WO2016183615A1

WO2016183615A1 - System for use of retirement funds for investment and disbursement

Info

Publication number: WO2016183615A1
Application number: PCT/AU2016/000170
Authority: WO
Inventors: Simon Peter Jones
Original assignee: Simon Peter Jones
Priority date: 2015-05-19
Filing date: 2016-05-18
Publication date: 2016-11-24
Also published as: AU2016265870A1; AU2022200386A1

Abstract

An electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least an owner/s of a property (prospective or actual), a retirement fund of said owner/s and an associated managed fund; said transactions including application by said owner/s for an acquisition by said managed fund of investment equity in said owner/s' property.

Description

SYSTEM FOR USE OF RETIREMENT FUNDS FOR INVESTMENT AND

DISBURSEMENT

TECHNICAL FIELD

[0001] The present invention relates to computer

implemented systems for facilitating complex interactions between entities over a distributed communication network such as the Internet. In particular preferred forms, the system relates to implementation of algorithms for accumulating funds for retirement and in further particular preferred forms, relates to implementation of algorithms for disbursing funds in a pension phase following on from an accumulation phase.

Background

[0002] Superannuation and other forms of retirement or pension funds are well known in the art. Typically these funds represent a way for a user to save for retirement to maintain a level of financial independence. A common problem is that the financial return on these investments has been less than expected often due to the volatile nature of the capital markets that form the basis of the investments made by the funds as they represent the interests of the fund members.

[0003] A legal system which can be implemented practically across a diverse user base that allows users to invest their pension or superannuation into residential property located at their personal residence does not currently exist nor to recover funds from such an investment once made.

[0004] Embodiments of the present invention implemented by a computerised platform are designed to address these issues . Notes

[0005] The term "comprising" (and grammatical variations thereof) is used in this specification in the inclusive sense of "having" or "including", and not in the exclusive sense of "consisting only of".

[0006] The above discussion of the prior art in the

Background of the invention, is not an admission that any information discussed therein is citable prior art or part of the common general knowledge of persons skilled in the art in any country.

[0007] The terms retirement fund, pension fund and

superannuation fund used in this specification are synonymous and refer to financial institutions in which funds deposited form an investment for the benefit of a fund member on retirement .

SUMMARY OF INVENTION

Definitions :

[0008] Property: in this specification, a "property" is intended to denote a landholding or piece of land. In particular forms the property is, located at the personal residence of the owner/s situated upon the landholding.

[0009] Security interest: in this specification, a

"security interest" refers to a financial interest a third party may have in a property. The financial interest may be expressed in the form of a caveat, mortgage or contractual agreement such as an option contract. The financial

interest may be recorded or recordable on various registers maintained by government or other parties. [00010] Accordingly, in one broad form of the invention, there is provided an electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least an owner/s of a

property, a retirement fund of said owner/s and an associated managed fund; said transactions including application by said owner/s for an acquisition by said managed fund of investment equity in said owner/s' property.

[00011] Preferably, said owner/s' property is located at the personal residence of said owner/s.

[0010] Preferably, said associated managed fund is an entity incorporated within said retirement fund.

[0011] Preferably, said associated managed fund is a separate entity.

[0012] Preferably, said electronic management system is hosted by said retirement fund of said owner/s.

[0013] Preferably, said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software .

[0014] Preferably, said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system. [0015] Preferably, access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

[0016] Preferably, said application input forms completed by a owner/s are received by said owner/s retirement fund for processing .

[0017] Preferably, application input form data is

structured so as to allow automatic processing by said system; software steps executed by said system including provision of checks with error and advice messages to ensure that

application data input by an applicant owner/s conforms to that required to effect a valid application.

[0018] Preferably, said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

[0019] Preferably, data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant.

[0020] Preferably, an acceptable application causes said software to generate and transmit to said managed fund a request for equity acquisition by said associated managed fund in said owner/s' property.

[0021] Preferably, software relevant to said managed fund generates instructions to an investment valuation and

verification service for a due diligence and valuation

assessment of said owner/s' property. [0022] Preferably, said software generates and transmits to said investment valuation service structured assessment input forms which allow substantially automatic processing of assessment data provided by a due diligence and valuation process .

[0023] Preferably, said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any

additional comments by an operative of said managed fund.

[0024] Preferably, a recommended investment value said due diligence and valuation assessment together with said

application input data provided by said owner/s is processed by said software to derive a proposed equity position in said owner/s' property which said managed fund is prepared to take up .

[0025] Preferably, said proposed equity position is transmitted by said software to said owner/s for approval.

[0026] Preferably, an approved equity position leads to a reduction in said mortgage requirements or an extinction of said mortgage.

[0027] Preferably, a reduction in said mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property.

[0028] In yet a further broad form of the invention, there is provided an electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least a owner/s of a property, and a retirement fund of said owner/s; said transactions including application by said owner/s for an acquisition by said retirement fund of investment equity in said owner/s¹ property .

[0029] Preferably, said financial entities further include an associated managed fund.

[0030] Preferably, said owner/s' property is located at the personal residence of said owner/s.

[0031] In an alternative preferred form, the property is located at a residence. And yet an alternative preferred form, the property may be located at a commercial property.

[0032] Preferably, said associated managed fund is an entity incorporated within said retirement fund.

[0033] Preferably, said associated managed fund is a separate entity.

[0034] Preferably, said electronic management system is hosted by said retirement fund of said owner/s.

[0035] Preferably, said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software .

[0036] Preferably, said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system.

[0037] Preferably, access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

[0038] Preferably, said application input forms completed by an owner/s are received by said owner/s retirement fund for processing .

[0039] Preferably, application input form data is

[0040] Preferably, said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

[0041] Preferably, data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant.

[0042] Preferably, an acceptable application causes said software to generate and transmit to said managed fund a request for equity acquisition by said associated managed fund in said owner/s' property. [0043] Preferably, software relevant to said managed fund generates instructions to an investment valuation and

verification service for a due diligence and valuation

assessment of said owner/s' property.

