Source: http://patents.com/us-8280800.html
Timestamp: 2019-06-18 13:27:14
Document Index: 223984209

Matched Legal Cases: ['application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 06720973', 'Application No. 2006233098']

US Patent # 8,280,800. System and method for an exchange of financial instruments - Patents.com
United States Patent 8,280,800
Samsky , et al. October 2, 2012
Inventors: Samsky; Brett M. (Atlanta, GA), Williams; Jason S. (Braselton, GA), Stewart; Steve (Las Vegas, NV), Eriksson; Malin (S{hacek over (a)}o Paulo, BR)
Assignee: Credigy Technologies, Inc. (NV)
Appl. No.: 12/718,412
11095749 Mar., 2005 7742973
Field of Search: 705/37-40
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Processing of an appeal by the European Patent Office on Feb. 6, 2012 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (2 pages). cited by other .
Statement of Grounds of Appeal sent Feb. 1, 2012 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (42 pages). cited by other .
Notice of Appeal dated Nov. 21, 2011 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (1 page). cited by other .
Decision to Refuse the Application by the Examining Division dated Sep. 22, 2011 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (31 pages). cited by other .
Minutes of the Oral Proceedings of the Examining Division dated Sep. 22, 2011 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (4 pages). cited by other .
Result of Consultation by telephone/in person dated Jun. 24, 2011 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (6 pages). cited by other .
Amended Claims and Written Submission for oral proceedings dates May 27, 2011 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (62 pages). cited by other .
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Amendments received before examination dated Sep. 27, 2007 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (5 pages). cited by other .
Information on entry into European phase dated Aug. 20, 2007 for European Patent Application No. 06720973, which was filed on Sep. 27, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (3 pages). cited by other .
Examiner's First Report sent Aug. 27, 2010 for Australian Patent Application No. 2006233098, which was filed on Sep. 12, 2007 (Inventors: Samsky, Brett, M., et al. // Applicants: Credigy Technologies, Inc., et al.) (1 page). cited by other.
Attorney, Agent or Firm: Ballard Spahr, LLP
This application is a continuation application filed under 37 CFR 1.53(b) and 35 USC 120 and claims benefit of and priority to U.S. patent application Ser. No. 11/095,749, filed Mar. 31, 2005 now U.S. Pat. No. 7,742,973, which is fully incorporated herein by reference and made a part hereof.
1. A system, comprising: an account database comprising account data associated with one or more accounts, each of the one or more accounts representing an account receivable; and a processor functionally coupled to the account database, wherein said processor is configured to receive selection criteria, to search said account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, provide a summary of any of said one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said summary includes a balance of the account but does not personally identify said one or more accounts having account data that satisfies at least a portion of said selection criteria to receive an offer from a buyer for at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria; and to accept automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer.
2. The system of claim 1, wherein the processor is further configured to reject automatically the offer in response to the offer including a purchase price that is at most a calculated threshold price, the predetermined threshold price being calculated based on recent transactions.
3. The system of claim 1, wherein said processor is further configured to: receive payment from the buyer for an accepted offer; and transfer ownership of said at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria from a seller to the buyer.
4. The system of claim 1, wherein the account data is not personally-identifiable account data.
5. The system of claim 4, further comprising a credit reporting agency database, said credit reporting agency database comprising personally-identifiable account data, wherein said processor is configured to transfer account data from said credit reporting agency database to said account database.
6. A method, comprising: receiving selection criteria for an account; searching, by a computer, an account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said account database comprises account data associated with one or more accounts, each of the one or more accounts representing an account receivable; receiving an offer from a buyer for at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria; and accepting automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer.
7. The method of claim 6, further comprising rejecting automatically the offer in response to the offer including a purchase price being at most a predetermined threshold price.
8. The method of claim 6, further comprising: receiving payment from the buyer for an accepted offer; and transferring ownership, by the computer, of said at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria from a seller to the buyer.
9. The method of claim 6, wherein the account data is not personally-identifiable.
10. The method of claim 6, wherein said account data is transferred to the account database from a credit reporting agency database, said credit reporting agency database comprising personally-identifiable account data.
11. A non-transitory computer program product comprising computer executable code sections, said computer executable code sections for performing the steps of: receiving selection criteria for an account; searching an account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said account database comprises account data associated with one or more accounts, each said account representing an account receivable; receiving an offer from a buyer for at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria; and accepting automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer.
