TRANSACTION PAYABLES PROCESSING SYSTEM AND APPROACH
First Claim
1. A system for auditing and risk-value assessment for electronic funds transfers, the system comprising:
- a database that stores a plurality of entity-specific algorithms for generating risk value criterion for collecting receivable funds for transactions between buyers and sellers, each algorithm being defined for a specific financial institution that finances payment for the transactions in return for the right to collect the receivable funds for the transactions; and
a risk-assessment computer circuit configured to, for each transaction to be financed by a particular financial institution and involving a buyer and a seller,access the database to retrieve one of the entity-specific algorithms for the particular financial institution, using identification data assigned to the particular financial institution,access historical data characterizing previous transactions involving at least one buyer and previous transactions involving at least one seller involved in the transaction,generate risk evaluation criteria using the accessed historical data for both the buyer and seller parties, andexecute the retrieved entity-specific algorithm, using the risk evaluation criteria and a monetary amount of the transaction as inputs, to determine a condition of authorization for providing funds to cover payment to the seller in exchange for the right to collect receivable funds from the buyer.
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Accused Products
Abstract
Transaction management for financial institution-based transactions is facilitated. According to an example embodiment of the present invention, a transaction management approach involves the processing of financial aspects of transactions for a plurality of buyers using transaction rules associated with each buyer for automatically auditing each transaction (for each buyer) and any associated invoices. When a transaction or series of transactions are approved for payment for a particular buyer, the payment is automatically facilitated on behalf of the particular buyer. A fee is then assessed for each transaction or series of transactions, to one or more of the particular buyer, involved seller (or sellers), and a sponsor of the buyer that sponsors the buyer'"'"'s participation.
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Citations
20 Claims
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1. A system for auditing and risk-value assessment for electronic funds transfers, the system comprising:
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a database that stores a plurality of entity-specific algorithms for generating risk value criterion for collecting receivable funds for transactions between buyers and sellers, each algorithm being defined for a specific financial institution that finances payment for the transactions in return for the right to collect the receivable funds for the transactions; and a risk-assessment computer circuit configured to, for each transaction to be financed by a particular financial institution and involving a buyer and a seller, access the database to retrieve one of the entity-specific algorithms for the particular financial institution, using identification data assigned to the particular financial institution, access historical data characterizing previous transactions involving at least one buyer and previous transactions involving at least one seller involved in the transaction, generate risk evaluation criteria using the accessed historical data for both the buyer and seller parties, and execute the retrieved entity-specific algorithm, using the risk evaluation criteria and a monetary amount of the transaction as inputs, to determine a condition of authorization for providing funds to cover payment to the seller in exchange for the right to collect receivable funds from the buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A system for auditing transaction data sets and risk-value assessment of electronic funds transfers, the system comprising:
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a database that stores a plurality of entity-specific algorithms for generating risk value criterion for collecting receivable funds for transactions between buyer and seller entities, each algorithm being defined for a specific financial institution that finances the transactions, contract data sets for executed contracts between buyer and seller entities involved in a transaction to which the contract data set applies, and buyer entity-specific auditing data that, when used with transaction data as inputs to an auditing algorithm, generates authorization data for transactions involving the buyer entity; an auditing circuit configured, for each transaction data set pertaining to a transaction defined by one of the contract data sets and involving contracting buyer and seller entities, to execute an auditing algorithm using the transaction data set, contract data set, and buyer-specific auditing data for the buyer entity as inputs, to selectively generate buyer authorization data for the transaction; a risk-assessment circuit configured to, for each transaction for which buyer authorization data is generated, access historical data characterizing previous transactions involving at least one of the buyer and seller entities involved in the transaction, generate risk evaluation criteria using the accessed historical data for at least one of the buyer and seller entities, and execute one of the entity-specific algorithms for a financial institution that finances the transaction, using the risk evaluation criteria and a monetary amount of the transaction as inputs, to determine a condition of authorization for providing funds to cover payment to the seller entity in exchange for the right to collect receivable funds from the buyer entity. - View Dependent Claims (12, 13, 14, 15, 16, 17)
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18. A method for auditing and risk-value assessment for electronic payments, the method comprising:
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storing, in a database, a plurality of entity-specific algorithms for generating risk value criterion for collecting receivable funds for transactions between buyer and seller entities, each algorithm being defined for a specific financial institution that finances payment for the transactions in return for the right to collect the receivable funds for the transactions; and in a programmed risk-assessment logic circuit, for each transaction to be financed by a particular financial institution and involving buyer and seller entities, accessing the database to retrieve one of the entity-specific algorithms for the particular financial institution, using identification data assigned to the particular financial institution, accessing historical data characterizing previous transactions involving at least one buyer entity and previous transactions involving at least one seller entity involved in the transaction, generating risk evaluation criteria using the accessed historical data for both the buyer and seller entities, and executing the retrieved entity-specific algorithm, using the risk evaluation criteria and a monetary amount of the transaction as inputs, to determine a condition of authorization for providing funds to cover payment to the seller entity in exchange for the right to collect receivable funds from the buyer entity. - View Dependent Claims (19, 20)
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Specification