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Transaction Arbiter System and Method

  • US 20140081766A1
  • Filed: 11/14/2013
  • Published: 03/20/2014
  • Est. Priority Date: 05/16/2005
  • Status: Active Grant
First Claim
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1. A system for processing arbitrated price quote transactions over a network from at least one merchant in response to a request for quote (RFQ) by at least one customer, comprising:

  • a customer input device;

    a merchant database; and

    a transaction arbiter processing component in communication over the network with the customer input device and the merchant database via a remote host computer system, the transaction arbiter processing component storing at least one of algorithms and executable instructions that when executed perform a method comprising the steps of;

    (a) receiving, over the network, RFQ data for a product or service generated from the customer input device, the RFQ data including parameters specified from the at least one customer;

    (b) communicating, via the remote host computer system with the merchant database;

    (c) inputting, via the remote host computer system, at least one of merchant data, bidding functions and limiting parameters from at least one merchant, and storing the merchant data, bidding functions and limiting parameters into the merchant database, the merchant data including information on the merchant and at least one of products and services available from at least one merchant, the merchant data, bidding functions and limiting parameters further describing how a given merchant will respond to at least one of merchant data, bidding functions and limiting parameters from at least one other merchant, in response to the parameters specified in the customer'"'"'s RFQ;

    (d) interrogating, by the transaction arbiter processing component, and identifying at least one of merchant data, bidding functions and limiting parameters stored in the merchant database satisfying the parameters of the customer RFQ, and the transaction arbiter processing component performing at least one of;

    interacting with, processing, and executing a sequence of at least one of algorithms, permutations and calculations using the identified merchant data, bidding functions and limiting parameters;

    (e) generating, by the transaction arbiter processing component, an arbitrated price quote result satisfying the RFQ parameters;

    (f) communicating, from the transaction arbiter processing component over the network, the arbitrated price quote result to the customer input device; and

    (g) receiving, by the customer input device over the network, the arbitrated price quote result from the transaction arbiter processing component in response to the RFQ parameters.

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