Electronic retail financial transaction manager

• US 9,202,216 B2
• Filed: 05/01/2015
• Issued: 12/01/2015
• 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:
  US14/702,487
• Publication Number:
  US 20150235216A1
• Time in Patent Office: 214 Days
• Field of Search: 705/35
• US Class Current: 1/1
• 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 financial transaction system for managing retail financial transactions having stored retail financial information, comprising:

a financial transaction information database comprising retail financial information from a plurality of users that authorizes said users to use specific financial instruments to perform a particular retail transaction;

a user profile database comprising a user profile for each user of the system, wherein the user profile comprises user information that specifies one or more retail financial accounts available to the user;

a business logic manager running on a processor and configured to manage the user financial accounts and financial information for each user and define whether the user is authorized to execute a retail financial transaction with a bank;

a financial transaction manager running on the processor and configured to cause one or more processors to execute retail financial transaction requests across a secure network connection to the bank, wherein the financial transaction manager requests the bank to verify available user funds for the particular retail transaction from the plurality of users based on said authorization to execute said retail financial transaction; and

a presentation manager configured to output a custom user dialog to the user based on the execution of the financial transaction requests.

2. The electronic financial transaction system of claim 1, further comprising a retail financial information database linked to the user profile database and comprising stored retail financial information for the user.

3. The electronic financial transaction system of claim 1, further comprising a user interface that requires the user to create a user account and enter user information in the user profile and be authenticated before being authorized to use the system.

4. The electronic financial transaction system of claim 1, wherein the financial transaction manager is configured to access the user profile to determine if the user is allowed to access the financial transaction system.

5. The electronic financial transaction system of claim 1, wherein the financial transaction manager is configured to trigger automated re-orders of retail transactions as specified in the user profile.

6. The electronic financial transaction system of claim 1, wherein the business logic manager is configured to verify that the user has sufficient funds to execute retail financial transactions before the transaction is executed.

7. The electronic financial transaction system of claim 1, wherein the retail financial transaction is transmitted to user'"'"'s financial institution at the end of each transaction or the end of the day.

8. The electronic financial transaction system of claim 1, wherein the user can specify a payment method for the retail financial transaction based on a pre-determined user algorithm.

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

10. The electronic financial transaction system of claim 9, wherein the system receives vendor order confirmation information from the vendor system.

11. The electronic financial transaction system of claim 9, wherein the system transmits a unique transaction record to the vendor for each retail financial transaction executed by the user.

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

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

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

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

16. The electronic financial transaction system of claim 1, wherein the user profile stores user entitlements to the system.

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

18. The electronic financial transaction system of claim 1, wherein retail financial transaction information is electronically recorded in one or more data storages in the system.

19. The electronic financial transaction system of claim 18, wherein the user'"'"'s retail financial transaction information and the user'"'"'s financial information are accessible to the user through an Internet browser.

20. The electronic financial transaction system of claim 1, wherein the system comprises a multitasking engine capable of executing a plurality of retail financial transactions in parallel.

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

22. A method in a computer of managing retail financial transactions having stored financial information, comprising one or more processors configured to perform a method of:

receiving a retail financial transaction request from a user into a financial transaction information database, wherein the transaction request specifies particular financial instruments available to the user to perform a particular retail transaction;

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 financial transactions available to the user;

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

executing the retail financial transaction across a secure network connection to the bank if the user is determined to be authorized to execute the retail financial transaction; and

;

outputting a custom user dialog to the user based on the execution of the retail financial transaction.

23. The method of claim 22, wherein determining if the user is authorized to execute the retail financial transactions comprises reading information from at least one database that comprises information defining the retail financial transactions the user is authorized to perform.

24. The method of claim 22, wherein receiving the retail financial transaction request from the user comprises receiving an online retail transaction request.

25. The method of claim 22, wherein receiving the retail financial transaction request from the user comprises receiving a Point of Sale transaction request.

26. The method of claim 22, wherein the system is hosted on one or more servers.

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

28. The method of claim 22, wherein the system is configured to electronically order a retail product for the user from a vendor after receiving the retail transaction request.

29. The method of claim 22, further comprising updating the user'"'"'s stored financial information at the end of a retail financial transaction or the end of the day.

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

one or more processors;

means for receiving a retail financial transaction request from a user into a financial transaction information database, wherein the transaction request specifies particular financial instruments available to the user to perform a particular retail transaction;

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 financial transactions available to the user;

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

means for executing the retail financial transaction on the one or more processors across a secure network connection to the bank if the user is determined to be authorized to execute the retail financial transaction; and

a presentation manager configured to output a custom user dialog to the user based on the execution of the retail financial transaction.