Financial institution-based transaction processing system and approach
First Claim
Patent Images
1. An automated transaction system comprising:
- one or more databases that store;
profile data for a plurality of profiled parties, the profiled parties including a plurality of financial institutions, a plurality of buyers and a plurality of sellers;
data for identifying a plurality of contract-defined transactions between buyers in the plurality of buyers and sellers in the plurality of sellers,contract terms for the plurality of contract-defined transactions,sets of business rules defined on behalf of the plurality of profiled parties, anddata indicating validity of payment for the plurality of contract-defined transactions;
one or more processors configured to;
track occurrences of one or more events associated with the plurality of contract-defined transactions and update data indicating validity of payment for the plurality of transactions as a function of the one or more events associated with the plurality of contract-defined transactions,respond to externally generated event data by accessing the one or more databases to identify, from among the plurality of contract-defined transactions, a particular transaction that is related to the externally generated event data and to identify, from among the plurality of profiled parties, particular profiled parties associated with the particular transaction, wherein the particular profiled parties include at least a particular buyer that is involved in the particular transaction and a particular seller that is involved in the particular transaction,respond to the externally generated event data by determining, based on contract terms for the particular transaction, business rules for the particular profiled parties, and data indicating validity of payment for the particular transaction, whether the particular transaction is valid for payment,when the particular transaction is valid for payment and payment for the particular transaction is via extension of credit, audit the particular transaction to verify that extension of credit is appropriate, andin response to determining that extension of credit is appropriate;
calculate, using at least the contract terms for the particular transaction, an amount of funds to be paid to the particular seller and a sponsoring financial institution for the particular seller, andbased upon the business rules for the particular profiled parties, generate and output electronic payment instructions to effect payment of the calculated amount of funds.
1 Assignment
0 Petitions
Accused Products
Abstract
Transaction processing for financial institution-based transactions is facilitated. According to an example embodiment of the present invention, a transaction processing approach involves the processing of financial aspects of a transaction between buying and selling parties using transaction rules associated with a sponsoring financial institution. Transaction-related information is processed as a function of business rules associated with the sponsoring financial institution to facilitate payment for the transaction and the assessment of fees associated with the transaction processing.
478 Citations
13 Claims
-
1. An automated transaction system comprising:
-
one or more databases that store; profile data for a plurality of profiled parties, the profiled parties including a plurality of financial institutions, a plurality of buyers and a plurality of sellers; data for identifying a plurality of contract-defined transactions between buyers in the plurality of buyers and sellers in the plurality of sellers, contract terms for the plurality of contract-defined transactions, sets of business rules defined on behalf of the plurality of profiled parties, and data indicating validity of payment for the plurality of contract-defined transactions; one or more processors configured to; track occurrences of one or more events associated with the plurality of contract-defined transactions and update data indicating validity of payment for the plurality of transactions as a function of the one or more events associated with the plurality of contract-defined transactions, respond to externally generated event data by accessing the one or more databases to identify, from among the plurality of contract-defined transactions, a particular transaction that is related to the externally generated event data and to identify, from among the plurality of profiled parties, particular profiled parties associated with the particular transaction, wherein the particular profiled parties include at least a particular buyer that is involved in the particular transaction and a particular seller that is involved in the particular transaction, respond to the externally generated event data by determining, based on contract terms for the particular transaction, business rules for the particular profiled parties, and data indicating validity of payment for the particular transaction, whether the particular transaction is valid for payment, when the particular transaction is valid for payment and payment for the particular transaction is via extension of credit, audit the particular transaction to verify that extension of credit is appropriate, and in response to determining that extension of credit is appropriate; calculate, using at least the contract terms for the particular transaction, an amount of funds to be paid to the particular seller and a sponsoring financial institution for the particular seller, and based upon the business rules for the particular profiled parties, generate and output electronic payment instructions to effect payment of the calculated amount of funds. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A computer-implemented method for auditing transactions between disparate contracting buyers and sellers, the method comprising:
-
storing, in one or more databases, profile data for a plurality of profiled parties, the profiled parties including a plurality of financial institutions, a plurality of buyers and a plurality of sellers; storing, in the one or more databases, data for identifying a plurality of contract-defined transactions between buyers in the plurality of buyers and sellers in the plurality of sellers; storing, in the one or more databases, contract terms for the plurality of contract-defined transactions; storing, in the one or more databases, sets of business rules defined on behalf of the plurality of profiled parties; storing, in the one or more databases, data indicating validity of payment for the plurality of contract-defined transactions; tracking, by an automated transaction system, occurrences of one or more events associated with the plurality of contract-defined transactions and updating, by the automated transaction system, data indicating validity of payment for the plurality of contract-defined transactions as a function of the one or more events associated with the plurality of contract-defined transactions; in response to externally-generated event data, accessing, by the automated transaction system, the one or more databases to identify, from among the plurality of contract-defined transactions, a particular transaction that is related to the externally-generated event data and to identify, from among the plurality profiled parties, particular profiled parties associated with the particular transaction, wherein the particular profiled parties include at least a particular buyer that is involved in the particular transaction and a particular seller that is involved in the particular transaction; in response to the externally-generated event data, determining, by the automated transaction system, based on contract terms for the particular transaction, business rules for the particular profiled parties, and data indicating validity of payment for the particular transaction, whether the particular transaction is valid for payment; when the particular transaction is valid for payment and payment for the particular transaction is via extension of credit, auditing, by the automated transaction system, the particular transaction to verify that extension of credit is appropriate, in response to determining that extension of credit is appropriate; calculating, by the automated transaction system, using at least the contract terms for the particular transaction, an amount of funds to be paid to the particular seller and a sponsoring financial institution for the particular seller, and based upon the business rules for the particular profiled parties, generating and outputting, by the automated transaction system, electronic payment instructions to effect payment of the calculated amount of funds. - View Dependent Claims (9, 10, 11, 12, 13)
-
Specification