN DEPOSITORY INSTITUTIONS; US 8,719,062 B1; 5/6/2014; Class 705/4; 23 claims; assigned to Island Intellectual Property LLC.

Relating generally to administering an allocation of funds for the purchase of time deposit instruments at a plurality of depository institutions and possibly other financial instruments.

Frip: The FDIC doesn’t stand a chance.

SYSTEM AND METHOD FOR ADMINISTERING A BROKERAGE REBATE CARD PROGRAM; US 8,719,085 B2; 5/6/2014; Class 705/14.25; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Directed to a system and method for administering a reward-based marketing program by determining rebate information based on purchases made using a card payment instrument, and for applying the rebate information to fund at least part of a brokerage transaction.

Frip: Buy stuff and get a break on a brokerage transaction? Say what?

COMPUTER-FACILITATED SECURE ACCOUNT-TRANSACTION; US 8,719,128 B2; 5/6/2014; Class 705/35; 19 claims; assigned to TCF Financial Corporation.

Relating to a computer-facilitated system and method for reconciling, tracking, and/or managing transactions, in response to a user article, between a financial institution and an educational institution, in particular embodiments, the invention being directed to such transactions relative to a checking (or another) account at a banking institution and relative to a student transaction account at an educational institution. Frip: Keeping track of Jodie’s college spending maybe?

PORTFOLIO INVESTMENT MANAGEMENT METHOD, SYSTEM AND COMPUTER PROGRAM PRODUCT; US 8,719,130 B2; 5/6/2014; Class 705/35; 12 claims; assigned to New Affinity Concepts Corp.

Relating to the field of investment and deposit funding, and more particularly to the computerized management of large deposits in Federal Deposit Insurance Corporation (FDIC) insured banks and savings institutions.

Frip: More and more folks are gettin’ into the business of yanking the FDIC’s chain.

FINANCIAL MANAGEMENT SYSTEM AND METHOD WITH DEBT MANAGEMENT; US 8,719,132 B1; 5/6/2014; Class 705/35; 15 claims; assigned to Wells Fargo Bank, N.A.

Relating to systems and methods of financial management, and more specifically, to systems and methods that facilitate account management and financial planning for individuals and other entities, such as small businesses.

Frip: A kitchen sink patent.ANNUITY HAVING INTEREST RATE COUPLED TO A REFERENCED INTEREST RATE; US 8,719,133 B1; 5/6/2014; Class 705/35; 20 claims; assigned to Allstate Insurance Company.

Providing a guaranteed rate of return for a guarantee period of a financial account while at the same time providing upward adjustments to the interest rate if there is a corresponding increase in a specified referenced rate.

Frip: Guaranteed. And a patent to boot.

SYSTEM AND METHOD FOR ETF INVESTING; US 8,719,138 B2; 5/6/2014; Class 705/36R; 27 claims; assigned to State Street Corporation.

Providing a primary exchange traded fund (PETF) that comprises investments in a plurality of secondary exchange traded funds (SETF), the system and method enabling intraday, or other periodic, trading of a variable number and type of ETFs through a single ETF, based on one or more categories and factors including, but not limited to, real-time NAVs.

Frip: Pyramiding funds. Given all the damage that pyramiding schemes have done over the years, is a pyramid EFT fund really wise?

SYSTEM AND METHOD FOR CREATING AND TRADING A DERIVATIVE INVESTMENT INSTRUMENT OVER A RANGE OF INDEX VALUES; US 8,719,145 B2; 5/6/2014; Class 705/37; 19 claims; assigned to Chicago Board Options Exchange.

Relating to methods of creating and trading derivative contracts whose value depends on the occurrence or non-occurrence of specified events.

Frip: Hasn’t the derivative concept exceeded its bounds?

SYSTEM AND METHOD FOR INVESTING PUBLIC DEPOSITS; US 8,719,157 B1; 5/6/2014; Class 705/39; 27 claims; assigned to Island Intellectual Property LLC.

Relating to a system and method for investing public deposits from federal, state or municipal entities.

Frip: One more tweak of the FDIC’s snout.

PROCESSING PAYMENT ITEMS; US 8,719,160 B1; 5/6/2014; Class 705/40; 24 claims; assigned to Bank of America.

Generally relating to receiving and processing payment items, such as electronically imaged checks, transmitted between entities in a financial transaction.

Frip: No prior art?! Really!? METHODS AND SYSTEMS FOR ROUTING PAYMENT TRANSACTIONS; US 8,719,163 B2; 5/6/2014; Class 705/43; 16 claims; assigned to Citicorp Credit Services, Inc.

Relating generally to the field of electronic commerce, and more particularly to methods and systems for routing customer payment transactions electronically.

Frip: See above for almost same-same.

May 13, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR MANAGING RELATIONSHIPS BETWEEN BROKERS AND TRADERS; US 8,725,587 B2; 5/13/2014; Class 705/26.41; 20 claims; assigned to BGC Partners, Inc.

Relating in general to trading markets and, more particularly, to a system and method for managing relationships between brokers and traders in a trading network.

Frip: Start with, be nice to each other. Remember, we’re all God’s chullan. Now gimme a patent.

METHOD AND SYSTEM FOR MANAGING SERVICE ACCOUNTS; US 8,725,605 B1; 5/13/2014; Class 705/35; 26 claims; assigned to Capital One Financial Corporation.

Providing financial account management services for user service accounts, such systems receiving requests from users to register with a trusted intermediary, registration enabling users to customize management services to be performed for selected user service accounts, the trusted intermediary server periodically collecting account information from provider servers that govern accounts provided to the users, the intermediary server then analyzing the collected account information to determine whether customized management services should be performed.

Frip: Maybe Frip’ll stick to just writing checks.

TERM NOTE PAIRED WITH A MONEY MARKET NOTE; US 8,725,606 B2; 5/13/2014; Class 705/35; 30 claims; assigned to Barclays Capital Inc.

Providing an arrangement for a money market note and a term note, the arrangement including a provision for crediting a collection to the principal of the money market note if the principal of the money market note is not fully credited, and a provision for crediting the collection to the principal of the term note if the principal of the money market note is fully credited. Frip: Wow! What a concept!

ELECTRONIC PAYMENT CLEARING AND CHECK IMAGE EXCHANGE SYSTEMS AND METHODS; US 8,725,607 B2; 5/13/2014; Class 705/35; 14 claims; assigned to The Clearing House Payments Company LLC.

Relating generally to electronic payment and check presentment systems and methods, and more particularly, to centrally accountable peer-to-peer payment clearing, electronic check presentment, and the exchange of digital check images, the invention also generally relating to a distributed system architecture for implementing these systems and methods.

Frip: So, who uses checks anymore?

SYSTEM AND METHOD FOR INTRADAY NETTING PAYMENT FINALITY WITH SUPPLEMENTAL FUNDING; US 8,725,609 B2; 5/13/2014; Class 705/35; 9 claims; assigned to The Clearing House Payments Company LLC.

Disclosing a system and method for continuous intraday final settlement of payment orders among a plurality of participants, each participant having facilities configured to electronically send and receive the payment orders in the form of payment messages, and so on.

Frip: And who gets the vig? SYSTEM AND METHOD FOR PROVIDING BORROWING SCHEMES; US 8,725,611 B1; 5/13/2014; Class 705/35; 16 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to systems and methods for the provision of borrowing schemes that provide users with flexibility in: (1) financing purchases or other transactions, and (2) managing credit, account balances or loans.

Frip: “Schemes”? Should JP really be involved in “schemes”?

METHOD FOR MANAGING A HOME EQUITY SALES PROGRAM; US 8,725,616 B2; 5/13/2014; Class 705/36R; 25 claims; assigned to Home Equity Securities, LLC.

Generally relating to conducting business transactions, and more particularly to providing a business model at least partially based on creating and managing investments in real property, and also to the formation of a market which allows investors to trade property-based investments in a public or private setting.

Frip: Cool, I guess.SYSTEMS AND METHODS FOR FACILITATING AGGREGATION OF SOCIAL CREDITS; US 8,725,617 B2; 5/13/2014; Class 705/36R; 18 claims; assigned to Micro Energy Credits, Corp.

Directed to systems and methods for facilitating the aggregation of carbon reduction credits resulting from finance loans financing the purchase of energy technology.

Frip: Make a flow chart, get a patent.

METHOD AND SYSTEM FOR CONDUCTING FINANCIAL AND NON-FINANCIAL TRANSACTIONS USING A WIRELESS DEVICE; US 8,725,632 B2; 5/13/2014; Class 705/39; 11 claims; assigned to Citicorp Development Center, Inc.

Relating to a method for conducting transactions, such as standard banking transactions, using a wireless device, such as a cellular telephone, personal digital assistant, and other web-enabled wireless devices utilizing software downloaded to the wireless device.

Frip: Take a selfie of yourself doing a banking transaction.

SYSTEM AND METHOD OF OPERATING A DEBIT CARD REWARD PROGRAM; US 8,725,633 B1; 5/13/2014; Class 705/39; 20 claims; assigned to JPMorgan Chase Bank, N.A.

Directed to a system and a method of operating a debit card reward program that generates a reward for the cardholder based upon purchases made with the debit card, the reward amount maybe being applied to subsequent purchases made by the cardholder with the debit card, all or a portion of the reward amount maybe being delivered to a sponsor, such as a charitable institution.

Frip: What’cha got against credit cards, JP?

ONLINE PAYMENT SYSTEM AND METHOD; US 8,725,635 B2; 5/13/2014; Class 705/39; 25 claims; assigned to Bank of America Corporation.

Providing an innovative person-to-person (P2P) payment system along with a user-friendly interface and process for sending and receiving P2P payments.

Frip: Do you swear that it’s user-friendly, or is it user-friendly only to geeks and nerds?

May 20, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR TRANSFORMING AND MANAGING A FINANCIAL SERVICES OFFICE AND BUSINESS; US 8,731,976 B1; 5/20/2014; 705/4; 14 claims; assigned to Charles Schwab & Co., Inc.

