Multi-Supplier Transaction and Payment Programmed Processing System and Approach

• US 20090287590A1
• Filed: 06/26/2009
• Published: 11/19/2009
• Est. Priority Date: 12/29/2004
• Status: Abandoned Application

• Current Assignee: Syncada LLC (US Bancorp)
• Original Assignee: US Bank National Association (US Bancorp)
• Inventors: Hahn-Carlson, Dean W.
• Application Number:
  US12/493,038
• Publication Number:
  US 20090287590A1
• Time in Patent Office: Days
• US Class Current: 705/29
• CPC Class Codes: G06Q 10/0875 Itemisation or classification of parts, supplies or services, e.g. bill of materials
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

In an example embodiment, a computer-based contract-management approach processes transactions involving at least one supplier (i.e., seller or sellers) fulfilling one or more sub-components of the transaction. Each of the suppliers (e.g., as well as other transaction parties) reference the transaction when communicating transaction information such as invoices, regardless of which sub-component of the transaction the seller is involved with. The invoices are associated with the transaction using the transaction referenced in each invoice and each supplier is accordingly paid for its performance of the sub-component of the transaction with which it is involved. From a buyer'"'"'s perspective, the transaction is processed in accordance with the sub-components associated with the at least one supplier. Per each supplier, the transaction is processed generally two-dimensionally (via buyer and via suppliers), thus generally isolating (where desirable) each supplier from the sub-components of the transaction for which it is not a participant.

Claims

1. An automated transaction system comprising:

a data storage arrangement that stores;

data identifying profiled parties including buyers and sellers;

data for identifying contract-defined transactions between each buyer and at least two sellers that fulfill respective sub-parts of the transaction;

contract-defined terms for the contract-defined transactions; and

sets of business rule variables and transaction processing rule variables respectively defined on behalf of the profiled parties, and

cross-correlation data for correlating each contract-defined transaction with data identifying profiled parties for the transaction;

a correlation engine configured to respond to order and payment request data sets by accessing the correlation database to identify a contract-defined transaction related to the order and payment request data, and to correlate, with the transaction, data identifying profiled parties and sets of business rule and transaction processing rule variables for the correlated parties;

an automatic transaction processing engine configured, for each sub-part of each transaction, to execute an audit algorithm, using the correlated variables and contract-defined terms for the correlated contract as inputs, to audit a payment request data set for the sub-part of the transaction against the received order data to determine a condition of payment authorization for the payment request data set; and

a payment engine configured to respond to the determined condition of payment authorization indicating that payment for an audited payment request data set is appropriate by using the correlated variables and contract-defined terms for the correlated contract to determine a payment amount, and generate and output an electronic payment instruction, based upon the correlated business rule variables and the determined payment amount, to effect payment to the seller.

2. The system of claim 1,

further including a transaction-tracking database configured to store historical status data for each contract-defined transaction,

wherein the automatic transaction processing engine is configured to execute the audit algorithm by using the stored status data an additional input to the algorithm to audit the payment request data set according to the historical data to determine a condition of payment authorization that is relevant to an historical-based credit worthiness for extending payment for the sub-part of the transaction.

3. The system of claim 1, wherein

the correlation engine is configured to

respond to order data received from a buyer, the order data specifying a transaction ID, quantities of merchant offerings, and a monetary amount for the merchant offerings, by correlating the received order data with a particular contract and with variables defined for the buyer using the cross-correlation data, and

respond to respective sets of payment request data received from supplier parties, each payment request data set including a transaction ID and payment data related to the merchant offerings provided by the supplier party for the payment request data set, by correlating each set of received payment request data with a particular contract and with variables defined for the supplier using the cross-correlation data, and

the automatic transaction processing engine is configured to execute the algorithm for each set of payment request data corresponding to a particular sub-part of a transaction.

4. The system of claim 1, wherein the payment engine is configured to generate fee to assess a fee against at least one transaction party for the electronic payment as a function of at least one of:

the payment request data set and the correlated contract-defined terms.

