Method and system for managing distributor information

• US 10,713,676 B1
• Filed: 08/31/2018
• Issued: 07/14/2020
• Est. Priority Date: 03/15/2001
• Status: Expired due to Term

• Current Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Original Assignee: Versata Development Group, Inc. (ESW Capital, LLC)
• Inventors: Chao, David, Blount, Brian, Erickson, Charles, Gharavy, Shari, Zhou, Cheng, Toub, Joshua
• Primary Examiner(s): Rudy, Andrew Joseph
• Application Number:
  US16/118,869
• Time in Patent Office: 683 Days
• Field of Search: 705 261, 705 30, 705 35, 705 38, 705 39, 709203, 709217-223
• CPC Class Codes: G06Q 10/0633 Workflow analysis
• CPC Class Codes: G06Q 10/06375 Prediction of business process outcome or impact based on a proposed change
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/018 Certifying business or products
• CPC Class Codes: G06Q 30/0214 Referral reward systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: Y10S 707/945 Contract negotiation

Abstract

An embodiment of the invention provides a system that enables financial services companies to manage and track information about a sales force. The system includes components for managing distributors information, for validating and tracking licenses and credentials, for creating customized contracts, and for maintaining compensation structures. The system allows for configuring compensations, providing financial services companies a toolkit for creating and modeling their complex commission schedules used to compensate their sales force. The system also provides modeling tools for agreements and contracts between a financial services company or provider and the distributors who sell products. The system has a multi-component architecture comprising multiple modules, multiple data processing engines, a backbone and multiple data sources. The processing modules carry out information processing using one or more data processing engines. The data processing provides the tools to fetch data from the databases and process it.

Claims

1. A method comprising:

executing code in a computer system to start each one or more services to perform at least;

generating a request, by the executing code, to retrieve data from one or more data sources to determine commission amounts payable to a party associated with a sales transaction;

in response to the request, retrieving data, including selling agreement data, from the one or more data sources that is used to determine a commission amount payable to a party associated with a sales transaction based on the selling agreement;

generating a request to retrieve authorization related data from one or more data sources that is used to determine whether the party associated with the sales transaction meets requirements to receive the commission amount based on proceeds associated with the sales transaction;

processing the authorization related data, the sales transaction data, and data associated with the party associated with the sales transaction to determine if the party associated with the sales transaction is authorized to receive a commission based on proceeds associated with the sales transaction;

determining, by the executing code using the data retrieved, including the selling agreement data, a commission amount payable to the party associated with the sales transaction based on at least the selling agreement data; and

if the executing code determines that the party associated with the sales transaction is authorized to receive the commission amount based on proceeds associated with the sales transaction, generating a payment report associated with said sales transaction to the party in accordance with the determination of the commission amounts payable to the party associated with the sales transaction.

2. The method of claim 1 further comprising:

determining if a party associated with the sales transaction comprises a valid appointment.

3. The method of claim 1 wherein the party is a distributor of the one or more products and the distributor and a supplier of the one or more products are parties to the selling agreement.

4. The method of claim 1 further comprising:

providing data to monitor to allow the monitor to display a user interface;

receiving data representing interactions with the user interface, wherein the data indicates selections of selling agreement attributes and rules;

generating a selling agreement using the selected attributes and rules, wherein the selling agreement.

5. A method for managing relationships between parties to a selling agreement, the method comprising:

executing code in a computer system to perform at least;

obtaining at least one of a plurality of data objects from a database, wherein the database comprises data representative of (i) at least one party associated with the selling agreement, (ii) the selling agreement, and (iii) authorization for the distributing party to receive compensation for selling a product in accordance with the selling agreement;

accessing the data representative of the selling agreement and a rules database, an authorization database, and a compensation data/rules information including license and appointments information; and

determining whether the party associated with the selling agreement conforms with the selling agreement and the license or appointments information indicates a valid authorization to allow the party associated with the selling agreement to receive a commission for a sale of one or more products in accordance with the selling agreement.

6. The method of claim 5 further comprising:

an interface for obtaining a plurality of business rules defining relationships between an institution and the party associated with the selling agreement.

7. The method of claim 5 wherein the code comprises a commission engine that when executed generates commission schemes utilized to model a set of selling agreement objects.

8. The method of claim 7 wherein a distributor management engine generates payments based on selling agreement objects.

9. The method of claim 5 further comprising:

generating a plurality of reports associated with the commission associated with the party associated with the selling agreement.

10. The method of claim 5 further comprising:

validating license or appointment compliance with a set of industry regulations by evaluating the license and appointments information.

11. The method of claim 5 further comprising:

enabling an institution to track and calculate payments to the party associated with the selling agreement.

12. The method of claim 11 wherein the institution comprises a financial services institution.

13. The method of claim 5 wherein the first party comprises a financial services institution.

14. The method of claim 5 further comprising:

determining payment to the at least one distributing party in association with a sales of the one or more products in accordance with (i) a determination of commission amounts in accordance with the at least one selling agreement and (ii) a determination of whether the at least one distributing party has a valid license to sell the one or more products associated with the sales transaction.