12. The computer program product of claim 11, further comprising computer executable code sections for performing the steps of rejecting automatically the offer in response to the offer including a purchase price being at most a predetermined threshold price.
13. The computer program product of claim 11, further comprising computer executable code sections for performing the steps of: receiving payment from the buyer for an accepted offer; and transferring ownership of said at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria from a seller to the buyer.
14. The computer program product of claim 11, wherein the account data is not personally-identifiable.
15. The computer program product of claim 11, wherein said account data is transferred to the account database from a credit reporting agency database, said credit reporting agency database comprising personally-identifiable account data.
16. The system of claim 3, wherein the processor is further configured to enable settlement of the purchase price.
17. The method of claim 6, further comprising settling the purchase price.
18. The computer program product of claim 11, further comprising computer executable code sections for performing the steps of settling the purchase price.
19. The system of claim 1, wherein the term of the commitment further comprises a minimum time an account is available for purchase, and a maximum price upon which a seller refuses to accept the offer.
It is common practice to use computer systems for the analysis, purchase, sale and management of financial instruments, such as stocks, bonds and mutual funds. Computer systems can provide an efficient means for carrying out the business processes associated with financial instruments. When computer systems are connected over general purpose networks such as the Internet, multiple entities can efficiently communicate about and transact for financial instruments within the scope of such networked computer systems to form an online market. Such online markets, like NASDAQ.RTM., are similar to traditional brick and mortar financial markets. Recently, specialized online markets for the purchase and sale of certain categories of non-performing financial instruments, or distressed debt, have emerged.
Consumer debt is currently tracked by consumer reporting agencies (CRAs), such as Equifax.RTM., Experian.RTM. and Trans Union.RTM.. These CRAs have created vast databases of consumer credit information, including specific categories of data regarding particular financial instruments related to particular consumers on a current and historic basis. It is commonly known in the art to query this database through known means, most commonly name, address and social security number, to learn about consumer debt and calculated consumer credit ratings.
As used in the description herein and attachments hereto, the meaning of "a," "an," and "the" includes plural reference unless the context clearly dictates otherwise. Also, as used in the description herein and attachments hereto, the meaning of "in" includes "in" and "on" unless the context clearly dictates otherwise. Finally, as used in the description herein and attachments hereto, the meanings of "and" and "or" include both the conjunctive and disjunctive and may be used interchangeably unless the context clearly dictates otherwise. Defined terms carry the stated definitions whether expressed as nouns, verbs, adjectives or any other grammatical variation, throughout the specification and claims.
The term "computer-readable medium" as used herein refers to any medium that participates in providing data (e.g., instructions) which may be read by a computer, a processor or a like device. Such a medium may take many forms, including but not limited to, non-volatile media, volatile media, and transmission media. Non-volatile media include, for example, optical or magnetic disks and other persistent memory. Volatile media include dynamic random access memory (DRAM), which typically constitutes the main memory. Transmission media include coaxial cables, copper wire and fiber optics, including the wires that comprise a system bus coupled to the processor, and the like. Transmission media may include or convey acoustic waves, light waves and electromagnetic emissions, such as those generated during radio frequency (RF) and infrared (IR) data communications, or any other wireless form of communication. Common forms of computer-readable media include, for example, a floppy disk, a flexible disk, hard disk, magnetic tape, any other magnetic medium, a CD-ROM, DVD, any other optical medium, punch cards, paper tape, any other physical medium with patterns of holes, a RAM, a PROM, an EPROM, a FLASH-EEPROM, any other memory chip or cartridge, a carrier wave as described hereinafter, or any other medium from which a computer can read.
Acceptance--One party's agreement to the Offer of another party.
Account Data--Any data concerning an Account, including but not limited: (i) the Owner of the Account; (ii) the Servicer of the Account; (iii) the debtor of the Account; (iv) the payment history of the Account; (v) the balance of the Account; (vi) the interest rate of the Account; and (vii) similar elements.
Account Database--Any collection of Account Data, current or historical, which is generally updated on a periodic basis, including but not limited to: (i) a collection of Account Data maintained by an Owner, Seller, Buyer or Servicer of Accounts regarding its own Accounts; (ii) a collection of Account Data supplied by multiple Owners and Servicers of Accounts and maintained by a third party such as a Reporting Agency or Consumer Reporting Agency; (iii) a collection of Account Data maintained by a third party which is not directly linked to personally identifiable information and typically used for a variety of analysis; (iv) similar collections of Account data; and (iv) any combination of such collections of Account Data and the like.