[0044] Preferably, said software generates and transmits to said investment valuation service structured assessment input forms which allow substantially automatic processing of assessment data provided by a due diligence and valuation process .

[0045] Preferably, said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any

additional comments by an operative of said managed fund.

[0046] Preferably, a recommended investment value said due diligence and valuation assessment together with said

[0047] Preferably, said proposed equity position is transmitted by said software to said owner/s for approval.

[0048] Preferably, an approved equity position leads to a reduction in said mortgage requirements or an extinction of said mortgage requirements.

[0049] Preferably, a reduction in said mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property. [0050] In an alternative form, security is maintained by a "tenants in common" relationship.

[0051] In yet a further broad form of the invention, there is provided a method of financing at least part of a property; said method comprising arranging for a fund to invest in the property on behalf of the owner/s; said fund holding a

position of control exercisable at the time of transfer of title on the property.

[0052] Preferably, the fund is a superannuation fund.

[0053] Preferably, the superannuation fund invests in the property via a managed fund.

[0054] Preferably, the position of control is effected by means of a Tenants in Common joint investment.

[0055] In yet a further broad form of the invention there is provided, an electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least an owner/s of a property (prospective or actual) , a retirement fund of said owner/s and an associated managed fund; said transactions including application by said owner/s for divestment to said managed fund of investment equity in said owner/s' property .

[0056] In yet a further broad form of the invention there is provided, an electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least a owner/s of a property, and a retirement fund of said owner/s; said transactions including application by said owner/s for divestment from said retirement fund of investment equity in said owner/s' property.

[0057] Preferably, divestment is effected by transferring at least part value of the property held in an at least first fund of a managed fund to an at least second fund of a managed fund.

[0058] Preferably, terms of the transfer are verified by an independent verification entity.

[0059] Preferably, a security interest over the property is created in the form of a caveat or mortgage or option contract .

[0060] Preferably, the property is located at the personal residence of the owner/s situated upon the landholding

[0061] In yet a further broad form of the invention, there is provided a method of releasing equity into liquid form of at least part of a property purchase; said method comprising arranging for a fund to invest in the property on behalf of the owner/s; said fund holding a position of control exercisable at the time of transfer of title on the property: the fund subsequently arranging sale of an at least part interest in the property thereby to release equity to the owner.

[0062] Preferably, the fund is a superannuation fund.

[0063] Preferably, the superannuation fund invests in the property via a managed fund. [0064] Preferably, at least a first fund within the managed fund holds the property and on-sells the property to an at least second fund within the managed fund thereby to release equity to the retirement fund of the owner.

BRIEF DESCRIPTION OF DRAWINGS

[0065] Figure 1 - Main components of the example embodiment

[0066] Figure 2 - Example Property Acquisition Process of example embodiment

[0067] Figure 3 - Example Property Sale Process of example embodiment

[0068] Figure 4 - is an illustration of a further example of the operation of the invention.

[0069] Figure 5 - is an illustration of a further

embodiment of the previously described system wherein like components are numbered as for previous embodiments.

[0070] Figure 6 - is a process diagram for an acquisition process in accordance with a particular implementation of the system of figures 1, 2 and 3.

[0071] Figure 7 - is a diagram of data inputs and outputs for an implementation of the system of figure 1.

[0072] Figure 8 - is a flow diagram of the registration processes for the system of figure 6.

[0073] Figure 9 - is a flow diagram of a member request query upon the implementation of figure 6.

[0074] Figure 10 - is a block diagram of an identity enrolment and verification process and apparatus.

[0075] Figure 11 - is a flow diagram which forms the basis for an algorithm for permitting funds to be recovered in a pension phase following from an accumulation phase.

[0076] Figure 12 - is a block diagram of payment scenarios in pension phase following the flow chart of figure 11

[0077] Figure 13 is a block flow diagram of a pension user sale process, [0078] Figure 14 is a block flow diagram of a land bond fund investment and sale process and

[0079] Figure 15 is a block flow diagram of a second stage in the land bond fund investment and sale process.

DESCRIPTION OF EMBODIMENTS

[0080] The embodiments to be described in detail below relate firstly to a mechanism for accumulating funds for retirement in a so-called "accumulation phase". Subsequently, there is described a mechanism for disbursing the accumulated funds or portions thereof in a 'pension phase' which typically will follow an accumulation phase.

Accumulation Phase

[0081] Figure 1 discloses the main components of the example embodiment. A user or owner/s (prospective or already owning) with or seeking to obtain a mortgage 10 has a

contractual relationship with the provider of their

superannuation or retirement fund 12. The owner/s may also have an electronic relationship which occurs typically over the Internet 11. An owner/s 10 can also choose to use

retirement fund managers 12 who work along with managed investment funds 13 that allow the owner/s 10 to opt in and out of various investments within a portfolio of investments. In this situation it is advisable to have an investment valuation and verification service 14 that can be used to ensure that the investment by the superannuation or retirement fund 13 attains to government and industry regulations and standards relating to operation of superannuation of

retirement funds. [0082] In the example embodiment of the invention, a owner/s 10 chooses a retirement fund 12 that works with a managed fund 13 that is willing to purchase equity in the property, that is, located at the personal residence of the owner/s 10.

[0083] The owner/s 10 declares- their interest to invest a portion of their retirement funds into property located at their residence. This intent is communicated to the managed fund 13 that is working with the manager of the owner/s 10 retirement fund 12.

[0084] The managed fund 13 then instructs an investment valuation and verification service 14 to review the property of the owner/s 10 with a view to making a recommendation to the managed fund 13.

[0085] If the evaluation proves positive for investment by the investment valuation and verification service 14, the managed fund 13 agrees to purchase a portion of the equity in the property, that is located at the personal residence of the owner/s 10, equal to or less than the amount of the owner/s 10 mortgage .

