Patent Document

[0001]    This application is a Continuation Application from U.S. application Ser. No. 09/441,456, filed Nov. 17, 1999. 
     
    
     
         [0002]    The present invention relates to an internet based automated processing systems and more particularly to an automated trade processing system which interfaces a customers own portfolio management, quoting, analytical and alerting services to transaction execution systems.  
         BACKGROUND OF THE INVENTION  
         [0003]    The increased popularity of the Internet and the development of the World Wide Web (WWW) have resulted in an increase in Internet commerce or on-line commerce. On-line commerce involves the exchange of goods, services, and information as a result of transactions executed using an on-line computer system. On-line commerce is often achieved using a computer application and system that allows access to information from disparate data sources through the Internet.  
           [0004]    On-line commerce computer applications and systems are difficult to design and implement, frequently taking years to develop. In particular, the development of computer applications and systems requiring interprocess communication for access to disparate data sources is complex and time consuming. Disparate data sources include information or data from such sources as databases, application programs, or systems that reside on multiple and disparate platforms, database management systems, and environments that may be physically separated from one another.  
           [0005]    One of the difficulties and complexities arise from the interface software that must be developed for each disparate data source to ensure that information can be accessed from each disparate data source in a timely and accurate manner. The interface software is difficult and complex to develop because each disparate data source may have a different or proprietary method and format or protocol for exchanging data.  
           [0006]    From a user or customers point of view there is a considerable relearning of the format of the interfaces, although common data may be used.  
           [0007]    Time sensitive data is any data that frequently changes. For example, on-line commerce computer applications and systems involving the trading of securities, such as stocks, bonds, notes, options, fixtures, mutual funds, and the like, rely heavily on time sensitive data to ensure that trades are timely placed and that decisions are based on accurate and up-to-date information.  
           [0008]    Online stock transactions have been made much simpler With the advent of the Internet. For example individuals may directly trade a specific security such as stocks, bonds, notes, options, futures, mutual funds, and the like by signing up with a particular online brokerage firm. In order to research these securities the individual typically can access a variety of information sources or web sites in order to obtain relevant background and purchase information about the security. The information may be collated and organized to set up a portfolio.  
           [0009]    At the relevant time when the individual decides to initiate a transaction, the individual must contact a broker to execute the trade on selected securities in the portfolio. Normally if the broker is an online system the individual or the broker must manually fill in the corresponding data fields of a purchase order from the listed information. The individual often has already recorded this information when researching the portfolio, but now has to rerecord the information for the broker. This is wasteful of time and prone to errors or may require the individual to repeat part of the information research to gather missing information required by the broker.  
           [0010]    Brokerage firms also tend not to offer consistent user interfaces or data entry forms, further exacerbating the above problem. More generally a problem with independent systems that wish to share a set of common information over the network, is that sometimes the common information is labeled or identified differently by each independent system. An example of this is where a brokerage and a secondary party employ a different set of symbols for the same stock and mutual funds on their respective web sites. The potential problems in this situation are the caused by differences in the format or language of the information stored, the form in which it is transmitted, and identification and separation of a subset of specific from a general information set.  
           [0011]    In the compilation of valuable or restricted information, a person typically is a registered user in each of a variety of separate databases. If a set of restricted information desired by the person is located in a number of the databases or web sites, the person must login and logout of each site separately. For extensive research purposes, separate restricted web sites are not all linked together. The disadvantage of this is that time must be spent in navigating between the different sites and effort expended in keeping track of where each of the different sites are located.  
           [0012]    Thus there is a need for a system and method that seamlessly facilitates exchange and collation of information between separate systems on a network and which reduces the need to reenter portions of data common to the systems.  
         SUMMARY OF THE INVENTION  
         [0013]    In accordance with the present invention there is provided a system for seamless communication of data between two or more systems comprising:  
           [0014]    (a) a subscriber system for presenting and displaying data from one or more information sources to a subscriber in a predetermined subscriber format; and  
           [0015]    (b) a remote system couplable by a network to the subscriber system, the subscriber system responsive to information received in addition to said subscriber format data for providing a service to said subscriber, whereby the additional information is based on a priori knowledge of said subscriber system and remote system data formats.  
           [0016]    Another aspect of the invention provides a method for translating and transferring data from a source format to a destination format using a priori knowledge of said source and destination formats between a remote system and a subscriber system, said method comprising the steps of:  
           [0017]    (a) a subscriber composing a list of data according to the source format;  
           [0018]    (b) transmitting, by said subscriber system, a particular subscriber source data file to said remote system via a communications network;  
           [0019]    (c) transmitting format translation data to the remote system,  
           [0020]    (d) parsing the subscriber source data and the translation data at the remote system for reformatting the subscriber data into the destination format data.  
           [0021]    In accordance with a further aspect of the invention there is provided a method of pre-populating a form including the steps of a gathering of information from a plurality of sources, (b) compiling the information from at least one of the information sources on a central system, (c) transferring selected elements of the information from the central system to a secondary system, and (d) entering automatically the selected elements in a plurality of corresponding data fields in a form at the secondary system.  
           [0022]    In a still further aspect of the invention the integration system comprises a common language to facilitate the transfer of the selected elements of the information between the individual systems. 
       