Commitment--A System User's agreement to certain defined terms, including, but not limited to: (i) in the case of selling Accounts, a minimum time an Account is available for purchase on the Online Marketplace, a maximum price upon which a Seller can base a refusal to accept an Offer, and a maximum price, upon which a Seller will automatically accept an Offer; and (ii) in the case of Servicing Accounts, a minimum time an Account is available for Servicing Offers on the Online Marketplace, a minimum Servicing fee upon which an Owner can base a refusal to accept an Offer to Service, and a minimum Servicing fee upon which Owner will automatically accept a Servicing Offer.
Parameter--Data element relative to determining whether Account(s) should be sold, purchased or serviced and which can be measured using Ratings, including but not limited to: (i) Parameters defined relative to the Account, such as balance range, payment history, age and demographic information related to the debtor of the Account; (ii) Parameters defined relative to the market of the Accounts, such as fair market value, the liquidity of similar Accounts, and market trends; and (iii) Parameters defined relative to the system of laws, rules and regulations governing the Servicing of Accounts, such as statutes of limitation, licensing laws, and the availability of certain Servicing methods such as wage garnishment in particular jurisdictions.
Post-Transaction Data--Data relative to the Servicing of Accounts which may be exchanged between the parties to a Transaction after the closing of the Transaction, including but not limited to data relative to media requests, put-backs, trailing payments, contract consent issues, chain of title and the like.
Potential Consolidation--A selection of multiple Accounts with logically similar data elements which imply that the Accounts should be Serviced or purchased together to maximize the efficacy of Servicing, including but not limited to the same debtor for the Accounts in the selection, closely related debtors for the Accounts in the selection, other similar demographic characteristics for the Accounts in the selection and other logically similar data elements.
Selection Criteria--A plurality of deterministic values and ranges for a set of selected Parameters and Ratings, defined by a System User, which may be applied to a set of Accounts, as computing instructions, to test each Account for a stated condition or set of conditions. Selection Criteria may include: Parameters and Ratings available on the Account Database; aggregate, calculated Parameters and Ratings derived from market activity; and a set of Parameters and Ratings available in a Receivables Management Knowledge Base.
Selection Flags--A particular Parameter of an Account which is defined relative to a particular System User to indicate a range of possible actions relative to the Account and the particular System User, including but not limited to, the actions of selecting the Account for potential Commitment to the Online Marketplace with manual review by the System User, selecting the Account for a potential Transaction with manual review by the System User, selecting the Account for automatic Commitment to the Online Marketplace and selecting the Account for an automatic Offer to the Owner for purchasing or Servicing.
Analysis Component--Computing process consisting of a Component that receives inputs of Account Data from the Account Database and Receivables Management Knowledge Base, associates Ratings to Parameters, associates Selection Flags to Accounts according to Selection Criteria, and produces outputs of Ratings and Selection Flags for Accounts to the Account Database.
Inventory Management Component--Computing process consisting of a Component that receives System User inputs from the Market Interface, Selection Flags from the Analysis Component, and Acceptances from the Offer Component to produce outputs to the Account Database which define the current status, ownership and Servicers (if applicable) of each Account.
Market Interface--A globally available computing process in the form of a user interface which: (i) outputs information to System Users, including but not limited to Offers, Acceptances, output of Selection Criteria and responses to queries, through the use of onscreen displays and reports; (ii) and receives inputs from System Users for a variety of processes, including but not limited to selection processes, creation of Selection Criteria, Offers and Acceptances.
Offer Component--Computing process consisting of a Component which receives inputs from the Market Interface and Account Database to process automated and manual Offers, Seller Commitments and Acceptances from System Users and produces outputs to the Account Database which define the terms of a Transaction.
Post Transaction Support Component--Computing process consisting of a Component that receives inputs from the Market Interface and Account Database relative to Post-Transaction Data, facilitates the resolution of issues defined by the Post-Transaction Data, and produces outputs to the Account Database to update the status of the Post-Transaction Data.
Receivables Management Knowledge Base--A collection of facts and rules for problem solving in the receivables management industry, in particular laws, rules and regulations governing the Servicing of Accounts, such as statutes of limitation, licensing laws, and the availability of certain Servicing methods such as wage garnishment in particular jurisdictions.
