Deborah M Bennett

US Patent:

7464057, Dec 9, 2008

Filed:

Mar 29, 2002

Appl. No.:

10/109782

Inventors:

Alan Cole - Yardley PA, US
Deborah Bennett - New York NY, US

Assignee:

Citibank, N.A. - New York NY

International Classification:

G06Q 99/00

US Classification:

705 42, 705 39, 705 38, 705 37

Abstract:

A method and system for escrow service for web-based transactions is web-accessible and accepts registrations from exchanges and/or portal partners. The completion of registration and transactions is allowed to entitled users who access the system via the web. The system maintains an internal banking engine to act as a deal manager, messaging service and accounts sub-ledger and escrows funds entrusted to it. The transaction process is composed of a number of transaction statuses, and reporting of those statuses to users is accomplished online and via web query. The system supports several methods of payment, such as credit cards, authorized Automated Clearing House (ACH) or equivalent direct debit/credit and wire transfer payments, and all funds movements are electronic. The system supports transaction level detail through its banking engine accounts; funds movements from its currency accounts, and escrows funds to currency based escrow accounts. Buyers completing goods/services inspections after delivery initiate settlements.

US Patent:

7925586, Apr 12, 2011

Filed:

Oct 27, 2008

Appl. No.:

12/289381

Inventors:

Alan Cole - Yardley PA, US
Deborah Bennett - New York NY, US

Assignee:

Citibank, N.A. - New York NY

International Classification:

G06Q 40/00

US Classification:

705 40, 705 35, 705 39

Abstract:

A method and system for escrow service for web-based transactions, such as multi-currency web-based transactions, is web-accessible and accepts registrations from exchanges and/or portal partners. The completion of registration and transactions is allowed to entitled users who access the system via the web. The system maintains an internal banking engine to act as a deal manager, messaging service and accounts sub-ledger and escrows funds entrusted to it. The transaction process is composed of a number of transaction statuses, and reporting of those statuses to users is accomplished online and via web query. The system provides local currency/multi-currency capability and supports several methods of payment, such as credit cards, authorized Automated Clearing House (ACH) or equivalent direct debit/credit and wire transfer payments, and all funds movements are electronic. The system supports transaction level detail through its banking engine accounts; funds movements from its currency accounts, and escrows funds to currency based escrow accounts. Buyers completing goods/services inspections after delivery initiate settlements.