[0086] Upon successful completion of the transaction, money from the owner/s retirement fund 13 is transferred to the existing mortgagee and a proportion equity position of

ownership is transferred to the managed fund 13 on behalf of the retirement fund 12 which now carries an investment in the favour of the member of the retirement fund 12. [0087] Figure 2 shows the process involved in acquiring a property using the steps defined by the invention. A owner/s 10 initiates a request 34 to their retirement fund 12 to invest in property located at their own residence. The

retirement or superannuation fund 12 vets the owner/s¹ credentials 35 and passes on the request 34 to the managed fund 13 which works in a relationship with the retirement fund 12. In turn the managed fund 13 requests a due diligence and valuation 36 from an investment valuation and verification service 14 that is tasked with evaluating the property of the owner/s 10 with a view to determining if the property is a valid investment under the requirement of the managed fund 13.

[0088] If the evaluation fails, then the owner/s 10 is informed and the process terminated.

[0089] If the evaluation 37 is successful, the managed fund 32 negotiates 38 an equity position in the property.

Subsequently the owner/s 10 may agree to a partial sale of the property 39 to the managed fund 13 and the managed fund 13 initiates 40 a pay out to an existing mortgagee 41 in return for an appropriate equity position in the property 39.

[0090] Subsequently the equity position is registered as a partial ownership in the property' s title 42 by the managed fund 13. The property is added to the owner/s¹ portfolio 43 of investments by the owner/s' retirement fund 12 and the owner/s 10 is informed of the changes in their retirement portfolio 44.

[0091] Figure 3 discloses the process of what happens when an owner/s' property is sold where part of the owner/s' property is owned as an investment by the managed fund 13. [ 0092 ] An owner/s 10 decides 64 to sell their property. The decision to sell is communicated 65 to their retirement fund 12 which then authorises the managed fund 13 to evaluate 66 the sale terms using a valuation service 14 to ensure the sale terms fit within the legal and industry requirements and standards expected of retirement funds 12 and their partnering managed fund 13. Once the sale terms are verified as fair and reasonable 67 the managed fund 13 authorises the sale of the funds equity position in the property 68 and the owner/s closes the sale. The managed fund 13 releases the title ownership or position upon payment by the buyer 70 and the proceeds are paid to the owner/s' retirement fund 12.

[ 0093 ] The owner/s is then informed of the changes to their retirement portfolio 72.

[ 0094 ] The result of the use of the example embodiment allows the owner/s to make use or retirement funds for investment into residential property, especially property located at their residence.

Alternative Embodiments

[ 0095 ] The example embodiment shows a owner/s using their retirement funds to invest in property located at their own residence using or not using title acquisition. An alternative embodiment could see the owner/s' retirement funds being used to facilitate any financial instrument that allows the

reduction or replacement of a owner/s' mortgage including but not limited to a loan on the property.

[ 0096 ] The example embodiment shows the owner/s using a superannuation, retirement or pension fund, working with a separate managed fund and a separate valuation service. An alternative embodiment could see the owner/s working with any superannuation, retirement or pension fund, where the

transaction processes of the managed fund is partially or fully included in the role of the superannuation, retirement or pension fund and where the valuation and due diligence services are internal or partially internal services of either the managed fund or the superannuation, retirement or pension fund .

[0097] The example embodiment shows the owner/s using their retirement funds to invest in property located at their own residence which may replace an existing mortgage. An

alternative embodiment could see the owner/s' retirement funds being invested in property located at their residence as a full or partial alternative to a mortgage when initially buying a property.

Preferred Embodiment

[0098] In a preferred embodiment of the invention, the system for use of retirement funds for property_investment according to the invention, is implemented as an electronic management system comprising of digital processors, database storage medium and input and output devices. Generally, the system will be hosted by the managed fund 13 as part of a user or owner/s' 10 retirement fund 12, whereby the user or owner/s wishes to make use of their retirement funds for investing into residential property, though in some preferred

arrangements, elements of the system may be shared by the retirement fund, ¾ an associated managed fund(s) and/or external information technology providers.

[0099] Software resident on servers of the system execute steps in the management of transactions between at least some of the financial entities described above, that is a owner/s or mortgagor of a property, a retirement fund of the mortgagor and an associated managed fund.

[00100] The software of the system provides a number of functions which include the generation of suitable input forms to the owner/s over a distributed communication network such as the internet as noted above and as illustrated in figure 1, as pages of a web site maintained by the system. Access to an application sequence on the web site is provided to members of the retirement fund through the log on security of predefined user name and pass code. Input forms completed by a owner/s are received by the owner/s retirement fund for processing.

[00101] Input data is structured so as to allow automatic processing by the system and with the provision within the software of checks with error and advice messages to ensure that data input by an applicant owner/s conforms to that required to effect a valid application. Provision may be provided within the input form for additional comments by the applicant owner/s in which case the software generates an alert to ensure perusal of such non standard or unstructured comments by an operator.

[00102] The input provided by an applicant owner/s 10 generates the request 34 shown in figure 2. The data included in the request is vetted by the software to check that the owner/s is an eligible applicant. This may include meeting or exceeding a threshold level of funds invested in the

retirement fund. The data will further include details of the current financing arrangement of the owner/s' property, such as the current mortgagee, the current balance, term of the loan and the like. [00103] If the various criteria are met, the software generates a formatted request 35 to the associated managed fund 13. In at least some arrangements, the managed fund 13 may be a managed fund wholly incorporated within the

retirement fund 12, in which case the software hosted on the servers and databases of the retirement fund continues with the next step in the processing of the application. Where the associated managed fund is a separate entity, complementary software hosted on its servers and databases takes over the next step in the process.

[00104] In either case, the software relevant to the managed fund of the system generates instructions 36 to an investment valuation and verification service 14 for a due diligence and valuation assessment of the owner/s' property which includes all the necessary details to allow both a physical inspection of the property and access to relevant digital and non digital records. Accompanying these instructions, the software

generates structured input forms which allows substantially automatic processing of the assessment data provided by the due diligence and valuation process. As before, the input may provide for additional comments by a valuer or other

operative, in which case the software generates an alert for consideration of this input by an operative of the managed fund .

