Method and apparatus for processing sales transaction data

• US 7,958,024 B2
• Filed: 03/15/2001
• Issued: 06/07/2011
• Est. Priority Date: 03/15/2001
• Status: Active Grant

• Current Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Original Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Inventors: Gharavy, Shari, Zhou, Cheng, Toub, Joshua, Chao, David, Erickson, Charles, Blount, Brian
• Primary Examiner(s): Hamilton; Lalita M
• Application Number:
  US09/810,012
• Publication Number:
  US 20020188535A1
• Time in Patent Office: 3,736 Days
• Field of Search: 705/35, 705/39, 705/40, 705/38
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system provides a way to manage agreements that institutions such as financial services companies have with distributors who sell their products. Each distributor has a plurality of sales representatives that earn commissions for selling such products. The commissions earned and any other constraints imposed on the sales representatives may be defined within a selling agreement. The system can generate each selling agreement utilizing a set of components representative of the type of agreement formed between the institutions and the distributor. The components of each selling agreement contain an associated rule set that enables a configuration engine to generate an appropriate document. The system also contains a set of regulatory conditions for each sale made by the sales representatives. The system may be utilized to process sales transaction data to ensure that selling agreement terms are followed and that regulations for each sale are satisfied.

Claims

1. A method for processing sales transaction data comprising:

using a distributer management system to perform;

capturing transaction data associated with sales performed by a plurality of sales representatives;

determining if said sales representatives associated with said transaction data are in conformity with a set of regulatory conditions applicable to said sales;

computing a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

executing a payment process to compensate said plurality of sales representatives for said sales in accordance with said compensation amounts.

2. The method of claim 1 further comprising:

using the distributer management system to perform;

generating a selling agreement to define a relationship between an institution and a distributor, wherein said plurality of sales representatives work on behalf of said distributor and said institution is a source of products to said distributor and sold by said sales representatives working on behalf of the distributor.

3. The method of claim 2 wherein said selling agreement comprises compensation components defining commission amounts.

4. The method of claim 3 wherein said computing utilizes said compensation components to determine said plurality of compensation amounts.

5. The method of claim 3 wherein said set of regulatory conditions defines at least one license associated with performing said sales.

6. The method of claim 5 wherein said at least one license equates to physical licenses issued by jurisdictions controlling said sales.

7. The method of claim 3 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if continuing education credits associated with maintaining said at least one license have been earned.

8. The method of claim 3 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for a specific type of said at least one license are satisfied.

9. The method of claim 3 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if said at least one licenses is expired.

10. The method of claim 3 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one license are satisfied.

11. The method of claim 3 wherein said set of regulatory conditions defines at least one appointment associated with performing said sales.

12. The method of claim 11 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires said at least one license.

13. The method of claim 11 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires errors and omissions coverage.

14. The method of claim 11 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one appointment are satisfied.

15. The method of claim 11 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if residency rules associated with said at least one appointment are satisfied.

16. The method of claim 11 wherein said regulatory conditions relates to said sales of a particular product type.

17. The method of claim 11 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment is valid.

18. The method of claim 2 wherein said selling agreement comprises compensation components defining commission amounts.

19. The method of claim 18 wherein said computing utilizes said compensation components to determine said plurality of compensation amounts.

20. The method of claim 18 wherein said set of regulatory conditions defines at least one license associated with performing said sales.

21. The method of claim 20 wherein said at least one license equates to physical licenses issued by jurisdictions controlling said sales.

22. The method of claim 18 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if continuing education credits associated with maintaining said at least one license have been earned.

23. The method of claim 18 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for a specific type of said at least one license are satisfied.

24. The method of claim 18 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if said at least one licenses is expired.

25. The method of claim 18 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one license are satisfied.

26. The method of claim 18 wherein said set of regulatory conditions defines at least one appointment associated with performing said sales.

27. The method of claim 26 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires said at least one license.

28. The method of claim 26 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment requires errors and omissions coverage.

29. The method of claim 26 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if renewal requirements for said at least one appointment are satisfied.

30. The method of claim 26 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if residency rules associated with said at least one appointment are satisfied.

31. The method of claim 26 wherein said regulatory conditions relates to said sales of a particular product type.

32. The method of claim 26 wherein said determining if said transaction data conforms to regulatory conditions associated with said sales further comprises:

determining if said at least one appointment is valid.

33. The method of claim 32 wherein said at least one appointment is associated with said distributor.

34. The method of claim 32 wherein said at least one appointment is associated with said distributor.

35. The method of claim 1 further comprising:

generating a plurality of reports about said at least one sales representative.

36. The method of claim 1 further comprising:

generating a plurality of reports about said sale transaction data.

37. The method of claim 1 wherein said determining if said transaction data conforms to said set of regulatory conditions associated with said sales further comprises:

for each sales representative and each sale associated with the transaction data and performed by the sales representative, determining if the sales representative performed the sale in conformance with regulatory constraints put in place by government organizations.

38. The method of claim 1 further comprising:

generating a plurality of reports about said at least one sales representative.

39. The method of claim 1 further comprising:

generating a plurality of reports about said sale transaction data.

40. A system for processing sales transaction data comprising:

a means for capturing transaction data associated with sales performed by a plurality of sales representatives;

a means for determining if said sales representatives associated with said transaction data are in conformity with a set of regulatory conditions applicable to said sales;

a means for computing a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

a means for executing a payment process to compensate said plurality of sales representatives for said sales in accordance with said compensation amounts.

41. The system of claim 40 further comprising:

means to generate a selling agreement to define a relationship between an institution and a distributor, wherein said plurality of sales representatives work on behalf of said distributor and said institution is a source of products to said distributor and sold by said sales representatives working on behalf of the distributor.

42. A computer readable medium comprising computer readable code embodied therein and executable by a processor to:

capture transaction data associated with sales performed by a plurality of sales representatives;

determine if said sales representatives associated with said transaction data are in conformity with a set of regulatory conditions applicable to said sales;

compute a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

execute a payment process to compensate said plurality of sales representatives for said sales in accordance with said compensation amounts.

43. The computer readable medium of claim 42 wherein said computer readable code is further executable by the processor to:

for each sales representative and each sale associated with the transaction data and performed by the sales representative, determine if the sales representative performed the sale in conformance with regulatory constraints put in place by government organizations.

44. The computer program of claim 42 wherein said computer readable code is further executable by the processor to:

generate a selling agreement to define a relationship between an institution and a distributor, wherein said plurality of sales representatives work on behalf of said distributor and said institution is a source of products to said distributor and sold by said sales representatives working on behalf of the distributor.

45. A system comprising:

a processor; and

a memory, coupled to the processor, wherein the memory includes computer readable code executable by the processor to;

capture transaction data associated with sales performed by a plurality of sales representatives;

determine if said sales representatives associated with said transaction data applicable to said sales;

compute a plurality of compensation amounts based on said sale transactions data and said set of regulatory conditions; and

execute a payment process to compensate said plurality of sales representatives for said sales in accordance with said compensation amounts.

46. The system of claim 45 wherein said computer readable code is further executable by the processor to:

for each sales representative and each sale associated with the transaction data and performed by the sales representative, determine if the sales representative performed the sale in conformance with regulatory constraints put in place by government organizations.

47. The system of claim 45 wherein said computer readable code is further executable by the processor to:

generate a selling agreement to define a relationship between an institution and a distributor, wherein said plurality of sales representatives work on behalf of said distributor and said institution is a source of products to said distributor and sold by said sales representatives working on behalf of the distributor.