Secure image bidding system

• US 7,945,504 B1
• Filed: 03/19/2008
• Issued: 05/17/2011
• Est. Priority Date: 03/19/2007
• Status: Active Grant

• Current Assignee: Columbia Capital Management LLC
• Original Assignee: Columbia Capital Management LLC
• Inventors: White, Jeff T., Pacunski, Charles M., Lloyd, Dennis W.
• Primary Examiner(s): Kazimi; Hani
• Assistant Examiner(s): MADAMBA, CLIFFORD B
• Application Number:
  US12/051,725
• Time in Patent Office: 1,154 Days
• Field of Search: 705/37
• US Class Current: 705/37
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Secure image bidding system process for financial transactions, including structured investment products, escrows and interest rate swaps. Some embodiments provide a secure image bidding system and process for image-based bid transmissions where each of a plurality of bids received by the system is encrypted and held in a digital “Vault” until the specified end of the bid period, at which time a package containing the encrypted bids, a log of server activity, and a digital checksum of the original bid file is sent via electronic mail to the bid broker and other participants. A second electronic mail message is sent to the bid broker and other participants containing the decryption key. During the bid process, no party has access to the bid information and there is no human interaction in the receipt, conversion to image, encryption, storage or conveyance of compiled information.

Claims

1. A computer-implemented secure-image-bidding process comprising:

providing a broker user interface on a computer system that elicits and receives information from one or more brokers to setup a plurality of bid processes including a first bid process, administers a database of bidders on the computer system, and performs one or more reporting functions;

defining, in the computer system, an expiration time for a bid period of the first bid process;

electronically receiving into the computer system a plurality of image-based bids submitted by a plurality of bidders for the first bid process only at times before the expiration time for the first bid process;

encrypting, in the computer system, the plurality of image-based bids for the first bid process upon receipt or earlier to form a plurality of encrypted bids;

automatically generating and logging at least one digital checksum, in the computer system, for each of the plurality of image-based bids received for the first bid process;

securely storing on the computer system the plurality of encrypted bids in a secure electronic vault, wherein the vault includes a directory in which specific information, including encrypted bids and digital checksums, about each one of the plurality of bid processes is automatically retained, and wherein the specific information for the first bid process is retained in an inaccessible state until the expiration time of the first bid process;

decrypting using the computer system and delivering to one or more transaction participants image-based bid information for the first bid process from the vault only following the expiration time of the first bid process;

receiving into the computer system a bid summary report based on the decrypted image-based bid information and a decision from the one or more brokers to award the first bid;

delivering the bid summary report to the plurality of bidders for the first bid process; and

using the computer system, automatically creating an electronic archive of information relating to the plurality of bid processes, including the encrypted bids, the bid summary report, and the digital checksum information for the first bid process.

2. The process of claim 1, wherein the encrypting of the plurality of bids upon receipt or earlier further includes encrypting at least some of the plurality of bids after they are entered by a bidder and before they are sent to the bid receiving computer system.

3. The process of claim 1, further comprising:

providing a bid-administrator user interface that elicits and receives information from one or more bid-and-server administrators to add authorized users to the system and cancel bidding processes;

automatically restricting a start time and a stop time of a bid period;

automatically generating one or more pairs of encryption keys for each one of the plurality of bid processes using public key infrastructure (PKI) cryptography;

automatically controlling electronic receipt of facsimile bid transmissions and converting the received facsimile bid transmissions to a compressed-image-format file; and

automatically controlling electronic receipt of electronic mail bid transmissions.

4. The process of claim 1, further comprising automatically controlling delivery of a confirmation receipt to a sender, wherein, for electronic mail bid submittals, the automatically controlling of the delivery includes delivering a confirmation receipt to a received electronic mail address of a sender, and wherein, for facsimile bid submittals, the automatically controlling of the delivering includes delivering a confirmation receipt to the sender based upon a database lookup for an electronic mail address using at least one of a group consisting of:

(a) a caller-identification number and

(b) facsimile header information transmitted with the facsimile.

5. The process of claim 1, further comprising, for each of a plurality of received electronic-mail transmissions for the first bid process:

automatically stripping any attachments from the transmission;

automatically converting the stripped attachments to a compressed-image-format file;

automatically and securely storing the original electronic mail transmission such that the original electronic mail transmission cannot be viewed until the expiration time of the bid period for the first bid process;

automatically generating and logging a digital checksum for each compressed-image format file received to ensure file integrity throughout the bid period;

automatically controlling encryption of each original image file received using PKI and immediately deleting unencrypted original image files; and

wherein the securely storing includes automatically receiving the encrypted compressed-image-format files into the vault.