Allowing an operator to operate a financial services business under license by a company, with the company or business retaining, at the end of the relationship, the confidential information of the business and some or all of the clients, and the operator agreeing not to solicit those clients or not to solicit those clients using, or otherwise use, the confidential information of the business or the company, the company transforming the office used by the business into one suitable for the business at the company's expense, and optionally using the company logo and decor to provide the appearance that the business is at least related to the company.

Frip: “Appearance that the business is at least related to the company.” Sounds kinda nefarious for a patent.

AUTOMATED TRADING SYSTEM IN AN ELECTRONIC TRADING EXCHANGE; US 8,732,048 B2; 5/20/2014; 705/35; 53 claims; assigned to Edge Capture, LLC.

Providing a system capable of reducing the time it takes for a trader to submit an order or quote in response to incoming trading information from the exchange, in one aspect of the present invention the automated trading system automatically deciding whether or not to submit an order or quote based on calculation logic and decision logic and trading information received from the exchange computers.

Frip: Speed, that’s the Holy Grail of the Information Age Financial System (IAFS).

TRADING ORDERS WITH DECAYING RESERVES; US 8,732,053 B2; 5/20/2014; 705/35; 20 claims; assigned to BGC Partners, Inc.

Receiving and executing a trading order for a particular quantity of a trading product, the order specifying that a first portion of the particular quantity is a displayed quantity and that a second portion of the particular quantity is a reserved quantity, the order also specifying at least one of a decay rule, a decay interval, a decay rate, a decay quantity, and one or more conditions. Frip: We all are gonna decay at some point.

METHODS AND SYSTEMS FOR PROVIDING GUARANTEED LIFETIME BENEFITS; US 8,732,056 B1; 5/20/2014; 705/36; 12 claims; assigned to Allstate Insurance Company.

Relating to methods and systems for providing guaranteed lifetime benefits and providing a financial product that combines features of mutual funds, annuities, and lifetime benefit guarantee insurance.

Frip: Lifetime is a long time, and science is making it longer.

METHODS AND SYSTEMS FOR COMBINING SECURITIES AND CARBON CREDITS; US 8,732,058 B2; 5/20/2014; 705/36R; 29 claims; assigned to CFPH, LLC.

Providing systems and methods that generate a financial instrument determined to have an at least partially neutralized carbon footprint, the process involving the storing of carbon credit in a trust.

Frip: Head hurt.SYSTEM AND METHOD FOR PROGRESSIVE TRANSITIONS PORTFOLIO INVESTMENT MANAGEMENT; US 8,732,060 B2; 5/20/2014; 705/36R; 14 claims; assigned to D2V Technologies, LLC.

Disclosing a system and a method providing for a progressive transition of the holdings within a portfolio that takes periodic gains as the market rises and utilizes a portion of those gains to buy back in as the market falls while providing for a gradual reduction in the volatility of the portfolio.

Frip: What if the market never rises again?

CREATING AND TRADING DYNAMIC SECURITIES; US 8,732,061 B2; 5/20/2014; 705/37; 48 claims; assigned to BGC Partners, Inc.

Providing systems and methods for electronic trading whereby investors may create and trade their own basket of securities, including both traditional securities investments as well as non-traditional securities of any sort, whether it includes securities--i.e., instruments that show an evidence of debt or of ownership such as a stock certificate or bond--non-securitized items--i.e., instruments or objects that do not show an evidence or debt or of ownership--leases, commodities, collectibles, real property lease, or any other possible tradeable tangible or intangible item.

Frip: Scary.CREATION AND TRADING OF MULTI-OBLIGOR CREDIT DEFAULT SWAP-BACKED SECURITIES; US 8,732,068 B2; 5/20/2014; 705/37; 12 claims; assigned to eBond Advisors LLC.

Purchasing a credit default swap contract on an exchangeable security, wherein the exchangeable security is comprised of multi-obligor financial instruments, instructing a trustee to exchange the exchangeable security for a separate single enhanced security that is a combination of the exchangeable security and the credit default swap contract, delivering the enhanced security to an investor, and delivering the credit default swap contract to an account held at a clearing member.

Frip: Works for this child.SYSTEM AND PROCESS FOR CREATING, MONITORING, AND TRANSFORMING MULTIPLE INTERESTS OF ONE OR MORE ISSUER ENTITIES AT SYSTEM DETERMINED INTERVALS BASED ON A VARIABLE OR INDEX; US 8,732,070 B2; 5/20/2014; 705/37; 8 claims; assigned to Accushares Holdings LLC.

Relating to systems and methods for creating, monitoring, processing, and transforming the beneficial interests of one or more entities that issue two or more offsetting claim interests linked to changes in an endogenous or exogenous variable or index, such offsetting interest claims being subject to transformation by the system where system transformations will modify the relative entitlements.

Frip: Title is quite a mouthful.NOTIFICATION OF ALTERNATIVE PAYMENT CHANNEL; US 8,732,077 B2; 5/20/2014; 705/39; 22 claims; assigned to Bank of America Corporation.

Providing customers the ability, post-transaction, to change payment types.

Frip: A patent on this service?!

CLOUD-BASED DATA AUGMENTATION; US 8,732,079 B1; 5/20/2014; 705/40; 11 claims; assigned to Bank of America Corporation.

Providing methods for coordinating a rule-based relationship between a bank, or other suitable financial institution, a merchant, and a vendor.

Frip: The nation’s financial system is now in the Cloud. Lord help us.

May 27, 2014

PATENT SUMMARY

AUDIBLE TRANSACTION PROCESS AND SYSTEM; US 8,738,450 B2; 5/27/2014; Class 705/16; 49 claims; assigned to Bank of America Corporation.

Assisting a consumer during a transaction with a vendor at a point of sale by providing transaction information to the consumer in an audible format.

Frip: Adding to cacophony of the Information Age/Social Media World.


Relating to systems, computer program products, and associated methods of providing an automatic credit line draw in preselected increments for a checking account, including a checking account accessed through a debit card.

Frip: Checking account, debit card, automatic credit line. Who can keep track of it all? Your bank? Keep dreamin’ Sucker.

BINARY OPTIONS ON AN ORGANIZED EXCHANGE AND THE SYSTEMS AND METHODS FOR TRADING THE SAME; US 8,738,499 B2; 5/27/2014; Class 705/37; 3 claims; assigned to NYSE MKT LLC.

Assigning symbols to a fixed return option that comply with the symbol conventions of standard exchange-traded options, listing and trading, by a computer, the fixed return option in standardized form on an organized exchange, processing transactions involving the fixed return option using existing trading, clearance, margin, and settlement systems, calculating, by a computer, the closing settlement value of a security underlying the fixed return option using a volume weighted average price of the security, clearing and settling, based at least in part on the calculated closing settlement value, the fixed return option using the same electronic systems used on the exchange to trade, clear and settle standardized, non-binary options, and more. Frip: Goin’ for the whole enchilada.

CONTROLLING TRADERS FROM MANIPULATING ELECTRONIC TRADING MARKETS; US 8,738,501 B2; 5/27/2014; Class 705/37; 15 claims; assigned to BGC Partners, Inc.

Providing a variety of approaches to control gaming during electronic trading, the systems and methods alleviating the problem of a seller or buyer trying to act on a trader's original bid or offer only to trade at an unfavorable level after the trader changes the bid or offer, a pricing method suspending trading for a period of time if a price difference between two bids or offers by the same trader is too great, and a timing method preventing a trader from canceling or replacing a bid or offer for a period of time.

Frip: Really think this is gonna hinder unscrupulous traders?

MULTIPLE COUPON INTEREST RATE FUTURES CONTRACTS; US 8,738,503 B2; 5/27/2014; Class 705/37; 30 claims; assigned to Chicago Mercantile Exchange Inc.

Making available multiple interest rate futures contracts for a given set of interest rate securities, such as US Treasury Notes, which may be used to satisfy the delivery obligation, the terms on which the delivery obligation of each such interest rate futures contract are met being governed by an associated conversion factor yield value that is associated, in turn, with a corresponding set of conversion factors, each of which corresponds to one member of the set of securities eligible for delivery, and which may be used at the time of delivery of such eligible interest rate security to determine the delivery invoice price.

Frip: Please pass the aspirin.

SYSTEM AND METHOD FOR PROVIDING BORROW COVERAGE SERVICES TO SHORT SELL SECURITIES; US 8,738,514 B2; 5/27/2014; Class 705/38; 6 claims; assigned to JPMorgan Chase Bank, N.A.

Providing borrow coverage services to clients by a conduit lender, while the conduit lender maintains a flat position, the source of supply for the loans being a liquidity pool from existing agent lenders that have enrolled the conduit lender as a borrower.

Frip: And the financial structure continues teetering.

June 3, 2014

PATENT SUMMARY

METHODS AND SYSTEMS FOR PROVIDING GMWB HEDGING AND GMDB REINSURANCE; US 8,744,877 B2; 6/3/2014; Class 705/4; 4 claims; assigned to Barclays Capital Inc.

Providing a hedge designed to risk manage an insurance guarantee embedded in an insurance company variable annuity, in one aspect the invention comprising hedging with highly exotic options that replicate a VA guarantee such as a Guaranteed Minimum Withdrawal Benefit, and in another aspect the invention comprising systems and methods for providing Guaranteed Minimum Death Benefit reinsurance.

Frip: Are “insurance guarantee” and “highly exotic options” compatible?

MOBILE DEVICE CONSUMER INTERFACE PROCESS AND SYSTEM; US 8,744,914 B2; 6/3/2014; Class 705/16; 50 claims; assigned to Bank of America Corporation.

Relating to point of sale transactions, and, more particularly, to systems, methods, and computer program products for providing a consumer with assistance communicating with the payment terminal of a vendor proximate the point of sale and thereby assisting the consumer during the transaction and with completing the transaction.

Frip: Hand your mobile device to the vendor and say, “Here, explain it to my computer.”


Providing an automatic credit line draw in preselected increments for a checking account, including a checking account accessed through a debit card. Frip: Mixing credits and debits. Never learned that in Accounting 101.

