Transaction control system and method
US10565594B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Jan 28, 2016 |
| Grant date | Feb 18, 2020 |
| Priority date | — |
| Expiry date | Dec 21, 2038 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0635
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system controls a transaction from initiation to completion using live vendor inventory database and purchaser entered parameters from a mobile application. A network interface receives parameters entered by the subscribers through the mobile application on the subscriber mobile device and receives inventory updates from vendor systems, the inventory updates including at least a vendor price and identifying information. The system communicates with an accounts server to confirm subscriber funds and place a hold on subscriber funds equal to the required subscriber price and implementing a matching algorithm to detect matching results by determining if any vendor prices and identifying information satisfy any required subscriber prices and descriptions. The system transmits an alert to the subscriber mobile device with matching results, receives a selection from the subscriber of at least one of the matching results, conducting payment processing for the matching result and closes the transaction.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.