[00105] If the due diligence and valuation assessment are satisfactory, a recommended investment value provided by the due diligence and valuation process, together with the input data provided by the owner/s is now used by the software to derive a level of equity in the owner/s' property which the managed fund is prepared to take up. This proposed equity position 38 is transmitted by the software to the owner/s for approval. Typically, the transmission may take the form of an email inviting the owner/s to access the owner/s retirement fund account on the web site where the equity offer may be viewed .

[00106] If the offer is acceptable to the owner/s,

acceptance is conveyed by a further input form made available by the software. Based on this acceptance the software generates an authorization from the managed fund to proceed with the equity acquisition. The authorization includes the release of funds from the owner/s retirement fund for payment to the current mortgagee .

[00107] The system calculates the available balance

(preferably up to a maximum of 80% of the user or owner/s total super account, although greater amounts may be

allowable) that can be used for investment into their

property. This amount is paid to the existing mortgagee upon settlement. Settlement causes the existing mortgage to be reduced or extinguished completely using the available super funds for investment.

[00108] A caveat is registered on the title of the property giving a percentage equity ownership to the super fund. In the event that the property is subsequently sold, a percentage of the proceeds equal to the percentage equity, is retained by the fund.

[00109] Where the mortgage is extinguished, its registration is removed. Should re-financing occur, a new mortgagee is registered. In all cases, a caveat noting interest by the fund remains in place until recompense of ownership to the fund in the event of sale. Thus there will arise limited instance whereby there is a shortage of funds. [00110] The investment 43 in figure 2, refers to the

property investment reflected in the user or owner/s' total portfolio asset allocation. Post settlement, the portfolio allocation may appear to the fund member as shown in the table below .

[00111] The user of owner/s has the option to invest the remaining 20% of their funds across available asset classes or retain in cash if desired as per most other fund options.

Example

[00112] With reference to Figure 4, a member 100 of a super, retirement or managed fund 102 is the owner of a property 104, value 100%, 80% of which is mortgaged to a mortgagee,

typically a bank 106. The member, that is the owner/s 100 has an investment portfolio in the super fund 102 equal in value to 20% of the value of the property 104.

[00113] The owner/s 100, by means of the software generated web site pages discussed above, makes an application to the super fund 102 which, subject to the valuation and other criteria discussed above, uses a portion of the owner/s super funds 106 to acquire an investment 108 in a separate managed fund 110, for example, to the value of 10% of the value of the property. This separate managed fund 110 applies the 10% to reducing the mortgage held by the bank 106 from the current liability of 80% to 70% and acquires a 10% equity in the form of a caveat over the title to the property.

[00114] In this example only a portion of the value of the owner/s super fund portfolio is used to reduce the mortgage, but it will be understood that the arrangement may serve to discharge the entire mortgage if the portfolio is equal to or greater than the value of the mortgage.

Further Embodiment

[00115] With reference to Figure 5, there is illustrated a further embodiment of the previously described system wherein like components are numbered as for previous embodiments.

[00116] In this instance, the electronic management system 200 according to this embodiment merges the function of the managed fund 110 of previous embodiments directly into the owner's superfund 102. In practice, this can be effected in one version, by the trustee of the owner's superfund 102. The entity 210 invests the funds from the owner's superfund and conducts the transaction 106 in the manner previously

attributed to managed fund 110. In this instance the trustee 210 will acquire the caveat over the owner's property 104. In this instance the superfund 102 may take an equity position and/or option in addition to the caveat or instead of the caveat. Broadly then, what is described in this embodiment is an electronic management system comprising of digital

processors, database storage medium and input and output devices; said system executing software steps in the

management of transactions between financial entities; said financial entities including at least an owner/s of a property, and a retirement fund of said owner/s; said

transactions including application by said owner/s for an acquisition by said retirement fund of investment equity in said owner/s' property. Preferably this will be that with a view to a reduced need for a mortgage held by a bank or other investment institution over the owner's property.

Alternative Embodiments

[00117] The example embodiment thus far show the owner/s using a superannuation, retirement or pension fund, working with a separate managed fund and a separate valuation service. An alternative embodiment (with reference to

Figure 6) may see the owner/s working with any

superannuation, retirement or pension fund, where the managed fund is partially or fully included (or not used at all) in the role of the superannuation, retirement or pension fund and where the valuation and due diligence services are independent services or internal or partially internal services of either the managed fund or the

superannuation, retirement or pension fund.

Implementation

[00118] With reference to figures 6 to 10, there is

described below a specification for an implementation for the current Australian market of embodiments of the system previously described including reference to data input flow and data output flow.

[00119] With particular reference to Figure 6, there is

illustrated a process diagram for this implementation wherein, in this instance (as compared with the processed diagrams of Figures 2 and 3) , the property the target of transaction is yet to be purchased. The process otherwise broadly follows the processes previously described with respect to Figures 2 and 3.

[00120] This particular implementation is termed HomeSuper' in the description which follows. It includes a

specification of preferred technical requirements and also, with particular reference to Figure 10, a hardware

enrolment implementation suited for use with the

implementation .

Introduction

[00121] ^AHomeSuper' a new superannuation investment product which allows any property buyer to use their super fund to invest in the capital value associated with a residential property within Australia.

Scope

[00122] The following items are in scope

• Access and registration for members and fund

administrators

• Screens for data entry from members and fund

administrators

• Application management for members and fund

administrators ( save, resume, view and cancel investment requests )

• Ability to generate real time decisions

• Notifications (email and SMS)

• Printer friendly screens

• Onboarding user identification and management technology

• Access for Lenders/Financial Institutions into the system

• Integration with title registry offices and third party verification systems such as PEXA

• Integration with super fund back end processing systems

• Documentation reading (Image recognition) and

upload/storage capabilities [00123] User types

Fund Administrator An end user of the system who configures the product and manages the application requests to their fund.

