Product optimizer

• US 20060155640A1
• Filed: 12/13/2005
• Published: 07/13/2006
• Est. Priority Date: 09/12/2003
• Status: Abandoned Application

• Current Assignee: Altisource Solutions S.A R.L. (Altisource Portfolio Solutions SA)
• Original Assignee: Altisource Solutions S.A R.L. (Altisource Portfolio Solutions SA)
• Inventors: Erbey, William C., Kennedy, Christopher, Hurley, Bryan
• Application Number:
  US11/301,247
• Publication Number:
  US 20060155640A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• 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

Abstract

A system and method for defining a custom business process associated with a financial transaction. Defining a business process includes creating one or more forms for exchanging information among a customer, a financial institution, and, optionally, a vendor or other third-party who performs one or more sub-transactions related to the financial transaction. The system and method of the present invention provide for customizing each form to include one or more data elements associated with the financial transaction. The selected data elements are subsequently used to define logical relationships for automating order placement of sub-transactions. The logical relationships are triggered by one or more predetermined events. Once triggered, the logical relationships are applied, and the result or outcome is used to perform other tasks associated with the financial transaction automatically.

Claims

1. A method for electronically facilitating a transaction between a financial institution and an end user, the method comprising:

inputting a plurality of data elements into a data repository;

selecting at least one of the plurality of data elements;

selecting at least one of the plurality of data elements;

creating at least one form, each form including the at least one of the plurality of data elements;

creating at least one decision rule using the at least one of the plurality of data elements;

selecting one or more triggering events to trigger application of the at least one decision rule; and

specifying one or more activities to be performed upon an outcome of the at least one decision rule.

2. The method according to claim 1, wherein the plurality of data elements includes at least one selected from a group consisting of file level information and order level information, wherein the file level information includes general financial information, and wherein the order level information includes detailed financial information relating to the transaction.

3. The method according to claim 1, wherein the at least one form is selected from a group consisting of an order form for ordering a sub-transaction, an order confirmation form for confirming one of acceptance, conditional acceptance, and denial of the sub-transaction, and an order fulfillment form for communicating an outcome of the sub-transaction.

4. The method according to claim 1, wherein the one or more triggering events is selected from a group consisting of ordering the transaction, ordering a sub-transaction, confirming a sub-transaction, completing a sub-transaction, canceling a sub-transaction, and declining a sub-transaction.

5. The method according to claim 1, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to another data element.

6. The method according to claim 1, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to a numerical value.

7. A system for electronically facilitating a transaction between a financial institution and an end user comprising:

means for inputting a plurality of data elements into a data repository;

means for selecting at least one of the plurality of data elements;

means for creating at least one form, each form including the at least one of the plurality of data elements;

means for creating at least one decision rule using the at least one of the plurality of data elements;

means for selecting one or more triggering events to trigger application of the at least one decision rule; and

means for specifying one or more activities to be performed upon an outcome of the at least one decision rule.

8. The system according to claim 7, wherein the plurality of data elements include at least one selected from a group consisting of file level information and order level information, wherein the file level information includes general financial information, and wherein the order level information includes detailed financial information relating to the transaction.

9. The system according to claim 7, wherein the at least one form is selected from a group consisting of an order form for ordering a sub-transaction, an order confirmation form for confirming one of acceptance, conditional acceptance, and denial of the sub-transaction, and an order fulfillment form for communicating an outcome of the sub-transaction.

10. The system according to claim 7, wherein the one or more triggering events is selected from a group consisting of ordering the transaction, ordering a sub-transaction, confirming a sub-transaction, completing a sub-transaction, canceling a sub-transaction, and declining a sub-transaction.

11. The system according to claim 7, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to another data element.

12. The system according to claim 7, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to a numerical value.

13. A system for electronically facilitating a transaction between a financial institution and an end user, the system comprising:

a processor;

a user interface functioning via the processor; and

a repository accessible by the processor;

wherein a plurality of data elements are inputted into the repository,

wherein at least one of the plurality of data elements is selected,

wherein at least one form is created, each form including the at least one of the plurality of data elements,

wherein at least one decision rule using the at least one of the plurality of data elements is created,

wherein one or more triggering events to trigger application of the at least one decision rule is selected, and

wherein one or more activities to be performed upon an outcome of the at least one decision rule is specified.

14. The system according to claim 13, wherein the processor is housed on a terminal.

15. The system according to claim 14, wherein the terminal is selected from a group consisting of a personal computer, a minicomputer, a main frame computer, a microcomputer, a hand held device, and a telephonic device.

16. The system according to claim 13, wherein the processor is housed on a server.

17. The system according to claim 16, wherein the server is selected from a group consisting of a personal computer, a minicomputer, a microcomputer, and a main frame computer.

18. The system according to claim 16, wherein the server is coupled to a network.

19. The system according to claim 18, wherein the network is the Internet.

20. The system according to claim 18, wherein the server is coupled to the network via a coupling.

21. The system according to claim 20, wherein the coupling is selected from a group consisting of a wired connection, a wireless connection, and a fiberoptic connection.

22. The system according to claim 13, wherein the repository is housed on a server.

23. The system according to claim 22, wherein the server is coupled to a network.

24. A computer program product comprising a computer usable medium having control logic stored therein for causing a computer to facilitate a transaction between a financial institution and an end user, the control logic comprising:

a first computer readable program code means for inputting a plurality of data elements into a data repository;

a second computer readable program code means for selecting at least one of the plurality of data elements;

a third computer readable program code means for creating at least one form, each form including the at least one of the plurality of data elements;

a fourth computer readable program code means for creating at least one decision rule using the at least one of the plurality of data elements;

a fifth computer readable program code means for selecting one or more triggering events to trigger application of the at least one decision rule; and

a sixth computer readable program code means for specifying one or more activities to be performed upon an outcome of the at least one decision rule.

25. The computer program product according to claim 24, wherein the plurality of data elements include at least one selected from a group consisting of file level information and order level information, wherein the file level information includes general financial information, and wherein the order level information includes detailed financial information relating to the transaction.

26. The computer program product according to claim 24, wherein the at least one form is selected from a group consisting of an order form for ordering a sub-transaction, an order confirmation form for confirming one of acceptance, conditional acceptance, and denial of the sub-transaction, and an order fulfillment form for communicating an outcome of the sub-transaction.

27. The computer program product according to claim 24, wherein the one or more triggering events is selected from a group consisting of ordering the transaction, ordering a sub-transaction, confirming a sub-transaction, completing a sub-transaction, canceling a sub-transaction, and declining a sub-transaction.

28. The computer program product according to claim 24, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to another data element.

29. The computer program product according to claim 24, wherein the at least one decision rule comprises:

comparing one of the plurality of data elements to a numerical value.