EP3596679A1 - Systèmes et procédés de règlement de transaction - Google Patents

Systèmes et procédés de règlement de transaction

Info

Publication number
EP3596679A1
EP3596679A1 EP18768481.6A EP18768481A EP3596679A1 EP 3596679 A1 EP3596679 A1 EP 3596679A1 EP 18768481 A EP18768481 A EP 18768481A EP 3596679 A1 EP3596679 A1 EP 3596679A1
Authority
EP
European Patent Office
Prior art keywords
transaction
management system
rules
financial management
financial
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Withdrawn
Application number
EP18768481.6A
Other languages
German (de)
English (en)
Other versions
EP3596679A4 (fr
Inventor
Arjun Jayaram
Mohammad Taha ABIDI
Daniel Craig MANDELL
Nikhil Nayab
Current Assignee (The listed assignees may be inaccurate. Google has not performed a legal analysis and makes no representation or warranty as to the accuracy of the list.)
Baton Systems Inc
Original Assignee
Baton Systems Inc
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Baton Systems Inc filed Critical Baton Systems Inc
Priority claimed from PCT/US2018/022992 external-priority patent/WO2018170469A1/fr
Publication of EP3596679A1 publication Critical patent/EP3596679A1/fr
Publication of EP3596679A4 publication Critical patent/EP3596679A4/fr
Withdrawn legal-status Critical Current

Links

Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G06Q20/405—Establishing or using transaction specific rules
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/02—Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/04—Payment circuits
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/22—Payment schemes or models
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q20/00—Payment architectures, schemes or protocols
    • G06Q20/38—Payment protocols; Details thereof
    • G06Q20/40—Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • heterogeneous core ledgers of financial institutions e.g., banks
  • financial management system 102 may efficiently settle funds using existing services such as FedWire.
  • ledger 118 is a shared ledger that can be accessed by multiple financial institutions and other systems and devices.
  • ledger 118 is a shared ledger that can be accessed by multiple financial institutions and other systems and devices.
  • financial management system 102 interacts with authorized systems and authorized users.
  • the authorized set of systems and users often reside outside the jurisdiction of financial management system 102.
  • interactions with these systems and users are performed via secured channels.
  • various constructs are used to provide system/platform integrity as well as data integrity.
  • financial management system 102 allows each client to configure and leverage their own authentication systems. This allows clients to set their custom policies on user identity verification (including 2FA (two factor authentication)) and account verification.
  • An authentication layer in file management system 102 delegates requests to client systems and allows the financial management system to communicate with multiple client authentication mechanisms.
  • financial management system 102 detects and records all client metadata, which creates an audit trail for the client metadata. Additionally, one or more rules identify anomalies which may trigger a manual intervention by a user or principal to resolve the issue.
  • Example anomalies include system request patterns that are not expected, such as a high number of failed login attempts, password resets, invalid certificates, volume of requests, excessive timeouts, http errors, and the like. Anomalies may also include data request patterns that are not expected, such as first time use of an account number, significantly larger than normal amount of payments being requested, attempts to move funds from an account just added, and the like.
  • financial management system 102 is capable of taking a set of actions. The set of actions may initially be limited to pausing the action, notifying the principals of the anomaly, and only resuming activity upon approval from a principal.
  • Execution of a workflow will trigger one or more transactions that reflect the movement of assets between the participants.
  • Each transaction can include metadata that the principals can use for internal business processes. Metadata examples include reconciliation instructions or specific messages or accounting code that participants can agree upon.
  • a transaction may have various states that it passes through from an initial state to a terminal state. It is easier to think of this as a state diagram.
  • Parties in a trade can execute complex settlement instructions that determine the sequence of steps that must be followed to effect the movement of assets between participants.
  • the systems and methods described herein facilitate this with software workflows. Execution of a workflow will result in multiple instructions that are sent and received through the clearing and settlement gateway and multiple records in the shared permissioned ledger.
  • the parties of a trade can be categorized as principals, observers, settlement agents or regulatory bodies. Principals are typically the buyers and sellers in a transaction. For bilateral trades, this usually includes the broker- dealers and buy-side clients. For cleared trades this may also include a CCP. Observers include all intermediaries in a trade that are involved in the asset movement between the buyers and sellers, and are involved in the trade life cycle. Examples of observers are settlement banks, custodian banks, NCSD, and the like. In some embodiments, the observers may extend credits or guarantee funds to the principals to complete a settlement.
  • Each transaction and the associated transaction states may have additional metadata.
  • the shared ledger e.g., ledger 118 in FIG. 1
  • a separate record is maintained for each state of the transaction.
  • the record is not updated or modified.
  • all transactions are final and irreversible.
  • the metadata for the new transaction includes a reference to the erroneous transaction that needs to be reversed.
  • the parties are informed of the request to reverse the erroneous transaction as part of a new transaction.
  • the new transaction also goes through the state changes shown in FIG. 10.
  • the metadata of the initial transaction is also updated.
  • the transactions and the metadata recorded in the shared permissioned ledger contain information that are very sensitive and confidential to the businesses initiating the instructions.
  • the systems and methods described herein maintain the security of this information by encrypting data for each participant using a symmetric key that is unique to the participant.
  • the keys also have a key rotation policy where the data for that node is rekeyed.
  • the keys for each node are bifurcated and saved in a secure storage location with role-based access controls.
  • only a special service called a cryptographic service can access these keys at runtime to encrypt and decrypt the data.
  • the observer status is important from a compliance and governance standpoint.
  • the Federal Reserve or the CFTC is not a participant of the transaction, but may have observer rights on certain type of transactions in the system.
  • the participants can subscribe to certain types of events.
  • the transaction state in the state diagram above changes trigger events in the described systems.
  • Computing device 1200 includes one or more processor(s) 1202, one or more memory device(s) 1204, one or more interface(s) 1206, one or more mass storage device(s) 1208, and one or more Input/Output (I/O) device(s) 1210, all of which are coupled to a bus 1212.
  • Processor(s) 1202 include one or more processors or controllers that execute instructions stored in memory device(s) 1204 and/or mass storage device(s) 1208.
  • Processor(s) 1202 may also include various types of computer-readable media, such as cache memory.
  • Computer storage media includes RAM, ROM, EEPROM, CD- ROM, solid state drives (“SSDs”) (e.g., based on RAM), Flash memory, phase-change memory (“PCM”), other types of memory, other optical disk storage, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store desired program code means in the form of computer-executable instructions or data structures and which can be accessed by a general purpose or special purpose computer.
  • SSDs solid state drives
  • PCM phase-change memory