6. The process of claim 5, further comprising:

automatically compiling contents of the vault in a compressed folder following expiration of the bid period for the first bid process;

automatically sending the compressed folder to a predefined distribution list via electronic mail following expiration of the bid period;

automatically generating a decryption key following expiration of the bid period; and

automatically sending the decryption key via electronic mail following expiration of the bid period.

7. The process of claim 1, further comprising automatically disabling receipt of facsimile and electronic mail transmissions for the first bid process upon expiration of the bid period for the first bid process.

8. The process of claim 1, further comprising:

automatically securing a graphical user interface that allows the broker to enter bid summary and results information; and

automatically, upon command by the broker, sending bid summary information via electronic mail to at least one of a group consisting of (i) bidders and (ii) a predefined distribution list of email addresses and (iii) a predefined list of facsimile numbers.

9. The process of claim 1, wherein the electronic archive of information relating to the plurality of bid processes further includes server logs, broker reporting, and encryption keys, the process further comprising:

automatically, upon command by at least one of (i) the broker and (ii) the administrator, writing one or more archives to computer-readable archive media for long-term storage.

10. A non-transitory computer-readable medium having instructions stored thereon for causing a suitably programmed computer to execute a method, the method comprising:

providing a broker user interface that elicits and receives information from one or more brokers to setup a plurality of bid processes including a first bidding process, administers a database of bidders, and performs one or more reporting functions;

defining, in the computer system, an expiration time for a bid period of the first bidding process;

electronically receiving a plurality of image-based bids submitted by a plurality of bidders for the first bidding process only at times before the expiration time of the first bidding process;

encrypting the plurality of image-based bids for the first bid process upon receipt or earlier to form a plurality of encrypted bids;

automatically generating and logging at least one digital checksum, in the computer system, for each of the plurality of image-based bids received for the first bidding process;

securely storing the plurality of encrypted bids in a secure electronic vault, wherein the vault includes a directory in which specific information, including encrypted bids and digital checksums, about each one of the plurality of bid processes is automatically retained, and wherein the specific information for the first bid process is retained in an inaccessible state until the expiration time of the first bidding process;

decrypting and delivering to one or more transaction participants image-based bid information for the first bidding process from the vault only following the expiration time of the first bid process;

receiving into the computer system a bid summary report based on the decrypted image-based bid information and a decision from the one or more brokers to award the first bid;

delivering the bid summary report to the plurality of bidders for the first bid process; and

using the computer system, automatically creating an electronic archive of information relating to the plurality of bid processes, including the encrypted bids, the bid summary report, and the digital checksum information for the first bid process.

11. The computer-readable medium of claim 10, further comprising instructions such that the encrypting of the plurality of bids upon receipt or earlier further includes encrypting at least some of the plurality of bids before they are submitted by respective bidders.

12. The computer-readable medium of claim 10, further comprising instructions such that the method further comprises:

providing a bid-administrator user interface that elicits and receives information from one or more bid-and-server administrators to add authorized users to the system and cancel bidding processes;

automatically restricting a start time and a stop time of a bid period;

automatically generating one or more pairs of encryption keys for each one of the plurality of bid processes using public key infrastructure (PKI) cryptography;

automatically controlling electronic receipt of facsimile bid transmissions and converting the received facsimile bid transmissions to a compressed-image-format file; and

automatically controlling electronic receipt of electronic mail bid transmissions.

13. The computer-readable medium of claim 10, further comprising instructions such that the method further comprises automatically controlling delivery of a confirmation receipt to a sender, wherein, for electronic mail bid submittals, the automatically controlling of the delivery includes delivering a confirmation receipt to a received electronic mail address of a sender, and wherein, for facsimile bid submittals, the automatically controlling of the delivering includes delivering a confirmation receipt to the sender based upon a database lookup for an electronic mail address using at least one of a group consisting of:

(a) a caller-identification number, and

(b) facsimile header information transmitted with the facsimile.

14. The computer-readable medium of claim 10, further comprising instructions such that the method further comprises, for each of a plurality of received electronic-mail transmissions for the first bid process:

automatically stripping any attachments from the transmission;

automatically converting the stripped attachments to a compressed-image-format file;

automatically and securely storing the original electronic mail transmission such that the original electronic mail transmission cannot be viewed until the expiration time of the bid period for the first bid process;

automatically generating and logging a digital checksum for each compressed-image format file received to ensure file integrity throughout the bid period;

automatically controlling encryption of each original image file received using PKI and immediately deleting unencrypted original image files; and

wherein the securely storing includes automatically receiving the encrypted compressed-image-format files into the vault.

