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TRANSACTION PAYABLES PROCESSING SYSTEM AND APPROACH

  • US 20110029404A1
  • Filed: 05/24/2010
  • Published: 02/03/2011
  • Est. Priority Date: 10/06/2006
  • Status: Abandoned Application
First Claim
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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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