Apparatus and method of a distributed capital system

• US 20030182230A1
• Filed: 02/14/2003
• Published: 09/25/2003
• Est. Priority Date: 02/14/2002
• Status: Active Grant

• Current Assignee: Distributed Capital Investments LLC
• Original Assignee: Zachary Pessin
• Inventors: Pessin, Zachary
• Granted Patent: US 7,590,595 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Methods, systems, and articles of manufacture consistent with the present invention provide for conducting financial transactions over a network. A user requests to execute at least one financial transaction with at least one of a number of parties, each of the parties corresponding to a data processing system on the network. Real-time financial information relating to the financial transaction is obtained, and the user can test and confirm that the financial transaction with the at least one party can take place prior to execution of the financial transaction.

Claims

1. A method in a data processing system having a program, the data processing system connected to at least one of a plurality of remote data processing systems via a network, the method comprising the steps performed by the program of:

receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

obtaining real-time financial information relating to the financial transaction; and

confirming that the financial transaction can be executed with at least one party.

2. The method of claim 1, further comprising:

receiving from the user the identity of the at least one party to execute the financial transaction.

3. The method of claim 1, wherein the step of confirming that the financial transaction can be executed comprises:

sending a notice of the financial transaction to the parties; and

receiving a confirmation from each party that can execute the financial transaction.

4. The method of claim 1, further comprising:

testing the financial transaction.

5. The method of claim 4, wherein the step of testing the financial transaction comprises:

determining a monetary value of the financial transaction;

determining whether the user is a payor or a payee in the financial transaction;

determining whether the user has the monetary value in an account of the user responsive to the user being the payor;

determining whether the at least on party has the monetary value to execute the transaction responsive to the user being the payee;

determining whether the user is authorized to execute the transaction;

determining whether the at least one party is authorized to execute the transaction;

identifying to the user that the financial transaction is authorized responsive to the user having the monetary value when the user is the payor, the at least one party having the monetary value when the user is the payee, the user being authorized, and the at least one party being authorized; and

identifying to the user that the financial transaction is not authorized responsive to at least one of the user not having the monetary value when the user is the payor, the at least one party not having the monetary value when the user is the payee, the user not being authorized, and the at least one party not being authorized.

6. The method of claim 1, further comprising:

executing the financial transaction.

7. The method of claim 6, wherein the step of executing the financial transaction comprises:

determining a monetary value of the financial transaction;

determining whether the user is a payor or a payee in the financial transaction;

when the user is the payor, effecting transfer of the monetary value from an account of the user to an account of the at least one party; and

when the user is the payee, effecting transfer of the monetary value from the account of the at least one party to the account of the user.

8. The method of claim 6, further comprising:

confirming that the financial transaction has been executed.

9. The method of claim 1, further comprising:

saving information about the financial transaction to a storage device.

10. The method of claim 1, further comprising:

saving information about the financial transaction as a template to a storage device for future financial transactions.

11. The method of claim 1, further comprising:

providing a summary of the financial transaction to the user.

12. The method of claim 1, further comprising:

assigning a unique transaction number to the financial transaction.

13. The method of claim 1, wherein the bank account is selected from the group consisting of a checking account, a savings account, and a money market account.

14. The method of claim 1, wherein the financial transaction is selected from the group consisting of an equity transfer, a commodity transfer, a utility payment, a sale of goods, a sale of services, and an auction.

15. The method of claim 1, wherein the user comprises a plurality of users.

16. The method of claim 1, wherein the data processing system and the remote data processing systems are connected via a secure network.

17. The method of claim 1, wherein the data processing system and the remote data processing systems are connected via the Internet.

18. The method of claim 1, further comprising:

determining whether the user is a payor or a payee in the financial transaction;

determining the national currency of the user;

determining the national currency of the party;

exchanging the national currency of the user to the national currency of the party responsive to the user being a payor; and

exchanging the national currency of the party to the national currency of the user responsive to the user being a payee.

19. The method of claim 1, further comprising:

prior to receiving a request for the financial transaction, receiving a login input from the user to login; and

authenticating the user responsive to receiving the login input.

20. The method of claim 1, further comprising:

receiving an input from the user of a monetary value of the financial transaction.

21. The method of claim 1, further comprising:

receiving an input from the user of a type of the financial transaction.

22. The method of claim 1, further comprising:

receiving an input from the user identifying whether the user is a payor or a payee to the financial transaction.

