Recurring transaction processing system and approach

• US 20050283434A1
• Filed: 06/09/2005
• Published: 12/22/2005
• Est. Priority Date: 06/09/2004
• Status: Active Grant

• Current Assignee: Syncada LLC (US Bancorp)
• Original Assignee: Syncada LLC (US Bancorp)
• Inventors: Hahn-Carlson, Dean W., Armstrong, Kevin M.
• Granted Patent: US 8,762,238 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems

Abstract

Transaction-based interactions are facilitated using recurring transaction processing approaches. According to an example embodiment of the present invention, recurring transactions are managed using rules applicable to parties to the transactions (e.g., as can be automatically associated with the recurring transactions based on information in the transactions and the rules). In this regard, transaction information is processed in accordance with rules characterizing the recurring nature of the transaction to which the information applies. Such transaction recurrence may be implemented, for example, using a cyclic, event-driven or other recurring type of condition. Payment related aspects of the transaction are also carried out based on the transaction processing and related recurring characteristics.

Claims

1. A transaction-processing system for processing recurring transactions involving merchant offerings among parties including buyers and sellers, the system comprising:

a transaction databank arrangement adapted to store information for a plurality of recurring transactions between buyers and sellers, the stored information including data associated with conditions of each recurring transaction between a buyer and a seller and upon which conditions payment for invoices can be selectively authorized on behalf of the buyer; and

a computer arrangement adapted, for each particular recurring transaction, to

receive transaction-based data from buyer and seller parties participating in the particular recurring transaction and store the received transaction-based data in the transaction databank, the transaction-based data including conditions upon which payment for invoices can be selectively authorized for the particular recurring transaction,

audit payment of an invoice for the particular recurring transaction as a function of data in the invoice and the stored data that specifies conditions of the particular recurring transaction upon which payment can be authorized,

authorize payment of the invoice as a function of the audit, and

update data characterizing billed quantities for the recurring transaction in the transaction databank arrangement to include a billed quantity in the invoice for which payment is authorized.

2. The system of claim 1, wherein the computer arrangement is adapted to

determine a condition of payment maturity of the recurring transaction, and

in response to payment for the recurring transaction to which the invoice applies being determined premature, store the invoice, monitor the condition of payment maturity and, when payment for the recurring transaction is determined to be mature, authorize payment of the invoice and update billed quantities for the recurring quantity information in the transaction databank arrangement to include the billed quantity in the invoice.

3. The system of claim 1, wherein the transaction databank arrangement is adapted to store recurring transaction information including recurring invoice generation information and wherein the computer arrangement is further adapted to automatically generate the invoice on a recurring basis as a function of the stored information.

4. The system of claim 1, wherein the transaction databank arrangement is further adapted to store delivery data indicative of a delivered transaction item quantity and wherein the computer arrangement is adapted to audit payment of the invoice by comparing transaction item quantity data from the invoice with the stored delivery data, and to authorize payment of the invoice in response to the audit indicating that the transaction item quantity for the invoice has been delivered.

5. The system of claim 1, wherein the transaction databank arrangement is adapted to store information specifying a termination condition for terminating the particular recurring transaction, and wherein the computer arrangement is adapted to terminate the particular recurring transaction as a function of the termination condition.

6. The system of claim 1, wherein the transaction databank arrangement includes fee information for assessing a fee for processing the recurring transactions and wherein the computer arrangement is adapted to assess a fee against one of the parties to the recurring transaction.

7. The system of claim 1, wherein the computer arrangement is configured and arranged to interact with remote processing arrangements to extract information specifying payment-related conditions for recurring transactions and to authorize payment of the invoice as a function of the extracted information.

8. The system of claim 7, wherein the computer arrangement is configured and arranged to

extract information from a seller that specifies merchant offerings provided to a buyer in connection with a recurring transaction,

audit payment of an invoice for the particular recurring transaction by comparing the specified merchant offerings with conditions of the recurring transaction upon which payment can be authorized, and

authorize payment for the specified merchant offerings as a function of the audit.

9. The system of claim 1, wherein the transaction databank is adapted to store information specifying a payment initiation condition for the particular recurring transaction, and wherein the computer arrangement is adapted to initiate a recurring payment for the particular recurring transaction as a function of the specified payment initiation condition.

10. The system of claim 1, wherein the transaction databank arrangement is adapted to store identification information for the particular recurring transaction, and wherein the computer arrangement is adapted to audit payment of an invoice for the particular recurring transaction by comparing data from an invoice with the data associated with conditions of the recurring transaction by associating the invoice with the recurring transaction as a function of identification information on the invoice matching identification information for the particular recurring transaction.