Property Buyer/ Super An end user of the system who has access to lodge application Member requests to their fund and view a request currently in

progress/already pre-approved.

HomeSuper Administrator The system administrator of the solution who is responsible for user management and general system maintenance.

[00124] Functional Administrators

Fund Administrators

I D # Function Description

1.1 Fund Require a fund administrator to register and login to the system.

Registration & The registration process will include:

Login • Terms and Conditions acceptance

• Account creation

1.2 Product Create and configure a HomeSuper product for members. E.g.

Management Set the rules governing the maximum investment amount, etc. 1.3 Application Manage and review application requests lodged in the system.

Management This will include the ability to:

• View/search through current pre-approved applications

• Close/cancel application requests

• Perform ongoing maintenance of completed applications

1.4 Reporting Export data for analysis and reporting

1.5 Un-Register Provide the ability to un-register a fund

[00125] Members

Function Description

Member Require a member to register and login to the system before they Registration & can create an application request. The registration process will Login include:

• Terms and Conditions acceptance

• Account creation 2.2 Manage Allow a member to enter personal, property and lender

Application information during different stages of the application process.

Request Also allow a member to view, save and print application details at any stage of the application process.

Un-register Provide the ability for a user to un-register

[00126] HomeSuper Administrators

Function Description

User Allow a system administrator to perform user management tasks

Management for members and fund administrators. This can include password resets, account lockouts and first level support.

Manage Lender Ability for a system administrator to add/modify and delete Details preferred lender/financial institution details.

Analysis & Allow system data to be exported for analysis and reporting Reporting

[00127] Systems Process

ID # Description

4.1 Provide real time decisions to a member regarding member and property eligibility.

If a member/property doesn't meet certain criteria the process ends. Details of the decision to be shown to the member.

4.2 Ability to send notifications (email or SMS) to members and/or fund administrators. Members to receive emails or SMSs when they have registered successfully and their application request has been pre-approved. Fund administrations to be notified when an application has been pre-approved and/or has been updated.

4.3 Provide a function to allow the member to contact their fund in relation to their application

4.4 Provide intuitive assistance to users to guide them through the system

Provide links to supporting documentation on the website, FAQ's, etc.

Provide a 'Contact Us' channel

4.5 Provide a secure 'Forgot my password', password retrieval

function

Provide a secure Password Reset function [ 00128 ] Non Functional Requirements

Security

I D # Function Description

5.1 Authentication The system must ensure that only authenticated users can access it

5.2 Authorization The system must clearly define and enforce authorization levels for all user types

5.3 Auditing Effective auditing must be provided to ensure non- repudiation

5.4 Confidentiality The system must ensure that each users data remains private

5.5 Integrity The system must ensure that all data is protected from

modification in storage and in transit

5.6 Availability The system must remain available for legitimate users, e.g. be protected from denial of service attacks

[ 00129 ] Performance

I D # Function Description

6.1 Responsiveness The system must ensure that the pages are served within the agreed response time

6.2 Scalability The system must be capable of scaling to handle load within the pre-determined parameters

Data Flows

[ 00130 ] At a high level the following data inputs and

outputs exist for the HomeSuper System

Data Inputs

[ 00131 ] Data inputs to the system can be differentiated

between members and fund administrators as follows.

Member Fund Administrator HomeSuper

Administrator

Registration Username Username

Password and/or retina Password

scan Fund Name

Full Name Email address

Date of Birth Contact name and/or

Email Address department name

Mobile Number Postal address Personal Super Fund Name

Details (select from drop down

list)

Super Fund

Membership Number

(if applicable)

Current Super Balance

Investment amount

they wish to borrow

Property Address of Property

Details (they wish to invest in)

Land Valuation of

Property

Valuation Date

Lender Details Lender/Financial

Institution Name

Fund Details Product/Investment

option

Acceptance Criteria

Preferred Lender/Financial Lenders Institution Name

Contact Details

Data Outputs

[ 00132 ] Data outputs from the system can be differentiated for members and fund administrators as follows.

Member Fund

Decision Successful/Not Successful

Investment amount member is pre- approved for

Successful Application Reference Number Application Reference Number applicant details URL to access System List of entities on title

List of entities on title Member Name

List of Preferred Lenders Member Email Address

Fund Name Member Contact Number

Fund Contact Name Member Super Fund Member

Fund Contact Number Number Workflows

Member/Fund Administrator Registration

[00133] With reference to figure 8, there is an illustrated flow chart of a member/fund administrator registration process .

[00134] The first time a member logs into the system they will need to register. After registering the member can then lodge a request for a HomeSuper investment.

[00135] For a fund administrator, they will need to register before they can setup a HomeSuper product.

Member requests a HomeSuper Investment

[00136] Figure 9 illustrates an application request process in relation to the implementation.

[00137] A member will be required to enter specific personal details so the system can determine if they're eligible for an investment. If they meet the criteria they will also need to enter the property details so a decision can be made on the maximum investment value the member is eligible for. If this calculated amount matches or exceeds the amount the member has requested the application is

automatically pre-approved.

[00138] With reference to Figure 10, access to an

application sequence on the web site 310 is provided to members of the retirement fund through the log on security of predefined user name and pass code.

[00139] With particular reference to Figure 10, there is

illustrated a digital input/output device 311 which, in this instance, incorporates a receiver transmitter 312 which permits it to communicate over a telephone network 313 and via internet 314 to the website 310 operating with conjunction with database 315. In this instance, the digital input/output device 311 includes a camera 316 which, on command, can take an image or scan of a retina 317 of a member or a finger scan of the finger 318 of the member for processing by microprocessor and memory

combination 319 in order to verify the identity of the member preparatory to permitting the member to avail themselves of the services of the system of the

implementation . [00140] The implementation may incorporate other forms of user security access (retina recognition for example) as alternative means to implement the "pass code".

[00141] The digital input/output device 311 can take an

image or scan documents or another image for the purpose of obtaining data for transaction requirements. This data may be read by image recognition software and/or other persons for further verification purposes.

