ESCROW SYSTEM AND METHOD

• US 20090112767A1
• Filed: 10/23/2008
• Published: 04/30/2009
• Est. Priority Date: 10/25/2007
• Status: Abandoned Application

• Current Assignee: Visa International Service Association (Visa, Inc.)
• Original Assignee: Visa International Service Association (Visa, Inc.)
• Inventors: Faith, Patrick, Hammad, Ayman
• Application Number:
  US12/257,212
• Publication Number:
  US 20090112767A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• 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 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/32 using wireless devices
• CPC Class Codes: G06Q 20/3223 Realising banking transactions through M-devices
• CPC Class Codes: G06Q 20/3224 Transactions dependent on location of M-devices
• CPC Class Codes: G06Q 20/3274 using a pictured code, e.g. barcode or QR-code, being displayed on the M-device
• CPC Class Codes: G06Q 20/3276 using a pictured code, e.g. barcode or QR-code, being read by the M-device
• CPC Class Codes: G06Q 20/3825 Use of electronic signatures
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• 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 20/4015 using location information
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 30/0212 Chance discounts or incentives
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• 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 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G06Q 40/128 : Check-book balancing, updating or printing arrangements
• CPC Class Codes: H04L 63/18 : using different networks or channels, e.g. using out of band channels cryptographic mechanisms or cryptographic arrangements for key distribution involving distinctive intermediate devices or communication paths H04L9/0827; cryptographic mechanisms or cryptographic arrangements for authentication using a plurality of channels H04L9/3215

Abstract

A system and method for conducting purchasing transactions using escrow. A central processing entity secures the terms to a purchasing transaction on behalf of the various parties to the transaction. Once the terms of the purchasing transaction are agreed upon, the central processing entity holds any funds used in the transaction in escrow until confirmation is received that a supplier'"'"'s contractual obligations have been fulfilled.

Claims

1. A method for a payment transaction using a central processing entity, the method comprising:

receiving a purchase request message from a consumer;

sending to one or more suppliers a supply request message;

receiving from the one or more suppliers one or more supply response messages;

sending to one or more issuers a financing request message;

receiving from the one or more issuers one or more financing response messages;

selecting a supplier from the one or more supply response messages and selecting one or more issuers from the one or more financing response messages to form a purchasing contract;

sending an acceptance message to the selected supplier and to the one or more selected issuers;

receiving a set of payments from the one or more selected issuers;

holding the set of payments in escrow until a confirmation is received; and

releasing the set of payments to the selected supplier after receiving confirmation from the consumer.

2. The method of claim 1 wherein the purchase request message includes one or more purchase parameters, wherein the purchase parameters can be specific values or a range of values.

3. The method of claim 1 wherein the purchase request message includes one or more financing parameters, wherein the financing parameters can be specific values or a range of values.

4. The method of claim 1 wherein the supply request message or the financing request message includes information from a consumer profile created by the consumer, wherein the consumer profile contains information on the consumer'"'"'s purchasing or financing preferences.

5. The method of claim 1 wherein the supply request message includes information from more than one purchase request message.

6. The method of claim 1 wherein the financing request message includes information about the one or more supply response messages.

7. The method of claim 1 further comprising:

generating a risk assessment associated with the purchase request.

8. The method of claim 7 wherein the risk assessment includes a fraud risk assessment and a credit risk assessment.

9. The method of claim 7 wherein the financing request message includes the risk assessment.

10. The method of claim 1 wherein the one or more issuers are issuers that hold credit or debit accounts of the consumer.

11. The method of claim 1 wherein the one or more financing response messages include options to use reward points earned by the consumer.

12. The method of claim 1 wherein the step of selecting a supplier and selecting one or more financers is done by the consumer.

13. The method of claim 1 wherein the step of selecting a supplier and selecting one or more financers is done by the central processing entity.

14. The method of claim 1 wherein the confirmation is generated by the consumer.

15. The method of claim 1 wherein the confirmation is generated by a shipping entity.

16. A computer-readable medium comprising code for performing the method of claim 1

17. A server computer with a processor and the computer-readable medium of claim 16.

18. A method for purchasing goods using a central processing entity, the method comprising:

sending a purchase request message to the central processing entity, wherein the central processing entity uses the purchase request message to collect a set of supply offers from one or more supplier and to collect a set of financing offers from one or more financers;

accepting one or more selected supply offers from the set of supply offers and one or more selected financing offers from the set of financing offers to form a purchase contract, wherein creation of the purchasing contract causes the central processing entity to place a set of payments derived from the one or more selected financing offers into escrow with the central processing entity; and

sending a confirmation that a supplier has fulfilled its obligations under the purchasing contract to the central processing entity, wherein the confirmation causes the central processing entity to release the set of payments in escrow to the supplier.

19. A computer readable medium comprising:

code for sending a purchase request message to the central processing entity, wherein the central processing entity uses the purchase request message to collect a set of supply offers from one or more supplier and to collect a set of financing offers from one or more financers;

code for accepting one or more selected supply offers from the set of supply offers and one or more selected financing offers from the set of financing offers to form a purchase contract, wherein creation of the purchasing contract causes the central processing entity to place a set of payments derived from the one or more selected financing offers into escrow with the central processing entity; and

code for sending a confirmation that a supplier has fulfilled its obligations under the purchasing contract to the central processing entity, wherein the confirmation causes the central processing entity to release the set of payments in escrow to the supplier.

20. A computer apparatus comprising a processor, and the computer readable medium of claim 19 coupled to the processor.