23. The method of claim 1, further comprising:

receiving an input from the user identifying a predetermined time at which to execute the transaction.

24. The method of claim 1, further comprising:

determining a monetary value of the financial transaction; and

determining whether the at least one party that will execute the financial transaction for the monetary value; and

confirming that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value.

25. The method of claim 1, wherein the user requests to execute a plurality of financial transactions, each financial transaction being executed a different party, all of the financial transactions being executed such that a monetary value equal to the user'"'"'s interest in each financial transactions is withdrawn from or deposited to an account of the user.

26. A method in a data processing system having a program, the data processing system connected to at least one of a plurality of remote data processing systems via a network, the method comprising the steps performed by the program of:

receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

obtaining real-time financial information relating to the financial transaction;

determining a monetary value of the financial transaction;

determining whether the at least one party that will execute the financial transaction for the monetary value; and

confirming that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value.

27. A computer-readable medium containing instructions that cause a data processing system to perform a method, the data processing system being connected to at least one of a plurality of remote data processing systems via a network, the method comprising the steps performed by the program of:

receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

obtaining real-time financial information relating to the financial transaction; and

confirming that the financial transaction can be executed with at least one party.

28. The computer-readable medium of claim 27, further comprising:

receiving from the user the identity of the at least one party to execute the financial transaction.

29. The computer-readable medium of claim 27, wherein the step of confirming that the financial transaction can be executed comprises:

sending a notice of the financial transaction to the parties; and

receiving a confirmation from each party that can execute the financial transaction.

30. The computer-readable medium of claim 27, further comprising:

testing the financial transaction.

31. The computer-readable medium of claim 30, wherein the step of testing the financial transaction comprises:

determining a monetary value of the financial transaction;

determining whether the user is a payor or a payee in the financial transaction;

determining whether the user has the monetary value in an account of the user responsive to the user being the payor;

determining whether the at least on party has the monetary value to execute the transaction responsive to the user being the payee;

determining whether the user is authorized to execute the transaction;

determining whether the at least one party is authorized to execute the transaction;

identifying to the user that the financial transaction is authorized responsive to the user having the monetary value when the user is the payor, the at least one party having the monetary value when the user is the payee, the user being authorized, and the at least one party being authorized; and

identifying to the user that the financial transaction is not authorized responsive to at least one of the user not having the monetary value when the user is the payor, the at least one party not having the monetary value when the user is the payee, the user not being authorized, and the at least one party not being authorized.

32. The computer-readable medium of claim 27, further comprising:

executing the financial transaction.

33. The computer-readable medium of claim 32, wherein the step of executing the financial transaction comprises:

determining a monetary value of the financial transaction;

determining whether the user is a payor or a payee in the financial transaction;

when the user is the payor, effecting transfer of the monetary value from an account of the user to an account of the at least one party; and

when the user is the payee, effecting transfer of the monetary value from the account of the at least one party to the account of the user.

34. The computer-readable medium of claim 32, further comprising:

confirming that the financial transaction has been executed.

35. The computer-readable medium of claim 27, further comprising:

saving information about the financial transaction to a storage device.

36. The computer-readable medium of claim 27, further comprising:

saving information about the financial transaction as a template to a storage device for future financial transactions.

37. The computer-readable medium of claim 27, further comprising:

providing a summary of the financial transaction to the user.

38. The computer-readable medium of claim 27, further comprising:

assigning a unique transaction number to the financial transaction.

39. The computer-readable medium of claim 27, wherein the bank account is selected from the group consisting of a checking account, a savings account, and a money market account.

40. The computer-readable medium of claim 27, wherein the financial transaction is selected from the group consisting of an equity transfer, a commodity transfer, a utility payment, a sale of goods, a sale of services, and an auction.

41. The computer-readable medium of claim 27, wherein the user comprises a plurality of users.

42. The computer-readable medium of claim 27, wherein the data processing system and the remote data processing systems are connected via a secure network.

43. The computer-readable medium of claim 27, wherein the data processing system and the remote data processing systems are connected via the Internet.

44. The computer-readable medium of claim 27, further comprising:

determining whether the user is a payor or a payee in the financial transaction;

determining the national currency of the user;

determining the national currency of the party;

exchanging the national currency of the user to the national currency of the party responsive to the user being a payor; and

exchanging the national currency of the party to the national currency of the user responsive to the user being a payee.

