NEW YORK--(BUSINESS WIRE)--Ideon Financial Solutions, a leading product innovation partner to retail banks in the North America and Europe, today announced that it has been granted a patent for its Choice Savings technology by the United States Patent and Trademark Office. This patent, U.S. Patent Number 7,987,136 entitled "Systems and methods for providing customized financial products and hedging risk exposure," recognizes the ability to provide financial institutions with a system that enables the rapid and efficient design and deployment of customizable financial savings products. The system can deliver these customizable savings products without restrictions in the minimum transaction value or in levels of individual customization.
“The Choice Savings solution provides retail banks and other financial institutions - such as wealth managers, brokers and issuers - what they need to take their current product offerings to the next level. We are obviously pleased with the USPTO's issuance of this patent. The patent is recognition of the uniqueness and value of the Ideon Choice Savings solution and strengthens our existing intellectual property protection,” said Daniel Smith, Ideon’s CTO and co-founder.
Financial institutions who wish to capture funds and sell products in an economically efficient manner in today’s highly competitive environment are looking for new products and ideas that allow them to offer added value to customers. However, current systems and methods cannot viably equip banks to build, offer and manage large numbers of individual, customized financial products efficiently.
Ideon´s turnkey Choice Savings solution permits banks to rapidly take to market an unlimited variety of innovative and customizable products at the same time that they eliminate all back-end manual processes. Moreover, Ideon offers an end-to-end solution that not only delivers dynamic frontline sales tools and training, but also all back-office accounting, customer settlements, correspondence, tax reporting, risk hedging and compliance.
Matt Murphy, Ideon’s US Managing Director explains, “Financial institutions powered by Choice Savings patented technology will differentiate themselves with their customers and from the competition by delivering mass customized retail savings and investment products.”
About Ideon Financial Solutions
Ideon Financial Solutions is a strategic and product innovation partner for leading financial institutions in North America and Europe. Ideon assists its partners in distributing innovative and profitable products to their customer base. Ideon has trained more than 16,000 sales managers that have sold 170,000 products through programs with our partners – representing total product volume in excess of $100 billion in notional value. Ideon partners with financial institutions from its offices in the United States, Switzerland and Spain. Additional information about Ideon may be found at its web site www.ideonfs.com.
About Choice Savings
Choice Savings is Ideon’s patented technology that equips financial institutions to sell, deliver, and manage customized savings and investment products. With Choice Savings, financial institutions can meet individual customer needs, allowing banks to offer personal customization of product features in a competitive, attractive and intuitive manner. Choice Savings offers a powerful technology that can be rapidly and efficiently integrated with the bank’s existing core system capabilities in order to extend its product and service offerings.