The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Mar. 24, 1998
Filed:
Jan. 04, 1995
Maria M Mandler, Wilmette, IL (US);
Ann P McLaughlin, River Forest, IL (US);
Robert R Battenfelder, Darien, CT (US);
James E Rouen, New York, NY (US);
Levi Y Orbach, Forest Hills, NY (US);
Carol Benson, Oakland, CA (US);
Marjorie Engber, New York, NY (US);
James E Nevens, Colleyville, TX (US);
William Joseph Krajewski, Thornton, PA (US);
Carol A Moody, Brooklyn, NY (US);
John P Figliozzi, St. Charles, IL (US);
Keith W Luke, New Canaan, CT (US);
Cornelia Blemings, Pittsburgh, PA (US);
Kathleen M Dixon, Chicago, IL (US);
Citibank N.A., New York, NY (US);
Abstract
A system and method provides for enabling on-line transactional services among sellers and buyers having no previous relationship with each other. The system includes a financial clearinghouse for receiving a request for goods or services from a buyer and making a real-time determination of a risk classification of the buyer utilizing an on-line repository of credit information. The financial clearinghouse determines a risk-based discount fee as a function of the buyer's risk classification in order to establish a payment amount to the seller from the clearinghouse. If the transaction is authorized by the financial clearinghouse, the financial clearinghouse transmits the payment amount to the seller and transmits an invoice to the buyer for the purchase price of the transaction. The system can also include a broker coupled to the financial clearinghouse for providing an on-line order acceptance and processing capability between the buyers and sellers.