    
    
     BRIEF DESCRIPTION OF THE DRAWINGS  
       [0023]    These and other features of the preferred embodiments of the invention will become more apparent in the following detailed description in which reference is made to the appended drawings wherein:  
         [0024]    [0024]FIG. 1 is a schematic diagram of a network configuration for an online transaction processing system;  
         [0025]    [0025]FIG. 2 is an example of product information for a financial application of FIG. 1;  
         [0026]    [0026]FIG. 3 is an example of product information for a financial application of FIG. 1.  
         [0027]    [0027]FIG. 4 is an example of product information for a financial application of FIG. 1.  
         [0028]    [0028]FIG. 5 is an example of an order entry form pertaining to FIG. 2.  
         [0029]    [0029]FIG. 6 is an example of a login screen for the system of FIG. 1.  
         [0030]    [0030]FIG. 7 is a schematic of the operation of the integration system of FIG. 1.  
         [0031]    [0031]FIG. 8 provides additional features of FIG. 7.  
         [0032]    [0032]FIG. 9 is a further embodiment of FIG. 1.  
         [0033]    [0033]FIG. 10 is a further embodiment of FIG. 1.  
     
    
     DESCRIPTION OF THE PREFERRED EMBODIMENTS  
       [0034]    In the following description like numerals refer to like structures in the drawings. Furthermore in the following description an online portfolio management and brokerage system is used to exemplify the method and system features of the present invention. Referring to FIG. 1, components of an online transaction system is shown generally by numeral  8 . The system includes a web server  10 , generally hosting a central web site  12  for providing a plurality of subscriber web pages. A plurality of client computers  16  may connect to the web site  10  via the Internet  14  for viewing general web pages and subscriber web pages  11  hosted at the web site  12  using web browsers or the like, The web site  12  includes a database  13  for maintaining amongst others user/subscriber account information. A series of information sources  20 , such as stock quote and find analyzer providers, are connected either directly  19  to the central website  10  or via the Internet  14  which may be accessed by the client to obtain research on a particular product or service. In addition a series of product or specialized service providers  20 , such as brokerage web sites are also connected to the central web site  10  directly or via the Internet  14 . The product providers  20  may have products the client  16  wishes to obtain or purchase. In particular if the product providers are brokerage web sites, they may be connected to an appropriate exchange  24 . The product providers also referred to as the remote system includes a database for maintaining client records and access information. The product providers  20  each have a set of unique web pages  22  for providing logon, client verification, order entry, order acknowledgement and such like.  
         [0035]    The system facilitates clients or users  16  to purchase a particular service or product—securities in this embodiment. Generally research must be performed on a particular stock by accessing one or more of the information sources  20 . Each of theses information sources normally requires a separate logon verification and authentication of the user before providing research information to the user. The research information is then collated or assembled at a central location  10  to construct a personalized or customized stock portfolio for the client  16 . A stock purchase or sale is then made by the client  16  accessing a selected broker web site  20  to place an order. This also requires the entry of logon information, stock data and such like.  
         [0036]    The present invention is derived from the recognition that in a typical scenario as described above, data, which is common to all locations, is entered by a user separately in each location, and requires connection, by the user to each location.  