CUSTODIAL INVENTORY PROCESS OPTIMIZATION; US 8,744,932 B2; 6/3/2014; Class 705/30; 20 claims; assigned to Bank of America Corporation.

Optimizing the amount of currency transferred to a custodial inventory vault of a depository institution, the currency comprising ten and twenty dollar bills, the method comprising determining a first amount of ten and twenty dollar bills, subtracting a second amount corresponding to a minimum vault holding requirement to yield a third amount that is transferred along with a predetermined fourth amount to the custodial inventory vault of the depository institution. Frip: And you want to protect this with a patent?

METHOD, SYSTEM AND COMPUTER PROGRAM PRODUCT FOR MANAGING FUNDS IN CUSTODIAL DEPOSIT ACCOUNTS; US 8,744,942 B1; 6/3/2014; Class 705/35; 7 claims; assigned to Promontory Interfinancial Networks, LLC.

Providing an omnibus transaction account, an omnibus money market deposit account, a corresponding individual transaction account, and an individual money market deposit account, and moving funds among them.

Frip: Is this another of those yank-the-FDIC’s-chain patents?

METHODS AND SYSTEMS FOR MANAGING TRANSACTION CARD ACCOUNTS; US 8,744,964 B2; 6/3/2014; Class 705/40; 14 claims; assigned to Citicorp Credit Services, Inc.

Providing a customer a transaction card account against which the customer can charge predetermined types of transactions during predefined account statement periods and sending a statement of charges against the account to the customer at an end of each account statement period specifying a due date, after which a predefined late fee is assessed on the account if the statement is not paid, the late fee being automatically waived if the customer makes a purchase or secures a cash advance during the account statement period for which the payment is due, and further, a voice response unit giving the customer a first menu option to opt out of a scripted call and speak directly to a live representative.

Frip: A live representative!? Wow! Wait, is that live representative in the U.S.?

PROVIDING AUTOMATED INITIAL AND FINAL PAYMENT FOR AN ACTIVITY BASED ON DETERMINING THE LOCATION OF AN ACTIVITY PARTICIPANT'S MOBILE COMMUNICATION DEVICE; US 8,744,968 B1; 6/3/2014; Class 705/44; 25 claims; assigned to Bank of America Corporation.

Providing for automated initial and final payment for an activity based on determining the location of an activity participant's mobile communication device.

Frip: So you’re at your favorite House of Pleasure. Your mobile phone lets your credit card provider know. Voila, no need to interrupt foreplay.

June 10, 2014

PATENT SUMMARY

EVENT-DRIVEN COUPON PROCESSOR ALERT; US 8,751,298 B1; 6/10/2014; Class 705/14.38; 17 claims; assigned to Bank of America Corporation.

Relating to processing electronic coupon offers at, or in association with, an electronic transaction at a point of sale terminal.

Frip: A Patent? How come?METHOD OF ACCESSING EXACT OTC ISDA TYPE OVERNIGHT INDEXED SWAP EXPOSURES WITHIN AN ELECTRONIC FUTURES EXCHANGE ENVIRONMENT; US 8,751,339 B2; 6/10/2014; Class 705/35; 5 claims; assigned to Liffe Administration and Management (GB).

Allowing a user to access derivative products (other than traditional futures and options) within an electronic futures exchange, in one embodiment exchange members being given access to exact OTC ISDA type interest rate swap and FRA related exposures, in another embodiment exchange members being given access to exact OTC ISDA type overnight index swap related exposures, in a further embodiment exchange members being given convenient access to credit spread and interest rate swap embodiments via deliverable credit rate linked and swap rate linked bond-like futures.

Frip: Them Brits, making things interesting.

CHECK DESTRUCTION TRACKING AND RECONSTRUCTION; US 8,751,340 B2; 6/10/2014; Class 705/35; 16 claims; assigned to Bank of America Corporation.

Providing a method for check destruction tracking and reconstruction relating to tracking the destruction of financial institution items, such as paper checks, the method including transferring the financial institution items to a bin for transporting the items to be destroyed, the bin being associated with a bin identifier, the items in the bin being identified and the bin being transported for destruction, a notification of destruction of the items in the bin being sent, or if the items are either not safely transported or not safely destroyed, a notification of an incident being sent. Frip: Keepin’ track of the trash.

SYSTEM AND METHOD FOR CREDIT ENHANCING A DEBT ISSUANCE AND CREATING A PRESENT VALUE INVESTABLE ARBITRAGE; US 8,751,355 B2; 6/10/2014; Class 705/36; 16 claims.

Credit enhancing the debt issuance of a company via an investment platform wherein the company's issuances and investments are both subject to a master netting agreement between common counterparties, thereby creating a fully hedged transaction with an investible present value monetization of the future income stream for purposes of reinvesting, the system providing a matched supply of capital to reinvest as the core of the structure recycles the investment capital by a method of monetizing the future income stream, while simultaneously matching and hedging the investment.

Frip: Huh?SYSTEMS AND METHODS FOR PROVIDING A MARKETPLACE OF GOODS SUBJECT TO DISTRESSED FINANCIAL OBLIGATIONS; US 8,751,351 B1; 6/10/2014; Class 705/36R; 11 claims; assigned to USAA.

Providing systems and methods for a financial institution to compile information regarding customer loans and items securing the loans to create an environment in which troubled debtors may place an asset into a pool of assets for resale or exchange and to be released of obligations to repay the loan associated with the asset.

Frip: “Distressed” financial obligations? People are distressed. Financial obligations are either good or bad.

SYSTEMS AND METHODS TO CREATE, COMPARE, CUSTOMIZE, PROMOTE, TRACK, OPTIMIZE AND SHOP FOR PORTFOLIOS OF SECURITIES THAT INCLUDES FRACTION SHARES; US 8,751,359 B2; 6/10/2014; Class 705/36R; 23 claims; assigned to Motif Investing, Inc.

Relating particularly to systems and methods for client securities transactions where a trading engine enables the trading of fraction shares in real time as well as reduces the frequency of orders sent to market by executing principal trades against an inventory account.

Frip: Gimme one-sixteenth of a share of Wombat Enterprise.

SECURITIZATION OF A COMMERCIAL TRANSACTION; US 8,751,366 B2; 6/10/2014; Class 705/37; 12 claims; assigned to TradeCard, Inc.

Generating, by a special purpose vehicle (SPV), a security-based tradable for each of a plurality of commercial transactions occurring within an electronic trade system, the security-based tradable being based upon a financial commitment relating to an account receivable held by a vendor, the commitment representing an amount due to the vendor subsequent to compliance with terms of the commercial transaction by the vendor, providing by the SPV an offer to purchase the account receivable subsequent to compliance with the terms by the vendor, and subsequent to confirmation of compliance by the vendor by the electronic trade system, receiving ownership of the account receivable by the SPV.

Frip: Financial product patent.FINANCIAL INSTRUMENT HAVING CREDIT AND PRE-PAID CHARACTERISTICS; US 8,751,376 B1; 6/10/2014; Class 705/38; 10 claims; assigned to Galileo Processing, Inc.

Providing a financial instrument that possesses both credit features (secured and unsecured) and prepaid features, a purchase made using a financial instrument linked to an account results in funds being first drawn from a line of credit until a credit limit is reached, then drawn from a secured account, such as a prepaid cash balance, in some embodiments the additional funds being automatically drawn from the prepaid cash balance while in other embodiments an account holder manually transfers funds from the prepaid cash balance to the credit balance.

Frip: Eureka!

EMERGENCY FINANCIAL RESERVE ACCESSIBLE DURING A COVERED EVENT; US 8,751,377 B2; 6/10/2014; Class 705/38; 13 claims; assigned to Bank of America Corporation.

Providing an emergency financing reserve and, more specifically, providing an emergency reserve, in the form of either a line of credit or a loan, that is accessible based on occurrence of a predetermined covered event or condition.

Frip: But you still gotta pay it back, right?

MULTIPLE ACCOUNT ADVANCED PAYMENT CARD AND METHOD OF ROUTING CARD TRANSACTIONS; US 8,751,383 B2; 6/10/2014; Class 705/39; 6 claims; assigned to JPMorgan Chase Bank, N.A.

Providing a single card having the benefit of accessing multiple accounts and if desirable multiple types of accounts, this being accomplished through the routing of card transactions based on additional information beyond the single account number read at the time of sale, the financial card of the invention maybe having the benefits of a credit card, a bank card, and a stored value card.

Frip: For JP, one card does it all.

FINANCIAL EMAIL; US 8,751,385 B1; 6/10/2014; Class 705/40; 20 claims; assigned to The PNC Financial Services Group, Inc.

Directed to a user interface hosted by a financial institution, the interface being accessible via a communication network by a first user using a client device and including at least one first screen for managing financial transactions of the first user, the user interface further including a second screen for conducting email communication between the first user and at least one party other than the financial institution.

Frip: Don’t understand. But then, Frip ain’t brilliant by a long shot.

SYSTEM AND PROCESS FOR PERFORMING PURCHASE TRANSACTIONS USING TOKENS; US 8,751,391 B2; 6/10/2014; Class 705/41; 12 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to authentication tokens used for performing purchase transactions and other functionality, and more specifically to radio frequency identification devices for performing purchase transactions with an automobile as a trusted entity.

Frip: Can you really trust your car?

SYSTEM AND METHOD FOR INTERACTIVE VIRTUAL BANKING; US 8,751,393 B1; 6/10/2014; Class 705/42; 31 claims; assigned to JPMorgan Chase Bank, N.A.

Directed to a computer-implemented interactive virtual banking system and method for connecting a user environment with a banking environment for facilitating banking transactions.

Frip: “Virtual” banking makes Frip wary.

CARD-LESS FINANCIAL TRANSACTION; US 8,751,397 B2; 6/10/2014; Class 705/44; 20 claims; assigned to Wells Fargo Bank, N.A.