5. The system of claim 1, wherein the payment engine is configured to generate and output an electronic payment instruction to each seller performing a sub-part of a particular transaction to effect payment from the buyer to each seller.

6. The system of claim 1, wherein

the data storage arrangement stores contract-defined terms for a common transaction involving multiple merchant offerings and different sellers that fulfill sub-parts of the common transaction,

the correlation engine is configured to respond to payment request data sets from each of the different sellers by correlating the request data sets with the common contract-defined transaction, and

the automatic transaction processing engine is configured to execute an audit algorithm, for each payment request data set, to determine a condition of payment authorization of each data set.

7. An automated transaction system comprising:

a data storage arrangement that stores;

data identifying profiled parties including buyers and financiers that provide funds on behalf of the buyers;

data for identifying contract-defined transactions between each buyer and at least two financiers that fulfill respective sub-parts of the transaction using a pool of funds provided by at least two financial suppliers each of the financial suppliers providing a portion of the pool of funds as specified in the stored contract data;

contract-defined terms for the contract-defined transactions; and

sets of business rule variables and transaction processing rule variables respectively defined on behalf of the profiled parties, and

cross-correlation data for correlating each contract-defined transaction with data identifying profiled parties for the transaction;

a correlation engine configured to respond to received event data by accessing the correlation database to identify a contract-defined transaction related to the event data, and to correlate, with the transaction, data identifying profiled parties and sets of business rule and transaction processing rule variables for the correlated parties;

an automatic transaction processing engine configured to, for each sub-part of each transaction and the portion of the pool of funds relating thereto, execute an audit algorithm, using the correlated variables and contract-defined terms for the correlated contract as inputs, to audit repayment for the sub-part of the transaction to determine a condition of payment authorization therefor; and

a payment engine configured to respond to the determined condition of payment authorization by using the correlated variables and contract-defined terms for the correlated contract to determine a payment amount, and generate and output an electronic payment instruction, based upon the correlated business rule variables and the determined payment amount, to effect payment to the financier providing funds for the sub-part of the transaction.

8. The system of claim 7, wherein the at least two financial suppliers for one of the transactions include financial suppliers that supply funds in different currencies, wherein the payment engine is configured to generate and output an electronic payment instruction for each sub-part in a currency specified in the correlated variables.

9. The system of claim 7, wherein

the stored business rule variables for the financiers include variables for specifying transaction criteria of transactions for which the financier will supply funds, and

the automatic transaction processing engine is configured execute the audit algorithm to audit a sub-part of a transaction between the buyer and a seller for which a specified financier is to provide payment, using the specified transaction criteria as inputs to the audit algorithm, to determine a condition of payment authorization by the financier.

10. A processor-implemented method for processing electronic transactions, the method comprising:

storing, in a data storage arrangement

data identifying profiled parties including buyers and sellers;

data for identifying contract-defined transactions between each buyer and at least two sellers that fulfill respective sub-parts of the transaction;

contract-defined terms for the contract-defined transactions; and

sets of business rule variables and transaction processing rule variables respectively defined on behalf of the profiled parties, and

cross-correlation data for correlating each contract-defined transaction with data identifying profiled parties for the transaction;

operating a correlation engine module, in response to order and payment request data sets, to access the correlation database to identify a contract-defined transaction related to the order and payment request data, and to correlate, with the transaction, data identifying profiled parties and sets of business rule and transaction processing rule variables for the correlated parties;

operating an automatic transaction processing engine module to, for each sub-part of each transaction, execute an audit algorithm, using the correlated variables and contract-defined terms for the correlated contract as inputs, to audit a payment request data set for the sub-part of the transaction against the received order data to determine a condition of payment authorization for the payment request data set; and

operating a payment engine module to, in response to the determined condition of payment authorization indicating that payment for an audited payment request data set is appropriate, use the correlated variables and contract-defined terms for the correlated contract to determine a payment amount, and generate and output an electronic payment instruction, based upon the correlated business rule variables and the determined payment amount, to effect payment to the seller.