[00142] This process may also be undertaken using image

scanners at points 10, 12, 13 & 14 in figure 1.

Screens

[00143] Members will need access to screens to allow them perform the following:

• Register/Login

• View/Edit My Personal Details

• Start a new application request

• View/Edit my requests

• Contact Fund

• Contact HomeSuper

[00144] \Fund Administrators will need access to screens ^' allow them to perform the following:

• Register/Login

• View/Edit My Fund Details

• Add/Edit a HomeSuper product on offer

• View/Edit all application requests submitted to their

fund

• Cancel/close an application request

• Contact HomeSuper

[00145] HomeSuper Administrators will need access to screens to allow them to perform the following:

• Maintain a list of preferred lenders • Provide user management for members and fund administrators .

Pension Phase

[00146] There will now be described a mechanism and

algorithm for accessing and disbursing funds to a user subsequent to accumulation of those funds in an

accumulation phase as described above. The mechanism for the pension phase can be used in isolation from the

accumulation phase or may be used in combination. In particular forms, a user may alternate between the phases.

[00147] With reference to figure 11, there is illustrated a flow chart whereby a user may realise the liquidity from an investment in an asset accumulated during in an

accumulation phase. A particular asset which is the focus of this embodiment is an asset in the form of a property and, more particularly, but not exclusively, a landholding located at the personal residence of the owner/s situated upon the landholding.

[00148] In this instance a user 410 who has previously

established investments including their landholding as part of an accumulation phase of their retirement /superannuation fund (refer earlier embodiments under the accumulation phase heading) interacts with their retirement funds 411, a managed fund 412 and a verification transaction arrangement 413.

[00149] Specifically, in this instance, a user 410 advises retirement fund 411 of its intention to switch the fund to pension phase and draw income from one or more investments in the fund 411. (Step 414) . The fund 411 then vets the user, seeks a pension payout amount from the user and arranges asset transfer from a superannuation account to a pension account and determines if liquidity is within limits (Step 415) . If it is, then the fund commences drawdown from liquid holdings while liquidity limits allow

(Step 416) . These transactions are monitored as often required by regulators including ongoing valuations and revaluations of assets (Step 417). In some instances this process can be carried out by third party verification systems such as ΡΕΧΆ which is an electronic property exchange service available in Australia for electronic online title registration.

[00150] In the event liquidity limits no longer allow

drawdown then the user is notified that a part or full sale of an asset is required to re-establish sufficient

liquidity (Step 418) .

[00151] The user 410 now instructs the fund to sell

assets/holdings (or switch back to accumulation phase as an alternative way to generate more liquid assets) (Step 419). In the event that a sell instruction is sent to the

retirement fund 411 (Step 420) then at least a first fund 421 is established by managed fund 412 which holds the asset for sale authorises due diligence on the sale (Step 422) and at least a second fund 423 set up by managed fund 412 to purchase the asset also authorises due diligence

(Step 424) . The terms are optionally verified as may be required by regulation (Step 425) and then the at least first and second funds are authorised to proceed with the transaction so as to make available liquidity realised from the asset sale or the user 410 (Step 426, 427) . The managed fund 412 then releases funds (Step 428) subsequent to arranging transfer of equity ownership of the asset from the at least first fund 421 to the at least second fund 423

(Step 429) subject to verification (Step 430). The released funds are then made available to the user' s retirement fund 411 (Step 431) and the user is so advised (Step 432).

[00152] Figure 12 illustrates a scenario for payment over a first and second year following entry into the pension phase. In this instance the transaction described with reference to Figure 11 is exemplified as illustrated based on a sale of a $100,000 interest in land held by at least first fund 421 to at least second fund 423 thereby to release $99,000 to the retirement fund 411 after commission payment of $1,000. In this instance, the transaction occurs over a two year period whereby the assets in the form landholdings held initially by the retirement fund 411 are reduced from $250,000 to $150,000. In this particular instance, it is envisaged that $50,000 of the released $99,000 will be paid out as a pension to the user 410 in the second year. The system can review to what extent the remaining illiquid $150,000 landholdings of the retirement fund 411 may need to be further sold down in subsequent years following the process outlined in Figure 11.

[00153] Following on from the disbursement or pension phase described above with reference to figures 11 and 12, Figure 13 is a block flow diagram of a pension user sale process wherein like components are numbered as for the previous embodiments.

[00154] Figure 14 is a block flow diagram of a land bond fund investment and sale process and

[00155] Figure 15 is a block flow diagram of a second stage in the land bond fund investment and sale process.

[00156] The above describes only some embodiments of the

present invention and modifications obvious to those skilled in the art can be made thereto without departing from the scope and spirit of the present invention.

Claims

1. An electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the

management of transactions between financial entities; said financial entities including at least an owner/s of a property (prospective or actual), a retirement fund of said owner/s and an associated managed fund; said transactions including application by said owner/s for an acquisition by said managed fund of investment equity in said owner/s¹ property.

2. The system of claim 1 wherein said owner/s' property is located at the personal residence of said owner/s.

3. The system of claim 1 wherein said associated managed fund is an entity incorporated within said retirement fund.

4. The system of claim 1 wherein said associated managed fund is a separate entity.

5. The system of any one of claims 1 to 4 wherein said electronic management system is hosted by said retirement fund of said owner/s.

6. The system of any one of claims 1 to 4 wherein said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software.

7. The system of any one of claims 1 to 5 wherein said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system.

8. The system of any one of claims 1 to 7 wherein access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

9. The system of any one of claims 1 to 8 wherein said application input forms completed by a owner/s are received by said owner/s retirement fund for processing.

10. The system of any one of claims 7 to 9 wherein

application input form data is structured so as to allow automatic processing by said system; software steps executed by said system including provision of checks with error and advice messages to ensure that application data input by an applicant owner/s conforms to that required to effect a valid application .

