Reconciliation for enabling accelerated access to contribution funded accounts

US10032217B2 · kind B2 · utility

Assignee

• ConnectYourCare, LLC · US

Inventors

• David M. Roberts · Tukwila, US
• Melissa Stirling · Reisterstown, US
• Peter Mazur · Timonium, US
• Jennifer Levy · Manchester, US
• Bryan Schrock · Baltimore, US
• Brian D. Strom · Cupertino, US
• Dan Stachura · Parkton, US

Key dates

• Filing date: Jul 17, 2017
• Grant date: Jul 24, 2018
• Expiry date: Jul 17, 2037

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/02
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Disclosed herein are system, method, and computer program product embodiments for reconciliation needed to enable access to accelerated contribution funded accounts (CFAs). An embodiment operates by configuring a management database to store a linked CFA associated with a CFA and a CFA on demand (CFAOD). A contribution processing system of a provider may receive a contributions file from an employer. The contribution processing system may delay contribution reconciliation of the linked CFA until a contribution amount is received. During contribution reconciliation, the contribution processing system may resolve the CFAOD using the received contribution amount such that the amount borrowed is minimized before funding the CFA with a remaining contribution amount. Upon resolution of the CFAOD, the contribution processing system may concurrently send information to a bank server and a card server to reconcile the respective bank and card accounts with the linked CFA at the provider.