Providing systems (and corresponding methodologies) that facilitate card-less financial transactions, the innovation enabling card-less ATM (automated teller machine) transactions such as cash withdrawals, transfers, balance inquiries, and so on, customers being able set up an “electronic wallet” account based upon a pre-set range or otherwise, access to the “electronic wallet” being granted or denied based upon responses to challenges presented.

Frip: An “electronic wallet” might give one’s groin a bit of a shock.

June 17, 2014

PATENT SUMMARY

POOL-BASED SYSTEM FOR ORGANIZING AND MEASURING PERSONALIZED FINANCIAL MANAGEMENT TECHNIQUES; US 8,756,127 B2; 6/17/2014; Class 705/35; 57 claims; assigned to Nextcapital Group, Inc.

Relating in general to financial planning, and more particularly, to a computerized system and method for creating, organizing, managing, and tracking pool-based views of financial positions.

Frip: Do you really want your money in a pool containing the lowest common denominator?

SYSTEM AND METHOD FOR TEXT MESSAGING OF FINANCIAL ACCOUNT DATA; US 8,756,129 B1; 6/17/2014; Class 705/35; 15 claims; assigned to USAA.

Directed to a method, a system, and a computer-readable medium geared toward text messaging communications in the financial industry.

Frip: Computer-readable medium? Has the examiner read Ex Parte Mewherter?

SYSTEM AND METHOD FOR THE AUTOMATED BROKERAGE OF FINANCIAL INSTRUMENTS; US 8,756,130 B2; 6/17/2014; Class 705/35; 8 claims; assigned to Scottrade, Inc.

Relating to an automated electronic system for processing orders from investors for transactions of financial instruments and supplying financial account information to investors. Frip: Taking out the human element.

SYSTEM AND METHOD FOR INTEGRATED COMPUTERIZED BANKING; US 8,756,131 B1; 6/17/2014; Class 705/35; 32 claims; assigned to Intuit Inc.

Relating generally to the interaction of human operators with financial information systems pertinent to personal and/or commercial banking, and specifically to the operation of software on computing systems configured to present an operator with an ability to see unified views of financial information from various disparate systems, and to use such information to execute upon financial decisions impacting the information on such disparate systems.

Frip: Into the fuzzy patent category. You got a patent that makes you feel good but is probably too fuzzy to successfully enforce against anyone.

METHOD AND SYSTEM FOR A DEFERRED VARIABLE ANNUITY WITH BENEFIT PAYMENTS AS A FUNCTION OF AN AGE-BASED WITHDRAWAL PERCENT; US 8,756,133 B2; 6/17/2014; Class 705/35; 23 claims; assigned to Hartford Fire Insurance Company.

Relating to a method and system for providing a deferred variable annuity with lifetime benefit payments, and more particularly, to a data processing method for administering a deferred variable annuity contract for a relevant life, the annuity contract having a payment base, a contract value, and lifetime benefit payments.

Frip: You know the finish line is near when you actually pay attention to a description involving annuities.

SYNTHETIC FUNDS HAVING STRUCTURED NOTES; US 8,756,136 B2; 6/17/2014; Class 705/35; 57 claims; assigned to JPMorgan Chase Bank, N.A.

Providing investment opportunities that track conventional asset-based investments (for example, hedge funds, fund-of-funds, mutual funds, etc.) without requiring the synthetic funds manager/obligor to purchase the underlying asset, a further aspect of the invention being the provision of investments, described as structured notes (which may include saps, derivatives, contracts, trusts, and other types of investments), with features and options that have typically only been available to institutional investors.

Frip: All Frip’s funds are synthetic, some would even say imaginary.

SECURITIES AUCTION SYSTEM AND METHOD; US 8,756,144 B2; 6/17/2014; Class 705/37; 12 claims; assigned to Hartfield Titus & Donnelly LLC.

Providing a novel and improved system for trading securities, which may use electronic, computer, Internet, and web media procedures, components, and systems readily available in the market.

Frip: Great. Selling stocks over the Internets. The late Senator Stevens would be so proud.

USE OF ADAPTIVE AND/OR CUSTOMIZED COMPRESSION TO ENHANCE THE EFFICIENCY OF DIGITAL DATA EXCHANGES; US 8,756,149 B2; 6/17/2014; Class 705/37; 14 claims; assigned to Auerbach Group LLC.

Relating to a method for enhancing the efficiency of digitally communicated data exchanges and to a computer system that implements such a method, the invention particularly concerning the use of adaptive custom compression techniques, binary integers ("bits"), massively parallel processing, database optimization techniques, and calculation optimization techniques.

Frip: Not just compression, but customized compression.

CURRENCY RECYCLER; US 8,756,158 B2; 6/17/2014; Class 705/43; 9 claims; assigned to Fifth Third Bank.

Relating to a commercial system or process that recycles currency.

Frip: But isn’t currency an anachronism?

June 24, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR PROVIDING WORKUP TRADING WITHOUT EXCLUSIVE TRADING PRIVILEGES; US 8,762,256 B1; 6/24/2014; Class 705/37; 20 claims; assigned to ICAP Services North America LLC.

Providing a distributed computer processing system programmed to provide a structured trading protocol that enhances trading efficiency and fairly distributes market opportunity to system users, and more specifically, in a preferred embodiment, being adapted to provide a plurality of workup phases each of which is designated a "public" phase and during which all trading is conducted on a first-come-first-served basis.

Frip: We’ll take your word for it.

METHOD AND SYSTEM FOR AUTOMATICALLY COLLECTING PAYMENT FOR A CREDIT ACCOUNT; US 8,762,262 B1; 6/24/2014; Class 705/39; 38 claims; assigned to Capital One Financial Corporation.

Determining if a credit account is delinquent and the number of days of delinquency, automatically collecting a first amount from a first account if the number of days the credit account is delinquent comprises at least a first number of days, and crediting the credit account the first amount, the first account maybe comprising a checking account, and the first number of days maybe comprising twenty days.

Frip: But now the checking account is empty.

July 1, 2014

PATENT SUMMARY

ELECTRONIC TRADING SYSTEM; US 8,768,807 B2; 7/1/2014; Class 705/35; 1 claim; assigned to EBS Group Limited (GB).

Providing a computerised trading system for trading instruments between trading parties.

Frip: And apparently never been done before.

METHOD AND SYSTEM FOR DISTRIBUTION OF UNACTIVATED BANK ACCOUNT CARDS; US 8,768,808 B2; 7/1/2014; Class 705/35; 10 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to bank cards, such as debit cards, checking cards and ATM cards, and more particularly, to an inactive or dead bank card distributed in unsolicited fashion to potential customers.

Frip: Giving customers a dead bank card. Must not think much of the customers.

SYSTEM FOR ELECTRONIC RE-ALLOCATION OF A TRANSACTION AMOUNT TO AN INVESTMENT; US 8,768,813 B2; 7/1/2014; Class 705/36R; 14 claims.

Relating to a system for automatically re-allocating at least a portion of a transaction amount to an investment system, particularly to a system for diverting a portion of a transaction amount to a user trust for investment for the benefit of the user, and more particularly to a system for diverting a portion of a transaction amount to a user investment trust to grow the funds for the benefits of the user or a designated beneficiary after a set gestation period. Frip: Goin’ from “relating to,” to “particularly to,” to “more particularly to.” As a dork Frip once knew used to say, “cool.”

TRANSACTION SYSTEM; US 8,768,817 B2; 7/1/2014; Class 705/37; 22 claims; assigned to Hitachi, Ltd. (JP).

Relating to a technique for implementing business including transactions of commodities inclusive of securities such as stocks, the transactions being divided into predetermined units and processes (including sub-business units) and executed in parallel and in a proper sequence.

Frip: Shouldn’t the PTO require at least a minimal level of understandable English in applications?

MULTICOMPUTER DISTRIBUTED PROCESSING OF LARGE BLOCK TRADING DATA; US 8,768,819 B2; 7/1/2014; Class 705/37; 84 claims; assigned to CFPH, LLC.

Administering trade orders, particularly large orders, and arranging for traders to find partners to trade with, one advantage of some embodiments of the systems and methods being that they can keep more information confidential, and keep it confidential for longer, than conventional systems.

Frip: Shhh. This patent is about keeping secrets.

COLLATERALIZED LENDING USING A CENTRAL COUNTERPARTY; US 8,768,820 B2; 7/1/2014; Class 705/37; 33 claims; assigned to Chicago Mercantile Exchange Inc.

Providing a system in which lenders place orders to enter into long contracts with a central counterparty obligating them to lend an asset or portion thereof and borrowers place orders to enter into short contracts with the central counterparty obligating them to borrow an asset or a substantial equivalent thereof, the net effect being like a lending transaction between the lender and the borrower, the central counterparty anonymously matching counter-orders from one or more borrowers and one or more lenders, absorbing the risk of loss, and, upon expiration of the loan, facilitating redemption of the loan.

Frip: The Chicago Merc becoming a bank.

TRADING INTERFACE FOR FACILITATING TRADING OF MULTIPLE TRADEABLE OBJECTS IN AN ELECTRONIC TRADING ENVIRONMENT; US 8,768,822 B2; 7/1/2014; Class 705/37; 33 claims; assigned to Trading Technologies International, Inc.

Allowing a trader to implement a plurality of trading strategies in relation to multiple tradeable objects being offered at the same or different exchanges.

Frip: Buy low, sell high. What more of a strategy does one need?

SECURITIZATION OF SALES PARTICIPATION CERTIFICATES; US 8,768,823 B2; 7/1/2014; Class 705/37; 17 claims; assigned to Tykhe, LLC.

Relating to financial products that provide a return that is a function of future sales/revenues, preferably gross sales/revenue, over a specified period of time.

Frip: And if there are no sales. . .?

METHOD AND SYSTEM FOR A MULTI-PURPOSE TRANSACTIONAL PLATFORM; US 8,768,830 B1; 7/1/2014; Class 705/39; 17 claims; assigned to Citibank, N.A.

Relating to a method and system for linking source accounts of, for example, demand deposit accounts (DDAs), credit cards, debit cards, stored value cards, ATM cards, loyalty cards, membership cards, and identification cards to a single account platform accessible, along with all its linked source accounts, by a number of potential remote access devices.