11. The system of claim 1, wherein the computer arrangement is adapted to

audit payment of an invoice for the particular recurring transaction as a function of data in the invoice and the stored data that specifies conditions of the particular recurring transaction upon which payment can be authorized by comparing a billed amount in the invoice with specified conditions that indicate an acceptable range of billed amounts, and

authorize payment of the invoice as a function of the audit by authorizing payment in response to the billed amount in the invoice falling in the indicated acceptable range of billed amounts, and by denying payment in response to the billed amount in the invoice falling outside the indicated acceptable range of billed amounts.

12. The system of claim 1, wherein the computer arrangement is adapted to audit payment of an invoice for the particular recurring transaction as a function of at least one of

a payment request date in the invoice,

a previous payment date,

a previous payment amount,

an amount of credit available for use on the buyer'"'"'s behalf, and

a payment request amount in the invoice.

13. The system of claim 1, wherein the computer arrangement is adapted to

receive transaction-based data including a proposed recurring transaction conditions from a seller,

receive transaction-based data including a notice of service acceptance of the proposed recurring transaction conditions from a buyer, and

audit payment of an invoice for the particular recurring transaction as a function of the notice of service acceptance being received.

14. A method for processing recurring transactions involving merchant offerings among parties including buyers and sellers, the method comprising:

storing information for a plurality of recurring transactions between buyers and sellers, the stored information including data associated with conditions of each recurring transaction between a buyer and a seller and upon which conditions payment for invoices can be selectively authorized on behalf of the buyer; and

for each particular recurring transaction,

receiving transaction-based data from buyer and seller parties participating in the particular recurring transaction and store the received transaction-based data in the transaction databank, the transaction-based data including conditions upon which payment for invoices can be selectively authorized for the particular recurring transaction,

auditing payment of an invoice for the particular recurring transaction as a function of data in the invoice and the stored data that specifies conditions of the particular recurring transaction upon which payment can be authorized,

authorizing payment of the invoice as a function of the audit, and

updating data characterizing billed quantities for the recurring transaction in the transaction databank arrangement to include a billed quantity in the invoice for which payment is authorized.

15. The method of claim 14, further comprising, for each particular transaction,

determining a condition of payment maturity of the recurring transaction, and in response to payment for the recurring transaction to which the invoice applies being determined premature, storing the invoice, monitoring the condition of payment maturity and, when payment for the recurring transaction is determined to be mature, authorizing payment of the invoice and updating billed quantities for the recurring quantity information in the transaction databank arrangement to include the billed quantity in the invoice.

16. The method of claim 14, further comprising, for each particular transaction,

extracting information specifying payment-related conditions for recurring transactions from a remote processing arrangement,

extracting information from a seller that specifies merchant offerings provided to a buyer in connection with a recurring transaction,

auditing payment of an invoice for the particular recurring transaction by comparing the extracted specified merchant offerings with extracted payment-related conditions of the recurring transaction upon which payment can be authorized, and

authorizing payment for the specified merchant offerings as a function of the audit.

17. The method of claim 14, further comprising auditing payment of an invoice for the particular recurring transaction as a function of at least one of

a payment request date in the invoice,

a previous payment date,

a previous payment amount,

an amount of credit available for use on the buyer'"'"'s behalf, and

a payment request amount in the invoice.

18. A transaction-processing system for processing recurring transactions involving merchant offerings among parties including buyers and sellers, different ones of the recurring transactions involving different ones of the buyer and sellers, the system comprising:

a data storage arrangement adapted to store transaction-based data for each recurring transaction, the transaction-based data including profile information for at least one of a buyer and a seller for each recurring transaction, for identifying financial institutions for implementing the processing of payment for each recurring transaction, and for associating invoices with transaction rules specifying conditions upon which payment for the invoices can be selectively authorized for the transaction,

a recurring transaction engine configured and arranged, for each particular recurring transaction, in response to receiving a notice of service acceptance from a buyer participant in the transaction, to

associate invoices with the transaction rules as a function of profile information for the particular recurring transaction,

audit each associated invoice against the transaction rules associated therewith,

authorize payment for each associated invoice as a function of the audit, and

update stored data characterizing billed quantities for the recurring transaction to include a billed quantity in the invoice for which payment is authorized,

a payment processor configured and arranged, for each recurring transaction, to interact with a financial institution specified in the profile information for the recurring transaction to facilitate payment in response to payment authorization from the recurring transaction engine; and

a fee processor configured and arranged, for each recurring transaction, to assess a fee against at least one of the buyer and seller parties for processing the recurring transaction.

19. The system of claim 18, wherein the recurring transaction engine is configured and arranged, for a particular recurring transaction, to

access a remote database implemented by one of a buyer and a seller participating in the particular recurring transaction,

extract data from the remote database upon which payment for the transaction can be authorized, and

audit each associated invoice against the transaction rules by auditing the invoice against the extracted data.

20. The system of claim 18, wherein the recurring transaction engine is configured and arranged to terminate processing and payment authorization for a particular recurring transaction in response to a transaction termination condition.