Systems and methods for pre-paid futures procurement
US8346611B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Apr 21, 2009 |
| Grant date | Jan 1, 2013 |
| Priority date | — |
| Expiry date | Aug 23, 2030 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A transaction processor can receive transaction information from a transaction between a customer and a merchant. The transaction information includes an account identifier associated with a financial account of the customer. The processor determines that the account identifier is associated with a fixed price futures contract. The transaction is completed at the current market price. Thereinafter, the processor can determine if the fixed price is lower than the current market price. If the fixed price is lower than the current market price, the process determines the difference in cost for the transaction if the fixed price were used. Then, the processor can create and send a resettlement transaction to the customer's account to reimburse the customer for the difference. As such, the customer receives a simple method for paying for commodities at a set price without having special payment instruments or special accounts.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.