15. The computer-readable medium of claim 14, further comprising instructions such that the method further comprises:

automatically compiling contents of the vault in a compressed folder following expiration of the bid period for the first bid process;

automatically sending the compressed folder to a predefined distribution list via electronic mail following expiration of the bid period;

automatically generating a decryption key following expiration of the bid period; and

automatically sending the decryption key via electronic mail following expiration of the bid period.

16. The computer-readable medium of claim 10, further comprising instructions such that the method further comprises automatically disabling receipt of facsimile and electronic mail transmissions for the first bid process upon expiration of the bid period for the first bid process.

17. The computer-readable medium of claim 10, further comprising instructions such that the method further comprises:

automatically securing a graphical user interface that allows the broker to enter bid summary and results information; and

automatically, upon command by the broker, sending bid summary information via electronic mail to at least one of a group consisting of (i) bidders and (ii) a predefined distribution list of email addresses and (iii) a predefined list of facsimile numbers.

18. The computer-readable medium of claim 10, further comprising instructions such that the electronic archive of information relating to the plurality of bid processes further includes server logs, broker reporting, and encryption keys, and further comprising instructions such that the method further comprises:

automatically, upon command by at least one of (i) the broker and (ii) the administrator, writing one or more archives to computer-readable archive media for long-term storage.

19. A computer-implemented secure-image-bidding system comprising:

a computer system that includes;

a broker-user interface that elicits and receives information into the computer system from one or more brokers to setup a plurality of bid processes including a first bidding process, administers a database of bidders, and performs one or more reporting functions, wherein the first bidding process has a defined expiration time;

a receiver configured to electronically receive into the computer system a plurality of image-based bids submitted by a plurality of bidders for the first bidding process only at times before the expiration time of the first bidding process;

an encrypter in the computer system configured to encrypt the plurality of bids for the first bid process upon receipt or earlier to form a plurality of encrypted bids;

an automatic digital checksum generator and logger that generates and logs at least one digital checksum, in the computer system, for each of the plurality of image-based bids received for the first bid process;

storage configured to securely store the plurality of encrypted bids in a secure electronic vault, wherein the vault includes a directory in which specific information, including encrypted bids and digital checksums, about each one of the plurality of bid processes is automatically retained, and wherein the specific information for the first bid process is retained in an inaccessible state until the expiration time of the first bid process;

a decrypter configured to decrypt and deliver to one or more transaction participants image-based bid information for the first bidding process from the vault only following the expiration time of the first bid process;

a receiver configured to electronically receive into the computer system a bid summary report based on the decrypted image-based bid information and a decision from the one or more brokers to award the first bid;

a transmitter configured to deliver the bid summary report to the plurality of bidders for the first bid process; and

an archive unit configured to automatically create an electronic archive of information relating to the plurality of bid processes, including the encrypted bids, the bid summary report, and the digital checksum information for the first bid process.

20. The system of claim 19, wherein the encrypter encrypts at least some of the plurality of bids before they are submitted by respective bidders.

21. The system of claim 19, the computer system further comprising:

a bid-administrator user interface that elicits and receives information from one or more bid-and-server administrators to add authorized users to the system and cancel bidding processes;

a timer configured to automatically restrict a start time and a stop time of a bid period;

an encryption-key generator configured to automatically generate one or more pairs of encryption keys for each one of the plurality of bid processes using public key infrastructure (PKI) cryptography;

a facsimile receiver and image converter configured to automatically control electronic receipt of facsimile bid transmissions and convert the received facsimile bid transmissions to a compressed-image-format file; and

an electronic-mail receiver configured to automatically control electronic receipt of electronic mail bid transmissions.

22. The system of claim 19, further comprising a confirmation unit configured to automatically control delivery of a confirmation receipt to a sender, wherein, for electronic mail bid submittals, the confirmation unit automatically delivers a confirmation receipt to a received electronic mail address of a sender, and wherein, for facsimile bid submittals, the confirmation unit automatically delivers a confirmation receipt to the sender based upon a database lookup for an electronic mail address using at least one of a group consisting of:

(a) a caller-identification number, and

(b) facsimile header information transmitted with the facsimile.

23. The system of claim 19, further comprising, for each of a plurality of received electronic-mail transmissions for the first bid process:

a stripper unit configured to automatically strip any attachments from the transmission;

an image-conversion unit configured to automatically convert the stripped attachments to a compressed-image-format file;

a storage unit configured to automatically and securely store the original electronic mail transmission such that the original electronic mail transmission cannot be viewed until the expiration time of the bid period for the first bid process;

a log unit configured to automatically generate and log a digital checksum for each compressed-image format file received to ensure file integrity throughout the bid period;

an encryption unit configured to automatically control encryption of each original image file received using PKI and immediately delete unencrypted original image files; and

wherein the vault is configured to automatically receive encrypted compressed-image-format files.

