Invention Grant
- Patent Title: Systems and methods for pre-paid futures procurement
- Patent Title (中): 预付期货采购的系统和方法
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Application No.: US12427599Application Date: 2009-04-21
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Publication No.: US08346611B2Publication Date: 2013-01-01
- Inventor: William Reid , John Ostrowski
- Applicant: William Reid , John Ostrowski
- Applicant Address: US CO Greenwood Village
- Assignee: First Data Corporation
- Current Assignee: First Data Corporation
- Current Assignee Address: US CO Greenwood Village
- Agency: Kilpatrick Townsend & Stockton LLP
- Main IPC: G06Q30/00
- IPC: G06Q30/00

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.
Public/Granted literature
- US20100268611A1 SYSTEMS AND METHODS FOR PRE-PAID FUTURES PROCUREMENT Public/Granted day:2010-10-21
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