         [0037]    Accordingly the present invention provides a method for translating and transferring data from a source format at the subscriber site to a destination format at the provider site using a priori knowledge of the source and destination. The method comprises the steps of composing a list of data in the source format and storing it in the database  13  in a source data file at the subscriber system  10 , initiating a transaction by the subscriber to a selected provider, transmitting subscriber source data file to the remote provider system  20  via the Internet including transmitting format translation data to the remote system; parsing the subscriber source data and the translation data at the remote system for reformatting the subscriber data into the destination format data and executing the transaction by the provider whereby data common to the system need not be reentered.  
         [0038]    In one embodiment the subscriber system  10  installs a translation module at the provider site  20 . An interactive session between each of the clients  16  and selected information sources  12  and product providers  20  is managed by the central website  10 , once the client  16  has logged onto the central website  10 . Specific product information  24  gathered by for example the client A  16  while on the central website  10 , from the various connected information sources  20 , is sent by the central website  10  in the form of a “decorated URL” to product providers  20  selected by the client  16 . The specific product information is used to dynamically fill in, or pre-populate, data fields in a form located on a website of the product provider  20 .  
         [0039]    Referring to FIGS. 2, 3, and  4  sample screens illustrating the format and data fields provided by one or more of the information sources  20  for a financial planning system is shown. In FIG. 2, web page  26  displays data  27  comprised of stock quote information, stock fund information, and portfolio information. The client computer  16  through the central web site  10  accesses the data  27 . A co-branded navigation bar  28  is displayed on the web page which provides links to one or more web pages for which data is being displayed. These links  30  are preferably hypertext links which provide a “seamless” feature to the online transaction system  8 , as the client  16  transfers the specific information  20  from one web page to another. The specific information  20  is preferably transferred between web pages in the form of embedded arguments in a decorated URL  32 . In the case of a stock purchase, the information  20  includes all the relevant purchase information compiled by the client  16  on the central website  10 , such as the name of a stock, stock prices, number of desired stocks, as well as any information required to identify the client  16 .  
         [0040]    The client  16  can preview as many information sources  12  as desired which are connected to the central website  10 . For specific information  20  of interest encountered by the client  16  during the course of the information search, the client  16  can click on a purchase button  34  at any time. The purchase button  34  is a direct link to the webpage of a product provider  20  selected by the client  16 .  
         [0041]    The purchase button  34  effects a transfer of the specific information  20  in the form of information variables to a query string such as:  
         [0042]    ?S/F; symbol; B/S/U; Qty; $/U&amp;EOT,  
         [0043]    attached to the URL  32  of the provider, assuming a hypertext transfer protocol. Descriptions of the types of variables  36  contained in the query string are given in the Table below:  
                                                   Variables   Description                           S/F   this indicates stock or fund           Symbol   this represents the commodity symbol           B/S/N   buy, sell or unknown           Qty   the quantity entered or a null value           $/U/N   indicates whether trade is being executed in               dollars or units or is unknown           &amp;   signifies the end of a specific symbol string           EOT   Signifies the end of the trade order.                      
 
