Method and system for vendor management
First Claim
1. A computer-implemented method for electronically facilitating a transaction between a financial institution and an end user, the computer comprising a processor and an accessible repository, the method comprising:
- receiving via the processor input specifying the transaction;
identifying via the processor at least one sub-transaction associated with the transaction; and
identifying via the processor a vendor from a plurality of vendors for the at least one sub-transaction on the basis of a calculated vendor score;
wherein identifying the at least one sub-transaction occurs automatically and comprises a trigger event triggering identifying the at least one sub-transaction, the trigger event comprising a completed second sub-transaction;
wherein the vendor score is calculated based on at least a vendor quality score and a vendor service score; and
wherein the at least one sub-transaction is identified as required or optional.
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Accused Products
Abstract
A method and system for managing business transactions, such as mortgages or other financial transactions. A business transaction between an end user and a financial institution includes sub-transactions between the end user and a vendor. A software system performs functions to complete the business transaction. Automated ordering allows an end user to quickly and easily order a sub-transaction without input from the financial institution or the vendor, and also automatically orders sub-transactions upon satisfaction of a trigger event. Vendor management functionality allows a financial institution to manage the transactions of a vendor. Qualitative performance analysis functionality allows an end user to monitor and evaluate a vendor'"'"'s price, turn-around time, quality score, and overall score. Vendor distribution functionality distributes sub-transactions among vendors. Vendor management company functionality allows a vendor management company—a vendor that outsources some or all of its sub-transactions to independent service providers—to effectively use the system.
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Citations
39 Claims
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1. A computer-implemented method for electronically facilitating a transaction between a financial institution and an end user, the computer comprising a processor and an accessible repository, the method comprising:
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receiving via the processor input specifying the transaction; identifying via the processor at least one sub-transaction associated with the transaction; and identifying via the processor a vendor from a plurality of vendors for the at least one sub-transaction on the basis of a calculated vendor score; wherein identifying the at least one sub-transaction occurs automatically and comprises a trigger event triggering identifying the at least one sub-transaction, the trigger event comprising a completed second sub-transaction; wherein the vendor score is calculated based on at least a vendor quality score and a vendor service score; and wherein the at least one sub-transaction is identified as required or optional. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38)
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39. A system having a processor and a data repository for electronically facilitating a transaction between a financial institution and an end user, comprising:
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means for receiving input specifying the transaction; first means for identifying that identify at least one sub-transaction associated with the transaction; and second means for identifying a vendor from a plurality of vendors for the at least one sub-transaction based on a calculated vendor score; wherein identifying the at least one sub-transaction occurs automatically, and the first means for identifying comprise a trigger event triggering identifying the at least one sub-transaction, the trigger event comprising a completed second sub-transaction; and wherein the vendor score is calculated based on at least a vendor quality score and a vendor service score.
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Specification