SYSTEMS AND METHODS FOR PRE-PAID FUTURES PROCUREMENT

• US 20100268611A1
• Filed: 04/21/2009
• Published: 10/21/2010
• Est. Priority Date: 04/21/2009
• Status: Active Grant

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Reid, William, Ostrowski, John
• Granted Patent: US 8,346,611 B2
• Time in Patent Office: Days
• US Class Current: 705/16
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A transaction processor can receive transaction information from a transaction between a customer and a merchant. The transaction information includes an account identifier associated with a financial account of the customer. The processor determines that the account identifier is associated with a fixed price futures contract. The transaction is completed at the current market price. Thereinafter, the processor can determine if the fixed price is lower than the current market price. If the fixed price is lower than the current market price, the process determines the difference in cost for the transaction if the fixed price were used. Then, the processor can create and send a resettlement transaction to the customer'"'"'s account to reimburse the customer for the difference. As such, the customer receives a simple method for paying for commodities at a set price without having special payment instruments or special accounts.

Claims

1. A system for processing a commodity transaction for a fixed price, the system comprising:

an interface operable to receive information about a transaction from a merchant point-of-sale device, wherein the information about the transaction includes an identifier for a customer account and a price for the transaction;

an identifier component in communication with the interface, the identifier component operable to determine whether the received identifier is related to a fixed price agreement;

a settlement engine in communication with the identifier component, the settlement engine operable to settle the transaction; and

a broker in communication with the settlement engine and the identifier component, the broker operable to receive the transaction information when the identifier component determines the received identifier is related to a fixed price agreement, the broker operable to generate a resettlement transaction for the difference between the fixed price in the fixed price contract and the price for the transaction and send the resettlement transaction to the settlement engine.

2. The system as defined in claim 1, wherein the system is part of a third party system.

3. The system as defined in claim 2, wherein the resettlement is between the third party system and an issuing bank.

4. The system as defined in claim 1, further comprising a pre-paid contract database operable to store information about one or more fixed price contracts.

5. The system as defined in claim 4, wherein the identifier component is operable to read at least a portion of the received identifier to determine if the transaction is associated with a fixed price contract.

6. The system as defined in claim 5, wherein the identifier component is operable to compare at least a portion of the received identifier to one or more identifiers for fixed price contracts in the pre-paid contract database to determine if the transaction is associated with a fixed price contract.

7. The system as defined in claim 6, wherein, when at least a portion of the received identifier compares to an identifier for the fixed price contract in the pre-paid contract database, the broker is operable to read one or more contract terms from the fixed price contract.

8. The system as defined in claim 7, wherein the broker is operable to read the fixed price from the fixed price contract and operable to compare the fixed price to the price for the transaction.

9. The system as defined in claim 8, wherein the broker is operable to send the resettlement when the fixed price is lower than the price for the transaction.

10. The system as defined in claim 9, wherein the resettlement is for a difference in a cost for the transaction if the fixed price was used instead of the price for the transaction.

11. The system as defined in claim 1, wherein the broker creates a resettlement file for each resettlement to be processed during a predetermined amount of time and sends all the resettlements in the resettlement file as a batch process.

12. The system as defined in claim 1, wherein the identifier component is operable to compare a merchant of the transaction against a merchant file created for the fixed price contract and operable to send a message to the broker to determine a resettlement when the merchant is in the merchant file.

13. A method, executable in computer system having a processor and memory, for conducting pre-paid futures transactions, the method comprising:

the processor receiving transaction information, wherein the transaction information includes a transaction price, a merchant identifier, and an customer account identifier;

the processor reading the customer account identifier;

the processor settling the transaction;

the processor comparing at least a portion of the customer account identifier with one or more identifiers for one or more fixed price contracts;

when at least a portion of the customer account identifier compares with an identifier of a fixed price contract, the processor determining if a resettlement transaction should be conducted; and

when a resettlement transaction should be conducted, the processor sending the resettlement transaction.

14. The method as defined in claim 13, further comprising:

the processor determining the fixed price associated with the fixed price contract;

the processor comparing the fixed price to the transaction price to determine if the fixed price is lower than the fixed price;

when the fixed price is lower than the fixed price, determining a difference in cost for the transaction if the fixed price were used for the transaction compared to the transaction price; and

the processor creating the resettlement transaction for the difference in cost.

15. The method as defined in claim 14, further comprising:

the processor reading a merchant file associated with the identified fixed price contract;

the processor determining if the merchant associated with the merchant identifier is in the merchant file; and

when the merchant associated with the merchant identifier is in the merchant file, the processor creating the resettlement transaction.

16. The method as defined in claim 14, further comprising:

the processor reading one or more other terms of the fixed price contract;

the processor determining if the one or more other terms are satisfied by the transaction; and

when the one or more other terms are satisfied by the transaction, the processor creating the resettlement transaction.

17. The method as defined in claim 13, further comprising:

the processor creating a resettlement batch file with two or more resettlement transactions created during a period of time; and

the processor sending all the resettlement transactions in the resettlement batch file as a batch process.

18. The method as defined in claim 17, wherein the processor creates two or more resettlement batch files, wherein each resettlement batch file is related to one financial institution.

19. A computer-readable medium readable by a computer system and having stored thereon instructions causing the computer system to execute a method for conducting pre-paid futures transactions, the method comprising:

instructions for receiving transaction information, wherein the transaction information includes a transaction price, a merchant identifier, and a customer account identifier;

instructions for reading the customer account identifier;

instructions for settling the transaction;

instructions for comparing at least a portion of the customer account identifier with one or more identifiers for one or more fixed price contracts;

when at least a portion of the customer account identifier compares with an identifier of a fixed price contract, instructions for determining if a resettlement transaction should be conducted;

instructions for determining the fixed price associated with the fixed price contract;

instructions for comparing the fixed price to the transaction price to determine if the fixed price is lower than the fixed price;

when the fixed price is lower than the fixed price, determining a difference in cost for the transaction if the fixed price were used for the transaction compared to the transaction price;

instructions for creating the resettlement transaction for the difference in cost; and

when a resettlement transaction should be conducted, instructions for sending the resettlement transaction.

20. The computer-readable medium as defined in claim 19, further comprising:

instructions for reading a merchant file associated with the identified fixed price contract;

instructions for determining if the merchant associated with the merchant identifier is in the merchant file; and

when the merchant associated with the merchant identifier is in the merchant file, instructions for creating the resettlement transaction.