24. The system of claim 23, further comprising:

a compiler configured to automatically compile contents of the vault in a compressed folder following expiration of the bid period for the first bid process;

a transmitting unit configured to automatically send the compressed folder to a predefined distribution list via electronic mail following expiration of the bid period; and

a decryption unit configured to automatically generate a decryption key following expiration of the bid period, wherein the transmitting unit is also configured to automatically send the decryption key via electronic mail following expiration of the bid period.

25. The system of claim 19, further comprising a disable timer configured to automatically disable receipt of facsimile and electronic mail transmissions for the first bid process upon expiration of the bid period for the first bid process.

26. The system of claim 19, further comprising:

a secure graphical user interface that allows the broker to enter bid summary and results information; and

a transmitter configured to automatically, upon command by the broker, send bid summary information via electronic mail to at least one of a group consisting of (i) bidders and (ii) a predefined distribution list of email addresses and (iii) a predefined list of facsimile numbers.

27. The system of claim 19, wherein the electronic archive of information relating to the plurality of bid processes further includes server logs, broker reporting, and encryption keys, and the system further comprising:

an archive-storage unit configured to automatically, upon command by at least one of a group consisting of (i) the broker and (ii) the administrator, write one or more archives to computer-readable archive media for long-term storage.

28. A system comprising:

a) a graphical user interface configured to allow brokers to setup a plurality of bid processes including a first bidding process, administer a database of bidders and perform reporting functions, wherein the first bidding process has a defined expiration time;

b) a user interface configured to allow bid-and-server administrators to add authorized users to the system and to cancel bidding processes;

c) a computer-based unit configured to restrict the date, time and length of a bid period for the first bidding process;

d) a computer-based unit configured to automatically associate specific telephone numbers and fax-modem pools with one of the plurality of bid processes;

e) a computer-based unit configured to automatically generate pairs of encryption keys for each one of the plurality of bid processes using public key infrastructure (PKI) cryptography;

f) a computer-based unit configured to automatically control electronic receipt of facsimile bid transmissions and their conversion to a compressed-image-format file;

g) a computer-based unit configured to automatically control electronic receipt of electronic mail bid transmissions;

h) a computer-based unit configured to automatically control delivery of a confirmation receipt to a sender;

1) wherein, for electronic mail bid submittals, this provides delivery of a confirmation email receipt to a received electronic mail address of the sender, and

2) wherein, for facsimile bid submittals, this provides delivery of a confirmation facsimile receipt to the sender using a caller identification number or facsimile header information transmitted with the facsimile bid;

i) a computer-based unit configured to automatically strip attachments from electronic-mail transmissions, convert those attachments to a compressed-image-format file, and securely store the original electronic mail transmission so that it may not be viewed until expiration of the bid period;

j) a computer-based unit configured to automatically generate and log a digital checksum for each compressed-image-format file received to ensure file integrity throughout the bid period;

k) a computer-based unit configured to automatically control encrypt encryption of each image file received using PKI and to automatically delete the unencrypted original files;

l) a computer-based unit configured to automatically deliver encrypted compressed-image format files to a digital Vault, a secure directory in which specific information about one of the plurality of bid processes is retained without access by any party until the expiration of the bid period;

m) a computer-based unit configured to automatically disable receipt of facsimile and electronic mail transmissions for the first bidding process at the expiration of the bid period for the first bidding process;

n) a computer-based unit configured to automatically compile contents of the Vault in a compressed folder following expiration of the bid period for the first bidding process;

o) a computer-based unit configured to automatically send the compressed folder to a predefined distribution list via electronic mail following expiration of the bid period for the first bidding process;

p) a computer-based unit configured to automatically generate a decryption key following expiration of the bid period;

q) a computer-based unit configured to automatically send the decryption key via electronic mail following expiration of the bid period;

r) a secure graphical user interface configured to allow the broker to enter bid summary and results information;

s) a computer-based unit configured to automatically, upon command by the broker, to send bid summary information via electronic mail to a predefined distribution list;

t) a computer-based unit configured to automatically create an electronic archive of information relating to one of the plurality of bid processes, the archived information including encrypted bids, server logs, broker reporting, encryption keys and checksum information; and

u) a computer-based unit configured to automatically, upon command by the broker or administrator, write an archive to archive media for long-term storage.