System and method of managing financial transactions over an electronic network
First Claim
1. A system for facilitating a financial transaction among a plurality of participants over an electronic network, comprising:
- a processor, and an electronic memory operatively connected thereto;
a set of rules, stored in said electronic memory, containing information regarding the laws of various jurisdictions or localities, regarding the customs, habits or requirements of professionals and authorities capable of effectuating the transaction in said jurisdictions or localities and of other participants, and regarding the specific document types, formats or templates used by said jurisdictions or localities, said professionals and authorities and said participants;
means for accepting into said electronic memory through said electronic network the input of information regarding the transaction and its participants;
means for correlation of said input information regarding the transaction and its participants with said stored rules of information and for deriving from said correlation a subset of rules that are applicable to the transaction and its participants; and
means for presenting to said participants terms of the transaction and documents required for the transaction in specific formats or templates required for the transaction, through said electronic network, based upon said input information regarding the transaction and its participants and said subset of rules that are applicable to the transaction and its participants.
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Accused Products
Abstract
A method and system for managing transactions over an electronic network accepts input of all transaction, participant and financial information and creates a secure, participant personalized and transaction-customized graphical user transaction interface, where participants can view, update and complete transaction details and documents over the electronic network. A database stores laws, requirements and customs for documents and procedures of all jurisdictions and potential participants. In view of the input information regarding the transaction and all rules, even overlapping and conflicting, relevant to the transaction details, the system automatically creates the interface and documents unique to the transaction, in the proper format and with the correct information. Transaction documents can also be uploaded from external sources. The system automatically calculates all required payments, arranges for the electronic transfer of funds upon input by the participants of final authorization, accompanied by digital verification, and creates audit records of the final transaction details.
264 Citations
60 Claims
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1. A system for facilitating a financial transaction among a plurality of participants over an electronic network, comprising:
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a processor, and an electronic memory operatively connected thereto;
a set of rules, stored in said electronic memory, containing information regarding the laws of various jurisdictions or localities, regarding the customs, habits or requirements of professionals and authorities capable of effectuating the transaction in said jurisdictions or localities and of other participants, and regarding the specific document types, formats or templates used by said jurisdictions or localities, said professionals and authorities and said participants;
means for accepting into said electronic memory through said electronic network the input of information regarding the transaction and its participants;
means for correlation of said input information regarding the transaction and its participants with said stored rules of information and for deriving from said correlation a subset of rules that are applicable to the transaction and its participants; and
means for presenting to said participants terms of the transaction and documents required for the transaction in specific formats or templates required for the transaction, through said electronic network, based upon said input information regarding the transaction and its participants and said subset of rules that are applicable to the transaction and its participants. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 46, 47, 48, 49, 50, 51, 52)
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23. A method of facilitating a property transaction among a plurality of participants, comprising the steps of:
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storing, into an electronic memory, a set of rules containing information regarding the laws of various jurisdictions or localities, regarding the customs, habits or requirements of professionals and authorities capable of effectuating the transaction in said jurisdictions or localities and of other participants, and regarding the specific document types, formats or templates used by said jurisdictions or localities, said professionals and authorities and said participants;
accepting into said electronic memory through said electronic network the input of information regarding the transaction and its participants;
correlating said input information regarding the transaction and its participants with said stored rules of information and deriving therefrom a subset of rules that are applicable to the transaction and its participants; and
presenting to said participants terms of the transaction and documents required for the transaction in specific formats or templates required for the transaction, through said electronic network, based upon said input information regarding the transaction and its participants and said subset of rules that are applicable to the transaction and its participants.
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45. A computer readable medium for use in facilitating a transaction among a plurality of participants, comprising:
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a first portion having stored therein a set of data rules regarding the laws of various jurisdictions, regarding the customs, habits or requirements of professionals and authorities capable of effectuating transactions in said jurisdictions, and regarding specific document types, formats or templates used by said jurisdictions, said professionals and authorities and participants of such transactions;
a second portion capable of storing therein data relating to the transaction and its participants; and
a third portion having stored therein computer executable code, wherein, upon execution by a computer of instructions embedded in said code, said data relating to the transaction and its participants is correlated with said set of data rules, and a user interface associated with the computer selectively displays terms of said transaction and displays documents required for the transaction in specific types, formats or templates required for the transaction and its participants.
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53. A system for monitoring and managing a financial transaction involving a plurality of participants, the system comprising:
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a central processor configured to communicate with a plurality of network devices via an electronic network to accept input through said electronic network of information regarding the transaction and its participants;
said processor storing a set of rules containing information regarding the laws of various jurisdictions, regarding the customs, habits or requirements of professionals and authorities capable of effectuating the transaction in said jurisdictions and of other participants, and regarding the specific document types, formats or templates used by said jurisdictions, said professionals and authorities and said participants, each of said rules providing terms or specific types, formats or templates of documents that are appropriate for the transaction based upon information regarding the transaction and its participants input through said electronic network;
said processor capable of integrating said information regarding the transaction and its participants input from said electronic network with said set of rules to derive the actual terms of the transaction and the actual set of documents in specific types, formats or templates used by the relevant jurisdictions, professionals and authorities, and participants expressing the terms of the transaction; and
a graphical user interface system configured to provide a unified graphical user interface to participants of the transaction at said plurality of network devices for expressing the terms of the transaction and for allowing restricted access of said participants to said set of documents. - View Dependent Claims (54, 55, 56, 58, 59, 60)
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57. A graphical user interface for use in managing a financial transaction among participants over an electronic network, said interface associating a central processing device with a plurality of remote computing devices, the graphical interface comprising:
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an interactive screen for accepting input of information regarding the transaction and its participants from said remote computing devices;
a routine which enables a user to input information regarding the transaction and its participants, permits correlation of said input information with information regarding the laws of various jurisdictions, regarding the customs, habits or requirements of professionals and authorities capable of effectuating the transaction in said jurisdictions and of other participants, and regarding the specific document types, formats or templates used by said jurisdictions, said professionals and authorities and said participants, said correlation providing the actual terms of the transaction and the actual documents of the transaction in specific types, formats or templates that are appropriate for the transaction based upon said input information regarding the transaction and its participants, and makes said actual terms of the transaction and said actual documents of the transaction available for access by said participants at remote computing devices upon verification of the identity of said participants.
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Specification