Automated transaction processing system and approach
View Patent ↗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.
1. A method comprising:
retrieving and storing data for subsequent processing by an integrated, electronic supply chain processing computer engine, including retrieving and storing
respective sets of first data, including business rules, corresponding to disparate and separately-operating entity participants, including buyers and sellers, and
respective sets of second data corresponding to contract terms for executing multiple transactions involving the disparate and separately-operating entity participants, and
a plurality of algorithms, each of the plurality of algorithms using first data, from the sets of the first data, corresponding to at least two of the disparate and separately-operating entity participants, and
second data, from the sets of the second data, including
previously-negotiated parameters corresponding to prospective transactions, each prospective transaction involving said at least two of the disparate and separately-operating entity participants, and
variable parameters that impact prices for the multiple transactions; and
in a computer-based data processor, performing the following steps for each of the prospective transactions,
selecting one of the plurality of algorithms, and selecting previously-negotiated parameters for execution by the selected one of the plurality of algorithms,
retrieving current transaction data that corresponds to a parameter in the set of variable parameters on which the selected one of the plurality of algorithms operates,
executing the selected one of the plurality of algorithms with the selected previously-negotiated parameters and with retrieved current transaction data to automatically derive a new term,
assessing for validation said one of the prospective transactions for an actual transaction with the new term at least partly defining a price for the actual transaction and,
in the event that said one of the prospective transactions is validated for an actual transaction, generating payment data based on the price, and
in the event that said one of the prospective transactions is not validated for an actual transaction, generating exception data that identifies a reason said one of the prospective transactions is not to be validated.
2. The method of claim 1 , wherein the step of selecting one of the plurality of algorithms includes selecting an algorithm that operates, at a single computer processor, on first data including different sets of rule data respectively corresponding to disparate and separately-operating entity participants for the prospective transaction.
3. A system comprising:
a data storage circuit for retrieving and storing data for subsequent processing by an integrated, electronic supply chain processing computer engine, including retrieving and storing
respective sets of first data, including business rules, corresponding to disparate and separately-operating entity participants, including buyers and sellers, and
respective sets of second data corresponding to contract terms for executing multiple transactions involving the disparate and separately-operating entity participants, and
a plurality of algorithms, each of the plurality of algorithms using
first data, from the sets of the first data, corresponding to at least two of the disparate and separately-operating entity participants, and
second data, from the sets of the second data, including
previously-negotiated parameters corresponding to prospective transactions, each prospective transaction involving said at least two of the disparate and separately-operating entity participants, and
variable parameters that impact prices for the multiple transactions; and
in a computer-based data processor, performing the following steps for each of the prospective transactions,
selecting one of the plurality of algorithms, and selecting previously-negotiated parameters for execution by the selected one of the plurality of algorithms,
retrieving current transaction data that corresponds to a parameter in the set of variable parameters on which the selected one of the plurality of algorithms operates,
executing the selected one of the plurality of algorithms with the selected previously-negotiated parameters and with retrieved current transaction data to automatically derive a new term,
assessing for validation said one of the prospective transactions for an actual transaction with the new term at least partly defining a price for the actual transaction and,
in the event that said one of the prospective transactions is validated for an actual transaction, generating payment data based on the price, and
in the event that said one of the prospective transactions is not validated for an actual transaction, generating exception data that identifies a reason said one of the prospective transactions is not to be validated.
4. The system of claim 3 , wherein the computer-based data processor is a computer processor circuit configured for selecting one of the plurality of algorithms by selecting an algorithm that operates on first data including different sets of rule data respectively corresponding to disparate and separately-operating entity participants for the prospective transaction.