Kathleen A Dixon

US Patent:

6785661, Aug 31, 2004

Filed:

Mar 17, 1998

Appl. No.:

09/042774

Inventors:

Maria M. Mandler - Wilmette IL
Ann P. McLaughlin - River Forest IL
Robert R. Battenfelder - Darien CT
James E. Rouen - New York NY
Levi Y. Orbach - Forest Hills NY
Carol Benson - Oakland CA
Marjorie Engber - New York NY
James E. Nevens - Colleyville TX
William Joseph Krajewski - Thornton PA
Carol A. Baldwin Moody - Brooklyn NY
John P. Figliozzi - St. Charles IL
Keith W. Luke - New Canaan CT
Cornelia Blemings - Atco NY
Kathleen M. Dixon - Chicago IL

Assignee:

Citibank, N.A. - New York NY

International Classification:

G06F 1700

US Classification:

705 39, 705 26

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 buyers 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.

US Patent:

57324000, Mar 24, 1998

Filed:

Jan 4, 1995

Appl. No.:

8/368290

Inventors:

Maria M. Mandler - Wilmette IL
Ann P. McLaughlin - River Forest IL
Robert R. Battenfelder - Darien CT
James E. Rouen - New York NY
Levi Y. Orbach - Forest Hills NY
Carol Benson - Oakland CA
Marjorie Engber - New York NY
James E. Nevens - Colleyville TX
William Joseph Krajewski - Thornton PA
Carol A. Baldwin Moody - Brooklyn NY
John P. Figliozzi - St. Charles IL
Keith W. Luke - New Canaan CT
Cornelia Blemings - Pittsburgh PA
Kathleen M. Dixon - Chicago IL

Assignee:

Citibank N.A. - New York NY

International Classification:

G06F 1760

US Classification:

705 26

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.