Landscapes

  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Engineering & Computer Science (AREA)
  • Physics & Mathematics (AREA)
  • Strategic Management (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Finance (AREA)
  • Computer Security & Cryptography (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Technology Law (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

La présente invention concerne des systèmes et des procédés de règlement de transaction ayant valeur d'exemples. Dans un mode de réalisation, un système de gestion financière identifie des premières règles de fonctionnement associées à un premier participant à une transaction, ainsi que des secondes règles de fonctionnement associées à un second participant à la transaction. Un flux de travail est créé sur la base des premières et secondes règles de fonctionnement. Il définit une séquence d'activités associées à la transaction. Le système de gestion financière exécute le flux de travail de façon à procéder à la transaction.
EP18768481.6A 2017-03-17 2018-03-16 Systèmes et procédés de règlement de transaction Withdrawn EP3596679A4 (fr)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US201762472891P 2017-03-17 2017-03-17
PCT/US2018/022992 WO2018170469A1 (fr) 2017-03-17 2018-03-16 Systèmes et procédés de règlement de transaction

Publications (2)

Publication Number Publication Date
EP3596679A1 true EP3596679A1 (fr) 2020-01-22
EP3596679A4 EP3596679A4 (fr) 2021-01-06

Family

ID=69005159

Family Applications (1)

Application Number Title Priority Date Filing Date
EP18768481.6A Withdrawn EP3596679A4 (fr) 2017-03-17 2018-03-16 Systèmes et procédés de règlement de transaction

Country Status (1)

Country Link
EP (1) EP3596679A4 (fr)

Family Cites Families (2)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20080172314A1 (en) * 1996-11-12 2008-07-17 Hahn-Carlson Dean W Financial institution-based transaction processing system and approach
WO2010062974A1 (fr) * 2008-11-26 2010-06-03 Syncada Llc Procédés et agencements mettant en oeuvre un audit et un classement adaptatifs pour un traitement de données disparates

Also Published As

Publication number Publication date
EP3596679A4 (fr) 2021-01-06

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