11. The System of claim 10 wherein said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

12. The system of any one of claims 7 to 11 wherein data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant .

13. The system of any one of claims 1 to 12 wherein an acceptable application causes said software to generate and transmit to said managed fund a request for equity acquisition by said associated managed fun in said owner/s' property.

14. The system any one of claims 1 to 13 wherein software relevant to said managed fund generates instructions to an investment valuation and verification service for a due diligence and valuation assessment of said owner/s' property.

15. The system of any one of claims 1 to 14 wherein said software generates and transmits to said investment valuation service structured assessment input forms which allow

substantially automatic processing of assessment data provided by a due diligence and valuation process.

16. The system of claim 15 wherein said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any additional comments by an operative of said managed fund .

17. The system any one of claims 1 to 16 wherein a

recommended investment value said due diligence and valuation assessment together with said application input data provided by said owner/s is processed by said software to derive a proposed equity position in said owner/s' property which said managed fund is prepared to take up.

18. The system of claim 17 wherein said proposed equity position is transmitted by said software to said owner/s for approval .

19. The system of claim 17 or 18 wherein an approved equity position leads to a reduction in said existing mortgage requirements or an extinction of said mortgage.

20. The system of claim 19 wherein a reduction in said existing mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property.

21. An electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the

management of transactions between financial entities; said financial entities including at least a owner/s of a property, and a retirement fund of said owner/s; said transactions including application by said owner/s for an acquisition by said retirement fund of investment equity in said owner/s' property .

22. The system of claim 21 wherein said financial entities further include an associated managed fund.

23. The system of claim 21 wherein said owner/s' property is located at the personal residence of said owner/s.

24. The system of claim 21 wherein said associated managed fund is an entity incorporated within said retirement fund.

25. The system of claim 21 wherein said associated managed fund is a separate entity.

26. The system any one of claims 21 to 25 wherein said electronic management system is hosted by said retirement fund of said owner/s.

27. The system any one of claims 21 to 26 wherein said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software.

28. The system any one of claims 21 to 27 wherein said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system.

29. The system any one of claims 21 to 28 wherein access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

30. The system of claim 28 or 29 wherein said application input forms completed by an owner/s are received by said owner/s retirement fund for processing.

31. The system of claim 30 wherein application input form data is structured so as to allow automatic processing by said system; software steps executed by said system including provision of checks with error and advice messages to ensure that application data input by an applicant owner/s conforms to that required to effect a valid application.

32. The System of claim 30 or 31 wherein said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

33. The system any one of claims 28 to 32 wherein data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant .

34. The system any one of claims 21 to 33 wherein an

acceptable application causes said software to generate and transmit to said managed fund a request for equity acquisition by said associated managed fun in said owner/s' property.

35. The system any one of claims 21 to 34 wherein software relevant to said managed fund generates instructions to an investment valuation and verification service for a due diligence and valuation assessment of said owner/s' property.

36. The system of claim 34 or 35 wherein said software generates and transmits to said investment valuation service structured assessment input forms which allow substantially automatic processing of assessment data provided by a due diligence and valuation process.

37. The system of claim 36 wherein said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any additional comments by an operative of said managed fund .

38. The system any one of claims 28 to 37 wherein a

39. The system of claim 38 wherein said proposed equity position is transmitted by said software to said owner/s for approval .

40. The system of claim 38 or 39 wherein an approved equity position leads to a reduction in said mortgage or an

extinction of said mortgage.

41. The system of claim 40 wherein a reduction in said mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property.

42. A method of financing at least part of a property purchase; said method comprising arranging for a fund to invest in the property on behalf of the owner/s; said fund holding a position of control exercisable at the time of transfer of title on the property.

43. The method of claim 42 wherein the fund is a superannuation fund.

44. The method of claim 43 wherein the superannuation fund invests in the property via a managed fund.

45. The method of any one of claims 42 to 44 wherein the position of control is effected by means of a caveat.

46. A digital input/output device incorporating means to recognise a physiological feature of a prospective member preparatory to comparing that physiological feature with a database of physiological features for verification of the identity of the member thereby to permit access by the member to the system of any one of claims 1 to 41.

47. The device of claim 46 implemented as a software

application on a smart phone.

48. A medium storing code thereon which, when executed by a processor, effects the method of any one of claims 42 to 45.

49. The medium of claim 48 wherein said medium is a non- transitory medium.

50. A digital input/output device incorporating means to recognise a physiological feature of a prospective member preparatory to comparing that physiological feature with a database of physiological features for verification of the identity of the member thereby to permit access by the member by following the method of any one of claims 42 to 45.

51. The device of claim 50 implemented as a software

application on a smart phone.

52. An electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the management of transactions between financial entities; said financial entities including at least an owner/s of a property (prospective or actual), a retirement fund of said owner/s and an associated managed fund; said transactions including application by said owner/s for divestment to said managed fund of investment equity in said owner/s' property.

53. The system of claim 52 wherein said owner/s' property is located at the personal residence of said owner/s.

54. The system of claim 52 wherein said associated managed fund is an entity incorporated within said retirement fund.

55. The system of claim 52 wherein said associated managed fund is a separate entity.

56. The system of any one of claims 52 to 55 wherein said electronic management system is hosted by said retirement fund of said owner/s.

57. The system of any one of claims 52 to 56 wherein said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software.

58. The system of any one of claims 52 to 56 wherein said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system.

59. The system of any one of claims 52 to 58 wherein access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

60. The system of any one of claims 52 to 59 wherein said application input forms completed by a owner/s are received by said owner/s retirement fund for processing.

61. The system of any one of claims 52 to 60 wherein

62. The System of claim 61 wherein said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

63. The system of any one of claims 52 to 62 wherein data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant .

64. The system of any one of claims 52 to 62 wherein an acceptable application causes said software to generate and transmit to said managed fund a request for equity acquisition by said associated managed fun in said owner/s' property.

65. The system any one of claims 52 to 64 wherein software relevant to said managed fund generates instructions to an investment valuation and verification service for a due diligence and valuation assessment of said owner/s' property.