Frip: More ways for a consumer to get into trouble.

SYSTEM AND METHOD FOR FUNDING A COLLECTIVE ACCOUNT; US 8,768,835 B2; 7/1/2014; Class 705/41; 12 claims; assigned to JPMorgan Chase Bank, N.A.

Issuing a plurality of financial instruments, linking the financial instruments to a collective account, aggregating individual financial instrument usage, calculating a bonus or other reward based on the aggregate financial instrument usage, and funding or distributing the reward to the collective account, thus enabling members of a civic, charitable, political or other entity to generate collective rewards or other benefits attributable to the designated organization.

Frip: Air miles for everybody!SYSTEM AND METHOD FOR ELECTRONIC DEPOSIT OF A FINANCIAL INSTRUMENT BY BANKING CUSTOMERS FROM REMOTE LOCATIONS BY USE OF A DIGITAL IMAGE; US 8,768,836 B1; 7/1/2014; Class 705/42; 36 claims; assigned to JPMorgan Chase Bank, N.A.

Relating generally to a system and method for initiating a deposit transaction, where the depositor is a banking customer located at a remote location, where the item is to be deposited without physical transport of the item to a bank, where the item to be deposited is a financial instrument, e.g. a paper check, from a third party, payable to the depositor, and where the banking customer has or creates a digital image of the financial instrument.

Frip: Take a pic of a check with your smart phone and send it to the bank. Who would’a thunk it?

July 8, 2014

PATENT SUMMARY

SYSTEMS FOR AUTOMATED TRADING AND CONVERSION OF UNMATCHED AMOUNTS INTO NEW QUOTES; US 8,775,268 B2; 7/8/2014; Class 705/26.4; 8 claims; assigned to EBS Group Limited (GB).

Relating to automated trading systems and in particular to the handling of quotes which include parts which are visible to other traders on the system and parts which are invisible to other traders on the system.

Frip: Market transparency? Fugetaboutit.

MANAGING CONSISTENT INTERFACES FOR FINANCIAL BUSINESS OBJECTS ACROSS HETEROGENEOUS SYSTEMS; US 8,775,280 B2; 7/8/2014; Class 705/30; 3 claims; assigned to SAP AG (DE).

Relating generally to the generation and use of consistent interfaces (or services) derived from a business object model, and more particularly to the generation and use of consistent interfaces or services that are suitable for use across industries, across businesses, and across different departments within a business.

Frip: The folks at SAP are the best at talkin’ the talk.

METHOD, SYSTEM, AND APPARATUS FOR FACILITATING TRUST CERTIFICATE MANAGEMENT/EXCHANGE; US 8,775,285 B1; 7/8/2014; Class 705/35; 36 claims; assigned to Goldman, Sachs & Co.

Detailing implementations of apparatuses, methods, and systems directed to facilitating an entity sponsoring a trust, the sponsoring entity contributing a pool of assets (for example, a pool of real property mortgages) to fund a grantor trust, the system facilitating the creation of one or more classes of certificates that represent an interest in a portion of the assets held in the trust. Frip: Follow the money. Goldman ain’t doin’ nothin’ for free.

SYSTEM AND METHOD FOR MANAGEMENT OF FINANCIAL PRODUCTS PORTFOLIO USING CENTRALIZED PRICE AND PERFORMANCE OPTIMIZATION TOOL; US 8,775,286 B2; 7/8/2014; Class 705/35; 23 claims; assigned to SAP AG (DE).

Relating in general to economic modeling and, more particularly, to a system and method for managing multiple key performance indicators (KPIs) of financial products and services using a centralized price and performance optimization and modeling tool.

Frip: SAP has a way of describing stuff that is incomprehensible but you feel it’s your fault for not comprehending.

July 15, 2014

PATENT SUMMARY

HANDHELD ORDER UNIT AND CASH HANDLING DEVICE; US 8,781,903 B1; 7/15/2014; Class 705/15; 17 claims; assigned to Bank of America Corporation.

Allowing a handheld order unit to be used with a cash handling device, the unit being used by a staff person to enter order information, to display an amount due for the meal or other transaction, to facilitate payment, to print receipts, and to communicate information about the transaction to a cash handling device that may identify the handheld order unit and the assigned user for the unit and determine what financial documents need to be inserted by the user for reconciliation purposes.

Frip: Hey, I just want a meal, not an international multi-party transaction.

SYSTEM AND METHOD FOR TRANSPONDER-ENABLED ACCOUNT TRANSACTIONS; US 8,781,904 B2; 7/15/2014; Class 705/16; 12 claims; assigned to JPMorgan Chase Bank, N.A.

Relating to a system and method for transponder-activated transactions, generally involving the presentation and sensing of an electromagnetically coupled transponder to an RF-enabled point of sale system, the transponder preferably being encoded with not merely identifying or serializing information but also account information that may be used to authorize or record transactions at the instant of sale so that remote data processing may not be necessary, users of the transponder being able to link the device to more than one type of account and to activate the transponder using Web or other network-enabled interfaces.

Frip: Anybody know what a transponder is?

SYSTEM AND METHOD FOR TRANSPONDER-ENABLED ACCOUNT TRANSACTIONS; US 8,781,905 B2; 7/15/2014; Class 705/17; 19 claims; assigned to JPMorgan Chase Bank, N.A.

Pretty much the preceding patent, only a little different. Frip: But still trying to figure out what a transponder is.

METHOD AND SYSTEM FOR ALLOCATING DEPOSITS OVER A PLURALITY OF DEPOSITORY INSTITUTIONS; US 8,781,931 B1; 7/15/2014; Class 705/35; 28 claims; assigned to Island Intellectual Property LLC.

Managing a plurality of client transaction accounts associated with a plurality of respective clients for a plurality of transactions, the system generating instructions to transfer funds to or from one or more of the aggregated deposit accounts in one or more of the respective banks in the program and updating one or more of the electronic databases with update data for each of a plurality of the client transaction accounts.

Frip: How you like them apples, FDIC?

PRE-PAID FINANCIAL SAVINGS AND INVESTMENT CARD SYSTEM; US 8,781,934 B2; 7/15/2014; Class 705/35; 16 claims; assigned to DreamFund Holdings, Inc.

Relating generally to systems and methods of providing and administering savings and investment programs, and in particular to a saving and investment system utilizing pre-paid stored value investment cards, and a method of administering the system.

Frip: Dream, eam, eam, dream, dream, dream.

METHOD AND SYSTEM FOR OFFSET MATCHING; US 8,781,943 B2; 7/15/2014; Class 705/37; 50 claims; assigned to ICAP Management Services Limited (GB).

Relating to methods and systems for hedging positions arising from offset matches in trades such as interest rate swaps that give rise to an unpredictable risk over a long period of time.

Frip: If hedging were eliminated, would that, in the overall scheme of things, reduce or increase risk?

SMART SAFE FOR MULTIPLE USERS; US 8,781,964 B2; 7/15/2014; Class 705/43; 20 claims; assigned to Bank of America Corporation.

Receiving at a safe a first deposit of currency from a first user and identification information, and transmitting transaction information facilitating the crediting of the account of the first user.

Frip: BofA with something new for the banking industry!

July 22, 2014

PATENT SUMMARY

SYSTEM AND METHOD FOR PROCESSING QUALIFIED HEALTHCARE ACCOUNT RELATED FINANCIAL TRANSACTIONS; US 8,788,281 B1; 7/22/2014; Class 705/2; 58 claims; assigned to JP Morgan Chase Bank, N.A.

Relating to a system and method for processing qualified healthcare debit card transactions and non-qualified credit card transactions within a transaction processing system, and in particular to a multi-purse payment device associated with a transaction processing system for auto-substantiating qualified healthcare transactions.

Frip: So now it’s “Doctor” JP Morgan?

SYSTEM AND METHOD FOR CREATING AND TRADING A DIGITAL DERIVATIVE INVESTMENT INSTRUMENT; US 8,788,381 B2; 7/22/2014; Class 705/35; 15 claims; assigned to Chicago Board Options Exchange, Incorporated.

Allowing investors to take risk positions relative to the occurrence or non-occurrence of a contingent binary event that will have one of two possible outcomes, with the long investor in the digital derivatives contract agreeing to pay the short investor a contract amount in return for the short investor agreeing to pay the long investor one of two different settlement amounts depending on the outcome of the contingent binary event, one settlement amount typically being zero and the other being an amount greater than the derivatives contract price.

Frip: Just what the financial system needs, more derivatives.

SYSTEM AND METHOD OF AUCTIONING A DEFAULTED LOAN; US 8,788,385 B2; 7/22/2014; Class 705/35; 5 claims; assigned to Property Liquidators LLC.

Relating to a system and method for assisting an owner of a promissory note in default and more particularly to a system and a method for assisting said note owner, including the steps of selling said defaulted note by means of an auction using an internet web portal as an auction site. Frip: I sold my defaulted house on the Web! Ain’t I cool!?

TRADING OF ILLIQUID GOODS, SERVICES, INSTRUMENTS OR COMMODITIES; US 8,788,395 B2; 7/22/2014; Class 705/37; 21 claims; assigned to CFPH, LLC.

Process involves notifying traders of a computed tradeable price for an object of commerce, the price being calculated by a computer in conformance to a standard published to traders in a market for the object of commerce, and executing or negotiating prices.

Frip: WOW! So simple yet so complex.

INTRADAY RISK MANAGEMENT DATA CLOUD COMPUTING SYSTEM CAPABLE OF CONTROLLING EXECUTION OF ORDERS; US 8,788,396 B2; 7/22/2014; Class 705/37; 16 claims; assigned to FTEN, Inc.

Relating to a system for analyzing intraday issues related to securities transactions including issues related to securities transactions that have been submitted to liquidity destinations via multiple prime broker relationships, as well as to methods and systems for facilitating the cancellation of orders for financial articles of trade.

