Automated transaction processing system and approach with currency conversion
First Claim
1. An automated pricing system for use with transaction parties who provide respective sets of business rules for transactions to be processed, the system comprising:
- a database storing the business rules including the information for selecting a currency conversion standard and also storing tolerance information useful for setting contract terms, the tolerance information including at least one of;
a tolerance payment range, a currency conversion rate tolerance, and a delivery term range; and
a transaction processor computer circuit configured to access the business rules and operative using executable modules, withone of the modules configured with the computer circuit to, for each transaction, retrieve respective sets of business rules for parties involved in the transaction, the business rules including currency conversion base conditions, currency conversion tolerances and price tolerances,another module configured with the computer circuit to derive a specific term for each transaction, the transaction having a price in the base currency that is set as a function of the specific term,another module configured with the computer circuit to select a currency conversion standard for each transaction as a function of the business rules, the currency conversion standard being susceptible to fluctuation as a function of currency conversion rates,another module configured with the computer circuit to convert the set price, for each transaction, from the base currency into a converted price in a different currency as a function of the currency conversion standard and the currency-conversion tolerance information specified by the business rules,another module to use the respective sets of business rules provided by each of the parties to the transaction to select the currency conversion standard, the respective sets of business rules provided by each of the parties to the transaction including terms identifying a particular currency conversion standard, and to convert the set price from the first currency into a second different currency for at least one party to the transaction as a function of the currency conversion standard by using the currency conversion standard in response to the time that settlement is effected; and
another module configured with the computer circuit, responsive to differences in business rules for each party used to derive the specific term, transform at least one of the business rules to set the price within the retrieved price tolerances, and deriving the specific term using the transformed business rules and according to the retrieved price tolerances.
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Accused Products
Abstract
Transaction management for contract and contract-related approaches is facilitated. According to an example embodiment of the present invention, a transaction management system automatically sets contract terms including currency conversion terms for a transaction based on business rules previously established between parties to a transaction. In one implementation, the transaction management node automatically derives a contract term including a pricing-related term for a transaction between a buyer and seller using contract information therefor. The pricing-related term is used to set a price for the transaction, and a currency conversion term is used to convert the set price (or a portion of the set price corresponding to a particular transaction party) into a different currency.
134 Citations
31 Claims
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1. An automated pricing system for use with transaction parties who provide respective sets of business rules for transactions to be processed, the system comprising:
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a database storing the business rules including the information for selecting a currency conversion standard and also storing tolerance information useful for setting contract terms, the tolerance information including at least one of;
a tolerance payment range, a currency conversion rate tolerance, and a delivery term range; anda transaction processor computer circuit configured to access the business rules and operative using executable modules, with one of the modules configured with the computer circuit to, for each transaction, retrieve respective sets of business rules for parties involved in the transaction, the business rules including currency conversion base conditions, currency conversion tolerances and price tolerances, another module configured with the computer circuit to derive a specific term for each transaction, the transaction having a price in the base currency that is set as a function of the specific term, another module configured with the computer circuit to select a currency conversion standard for each transaction as a function of the business rules, the currency conversion standard being susceptible to fluctuation as a function of currency conversion rates, another module configured with the computer circuit to convert the set price, for each transaction, from the base currency into a converted price in a different currency as a function of the currency conversion standard and the currency-conversion tolerance information specified by the business rules, another module to use the respective sets of business rules provided by each of the parties to the transaction to select the currency conversion standard, the respective sets of business rules provided by each of the parties to the transaction including terms identifying a particular currency conversion standard, and to convert the set price from the first currency into a second different currency for at least one party to the transaction as a function of the currency conversion standard by using the currency conversion standard in response to the time that settlement is effected; and another module configured with the computer circuit, responsive to differences in business rules for each party used to derive the specific term, transform at least one of the business rules to set the price within the retrieved price tolerances, and deriving the specific term using the transformed business rules and according to the retrieved price tolerances. - 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)
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28. A transaction processing and currency conversion system, comprising:
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a database storing business rules including information for selecting a currency conversion standard and also storing tolerance information useful for setting contract terms, the tolerance information including at least one of;
a tolerance payment range, a currency conversion rate tolerance, and a delivery term range; anda computer circuit having respective software modules configured and arranged, with the computer circuit to access the business rules, and to; receive respective sets of the business rules for transactions between transacting parties; communicate with a plurality of buyer terminals and seller terminals and to provide a common source of data for users of the terminals, the data including seller offerings; control access to the data and for configuring the type and arrangement of the data to be communicated with the at least one buyer terminal in response to the identification of a buyer receiving the communications; use the respective sets of business rules provided by each of the parties to the transaction to select the currency conversion standard, the respective sets of business rules provided by each of the parties to the transaction including terms identifying a particular currency conversion standard, and convert the set price from the first currency into a second different currency for at least one party to the transaction as a function of the currency conversion standard by using the currency conversion standard in response to the time that settlement is effected; for each transaction to be implemented by a buyer for the seller offerings, determine a currency conversion criterion by, using the business rules for the buyer and sellers to automatically derive a currency conversion criterion for the transaction based on currency-conversion tolerance information specified by the business rules and also by a currency conversion standard, responsive to the currency conversion criterion falling outside of a specific currency-conversion tolerance range for at least one of the parties, transforming the business rules for at least one party and using the transformed business rules to automatically derive a currency conversion criterion for the transaction that falls within the specific currency-conversion tolerance range; and use the currency conversion criterion to convert transaction price data from a first currency implemented by the seller in the seller offerings to transaction price data in a different currency. - View Dependent Claims (29, 30)
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31. An automated pricing system for use with transaction parties who provide respective sets of business rules for transactions to be processed using the automated pricing system, the system comprising:
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a database storing business rules including the information for selecting a currency conversion standard and also storing tolerance information useful for setting contract terms, the tolerance information including at least one of;
a tolerance payment range, a currency conversion rate tolerance, and a delivery term range;means for accessing the business rules, and for receiving and using the business rules to derive a specific term for a transaction to be implemented by the buyer and seller, the transaction having a price that is set as a function of the specific term, the price being in a first currency; selection means for selecting a currency conversion standard as a function of the business rules; conversion means for converting the set price from the first currency into a second different currency for at least one party to the transaction as a function of the currency conversion standard, the set price being derived automatically and also being based on currency-conversion tolerance information specified by the business rules;
wherein at least one of said conversion means and said selection means are configured to use the respective sets of business rules provided by each of the parties to the transaction to select the currency conversion standard, the respective sets of business rules provided by each of the parties to the transaction including terms identifying a particular currency conversion standard, and to convert the set price from the first currency into a second different currency for at least one party to the transaction as a function of the currency conversion standard by using the currency conversion standard in response to the time that settlement is effected; andmeans for providing a transaction price by, responsive to the converted set price falling within a price tolerance in business rules for the at least one party to the transaction, providing the converted set price, and responsive to the converted set price falling outside of a price tolerance in business rules for the at least one party to the transaction, transforming a business rules term involving at least one of currency conversion and pricing parameters, and using the transformed business rules term to provide a resolved converted set price.
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Specification