Executing terms of physical trade documents

US10319025B2 · kind B2 · utility

Assignee

• Bank of America Corporation · US

Inventors

• Ann McCormick · Portland, US
• Gary Ford · Charlotte, US
• Mark D. Zanzot · Huntersville, US
• Peter Tholl · Albany, US
• Robin Tooker · Charlotte, US
• Steven Dommes · Scranton, US
• Timothy Lukavsky · Charlotte, US
• Walter McKay · Albany, US

Key dates

• Filing date: Nov 24, 2015
• Grant date: Jun 11, 2019
• Expiry date: Sep 29, 2037

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/04
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A system for executing terms of physical trade documents includes a document intake machine comprising a document scanner and a data extractor. The document intake machine receives a physical trade document from an entity. The document scanner may scan the physical trade document to create an electronic file of the physical trade document. The data extractor may identify trade terms from the electronic file. A trade executing machine receives the trade terms from the document intake machine and compare the trade terms to a trade condition, wherein the trade condition is identified from a document related to the physical trade document. If the trade terms match the trade condition, the trade executing machine may process the physical trade document according to the trade terms and communicate a notification message to the entity indicating that the physical trade document was processed according to the trade terms.