Please download the dossier by clicking on the dossier button x
×

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
First Claim
Patent Images

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.

View all claims
  • 3 Assignments
Timeline View
Assignment View
    ×
    ×