DATA PROCESSING SYSTEM FOR PRICING, COSTING AND BILLING OF FINANCIAL TRANSACTIONS

• US 20100257082A1
• Filed: 06/16/2010
• Published: 10/07/2010
• Est. Priority Date: 08/01/1997
• Status: Active Grant

• Current Assignee: Robert A. Foster
• Original Assignee: Robert A. Foster
• Inventors: Foster, Robert A.
• Granted Patent: US 8,185,440 B2
• Time in Patent Office: Days
• US Class Current: 705/34
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/201 Price look-up processing, e.g. updating
• CPC Class Codes: G06Q 30/0206 Price or cost determination based on market factors
• CPC Class Codes: G06Q 30/0283 Price estimation or determination
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention provides methods and systems for pricing financial transactions by defining product rules, providing links to appropriate price tables, and calculating a price for a financial transaction. A data processing system in accordance with one embodiment of the present invention, creates a product rule corresponding to a financial transaction. The product rule contains mandatory attributes and optional attributes. Optional attributes may be looked up using identifiers constructed from said mandatory attributes. Optional attributes include a link to a price table which contains further attributes, including a pricing method. A price is then calculated in accordance with the pricing method. Billing is completed according to the billing method for the particular financial transaction.

Claims

1. A method for pricing financial transactions, said method comprising:

creating a plurality of product rules related to said financial transactions, said product rules include a first attribute;

creating a plurality of price tables, said price tables linked to said product rules by said first attribute, said price tables comprise a second attribute; and

calculating a plurality of prices based on said second attribute for said financial transactions.

2. The method of claim 1, wherein said price table includes a third attribute, said third attribute comprising a billing method.

3. The method of claim 1, wherein said product rules comprise:

a first portion comprising the name of said product rule;

a second portion comprising the status of said product rule;

a third portion comprising information regarding pricing and billing, said third portion including said first attribute and said second attribute; and

a fourth portion comprising display only information.

4. The method of claim 1, wherein said first attribute comprises a price table name.

5. The method of claim 1, wherein said second attribute comprises a pricing method.

6. The method of claim 5, wherein said pricing method is flat fee.

7. The method of claim 5, wherein said pricing method is unit price.

8. The method of claim 5, wherein said pricing method is unit cost.

9. The method of claim 5, wherein said pricing method is volume discount.

10. The method of claim 5, wherein said pricing method is tiering.

11. The method of claim 5, wherein said pricing method is cost plus.

12. The method of claim 5, wherein said pricing method is minimum revenue.

13. The method of claim 5, wherein said pricing method is maximum revenue.

14. The method of claim 5, wherein said pricing method is markup of total price.

15. The method of claim 5, wherein said pricing method is bundled pricing.

16. The method of claim 5, wherein said pricing method is Cross CAA Bundled Tiering.

17. The method of claim 1, wherein said product rule further comprises a plurality of mandatory attributes, said mandatory attributes create an identifier for said product rule.

18. The method of claim 1, further comprising applying a plurality of validating rules to validate said product rules prior to committing said product rules to a database.

19. The method of claim 1, wherein said product rules comprise a default product rule.

20. The method of claim 1, wherein said price table contains prices.

21. The method of claim 1, wherein said price table contains costs.

22. The method of claim 1, wherein said price table contains negative values.

23. A data processing system for pricing financial transactions, said data processing system comprising:

means for creating a product rule, said product rule comprises a plurality of mandatory attributes and a plurality of optional attributes;

means for creating a price table;

means for creating a link between said product rule and said price table; and

means for calculating a price for said financial transaction based on said product rule and said price table.

24. The data processing system of claim 23, further comprising means for billing.

25. The data processing system of claim 23, wherein means for creating a product rule comprises:

means for creating a first information, said first information being the name of said product rule;

means for creating a second information, said second information being the status of said product rule;

means for creating a third information, said third information being how pricing and billing is to be performed; and

means for creating a fourth information, said fourth information being display only information.

26. The data processing system of claim 23, further comprising means for creating an identifier for said product rule using said mandatory attributes.

27. The data processing system of claim 26, further comprising means for looking up said optional attributes using said identifier.

28. The data processing system of claim 23, further comprising means for applying validation rules to validate said product rules before committing said product rules to a database.

29. The data processing system of claim 23, further comprising means for creating a default product rule.