         [0044]    The above-mentioned URL syntax is given for a financial application by way of example only. Other variables may be used which depend on the particular application and transfer protocol being used.  
         [0045]    Referring to FIG. 5, an example of a pre-populated order entry form  38  as contained on the web page of a product provider  20  is shown generally by numeral  38 . In this example, the translation variables transferred are the symbol BCE and a buy command B. In the preferred embodiment, this screen  38  would only be accessible to the client  16  after the completion of an intermediate login screen  40 , as shown in FIG. 6. The screen  40  includes the cobranded navigation bar  28 , the decorated URL  32  with the transfer variables  38 , as well as security data fields  42  used to identify the client  16  to the product provider  20 . This screen  40  allows for security authorization for the purchase transaction.  
         [0046]    The operation of the system  8  is illustrated schematically by referring to FIG. 7. A registered client  16  completes a login process  44  to obtain access to the central website  10 . The client  16  then proceeds to compile product information  46  from the variety of information sources  20 , which can be accessed from the central web site  10 . Once the client  16  has obtained sufficient information the client then may proceed to a purchase fulfillment stage  48 , the client  16  clicks on the purchase button  34  located on the web pages  26 . The central website  10  transmits the specific information  20  containing the variables  36  in the form of the decorated URL  32  to the login screen  40  of the product provider  20 .  
         [0047]    The client  16  selects a desired one of the product providers  20  and supplies the security data  42  which authorizes the client  16  to conduct transactions on the website of the selected product provider  20 . At stage  50 , the provider parses the received information  20  to populate data fields  52  on the trading screen  38 . These fields are then pre-populated with the specific information  20  from the decorated URL  32 . Additional data fields  54  may be manually filled in by the client  16  or by agents of the product provider  20 , if required.  
         [0048]    At the next stage  56 , the client  16  confirm the information contained in the data fields  52  and  54  and may confirm the transaction with a transaction password, if desired. The purchase transaction is processed  58  by the product provider  20  and the provider  20  sends a confirmation message  60  to the client  16  upon completion of the transaction. At a decision stage  62 , the client  16  can proceed to other website areas of the product provider  20 , or return to the central website  10  to conduct further product research. These transfers between websites is facilitated by the links  30  on the co-navigation bar  28 .  
         [0049]    Referring to FIG. 8, a variation of the process flow is shown with an unregistered client  16 . In this process flow the client is presented with an intermediate registration screen  64 . A brokerage sign up kit  66 , may also be presented to the client  16  by the central website  10  on behalf of the product provider  20 . Once the registration process is complete, the client  16  can then proceed seamlessly to the login screen  40  of FIG. 7 and proceed with the rest of the transaction procedure, as described above.  
         [0050]    In an alternative embodiment, a series of purchase buttons  34   ab,c,  as shown in FIG. 9, are provided on the web pages of the information sources  12  in place of the single button  34 . These buttons  34   ab,c  provide the client  16  with a choice as to which product provider  20   a,b,c  the client  16  desires to process the purchase transaction request. A registration toggle  68  may be included in the purchase button  34   a,b,c  if desired, which would automatically supply the client  16  with the sign up kit  66  on behalf of the product provider  20 .  
         [0051]    In a further embodiment shown in FIG. 10, instead of directly going to an order entry form  38  upon clicking the purchase button  34 , the client can choose to use a trading basket  70 . Each time the client  16  decides on a purchase, the purchase button  34  initiates a transfer of the variables  36  used for a purchase transaction to the trading basket  70 . A plurality of individual transactions  72  are stored in the basket  70 , until a basket purchase button  74  is clicked by the client  16 . At this stage, the decorated URL  32  passes the trade variables  36  of the specific information  20  to the login screen  40  of the FIG. 7. The client  16  then proceeds with the remainder of the transaction procedure, as described above.  
         [0052]    A still further embodiment of the invention, a variable translation system  76  is used when the product provider  20  and the central website  10  employ a different set of identifiers for the variables  36 , such as stock symbols and mutual funds. In the preferred embodiment, the brokerage integration system  8  is implemented on the client side over the Internet using any one of the known browsers. The operating systems supported are Windows 3.1 and above, Mac 7.6 and above, Windows NT 4.0 and above, and Windows 95 and above. The central website  10  employs servers consisting of two Ultra 2 work stations with two 300 MHz processors and 2 GB RAM. Also employed is an Orade E 3500 with four 300 MHz processors and 8 GB of RAM. The system of the product provider  20  operates in a CGI environment with Perl 5 deployed and supported. The CGI is compatible with the form of the decorated URL  32  supplied by the central website  10 .  
         [0053]    In addition to computers connected to the network  14 , other communication devices such as mobile phones, hand held devices, personal digital assistants and set top boxes can also be used.  
         [0054]    Although the invention has been described with reference to certain specific embodiments, various modifications thereof will be apparent to those skilled in the art without departing from the spirit and scope of the invention as outlined in the claims appended hereto.

Technology Category: g