Electronic manager of financial information for retail transactions

• US 9,026,469 B2
• Filed: 10/17/2013
• Issued: 05/05/2015
• Est. Priority Date: 09/08/1999
• Status: Expired due to Term

• Current Assignee: Teddy A. Demirjian
• Original Assignee: Teddy A. Demirjian
• Inventors: Demirjian, Teddy A.
• Primary Examiner(s): Badii, Behrang
• Assistant Examiner(s): GREENE, DANIEL LAWSON
• Application Number:
  US14/056,779
• Publication Number:
  US 20140081865A1
• Time in Patent Office: 565 Days
• Field of Search: 705/35
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/382 insuring higher security of transaction
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 20/4014 Identity check for transactions
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0635 Processing of requisition or of purchase orders
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

An Internet based system for executing transactions is described. The system may include transaction data, a database, a business logic manager and user profiles. A rules may also be included, and store information about system responses to modifications of the data. The user profiles may be configured to store information concerning the availability of information and displays depending upon the user.

Claims

1. An electronic transaction system for managing retail transactions having stored financial information, comprising:

a transaction information database comprising retail transaction information from a plurality of users;

a user profile database comprising a user profile for each user of the system, wherein the user profile comprises access rights specifying one or more retail transactions available to the user;

a financial information database linked to the user profile database and comprising stored financial information for the user;

a business logic manager comprising custom information for each user and defining whether the user is authorized to execute a retail transaction within the system; and

a transaction manager configured to cause one or more processors to execute retail transaction requests from the user based on said authorization to execute said retail transaction.

2. The electronic transaction system of claim 1, wherein the retail transaction information comprises retail purchase information from the plurality of users.

3. The electronic transaction system of claim 1, wherein one or more databases that are linked to the user profile database are configured to allow users to re-order retail transactions.

4. The electronic transaction system of claim 1, wherein the system is configured to execute online retail or Point of Sale retail transactions.

5. The electronic transaction system of claim 1, wherein the user financial information comprises types of funds held by the plurality of users.

6. The electronic transaction system of claim 1, wherein the user financial information comprises stored financial information for the plurality of users.

7. The electronic transaction system of claim 1, wherein the system is configured to execute retail transaction requests taken from a computer connected through the Internet.

8. The electronic transaction system of claim 1, further comprising security software that uniquely identifies the user to the system.

9. The electronic transaction system of claim 1, wherein the user profile maintains user entitlements to the system.

10. The electronic transaction system of claim 1, wherein the system is configured to update user'"'"'s account holdings at the end of a transaction or the end of the day.

11. The electronic transaction system of claim 1, wherein the system comprises a multitasking engine capable of executing a plurality of transactions simultaneously.

12. The electronic transaction system of claim 1, wherein the system is hosted on one or more servers.

13. The electronic transaction system of claim 1, wherein the system further comprises a data exchange link with a vendor system, wherein data representing the retail transactions to be executed are formatted in accordance with vendor specific requirements and sent on the data exchange link.

14. The electronic transaction system of claim 13, wherein the system receives vendor order confirmation information from the vendor system.

15. The electronic transaction system of claim 1, wherein retail transaction information is electronically recorded in one or more databases in the system.

16. The electronic transaction system of claim 15, wherein the retail transaction information and financial information are accessible to the user through an Internet browser.

17. A method of managing retail transactions having stored financial information, comprising one or more processors:

receiving a retail transaction request from a user;

reading access rights from a user profile in a user profile database;

reading stored financial information from a financial database linked to the user profile, wherein the access rights and stored financial information specify one or more retail transactions available to the user;

determining whether the user is authorized to execute the retail transaction request based on the user'"'"'s access rights and if sufficient funds are available based on the stored financial information; and

executing the retail transaction if the user is determined to be authorized to execute the retail transaction.

18. The method of claim 17, wherein determining if the user is authorized to execute the retail transactions comprises reading information from at least one database that comprises information defining the retail transactions the user is authorized to perform.

19. The method of claim 17, further comprising applying business rules to determine if there are any limitations on how the transaction can be executed by the user.

20. The method of claim 17, wherein receiving the retail transaction request from the user comprises receiving an online retail transaction request.

21. The method of claim 17, wherein receiving the retail transaction request from the user comprises receiving a retail Point of Sale transaction request.

22. The method of claim 17, wherein receiving the retail transaction request comprises receiving the retail transaction request from an Internet browser.

23. The method of claim 17, further comprising reading a screen setting parameter from the user profile, wherein the parameter indicates to an Internet browser how to display information to the user.

24. The method of claim 17, wherein the system is configured to electronically order a retail product for the user from a vendor after receiving the retail transaction request.

25. The method of claim 17, further comprising updating the user'"'"'s stored financial information at the end of a retail transaction or the end of the day.

26. An electronic transaction system for managing retail transactions having stored financial information, comprising:

one or more processors;

means for receiving a retail transaction request from a user;

means for reading access rights from a user profile in a user profile database;

means for reading stored financial information from a financial database linked to the user profile, wherein the access rights and stored financial information specify one or more retail transactions available to the user;

means for determining whether the user is authorized to execute the retail transaction request based on the user'"'"'s access rights and if sufficient funds are available based on the stored financial information; and

means for executing the retail transaction on the one or more processors if the user is determined to be authorized to execute the retail transaction.