Automated transaction processing system and approach

US7496519B2 · kind B2 · utility

Assignee

• U.S. Bank National Association · US

Inventors

• Dean W. Hahn-Carlson · Windom, US
• Richard G. Langer · Lakeville, US
• Kevin Armstrong · Ham Lake, US
• Weiwen Xie · Nanhu, CN

Key dates

• Filing date: May 12, 2003
• Grant date: Feb 24, 2009
• Expiry date: Oct 6, 2026

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q30/0283
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

Transaction management for contract and contract-related approaches is facilitated. According to an example embodiment of the present invention, a transaction management computer is programmed to automatically set contract terms for a transaction based on business rules previously established between parties to a transaction. In one implementation, the transaction management node automatically derives a contract term including a pricing-related term for a transaction between a buyer and seller using contract information therefor. In one instance, previously-agreed-upon price approaches, such as fixed pricing, seller-controlled pricing, quantity-related tiered pricing and pricing management schemes are stored and used by the transaction management node to automatically derive the prices. With these approaches, pricing disputes that can occur after a transaction has been processed are reduced and/or eliminated.