Automated transaction processing system and approach
First Claim
1. A system comprising:
- a data storage circuit including a cross-correlation database that stores data for subsequent retrieval by the data storage circuit and processing by an integrated, electronic supply chain processing computer engine, the data includingrespective sets of first data corresponding to disparate and separately-operating entity participants, andrespective sets of second data corresponding to contract terms established by transaction participants for multiple active transactions involving the disparate and separately-operating entity participants, anda plurality of algorithms, each of the plurality of algorithms operating onfirst data, from the sets of the first data, corresponding to at least two of the disparate and separately-operating entity participants, andsecond data, from the sets of the second data, includingpreviously-negotiated parameters corresponding to prospective transactions, each prospective transaction involving said at least two of the disparate and separately-operating entity participants, andvariable parameters that impact prices for the multiple transactions; and
a computer-based data processor, configured for performing the following steps for each prospective transaction,selecting one of the plurality of algorithms,from an applicable set of previously-negotiated parameters, selecting previously-negotiated parameters for execution by the selected one of the plurality of algorithms,retrieving current transaction data that corresponds to a parameter in the set of variable parameters on which the selected one of the plurality of algorithms operates,executing the selected one of the plurality of algorithms with the selected previously-negotiated parameters and with retrieved active transaction data to automatically derive a new term,assessing for validation said one of the prospective transactions for the current transaction with the new term at least partly defining a price for the current transaction and,in the event that said one of the prospective transactions is validated for the current transaction, generating payment data based on the price, andin the event that said one of the prospective transactions is not validated for the current transaction, generating exception data that identifies a reason that the prospective transaction is not to be validated.
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Abstract
Transaction management for contract and contract-related approaches is facilitated. According to an example embodiment of the present invention, a transaction management computer is programmed to automatically set contract 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. In one instance, previously-agreed-upon price approaches, such as fixed pricing, seller-controlled pricing, quantity-related tiered pricing and pricing management schemes are stored and used by the transaction management node to automatically derive the prices. With these approaches, pricing disputes that can occur after a transaction has been processed are reduced and/or eliminated.
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Citations
19 Claims
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1. A system comprising:
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a data storage circuit including a cross-correlation database that stores data for subsequent retrieval by the data storage circuit and processing by an integrated, electronic supply chain processing computer engine, the data including respective sets of first data corresponding to disparate and separately-operating entity participants, and respective sets of second data corresponding to contract terms established by transaction participants for multiple active transactions involving the disparate and separately-operating entity participants, and a plurality of algorithms, each of the plurality of algorithms operating on first data, from the sets of the first data, corresponding to at least two of the disparate and separately-operating entity participants, and second data, from the sets of the second data, including previously-negotiated parameters corresponding to prospective transactions, each prospective transaction involving said at least two of the disparate and separately-operating entity participants, and variable parameters that impact prices for the multiple transactions; and a computer-based data processor, configured for performing the following steps for each prospective transaction, selecting one of the plurality of algorithms, from an applicable set of previously-negotiated parameters, selecting previously-negotiated parameters for execution by the selected one of the plurality of algorithms, retrieving current transaction data that corresponds to a parameter in the set of variable parameters on which the selected one of the plurality of algorithms operates, executing the selected one of the plurality of algorithms with the selected previously-negotiated parameters and with retrieved active transaction data to automatically derive a new term, assessing for validation said one of the prospective transactions for the current transaction with the new term at least partly defining a price for the current transaction and, in the event that said one of the prospective transactions is validated for the current transaction, generating payment data based on the price, and in the event that said one of the prospective transactions is not validated for the current transaction, generating exception data that identifies a reason that the prospective transaction is not to be validated. - View Dependent Claims (2)
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3. An automated pricing system for use by remotely-located buyers and sellers who provide respective sets of electronic business rules data for transaction data to be processed by the automated pricing system, the automated pricing system comprising:
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a correlation database that stores transaction party identification data, business rules data for each transaction party, contract data specifying contract terms defined by parties to each transaction to which the transaction data pertains, and correlation data for correlating transaction data sets with the identification data, business rules data and contract data, the contract terms including previously-negotiated parameters corresponding to prospective transactions between parties including at least one buyer and seller, and variable parameters that impact prices for the multiple transactions; and a computer and communications circuit, including a software-programmed computer configured to, for each received transaction data set and a transaction to which the data set applied, use the data stored in the correlation database to correlate the transaction data set with business rules data and contract data for parties to the transaction, select one of a plurality of algorithms that operate on the business rules data and the contract term-defined parameters stored in the correlation database for the correlated buyer and seller, execute the selected algorithm, using the previously-negotiated parameters and variable parameters for the buyer and seller as inputs, to derive an electronic price term that sets a price for the transaction, and audit the set price against at least one of;
the business rules data for the buyer, the business rules data for the seller, and the contract terms to validate the set price. - View Dependent Claims (4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A computer-based data processing method comprising:
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storing sets of data in a cross-correlation database for subsequent processing by an integrated, electronic supply chain processing computer engine, including storing respective sets of business rules of disparate and separately-operating entity participants for implementing transactions therebetween, respective sets of contract data corresponding to contract terms useful for executing multiple transactions involving the disparate and separately-operating entity participants, each set of contract data including previously-negotiated parameters corresponding to prospective transactions, and correlation data for correlating sets of transaction data with a set of contract data and a set of business rules for a participant, in an integrated, electronic supply chain processing engine, using a software-programmed computer to, for each active transaction involving at least two of the disparate and separately-operating entity participants and pertaining to one of the sets of contract data, control and access the cross-correlation database to retrieve a set of the business rules for at least one of the participants using the correlation data to correlate the contract data to the business rules, execute a selection algorithm with the correlation data to select, from the cross-correlation database, previously-negotiated parameters and a price-impacting variable parameter for the active transaction based upon the contract data, and to control and access the cross-correlation database to retrieve the selected parameters, based upon the retrieved set of business rules, select and execute one of a plurality of algorithms to derive a new price term, using the selected previously-negotiated parameters and price-impacting variable parameter as variable inputs to the algorithm, and to set a price for the active transaction based upon the derived price term, and generate an electronic payment instruction for an electronic payment network identified by the business rules, based upon the derived price term, and communicate the electronic payment instruction to the identified electronic payment network. - View Dependent Claims (18, 19)
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Specification