Using digital signatures to validate trading and streamline settlement of financial transaction workflow
US6807635B1 · kind B1 · utility
Assignee
Inventor
Key dates
| Filing date | Nov 13, 2000 |
| Grant date | Oct 19, 2004 |
| Priority date | — |
| Expiry date | Oct 4, 2022 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
One embodiment of the present invention provides a system that uses digital signatures in a novel configuration to perform validations to facilitate a trade. This system operates by receiving a quote related to the trade at a first computer system, wherein the quote includes permission information that facilitates determining permissions that have been granted to a quote maker. Upon receiving the quote, the system validates that the quote maker digitally signed the quote by using a public key of the quote maker to verify that the quote was signed by a corresponding private key belonging to the quote maker. The system also validates that the quote maker has permission to perform the trade by using a public key of a first security officer to verify that the permission information was signed by a corresponding private key belonging to the first security officer, thereby authorizing the quote maker to perform the trade. The system accepts the quote by signing the quote with a private key belonging to a quote receiver, and communicating a trade record, including the signed quote, to the quote maker. In one embodiment of the present invention, the system additionally validates the identi…
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.