SYSTEMS, METHODS AND APPARATUSES FOR A PAYMENT FACILITATION ENGINE
First Claim
1. A processor-implemented method to facilitate cross-border transactions, comprising:
- obtaining a selection for a desired item from presented goods and services;
determining a country of destination and origin for the selected items;
determining a least expensive payment method based on cross-border regulations and restrictions;
determining a currency exchange strategy to manage fluctuations in exchange rates;
providing materials to effect payment to a seller of the selected desired item; and
providing materials to effect payment from to the buyer of the selected desired item.
1 Assignment
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Accused Products
Abstract
The disclosure details the implementation of apparatuses, methods, and systems for a cross-border Payment Facilitation Engine. Through its various components, the cross-border Payment Facilitation Engine creates new markets by generating and facilitating payment. In one embodiment, the Engine manages the transaction by: creating a transaction “template” based on transaction information, alerting the buyer to potential problem areas, and updating of important upcoming dates and actions, and handling payment arrangements. The Engine creates all the required documents, manages payment instruments, integrates all events and parties, including the financial institutions, and allows parties to track the status of the payments on-line at any time. In one embodiment, the Engine provides the user with a template to ensure all pertinent information is detailed, so that payment responsibilities of the trading partners are clearly defined and transparent prior to engagement. The Engine has many numerous and revolutionary components to facilitate cross-border payment, such as, but not limited to: a payment matrix that employs interrelated rules and data sets pertinent to the exchange of payments and transfer of financial instrument as between seller, buyer and any intermediary financial institutions; an exchange facility which discerns differences in currency as between buyers and sellers and automatically render all financial transactions in the user'"'"'s native currency. The Engine may also be equipped to manage fluctuations in exchange rates.
42 Citations
25 Claims
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1. A processor-implemented method to facilitate cross-border transactions, comprising:
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obtaining a selection for a desired item from presented goods and services; determining a country of destination and origin for the selected items; determining a least expensive payment method based on cross-border regulations and restrictions; determining a currency exchange strategy to manage fluctuations in exchange rates; providing materials to effect payment to a seller of the selected desired item; and providing materials to effect payment from to the buyer of the selected desired item. - View Dependent Claims (2)
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3. A processor implemented method to facilitate cross-border transactions, comprising:
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receiving transaction information associated with a purchase order; analyzing the received transaction information to determine an at least one payment associated with fulfillment of the purchase order; identifying a payee, payor, payment amount and payment fulfillment terms for each of the determined at least one payments; identifying a payment instrument to be utilized to effectuate payment from the payor to the payee; monitoring purchase order information to determine if payment fulfillment terms for the at least one payment has been met; and effectuating the appropriate payment to the payee upon determination that the payment fulfillment terms associated with the at least one payment has been met. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A processor implemented method for providing payment facilitation, comprising:
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receiving a purchase order from a buyer; verifying the buyer has authority to submit the purchase order; determining the costs associated with fulfillment of the purchase order, wherein said costs include manufacturer costs, shipping costs, processing costs, exportation costs, importation costs, tariff costs, tax costs, and insurance costs; identifying the parties to which the payments associated with the determined costs must be paid; verifying the buyer has the necessary funds available to cover all costs associated with fulfillment of the purchase order; notifying a manufacturer that the buyer has the available funds to pay for the order associated with the purchase order; monitoring and analyzing transaction information associated with the purchase order; and identifying payments to be made based on the transaction information analysis. - View Dependent Claims (16, 17)
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18. A processor implemented method for facilitating payment management, comprising:
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receiving an approved sales order, wherein the sales order indicates an at least one payor and an at least one payee; generating a payment profile for the received sales order; receiving at least one of logistics information and procurement information; extracting relevant data from the sales order and received information; populating the payment profile with the extracted relevant data; coordinating payment details with a financial institution associated with the at least one payor; coordinating payment details with a financial institution associated with the at least one payee; updating the payment profile with the coordinated payment details; and managing collection and disbursement of payment. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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25. A processor implemented method for facilitating payment management, comprising:
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receiving an approved sales order, wherein the sales order indicates an at least one payor and an at least one payee, wherein the at least one payor includes a buyer, wherein the at least one payee includes a manufacturer, wherein the at least one payee includes a shipping services provider, wherein the at least one payee includes a tariff collection agency; generating a payment profile for the received sales order; receiving at least one of logistics information and procurement information; extracting relevant data from the sales order and received information; populating the payment profile with the extracted relevant data; coordinating payment details with a financial institution associated with the at least one payor; coordinating payment details with a financial institution associated with the at least one payee, updating the payment profile with the coordinated payment details, wherein the payment details include method of payment, terms of payment, and currency exchange information; and managing collection and disbursement of payment.
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Specification