Transaction payables processing system and approach
First Claim
1. An automated transaction processing system for electronically processing transactions involving buyers and sellers, the system comprising:
- a correlation database that storescontract data sets, each set being defined pursuant to a stored agreement between the buyer and seller involved in the transaction to which the contract data set applies,profile data for each transaction including payment terms defined by at least one of a buyer and seller in each transaction, the payment terms including information that, when used with transaction data in an algorithm executed by a computer processor, generates payment approval data, andunderwriting data stored for each of a multitude of disparate financier parties that finance transactions by extending credit for providing payment for the transactions,a transaction processor arrangement programmed to process electronic transactions according to the stored contract data sets and profile data, each transaction being characterized by a transaction data set received from a transaction participant, the transaction processor arrangement comprisinga correlation engine configured to correlate each received set of transaction data with a contract data set, with profile data for the transaction and with underwriting data for a financier that will underwrite payment for the transaction,a computer-implemented auditing engine programmed, for each transaction involving a buyer and at least one seller, to execute an algorithm for auditing a transaction data set for the transaction using the correlated contract data set and profile data for the transaction as inputs to the algorithm to determine a condition of payment authorization for the transaction, and to generate computer-readable audit data characterizing the audit,a computer-implemented underwriting engine programmed, for each transaction data set for which payment is authorized, to execute an algorithm using the correlated underwriting data as an input to authorize the extension of credit to fund the payment,a computer-implemented payment processor programmed, for each transaction data set, to process electronic payment to each seller financial institution pertaining to the transaction data set in response to generated audit data indicating that payment to the seller is appropriate for at least one transaction involving the seller and a buyer, using an extension of credit authorized via the underwriting engine, anda computer-implemented fee assessment engine programmed to assess a transaction processing fee, for each seller to which electronic payment is made, by generating computer-readable fee data that associates the fee and a fee amount with a seller for which the fee data is generated.
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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
28 Claims
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1. An automated transaction processing system for electronically processing transactions involving buyers and sellers, the system comprising:
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a correlation database that stores contract data sets, each set being defined pursuant to a stored agreement between the buyer and seller involved in the transaction to which the contract data set applies, profile data for each transaction including payment terms defined by at least one of a buyer and seller in each transaction, the payment terms including information that, when used with transaction data in an algorithm executed by a computer processor, generates payment approval data, and underwriting data stored for each of a multitude of disparate financier parties that finance transactions by extending credit for providing payment for the transactions, a transaction processor arrangement programmed to process electronic transactions according to the stored contract data sets and profile data, each transaction being characterized by a transaction data set received from a transaction participant, the transaction processor arrangement comprising a correlation engine configured to correlate each received set of transaction data with a contract data set, with profile data for the transaction and with underwriting data for a financier that will underwrite payment for the transaction, a computer-implemented auditing engine programmed, for each transaction involving a buyer and at least one seller, to execute an algorithm for auditing a transaction data set for the transaction using the correlated contract data set and profile data for the transaction as inputs to the algorithm to determine a condition of payment authorization for the transaction, and to generate computer-readable audit data characterizing the audit, a computer-implemented underwriting engine programmed, for each transaction data set for which payment is authorized, to execute an algorithm using the correlated underwriting data as an input to authorize the extension of credit to fund the payment, a computer-implemented payment processor programmed, for each transaction data set, to process electronic payment to each seller financial institution pertaining to the transaction data set in response to generated audit data indicating that payment to the seller is appropriate for at least one transaction involving the seller and a buyer, using an extension of credit authorized via the underwriting engine, and a computer-implemented fee assessment engine programmed to assess a transaction processing fee, for each seller to which electronic payment is made, by generating computer-readable fee data that associates the fee and a fee amount with a seller for which the fee data is generated. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 26)
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17. A method for electronically processing transactions involving buyers and sellers using, for each transaction, electronic profile data that is appropriate to each buyer/seller pairing and a contract data set defined as a function of the buyer and a predefined business relationship between the buyer and at least one seller, the method comprising:
programming a computer processor with software to process electronic transactions according to the stored contract data sets and profile data, by for each transaction involving a buyer and at least one seller, auditing transaction data using a stored contract data set and profile data for the transaction to determine a condition of payment for the transaction, and generating computer-readable audit data characterizing the audit, the contract data set being defined pursuant to an agreement between the buyer and seller involved in the transaction, the profile data including data defining payment terms for the buyer/seller pairing in the transaction, financing and processing electronic payment to a seller financial institution by generating and outputting electronic payment data in response to generated audit data indicating that payment to the seller is appropriate for at least one transaction involving the seller and a buyer, and assessing a transaction processing fee, for each seller to which electronic payment is made, by generating computer-readable fee data that associates the fee and a fee amount with a seller for which the fee data is generated. - View Dependent Claims (18, 19, 20, 21, 27)
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22. A transaction-based computer processor for processing payable funds for transactions between buyers and sellers, wherein at least one of a buyer and seller in each transaction transacts with a system administrator to process a payment account for the at least one of a buyer and seller, the computer processor being independent from the buyers and sellers and configured with software to:
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for each of a plurality of seller invoice data sets, associate the seller invoice data set with a transaction involving a buyer and seller using predefined contract data for a contract between the buyer and the seller, audit the associated invoice data set using the predefined contract data and audit data specified by the buyer in the transaction to determine a condition of payment for the transaction, and generate computer-readable audit data characterizing the audit; for each buyer, process electronic payment to sellers'"'"' financial institutions in response to generated audit data indicating that payment to a seller is appropriate for at least one invoice data set for the seller; and assess a transaction processing fee for each processed electronic payment by generating computer-readable fee data that associates the assessed fee and fee amount with a seller for which the electronic payment is generated. - View Dependent Claims (23, 24, 25, 28)
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Specification