Transaction Component--Computing process consisting of a Component that receives inputs from the Account Database for Accounts that are selected for a Transaction, facilitates the closing of a Transaction by handling closing processes, including but not limited to the transfer of Account Data between System Users and settlement between System Users, and produces outputs to the Account Database that update the current status, ownership and Servicers (if applicable) of each Account of the Transaction.
FIG. 4 depicts a workflow diagram 400 for loading Account Data from a Consumer Reporting Agency Account Database 104 to the Account Database 106 of the Online Marketplace. The Consumer Reporting Agency Database 104 is a separate Account Database that aggregates personally identifiable Account Data and provides such information to third parties. Examples of well known Consumer Reporting Agencies include Equifax.RTM., Experian.RTM. and Trans Union.RTM.. In alternative embodiments the Account Data of a commercial Reporting Agency, such as Dun & Bradstreet Inc., may be utilized.
Additionally, in the exemplary embodiment, the load file generated 402 may be based upon Account Data flagged by a System User as those Accounts to be available for Commitment to the Online Marketplace. For example, a System User may transmit Account Data to a Consumer Reporting Agency Account Database on a periodic basis, using a standard "Metro II" Electronic Data Interchange (EDI) transmission and flag certain Accounts. In alternative embodiments, the Online Marketplace of the present invention may retrieve and/or load the entire universe of data available from the Consumer Reporting Agency Account Database for a particular System User, or pre-existing groupings, or combinations of groupings, of Account Data.
Referring still to FIG. 7, the System User, who for this process must be an Account Owner, accesses 702 the Selling and Placement Control screen on the Market Interface of the Online Marketplace. The Inventory Management Component retrieves 704 non-committed Accounts from the Account Database. In alternative embodiments, the functions of an Inventory Management Component may be performed by any similar Component of the Market Interface or the Market Interface may access the Account Database of the Online Marketplace directly without the benefit of such a Component. The Market Interface displays 706 Accounts, grouped by Selection Flags for the Owner. The Owner may select 708 additional Parameters to group Accounts in the Market Interface display, for ease of use. The Owner selects 710 Accounts for Commitment to the Online Marketplace and selects 714 the type of Commitment. For example, the Owner may Commit the Account to be placed "for sale" on the Online Marketplace, allowing potential Buyers to make Offers; or the Owner may place the Account on the Online Marketplace to be serviced, allowing potential Servicers to make Offers. The Owner sets 716 the terms and conditions for each group of selected Accounts and the Online Marketplace determines 718 whether or not the terms and conditions are within permitted ranges. The Owner accepts 720 the terms and conditions of Commitment. The Market Interface may display the Commitment with legally binding language creating a contract subject to any and all appropriate laws. The Inventory Management Component updates 722 Accounts on the Account Database of the Online Marketplace with all Commitment selections. Flagged Accounts that are not selected 710 for Commitment 712 are also updated 722 in the Account Database by the Inventory Management Component. Additionally, the Online Marketplace may perform a validation of the terms of Commitment against permissible stored ranges and values.
FIG. 8 depicts an Offer Process 800 workflow diagram for a System User making an Offer within the Online Marketplace. A System User may access 802 the Offer Control Screen on the Market Interface. The Offer Component selects and retrieves 804 Account Data from the Account Database according to Selection Flags, such as those generated in the Selection Flag Process of FIG. 6. For example, the Offer Component may retrieve Account Data demarcated by a Selection Flag showing that the Account has been Committed to the Online Marketplace as "for sale" and a Selection Flag showing that the Account has been selected by the System User's own Selection Criteria for a potential Transaction. In alternative embodiments, the Online Marketplace of the present invention may suggest Transactions, such as Offers, Acceptances and the like, to a System User. Such suggestions may be based on the System User's Transaction history, profiling of System Users, other market activities or any other relevant factors. The Offer Process 800 may be implemented with any auction software package as known in the art or any series of programmed steps stored in a computer-readable storage medium to be processed by a general purpose computing device.
FIG. 10 depicts a Transaction Process 1000 workflow diagram for the Online Marketplace. The Transaction Component retrieves 1002 Account Data for Accounts with Offers which have been accepted. In this exemplary embodiment, the Market Interface will present two separate workflows of the Online Marketplace, based upon whether the Account was offered "for sale" or "for placement."
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