Frip: Ho hum.SYSTEM AND METHOD FOR TRADING FINANCIAL INSTRUMENTS BASED ON UNDISCLOSED VALUES; US 8,788,397 B2; 7/22/2014; Class 705/37; 12 claims; assigned to Bloomberg Finance L.P.

Disclosing a system that facilitates trading based on non-public information.

Frip: But isn’t trading based on non-public info illegal?

July 29, 2014

PATENT SUMMARY

System and method for online agency; US 8,793,147 B2; 7/29/2014; Class 704/4; 25 claims; assigned to Branch Banking and Trust.

Describing novel systems and methods for a customer to receive information and/or purchase a product or service while interacting, indirectly, with multiple providers through a single contact/agency.

Frip: What if the customer doesn’t really want anything?

System for automatically transferring account information, such as information regarding a financial services account; US 8,793,174 B1; 7/29/2014; Class 704/35; 16 claims; assigned to JPMorgan Chase Bank, N.A.

Providing a system for transferring a customer's account information from one account to a new account, the system utilizing a switch kit application and associated system that can determine services at the old account and facilitate the transfer of these services to the new account

Frip: Tricky coding?

Method for executing a single tranche synthetic ABS derivative transaction; US 8,793,175 B2; 7/29/2014; Class 704/36R; 6 claims; assigned to Barclays Capital Inc.

Providing a Single Tranche Synthetic ABS product designed to replicate economics returns of structured finance collateralized debt obligations (SF CDO) securities, allow parties to express a leveraged and/or correlation view on a custom ABS portfolio by transferring a credit risk of a particular transacted tranche of a portfolio in swap format, and account for an available funds cap risk of the ABS securities within the underlying portfolio in a manner equivalent to a cash analog based on the same underlying portfolio with sequential pay structure. Frip: If you insist.

Mobile payment services; US 8,793,184 B2; 7/29/2014; Class 704/39; 16 claims; assigned to Visa U.S.A. Inc.

Providing a wireless financial transaction system that includes a Java 2 Enterprise Edition (J2EE) enabled server executing a Java software product to provide a financial transaction Web service to Web enabled clients.

Frip: One of many patents concerning mobile payments.

August 5, 2014

PATENT SUMMARY

Systems and methods for managing a financial investment fund; US 8,799,120 B2; 8/5/2014; Class 705/35; 36 claims; assigned to Capital One Financial Corporation.

Involving systems and methods for managing financial investment funds for a plurality of investors.

Frip: How about a patent on not losing the funds?

System and method for providing customers with seamless entry to a remote server; US 8,799,128 B2; 8/5/2014; Class 705/35; 25 claims; assigned to JPMorgan Chase Bank N.A.

Relating to a method that provides customers of a host service provider or host server with a seamless experience, allowing them to access remote network services, which typically require their own username, password, and session management application, via a single login to the host service provider. Frip: JP gets its own Internet.

Directed order; US 8,799,131 B1; 8/5/2014; Class 705/36R; 12 claims; assigned to NYSE Group, Inc.

Disclosing a market center that grants permission to order sending firms to send directed order flow to participating designated market makers who create a virtual guarantee order book for each permissioned order sending firm. Frip: Whatever.

Financial instrument and related business method; US 8,799,133 B2; 8/5/2014; Class 705/36R; 26 claims; assigned to Excel Ventures LLC.

Providing a financial instrument of an entity, said instrument comprising: a conventional investment instrument, a premium and/or penalty feature added to the conventional investment instrument, and a dividend feature added to the conventional investment instrument, said premium feature being characterized by an upfront fee paid by a purchaser of at least one share of the financial instrument, said penalty feature characterized by a penalty assessed against a holder of at least one share of the financial instrument who sells the share on a date of sale that precedes an extinguish date associated with the financial instrument, said dividend feature characterized by a dividend adapted to be distributed, on a date subsequent to the date of sale, to all Holders of Record of the financial instrument on the date of sale, said dividend being derived from premiums lost and penalties assessed, and said financial instrument adapted to be acquired by a plurality of investors.

Frip: Say what?System and method for imbedding a defined benefit in a defined contribution plan; US 8,799,134 B2; 8/5/2014; Class 705/36R; 12 claims; assigned to Genworth Holdings, Inc.

Relating to a system and method for guaranteeing minimum periodic retirement income payments using a defined benefit account inside of a defined contribution plan.

Frip: We ain’t none of us gonna survive retirement.

System and method for data processing for a destination fund having an associated guarantee; US 8,799,137 B2; 8/5/2014; Class 705/36R; 20 claims; assigned to Hartford Fire Insurance Company.

Administering a destination fund having a guarantee wrapper that provides an income stream for life to one or more investors, the destination fund having a selected mix of equities and fixed income investments to provide for enhanced returns throughout retirement for the investor, the destination fund also additionally providing income stream flexibility throughout the lifetime of the investor. Frip: All that and more!

Mortgage matching system and method; US 8,799,155 B2; 8/5/2014; Class 705/39; 34 claims; assigned to JPMorgan Chase Bank, N.A.

Providing enrollment in a mortgage matching system to eligible mortgage customers, wherein eligibility requirements include the requirement that eligible mortgage customers hold both a mortgage account and a checking account with the financial institution, and periodically determining reward payment amounts for the customers..

Frip: You just won a toaster! With toast!

Secure online banking transaction apparatus and method; US 8,799,171 B2; 8/5/2014; Class 705/64; 17 claims; assigned to IBM.

Providing a secure online banking transaction apparatus to communicate with a server over a non-secure connection.

Frip: This may actually be a bona fide patent.

August 12, 2014

PATENT SUMMARY

Index and risk-linked reinsurance product; US 8,805,704 B2; 8/12/2014; Class 705/4; 25 claims; assigned to Hartford Fire Insurance Company.

Using individual state and individual line-of-business payout factors, along with a set of algorithms and procedures, that, when multiplied against reported or modeled industry losses, closely replicate the loss experience of an individual insurance company's portfolio of property-casualty insurance, the invention extending the basic structure of this customized-index approach, as well as the shelf structure used to access new reinsurance coverage through the special purpose reinsurance company in many dimensions.

Frip: Lotta words. Do they mean anything?

System and method for offering intraday wagering in a financial market environment; US 8,805,732 B2; 8/12/2014; Class 705/37; 20 claims; assigned to Cantor Index, LLC.

Relating in general to gaming and, more particularly, to a system and a method for wagering in a financial market environment.

Frip: Gambling in the markets! I’m shocked, shocked.

Single premium deferred annuity; US 8,805,733 B1; 8/12/2014; Class 705/37; 12 claims; assigned to Allstate Insurance Company.

Relating to a single premium annuity that provides protection against market losses and allows the purchaser/owner to choose the level of protection. Frip: It’s an annuity, Aunt Maude. You’re not supposed to understand it.

Fraud prevention and replacement of credit/debit cards—lost, stolen, defective or fraudulently used; US 8,805,736 B2; 8/12/2014; Class 705/38; 3 claims.

Opening one account with two different card numbers, with a first "main credit card" and a second credit card for a spare, the main credit card being activated by the provider and the spare credit card remaining “deactivated,” on a pre-set time basis the credit card provider automatically upon notice to the customer deactivating the main card and activating the spare card, and more.

Frip: Yeah, that should put a stop to fraud.

System and method for electronic bill pay and presentment; US 8,805,739 B2; 8/12/2014; Class 705/40; 29 claims; assigned to JPMorgan Chase Bank, National Association.

Enabling an individual consumer or other entity to pay bills on a network-based application using a credit account.

Frip: Bill pay time.

Mobile device credit account; US 8,805,740 B2; 8/12/2014; Class 705/42; 17 claims; assigned to Wells Fargo Bank, N.A.

Providing for a mobile communication device (MCD) credit account and credit transactions by way of such an MCD.

Frip: Is this why WF keeps asking Frip for his mobile phone number? Well, suck on it, WF, Frip is old school meaning he has no mobile phone.

Smart card purchasing transactions using wireless telecommunications network; US 8,805,746 B2; 8/12/2014; Class 705/67; 28 claims; assigned to VISA U.S.A. Inc.

Relating generally to smart cards, and more specifically, to loading value and making purchases using a smart card in conjunction with a mobile telephone.

Frip: Civilization marches on.August 19, 2014

PATENT SUMMARY

Automatic generation of change orders; US 8,812,366 B2; 8/19/2014; Class 705/16; 12 claims; assigned to Bank of America Corporation.

Automatically generating change orders at a point of sale system that may determine an amount of funds in the point of sale system and whether additional funds are necessary and, if so, may automatically request them from a back office system (such as a cash recycler) or a financial institution.

Frip: And unemployment increases.

Apparatus and method for trade aggregation of trade allocations and settlements; US 8,812,383 B2; 8/19/2014; Class 705/35; 4 claims; assigned to ITG Software Solutions, Inc.

Relating generally to electronic trading of financial instruments and, more particularly, to an improved system and method for post-trade aggregation processing of executed instruments.

Frip: But is it really an improvement?

Publish and subscribe system including buffer; US 8,812,393 B2; 8/19/2014; Class 705/37; 13 claims; assigned to Chicago Mercantile Exchange Inc.

Relating to systems, methods, and user interfaces that are utilized in connection with the trading of financial instruments, and more particularly, to a system for delivering messages to a server through a buffer on a publish/subscribe system, the server maybe being a live alert system that generates messages, including links that may be used to generate real-time reports when a rule or limit is violated. Frip: Maybe enough hardware to constitute a bona fide patent. Maybe.

Process and data integration of additional funds into cash handling device and reconciliation; US 8,812,394 B1; 8/19/2014; Class 705/39; 8 claims; assigned to Bank of America Corporation.

Relating to a flexible capacity module that may be connected to a cash handling device, in some arrangements all bills of one denomination, such as all one dollar bills, being stored in, deposited into, and/or dispensed from the flexible capacity module, the data relating to the count, and the like of bills in the flexible capacity module being separate from the count data for bills stored in the cash handling device, the data, however, being integrated for purposes of balancing, reconciling a cash drawer or till, and the like.

