Construction payment management system and method with one-time registration features

• US 20080046359A1
• Filed: 09/12/2007
• Published: 02/21/2008
• Est. Priority Date: 06/29/2004
• Status: Active Grant

• Current Assignee: Textura LLC (Oracle Corporation)
• Original Assignee: Textura LLC (Oracle Corporation)
• Inventors: Eichhorn, William, Niden, Howard, Allin, Patrick, Cherry, Charles
• Granted Patent: US 7,725,384 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06F 3/0484 for the control of specific functions or operations, e.g. selecting or manipulating an object, an image or a displayed text element, setting a parameter value or selecting a range
• CPC Class Codes: G06Q 10/00 Administration; Management
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/0631 Resource planning, allocation, distributing or scheduling for enterprises or organisations
• CPC Class Codes: G06Q 10/06313 Resource planning in a project environment
• CPC Class Codes: G06Q 10/103 Workflow collaboration or project 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• 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 30/00 Commerce
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• 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
• CPC Class Codes: G06Q 50/08 Construction
• CPC Class Codes: G06Q 50/16 Real estate

Abstract

A system and method for managing a construction payment process. One method embodying the invention can include electronically receiving registration information including payment information from a plurality of participants, electronically storing the registration information for use with multiple construction projects, and transferring a plurality of payments to a plurality of participants associated with a plurality of construction projects by electronically accessing the registration information.

Claims

1. A method of managing a construction payment process, the method comprising the acts of:

electronically receiving registration information including payment information from a plurality of participants;

electronically storing the registration information for use in connection with multiple construction projects; and

transferring a plurality of payments to a plurality of participants associated with a plurality of construction projects by electronically accessing the registration information.

2. The method of claim 1 wherein the registration information includes at least one of business information, primary contact information, tax information, and banking information.

3. The method of claim 1 wherein the participants include at least two of an owner, an owner'"'"'s representative, a title company, a lender, an architect, an interior designer, an inspector, a general contractor, a subcontractor, a material supplier, a construction manager, an engineer, and a bonding company.

4. The method of claim 1 wherein the act of receiving registration information includes receiving registration information for at least one user associated with a participant.

5. The method of claim 4 wherein the registration information for at least one user includes at least one of personal information, security information, and notification information.

6. The method of claim 1 and further comprising the act of registering a first user associated with a participant and deeming the first user an administrator for the participant.

7. The method of claim 6 and further comprising the act of registering a second user associated with the participant.

8. The method of claim 7 and further comprising the act of deeming the second user the administrator for the participant.

9. The method of claim 1 and further comprising the act of verifying a participant.

10. The method of claim 1 and further comprising the act of transmitting a notification that a participant has been registered.

11. The method of claim 1 wherein the registration information is stored in a database server and accessed with a database management system.

12. The method of claim 1 wherein the act of transferring a plurality of payments to a plurality of participants includes generating an automated payment instruction and transferring to the participant a payment using one of an automated clearing house system, a wire transfer of funds, a debit card system, a credit card system, and a check generating system.

13. The method of claim 1 and further comprising the act of preventing a participant from modifying stored registration information that pertains to another participant among a plurality of participants.

14. A construction payment management system comprising:

an application server that stores an organization module and a database management system, the organization module receiving organization registration information including payment information from a plurality of participants for use in connection with multiple construction projects; and

a database server connected to the database management system, the database server storing the organization registration information and the database management system accessing the organization registration information,

the application server using the organization registration information to transfer a plurality of payments to a plurality of participants associated with a plurality of construction projects.

15. The construction payment management system of claim 14 wherein the organization registration information includes at least one of business information, primary contact information, tax information, and banking information.

16. The construction payment management system of claim 14 wherein the participants include at least two of an owner, an owner'"'"'s representative, a title company, a lender, an architect, an interior designer, an inspector, a general contractor, a subcontractor, a material supplier, a construction manager, an engineer, and a bonding company.

17. The construction payment management system of claim 14 wherein the application server stores a user module, the user module receives user registration information for at least one user associated with a participant, and the database server stores the user registration information.

18. The construction payment management system of claim 17 wherein the user registration information includes at least one of personal information, security information, and notification information.

19. The construction payment management system of claim 17 wherein the user module receives user registration information from a first user associated with the participant and deems the first user an administrator for the participant.

20. The construction payment management system of claim 19 wherein the user module receives user registration information from a second user associated with the participant.

21. The construction payment management system of claim 20 wherein the user module deems the second user the administrator for the participant.

22. The construction payment management system of claim 14 and further comprising a verification service connected to the application server, the verification service verifying a participant.

23. The construction payment management system of claim 14 and further comprising a notifications manager stored in the application server, the notifications manager transmitting a notification that a participant has been registered.

24. The construction payment management system of claim 14 wherein the database server is connected to the application server and the database management system accesses the organization registration information from the database server.

25. The construction payment management system of claim 14 and further comprising a payment system connected to the application server and a draw module stored in the application server, the draw module transmitting an automated payment instruction to the payment system and the payment system including one of an automated clearing house system, a wire transfer system, a debit card system, a credit card system, and a check generating system.

26. The construction payment management system of claim 14 wherein the organization module prevents a participant from modifying stored registration information that pertains to another participant among a plurality of participants.

27. A method of managing a construction payment process, the method comprising the acts of:

electronically receiving registration information including payment information from a plurality of participants;

electronically storing the registration information for use in connection with multiple construction projects;

displaying at least a portion of the registration information to a user;

receiving from the user a selection of at least one participant to be included in a construction project; and

transferring a payment to the at least one participant for the construction project based on the registration information.

28. The method of claim 27 and further comprising the act of automatically generating a notification for the at least one participant.

29. The method of claim 28 and further comprising the act of electronically transmitting the notification to the at least one participant.

30. The method of claim 29 wherein the act of electronically transmitting the notification includes sending the at least one participant at least one of an email message, a screen notice, a text message, a voice message, and a facsimile message.

31. The method of claim 29 and further comprising the act of receiving an accept selection from the at least one participant, whereby the at least one participant accepts to be included in the construction project.

32. The method of claim 29 and further comprising the act of receiving a decline selection from the at least one participant, whereby the at least one participant declines to be included in the construction project.

33. The method of claim 27 and further comprising the act of preventing a participant from modifying stored registration information that pertains to another participant among a plurality of participants.