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System for centralized processing of accounting and payment functions

  • US 5,222,018 A
  • Filed: 10/11/1988
  • Issued: 06/22/1993
  • Est. Priority Date: 07/18/1985
  • Status: Expired due to Term
First Claim
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1. A system for accounting for Transaction costs comprising:

  • a) input means for inputting Item Information and for producing Transaction Information in accordance with said Item Information;

    b) data processing means responsive to said Transaction Information for;

    b1) maintaining accounts for a plurality of distinct;

    unrelated buyers and a group of sellers consisting of at least one seller;

    said accounts including a cumulative record of amounts payable to said buyers or due said sellers; and

    , for a Transaction processed by said system,b2) Determining Transaction Costs and identifying a seller, selected by a buyer, initiating said Transaction, said buyer having access to Rates preestablished by said identified seller, from said group in accordance with said Transaction Information;

    b3) debiting an account of said buyer for the amount of said Transaction costs and crediting an account of said identified seller with said amount; and

    b4) generating statements of their accounts for said buyers and said sellers said statements for said buyers identifying amounts due each of said sellers, and said statements for said sellers identifying amounts due from each of said buyers; and

    ,c) communications means for transmitting said Transaction Information from said input means to said data processing means.

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