Frip: Huh?E-Wallet with cross-border capability; US 8,812,396 B2; 8/19/2014; Class 705/41; 28 claims; assigned to Mastercard International Incorporated.

Providing techniques for an e-wallet with cross-border capability.

Frip: If you know what an e-wallet is, you may know what this is about. Otherwise, nada.

August 26, 2014

PATENT SUMMARY

Foreign currency solution; US 8,818,868 B2; 8/26/2014; Class 705/16; 15 claims; assigned to Bank of America Corporation.

Relating to methods and apparatuses for providing foreign currency solutions for domestic account holders, in some embodiments methods and apparatuses are provided for establishing foreign currency accounts for domestic account holders, funding those foreign currency accounts with foreign currency or with domestic currency that has been exchanged, and/or using those foreign currency accounts to engage in foreign currency transactions.

Frip: What the world needs is a single currency. Right?

Computer-implemented methods, program product, and system for micro-loan product management; US 8,818,887 B2; 8/26/2014; Class 705/35; 20 claims; assigned to Metabank.

relating to systems, program products, and associated methods for providing a micro-loan product to prepaid cards, bank cards, bank accounts, and bank product management.

Frip: And just when some people are finally coming to their senses about debt.

Electronically negotiated asset securitization; US 8,818,891 B1; 8/26/2014; Class 705/37; 20 claims.

Related to a computer implemented method and apparatus for exchanging financial products, such as whole loans on a secondary market, the process involving a two-phase auction. Frip: For some reason, auctions can be a needle-wagger.

Dynamic payment generator; US 8,818,893 B2; 8/26/2014; Class 705/39; 14 claims; assigned to Bank of America Corporation.

Allowing a customer of a financial institution to conduct a transaction involving a transferor or transferee financial institution without prior knowledge regarding unique and specific information required by the transferor or transferee institution, in some embodiments the apparatus and methods detecting information entered by the customer and dynamically prompting the customer for additional information required by the transferor or transferee institution.

Frip: Call it dynamic, get a patent.

Systems and methods for performing authentication of a customer interacting with a banking platform; US 8,818,906 B1; 8/26/2014; Class 705/64; 17 claims; assigned to JPMorgan Chase Bank, N.A.

Providing systems and methods of authenticating a customer device, in conjunction with a requested interaction, the customer device associated with a customer, the method performed by an authentication entity processing portion in the form of a tangibly embodied computer.

Frip: Grab the customer by the collar and yell, “Are you who the hell you say you are?”

September 2, 2014

PATENT SUMMARY

Trading control system that shares customer trading activity data among plural servers; US 8,825,542 B2; 9/2/2014; Class 705/37; 3 claims; assigned to Lime Brokerage LLC.

Relating to computerized trading environments and more particularly to high-performance, low-latency interfaces between client trading platforms and broker trading servers.

Frip: The ol’ low-latency thing.System and method for multi-market risk control in a distributed electronic trading environment; US 8,825,543 B2; 9/2/2014; Class 705/37; 19 claims; assigned to Trading Technologies International, Inc.

Providing a central risk controller that can communicate with a plurality of local risk management modules located at a plurality of gateways, the central risk controller allocating a portion of a central account balance associated with a trading account to each local risk management module, then, as trades are made using the trading account, the local risk management modules managing risk associated with the trades until the local account balance is insufficient, the local risk management module, as account balances get low, querying the central risk controller for the additional risk account balance.

Frip: TTI, stayin’ a step ahead.September 9, 2014

PATENT SUMMARY

Financial instrument based on content and methods for valuation; US 8,831,985 B2; 9/9/2014; Class 705/35; 12 claims; assigned to Ocean Tomo LLC.

Creating a financial instrument based on a specific technology or other form of content that is suitable for trading on an exchange network.

Frip: Really, is anything suitable for trading on today’s murky financial networks?

September 16, 2014

PATENT SUMMARY

Financial instrument providing a portable guarantee; US 8,838,493 B2; 9/16/2014; Class 705/36T; 36 claims; assigned to The Prudential Insurance Company of America.

Providing a financial instrument that includes a first tax-deferred account and first, second, and third guarantees, the first tax-deferred account having an account balance based in part on a deduction from wages paid to an employee, the first guarantee being a guarantee of a first protected value based upon a deposit growing at a minimum growth rate, the second guarantee being a guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of the employee, and the third guarantee being a guarantee that the first protected value may be transferred with the first tax-deferred account to a separate financial instrument including a second tax-deferred account, a fourth guarantee of a second protected value, and a fifth guarantee that a beneficiary may periodically receive a transfer of an amount of money for the life of the employee.

Frip: But there’s no guarantee that one employee in twenty will understand this.

Systems and methods for an online credit derivative trading system; US 8,838,497 B2; 9/16/2014; Class 705/37; 8 claims; assigned to Creditex Group, Inc.

Providing a credit derivative trading system comprising a credit derivative authority configured to receive defined positions for credit derivatives and update a plurality of trade clients in real-time whenever there is movement in the market for a particular credit derivative.

Frip: Yeah, we need more derivatives.

Social network platform for underwriting; US 8,838,498 B2; 9/16/2014; Class 705/38; 59 claims; assigned to Bank of America Corporation.

Providing a social networking platform for peer-to-peer underwriting, the process involving polling a user's social network acquaintances to determine their agreeability with serving as an underwriter for the user's desired financial services in order to reduce (or eliminate) the financial risk of providing the financial services to the user by the financial services provider. Frip: Guaranteeing your neighbor’s debts, eh?

September 23, 2014

PATENT SUMMARY

System for generating virtual clothing experiences; US 8,843,402 B2; 9/23/2014; Class 705/27.1; 21 claims.

Providing, with digital cameras and a display apparatus, a system that reduces or eliminates the need to physically try on clothing, the process enabling a person to try on articles of clothing on at home, and in private.

Frip: But when you’re home and in private, you don’t wear clothes, right?

September 30, 2014

PATENT SUMMARY

Methods, systems, and computer readable media for facilitating use of wireless smart devices to purchase goods services; US 8,849,705 B2; 9/30/2014; Class 705/26.1; 22 claims; assigned to Mastercard International Incorporated.

In one aspect, providing a smart poster that advertises a good or service and is locatable in an area that is accessible by a potential purchaser of a good or service, directing, using a mechanism in or on the smart poster, a wireless smart device to access a section of an merchant's website specific to the good or service in response to the wireless smart device interfacing with the smart poster, and providing, via the wireless smart device, an option for the potential purchaser to purchase the good or service in a manner that bypasses a payment register in a retail location of the merchant.

Frip: Not only a smart wireless device but also a smart poster. Yuk.

Exchange-traded basis derivative contracts; US 8,849,712 B2; 9/30/2014; Class 705/37; 21 claims; assigned to Chicago Mercantile Exchange Inc.

Providing a system that creates, trades and/or otherwise manages basis derivative contracts, such a contract maybe having, at maturity, a two components, one requiring a party to the basis derivative contract to make or take some type of delivery related to a particular subject matter, and the second requiring the basis derivative contractee to accept a further obligation under one or more derivative contracts related to the subject matter.

Frip: Don’t get it.October 7, 2014

PATENT SUMMARY

Methods and systems for providing life insurance; US 8,856,016 B1; 10/7/2014; Class 705/4; 19 claims; assigned to Massachusetts Mutual Life Insurance Company.

Providing life insurance policy that includes providing a fixed account for receiving a portion of premiums allocated to the fixed account and providing a separate account for receiving a portion of premiums allocated to the separate account that allows a policy owner to manage investments in a plurality of investment options, and if the policy meets a safety test, the method guarantees the death benefit without withdrawing more than a specified percentage of specified charges from the separate account to fund the guaranteed death benefit.

Frip: Could you run that by Aunt Maude again?

Mobile-device-to-machine payment systems; US 8,856,045 B1; 10/7/2014; Class 705/71; 26 claims; assigned to PayRange Inc.

Related to mobile-device-to-machine payment systems and, more specifically, mobile-device-to-machine payment systems over a non-persistent network connection and featuring hands-free and manual modes, and particularly concerning vending machines and payments by mobile devices.

Frip: Letting your mobile phone converse with a recalcitrant vending machine.

October 14, 2014

PATENT SUMMARY

Method of doing business for auctioning a defaulted loan; US 8,862,510 B2; 10/14/2014; Class 705/35; 4 claims; assigned to Property Liquidators, LLC.

Relating generally to a method for assisting an owner of a promissory note in default and more particularly to a method for assisting said note owner including the steps of selling said defaulted note by means of an auction using an internet web portal as an auction site.

Frip: Auction + Internet = patent.

October 21, 2014

PATENT SUMMARY

System and method for adjusting asset value and availability in data records for mitigating speculative trading in a prediction market; US 8,868,459 B2; 10/21/2014; Class 705/36R; 20 claims; assigned to Exago Ventures, S.A. (Portugal).

Process introduces minimum holding times and forces transaction outcomes in a market, thus increasing the risks of purely speculative or manipulative trading strategies and reducing the incentives to use such strategies.

Frip: Unless of course you are a risk junky.

Method and system for reserving future purchases of goods and services; US 7,865,424 C1; 10/21/2014; Class 705/37; 9 claims confirmed as result of reexamination; assigned to Smart Options, LLC.

Providing electronic options that include electronic option terms established by one or more suppliers who can supply the goods or services, the option terms varying greatly among the individual suppliers, and also providing a method and system that may allow a purchaser to risk a small amount of money to use an electronic option to reserve a price to purchase or not purchase desired goods or services that may or may not ever exist at a desired future time.

Frip: Ookaay.Electronic trading platform and method thereof; US 8,868,461 B2; 10/21/2014; Class 705/37; 26 claims; assigned to Miami International Securities Exchange, LLC.

Directed to a system architecture and method thereof and, in particular to a system architecture and method thereof for supporting the complex business logic, scalability, and ultra-low latency demands of an equity and derivatives environment while minimizing the size of a data center footprint. Frip: Come again?

October 28, 2014

PATENT SUMMARY

Centralized payment method and system for online and offline transactions; US 8,874,480 B2; 10/28/2014; Class 705/40; 28 claims; assigned to Fiserv, Inc.

