AU2013100808A4

AU2013100808A4 - Online Authorisation of Financial Information. This invention relates to the online authorisation of personal and financial data in the accounting and financial services industry.

Info

Publication number: AU2013100808A4
Application number: AU2013100808A
Authority: AU
Inventors: Grant Dean Augustin
Original assignee: EAUTHORITY PTYLTD
Current assignee: EAUTHORITY PTYLTD
Priority date: 2013-06-10
Filing date: 2013-06-10
Publication date: 2013-07-18
Anticipated expiration: 2021-06-10

Abstract

This innovation provides a method for a customer of an institution to authorise who can access and receive their personal and financial information via web based portal, application program interface or software application. Embodiments include adding a signatory, providing for the signatory to verify their identity online against government and non-government data bases and allowing the creation of an authorisation request by a customer to their financial institution(s), authorising a third party to access/ receive their personal and financial information. The drawing is complete as swim lanes to illustrate the process of the online authority process 1ut e Online Identity Financial Verification Institution Create a Signatory Verify Signatory Identity Customer creates a request to Authorise, Suspend, Amend or Decline access to personal and financial information Financial Institution Authorises, Suspends, Amends or Declines request to access personal and financial information

Description

1 TITLE OF INV ENTION 1. Online Authorisation of Financial Information TECHNICAL FIELD 2. This invention generally relates to the online authorisation of personal and financial data in the accounting and financial services industry. BACKGROUND 3. For customers of financial institutions (such as banks and stockbrokers) and third party financial services providers (such as financial advisers and accountants) there is a real challenge for them to easily authorise and manage who can access and receive the personal and financial information held by a financial institution. 4. For financial institutions, the current process for a customer to authorise access of their information that the financial institution has on file to a third party involves completing and signing paper based authority forms by the customer. This authority form contains the details of the third party that can access the personal and financial information. The financial institution then verifies the account details and signature(s) based on information they have on file. The assessment is currently carried out by people. The challenges faced by the Financial Institutions are; the risk management of human error, adhering to the privacy laws outlining the requirements financial institutions must abide by in order to share their customer's information with a third party and the confidentiality of the staff accessing the information they have for a customer. 5. For third party financial services providers and accountants, having access to a customer's personal and financial information held by a financial institution enables then to provide better quality financial advice and a more efficient and accurate method for preparing and lodging their financial accounts. The challenge for financial services providers and accountants is the inefficient, paper based method of customers authorising access to the personal and financial information held by a financial institution.

2 SUMMARY OF INVENTION Technical Problem 6. The problems and challenges with the current authorisation methods processes: a) They are paper based and need to be completed accurately in order for an authorisation to be processed. b) The process is time consuming and costly for the customer, financial institutions and third parties. c) There is a risk of human error when authorities are being assessed. d) The processes to stop/suspend, cancel or amend an authorisation is time consuming for all parties. e) The forms with personal and financial information of a customer is physical and there is risk of it being lost and confidential customer information being exposed. Solution to problem 7. The method of the invention allows the customer to create an authorisation request from their financial institution(s) to a third party online from a central location for all institutions. The method involves the following steps: a. Creating a Signatory, this involves adding individual's personal details who has authority to provide instructions to a financial institution. b. Verifying the Signatory's details, this involves verifying the signatory's details provided by the individual against government and non-governnient databases & records to validate them as correct. c. Creating an authority request, this involves a signatory requesting that a financial institution approve, amend, suspend or decline a request to send data to a nominated third party. d. Processing the request, this involves the financial institution approving, suspending, amending or declining the request based on the account information provided and the verified signatory details.

3 Advantageous Effects of Invention 8. The invention ensures the accuracy and efficiency of the information of the authorisation requests. 9. The invention ensures the accuracy of the processing of the requests. 10. The invention minimises the risk of customer's personal and financial information being exposed to unauthorised parties. 11. The invention allows immediate action to stop/suspend, cancel or amend an authorisation for all parties where applicable. 12. The invention minimises human error of the current process method. 13. The invention allows compliance with the amendments to the Privacy Laws that take effect in 2014. Description of Embodiments 14. Examples of the innovation are for a secure online, web based portal for the application of the authorisation system whereby a customer, authorises a party that has their electronic data (such as a transaction history or an account balance, everything needed to complete accounts, prepare Tax Returns, BAS/GST lodgement) to be transferred directly to nominated third party(s) electronically. 15. An Industrial application for the innovation is a) The portal is a fully automated process for a customer to authorise all financial institution such, a bank, stockbroker, fund managers, wrap platforms share registries as well as Telecommunications (phone, internet) company, utilities company, to electronically send personal, financial and transaction information directly to their nominated third party accountant or financial adviser. b) The Institution can electronically send the data from one or multiple accounts directly to one or multiple third party accountants. There is no need for customers to send paper statements. The invention allows the authorisation process to be completed online so that the data is directed to the third party directly.

Claims

1. This innovation provides a method for a customer of an institution to authorise who can access and receive their personal and financial information via web based portal, application program interface or software application.

2. The method provides for a customer to add a signatory.

3. The method provides for the signatory to verify their identity online against government and non-government data bases.

4. The method allows the creation of an authorisation request by a customer to their financial institution(s), authorising a third party to access/ receive their personal and financial information.

5. The method allows financial institution(s) to process the customer's request for a third party to access their information.

6. The method allows Customers to accept, cancel, suspend or amend an authority and remain in control of this.

7. The step of verifying a signatory's identity online, is a method for replacing the requirement of a customer to sign a paper based form. The verification of the customer's identity against government and non-government data bases such as drivers licence, medicare card, passport or electoral role. This step may be done internally or by connecting to an external service provider for online identity verification.

8. The step to create a request from the customer is the method for the customer to create a request including the following information a) Financial Institution unique ID b) The type of legal entity making the request c) The third party(s) who will access the data d) Name, date of birth and address details of the Signatory(s) 5 e) Confirmation of the signatory(s) identity has been verified against government and non government data bases. f) Legal capacity of the signatory.

9. The step involving financial institutions processing a customer request, is a method for institutions to authorise, suspend or cancel a request from a customer to provide access to their personal or financial information to a third party via access to at web based portal, application program interface or software application.

10. The step involving customers cancelling or suspending an authority, is a method to suspend or cancel an existing request that proves access to their personal and financial information to a third party via web based portal, application program interface or software application.