45. The computer-readable medium of claim 27, further comprising:

prior to receiving a request for the financial transaction, receiving a login input from the user to login; and

authenticating the user responsive to receiving the login input.

46. The computer-readable medium of claim 27, further comprising:

receiving an input from the user of a monetary value of the financial transaction.

47. The computer-readable medium of claim 27, further comprising:

receiving an input from the user of a type of the financial transaction.

48. The computer-readable medium of claim 27, further comprising:

receiving an input from the user identifying whether the user is a payor or a payee to the financial transaction.

49. The computer-readable medium of claim 27, further comprising:

receiving an input from the user identifying a predetermined time at which to execute the transaction.

50. The computer-readable medium of claim 27, further comprising:

determining a monetary value of the financial transaction; and

determining whether the at least one party that will execute the financial transaction for the monetary value; and

confirming that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value.

51. The computer-readable medium of claim 27, wherein the user requests to execute a plurality of financial transactions, each financial transaction being executed a different party, all of the financial transactions being executed such that a monetary value equal to the user'"'"'s interest in each financial transactions is withdrawn from or deposited to an account of the user.

52. A computer-readable medium containing instructions that cause a data processing system to perform a method, the data processing system being connected to at least one of a plurality of remote data processing systems via a network, the method comprising the steps performed by the program of:

receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

obtaining real-time financial information relating to the financial transaction;

determining a monetary value of the financial transaction;

determining whether the at least one party that will execute the financial transaction for the monetary value; and

confirming that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value.

53. A data processing system connected to at least one of a plurality of remote data processing systems via a network, the data processing system comprising:

means for receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

means for obtaining real-time financial information relating to the financial transaction; and

means for confirming that the financial transaction can be executed with at least one party.

54. A data processing system connected to at least one of a plurality of remote data processing systems via a network, the data processing system comprising:

means for receiving from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems;

means for obtaining real-time financial information relating to the financial transaction;

means for determining a monetary value of the financial transaction;

means for determining whether the at least one party that will execute the financial transaction for the monetary value; and

means for confirming that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value.

55. A data processing system connected to at least one of a plurality of remote data processing systems via a network, the data processing system comprising:

a memory comprising a program that receives from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems, obtains real-time financial information relating to the financial transaction, and confirms that the financial transaction can be executed with at least one party; and

a processing unit that runs the program.

56. A data processing system connected to at least one of a plurality of remote data processing systems via a network, the data processing system comprising:

a memory comprising a program that receives from a user a request to execute at least one financial transaction with at least one of a plurality of parties, each of the parties corresponding to one of the data processing systems, obtains real-time financial information relating to the financial transaction, determines a monetary value of the financial transaction, determines whether the at least one party that will execute the financial transaction for the monetary value, and confirms that the financial transaction can be executed with additional parties to the at least one party until a total monetary value for which the parties will execute the financial transaction is equal to the determined monetary value of the financial transaction responsive to the identified at least one party not executing the financial transaction for the monetary value; and

a processing unit that runs the program.

57. A computer-readable memory device encoded with a program having a data structure, the program run by a processor in a data processing system connected to at least one of a plurality of remote data processing systems via a network, the data structure having a plurality of entries, each entry comprising:

a first storage area that stores a monetary value of a financial transaction; and

a plurality of second storage areas that each store an identity of a party to the financial transaction and an amount for which the party will execute the financial transaction, the program confirming additional parties and amounts for which the additional eligible parties will execute the financial transaction until a total amount for which the parties will execute the financial transaction is equal to the monetary value.

58. A method of conducting financial transactions over a computerized network, comprising:

receiving a request for a financial transaction from a user;

obtaining real-time financial information on the user'"'"'s account; and

confirming that said financial transaction can be executed.

59. The method according to claim 58, further comprising:

testing said financial transaction with said real-time financial information prior to confirming that said financial transaction can take place.

60. The method according to claim 58, further comprising:

performing said financial transaction.

61. The method according to claim 60, further comprising:

saving said financial transaction.

62. The method according to claim 58, further comprising:

obtaining real-time information on the user'"'"'s account prior to initiating any financial transaction.

63. The method according to claim 61, wherein said financial transaction is saved as a template for future financial transactions.

64. The method according to claim 63, further comprising:

providing a comprehensive transaction summary to the user.

65. The method according to claim 58, further comprising:

assigning a unique transaction number to said financial transaction.

66. The method according to claim 59, wherein said testing step can be observed on a display, and said real-time information is provided on said display.