66. The system of any one of claims 52 to 65 wherein said software generates and transmits to said investment valuation service structured assessment input forms which allow substantially automatic processing of assessment data provided by a due diligence and valuation process.

67. The system of claim 66 wherein said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any additional comments by an operative of said managed fund .

68. The system any one of claims 52 to 67 wherein a

69. The system of claim 68 wherein said proposed equity position is transmitted by said software to said owner/s for approval .

70. The system of claim 68 or 69 wherein an approved equity position leads to a reduction in said mortgage requirements or an extinction of said mortgage.

71. The system of claim 69 wherein a reduction in said existing mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property.

72. The system of any one of claims 52 to 71 wherein

divestment is effected by transferring at least part value of the property held in an at least first fund of a managed fund to an at least second fund of a managed fund.

73. The system of claim 72 wherein terms of the transfer are verified by an independent verification entity.

74. The system of any one of claims 52 to 73 where a security interest over the property is created in the form of a caveat or mortgage or option contract.

75. The system of any one of claims 52 to 74 wherein the property is located at the personal residence of the owner/s situated upon the landholding.

76. An electronic management system comprising of digital processors, database storage medium and input and output devices; said system executing software steps in the

management of transactions between financial entities; said financial entities including at least a owner/s of a property, and a retirement fund of said owner/s; said transactions including application by said owner/s for divestment from said retirement fund of investment equity in said owner/s'

property .

77. The system of claim 76 wherein said financial entities further include an associated managed fund.

78. The system of claim 76 wherein said owner/s' property is located at the personal residence of said owner/s.

79. The system of claim 76 wherein said associated managed fund is an entity incorporated within said retirement fund.

80. The system of claim 76 wherein said associated managed fund is a separate entity.

81. The system any one of claims 76 to 80 wherein said electronic management system is hosted by said retirement fund of said owner/s.

82. The system any one of claims 76 to 81 wherein said electronic management system is shared between said retirement fund and said associated managed fund; said elements of said system hosted by said associated management fund executing steps of complementary software.

83. The system any one of claims 76 to 82 wherein said system generates and transmits suitable application input forms to the owner/s over said distributed communication network as pages of a web site maintained by said system.

84. The system any one of claims 76 to 83 wherein access to an application sequence on said web site is provided to members of said retirement fund through log on security of predefined user name and pass code.

85. The system of claim 83 or 84 wherein said application input forms completed by an owner/s are received by said owner/s retirement fund for processing.

86. The system of claim 85 wherein application input form data is structured so as to allow automatic processing by said system; software steps executed by said system including provision of checks with error and advice messages to ensure that application data input by an applicant owner/s conforms to that required to effect a valid application.

87. The System of claim 76 or 86 wherein said application input forms provides for additional comments by said applicant owner/s; said software generating an alert to ensure perusal of such non standard or unstructured comments by an operative of said retirement fund.

88. The system any one of claims 76 to 87 wherein data provided by said owner/s in said application forms is vetted by said software to check that said owner/s is an eligible applicant .

89. The system any one of claims 76 to 88 wherein an

90. The system any one of claims 76 to 89 wherein software relevant to said managed fund generates instructions to an investment valuation and verification service for a due diligence and valuation assessment of said owner/s' property.

91. The system of claim 76 or 90 wherein said software generates and transmits to said investment valuation service structured assessment input forms which allow substantially automatic processing of assessment data provided by a due diligence and valuation process.

92. The system of claim 91 wherein said assessment input forms provide for additional comments by a valuer or other operative; said software generating an alert for consideration of any additional comments by an operative of said managed fund .

93. The system any one of claims 76 to 92 wherein a

94. The system of claim 93 wherein said proposed equity position is transmitted by said software to said owner/s for approval .

95. The system of claim 76 to 94 wherein an approved equity position leads to a reduction in said mortgage or an

extinction of said mortgage.

96. The system of claim 95 wherein a reduction in said mortgage results in registration of a caveat on the title to said property; said caveat representing said equity position taken by said managed fund in said property.

97. The system of any one of claims 76 to 96 wherein

98. The system of claim 97 wherein terms of the transfer are verified by an independent verification entity.

99. The system of any one of claims 76 to 98 where a security interest over the property is created in the form of a caveat or mortgage or option contract.

100. The system of any one of claims 76 to 99 wherein the property is located at the personal residence of the owner/s situated upon the landholding.

101. A method of releasing equity into liquid form of at least part of a property purchase; said method comprising arranging for a fund to invest in the property on behalf of the owner/s; said fund holding a position of control exercisable at the time of transfer of title on the property: the fund

subsequently arranging sale of an at least part interest in the property thereby to release equity to the owner.

102. The method of claim 101 wherein the fund is a

superannuation fund.

103. The method of claim 102 wherein the superannuation fund invests in the property via a managed fund.

104. The method of any one of claims 101 to 103 wherein at least a first fund within the managed fund holds the property and on-sells the property to an at least second fund within the managed fund thereby to release equity to the retirement fund of the owner.

105. The method of any one of claims 101 to 104 wherein the position of control is effected by means of a caveat.

106. A digital input/output device incorporating means to recognise a physiological feature of a prospective member preparatory to comparing that physiological feature with a database of physiological features for verification of the identity of the member thereby to permit access by the member to the system of any one of claims 1 to 100.

107. The device of claim 106 implemented as a software

application on a smart phone.

108. A medium storing code thereon which, when executed by a processor, effects the method of any one of claims 101 to 104.

109. The medium of claim 108 wherein said medium is a non- transitory medium.

110. A digital input/output device incorporating means to recognise a physiological feature of a prospective member preparatory to comparing that physiological feature with a database of physiological features for verification of the identity of the member thereby to permit access by the member by following the method of any one of claims 101 to 104.

111. The device of claim 110 implemented as a software

application on a smart phone.

112. The system of any one of claims 1 to 35 in combination with the system of any one of claims 52 to 100.