Providing a financial management system hosting multiple CET (centralized electronic transaction) web sites on behalf of multiple merchants, all transactions through any CET web site being executed and managed by the financial management system, merchants being able to customize their web sites to include a branded look and feel, and customers being able to view and pay invoices from any merchants having CET web sites, whether purchases are made online or offline. Frip: Where do I sign up.

November 4, 2014

PATENT SUMMARY

System and method of auctioning a defaulted loan; US 8,880,429 B2; 11/4/2014; Class 705/35; 4 claims; assigned to Property Liquidators, LLC.

Related to a system and method for assisting an owner of a promissory note in default and more particularly to a system and a method for assisting said note owner, including the steps of selling said defaulted note by means of an auction using an internet web portal as an auction site.

Frip: So does this foreclose anyone else from conducting an online auction for defaulted property?

Detection and tracking of unauthorized computer access attempts; US 8,880,435 B1; 11/4/2014; Class 705/75; 25 claims; assigned to Bank of America Corporation.

Generating a set of false honeytoken data entries corresponding to customer account information or other secure data, making the honeytoken data available to fraud rings, identifying the data at an online banking web server or other organization resource, and retrieving and storing data associated with the fraudulent access attempt, such as a source IP address, physical address, or related customer account numbers, so that this data may be compiled, analyzed, and used for tracking fraud rings.

Frip: There’s a new sheriff in town, BofA.

November 11, 2014

PATENT SUMMARY

Hacker-resistant balance monitoring; US 8,886,570 B1; 11/11/2014; Class 705/67; 10 claims; assigned to Quisk, Inc.

Providing a computer-implemented method of securely monitoring a balance of a payment account, the method including encrypting ledger data to produce encrypted ledger data, storing a wallet table with non-encrypted wallet data that includes a wallet balance value for the payment account in a second database, and so on.

Frip: So, how many passwords does this require?

November 18, 2014

PATENT SUMMARY

Systems, techniques, and methods for providing location assessments; US 8,892,455 B2; 11/18/2014; Class 705/7.34; 35 claims; assigned to Walk Score Management, LLC.

Related to methods and systems for providing location assessments and, in particular, to methods and systems for generating assessments for particular locations or areas based on geographic-related features associated with those locations.

Frip: Hey you, where am I?November 25, 2014

PATENT SUMMARY

Systems and methods for integrated, secure point-of-sale transactions having an adjustable base station; US 8,898,076 B2; 11/25/2014; Class 705/16; 7 claims; assigned to Simply Charged, Inc.

Providing a system for processing transactions, the system having at least one mobile device having a housing having a processor, a Wi-Fi Communication module disposed therein, a base station having a base station housing, a Wi-Fi communication module configured to communicate with the Wi-Fi communication module of the at least one mobile device, a support stand configured to support the at least one mobile device, and at least one peripheral device connected to the base station.

Frip: Hauling your tablet from store to store.

Systems and methods for providing extra lines of credit; US 8,898,081 B2; 11/25/2014; Class 705/38; 18 claims; assigned to Capital One Financial Corporation.

Relating to systems and methods for modifying an existing credit card product to provide one or more extra lines of credit and associating one or more vendors with one or more extra lines of credit on a credit card product, and also relating to systems and methods for editing vendor profiles associated with one or more extra lines of credit for existing and newly issued credit card products.

Frip: Patent on creating credit bubbles?

Systems and methods for transmitting financial account information; US 8,898,086 B2; 11/25/2014; Class 705/64; 15 claims; assigned to Fidelity National Information Services.

Irreversibly encrypting an account number, a client identification number, and a random number, the irreversible encryption being accomplished using a hashing algorithm, the hashed data then being concatenated with the same random number and further encrypted in order to create an account signature, a client seeking payment then sending the account signature accompanied by a client identification number and some portion of the account number to a processing party who can determine if the account number contained in the account signature is valid. Frip: Best word—concatenated.

Dynamic verification value system and method; US 8,898,089 B2; 11/25/2014; Class 705/75; 17 claims; assigned to Visa U.S.A. Inc.

Altering a first data string to form a second data string, forming a first dynamic verification value using at least a portion of the second data string, the first dynamic verification value being used to authenticate a portable consumer device in a first transaction, the second data string being used to form a third data string, a second dynamic verification value being formed using at least a portion of the third data string, the second dynamic verification value being used to authenticate the portable consumer device in a second transaction.

Frip: Huh?December 2, 2014

PATENT SUMMARY

System and method for processing opinion data; US 8,903,732 B2; 12/2/2014; Class 705/7.32; 22 claims; assigned to AT&T Intellectual Property I, LP.

Providing a computer-readable storage medium having computer instructions for distributing media programs to a set top box (STB), soliciting a consumer appraisal of each of the media programs consumed by the STB, receiving one or more consumer appraisals from the STB, determining one or more consumer preferences from the one or more consumer appraisals, and submitting a proposal to the STB to update one or more operational features of the STB according to the one or more consumer preferences.

Frip: People got too many opinions anyway.

December 9, 2014

PATENT SUMMARY

HANDHELD ORDER UNIT AND CASH HANDLING DEVICE; US 8,909,547 B2; 12/9/2014; Class 705/17; 12 claims; assigned to Bank of America Corporation.

Allowing a handheld order unit to be used with a cash handling device, the handheld order unit being used by a staff person to enter order information, to display an amount due for the meal or other transaction, to facilitate payment, to print receipts, and to communicate information about the transaction to a cash handling device that may identify the handheld order unit and the assigned user for the unit and determine what financial documents need to be inserted by the user for reconciliation purposes.

Frip: And it’ll scratch your back too.

SECURITY GATEWAY COMMUNICATION; US 8,909,556 B2; 12/9/2014; Class 705/64; 18 claims; assigned to Visa International Service Association.

Disclosing a gateway device and methods performed therein to prevent unauthorized client devices from connecting to the host network of the gateway device, the gateway device not responding right away to an individual client message sent to the gateway device, instead only responding to a predetermined sequence of the client messages.

Frip: So take that, hackers.

AUTHENTICATION ARRANGEMENT AND METHOD FOR USE WITH FINANCIAL TRANSACTION; US 8,909,557 B2; 12/9/2014; Class 705/67; 24 claims; assigned to MasterCard International Incorporated.

Providing a mechanism for securing the Internet channel by strongly authenticating the Cardholder at the point-of-interaction (POI) and providing explicit evidence both of card presence and that the Cardholder originated the transaction.

Frip: No more chargeback scams.

December 16, 2014

PATENT SUMMARY

Method and apparatus for initiating a transaction on a mobile device; US 8,914,308 B2; 12/16/2014; Class 705/44; 24 claims; assigned to Bank of America Corporation.

Relating to a cash positioning and reporting system displayed on a mobile device, cash positioning typically referring to tracking daily cash positions for an entity and/or management of treasury functions.

Frip: Always keep track of your cash.

December 23, 2014

PATENT SUMMARYCamera as a vehicle to identify a merchant access device; US 8,918,334 B1; 12/23/2014; Class 705/34; 36 claims; assigned to Visa International Service Association.

Providing systems and methods of conducting a payment transaction using a mobile phone having a camera.

Frip: Smile, you’re on Visa’s Rogue Gallery.

December 30, 2014

PATENT SUMMARYSelf-service device inventory information control; US 8,924,266 B2; 12/30/2014; Class 705/28; 15 claims; assigned to Bank of America Corporation.

Relating to providing apparatus and methods for improving self-service devices such as Automatic Teller Machines, cash recyclers, and self-service kiosks.

Frip: Hey, it’s BofA. If they want a patent, it’s gotta be OK.

For and method of providing portfolio risk information to investors without revealing position information; US 8,924,274 B2; 12/30/2014; Class 705/36R; 21 claims; assigned to Riskmetrics Solutions, LLC.

Generally related to a computer-implemented technique for calculating and providing to investors statistical risk information regarding a portfolio, and further related to preventing investors from reverse engineering the portfolio's associated investment strategy.

Frip: A patent on reducing transparency? Is that good social policy?

System and method for controlling markets during a stop loss trigger; US 8,924,278 B2; 12/30/2014; Class 705/37; 10 claims; assigned to Chicago Mercantile Exchange Inc.

Mitigating the effects of a market spike caused by the triggering and the election of a conditional order in an automated matching system, the system comprising evaluation logic, delay logic, pricing logic, and timing logic.

Frip: A patent on the impossible?

Method and system for auctioning funds using a full-time public network; US 8,924,280 B2; 12/30/2014; Class 705/37; 5 claims.

Auctioning funds to a bank or by a depositor using a full-time public network.

Frip: End-of-year patent?System and method for automated electronic switching of customer selected financial transactions for a customer banking account; US 8,924,288 B1; 12/30/2014; Class 705/40; 21 claims; assigned to USAA.

Providing a relatively automated system and method for a customer to change to a new service provider of a financial product, such as banking services.

Frip: The future of financial-related patents: incomprehensible complexity.

Method and system of contactless interfacing for smart card banking; US 8,924,293 B1; 12/30/2014; Class 705/41; 48 claims; assigned to Citicorp Development Center, Inc.

Relating generally to the field of smart cards, and more particularly to a method and system of smart card banking using a contactless interface between the smart card and a financial institution banking system.

Frip: Next step: embed a chip in your skin.

Direct connection systems and methods; US 8,924,297 B2; 12/30/2014; Class 705/44; 18 claims; assigned to Visa International Service Association.

Directed to systems and methods for processing a transaction through a payment processing network configured to process and transmit transaction data to a multitude of payment networks and debit gateways on the merchant's behalf and without the merchant directly interacting with a plurality of acquirer computers.

Frip: We don’t know what it means but it’s been in the queue long enough.

Documents

KIDDING PATENTS 2014 - patentsbyfrip.compatentsbyfrip.com/images/KIDDING_PATENTS_2014.doc · Web viewFrip: Best word—concatenated. Dynamic verification value system and method;