A financial transaction system consistent with the invention allows clients
of a financial institution to use a web-based workstation to interface
with a plurality of back office systems within one or more financial
institutions. In an exemplary embodiment, a financial transaction system
comprises a hub server, a plurality of financial institutions, at least
one web server, and at least one database server. The hub server receives
data in the form of a plurality of disparately formatted instructions and
communicates the instructions to the financial institutions, which are
connected to the hub server for receiving the data and have a plurality of
differing reception formats to receive the reformatted data. Data is
transmitted between the web server and at least one user via a network
interface, and between the web server and the hub server. The web server
stores data and at least one application in an application database. Data
is transmitted between the database server, the hub server, and the web
server, and is stored in a hub database. The hub server maps data received
from the financial institutions and loads it onto the hub database. The
web server receives the mapped data from the hub database, transmits it
onto the application database, and permits the user to manipulate it using
the application. In another exemplary embodiment, a method of executing a
financial transaction consistent with the present invention comprises the
steps of receiving into an application database an instruction to execute
a financial transaction from at least one user using an application,
receiving the instruction into a hub database, reformatting the
instruction, and routing the reformatted instruction to at least one
financial institution.
