Secure bidding system and method
First Claim
1. A computer-implemented secure-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 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 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 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 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 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 and the bid summary report, for the first bid process, wherein the electronic archive of information includes the digital checksum information.
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Accused Products
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.
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Citations
23 Claims
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1. A computer-implemented secure-bidding process comprising:
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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 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 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 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 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 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 and the bid summary report, for the first bid process, wherein the electronic archive of information includes the digital checksum information. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A non-transitory computer-readable medium having instructions stored thereon for causing a suitably programmed computer to execute a method, the method comprising:
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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 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 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 bids received for the first bid 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 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 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, wherein the electronic archive of information includes the digital checksum information. - View Dependent Claims (9, 10, 11, 12, 13, 14, 15, 16)
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17. A computer-implemented secure-bidding system comprising:
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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 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 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 decryptor configured to decrypt and deliver to one or more transaction participants 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 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, wherein the archive unit is configured to archive information that includes the digital checksum information. - View Dependent Claims (18, 19, 20, 21, 22)
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23. A system comprising:
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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 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 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 file received to ensure file integrity throughout the bid period; k) a computer-based unit configured to automatically control encrypt encryption of each file received using PKI and to automatically delete the unencrypted original files; l) a computer-based unit configured to automatically deliver encrypted compressed 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.
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Specification