US20110066528A1 - System and method for financial transaction - Google Patents
System and method for financial transaction Download PDFInfo
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- US20110066528A1 US20110066528A1 US12/525,291 US52529108A US2011066528A1 US 20110066528 A1 US20110066528 A1 US 20110066528A1 US 52529108 A US52529108 A US 52529108A US 2011066528 A1 US2011066528 A1 US 2011066528A1
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- 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
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- 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
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- 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
- G06Q40/12—Accounting
Definitions
- the credit transaction service unit 70 includes a credit transaction server 72 to which the terminal for the franchisee 54 is connected, and a plurality of credit transaction DBs that cooperate with the credit transaction server 72 , such as a credit member management DB 74 for storing information on credit card members, a franchisee DB 76 for storing information on the franchisee 54 , a transaction approval DB 78 for storing a request for approval from the franchisee 54 and the result of the request, and a credit settlement DB 80 for storing details of a purchase money request from the franchisee 54 , a purchase money payment, and purchase money recovered from the member.
- a credit member management DB 74 for storing information on credit card members
- a franchisee DB 76 for storing information on the franchisee 54
- a transaction approval DB 78 for storing a request for approval from the franchisee 54 and the result of the request
- a credit settlement DB 80 for storing details of a purchase money request from the franchisee 54 , a purchase money payment, and purchase money
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- General Business, Economics & Management (AREA)
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Abstract
Provided are a method and system for P2P financial transaction between members that can connect to a card company server having DBs for the members via a wired/wireless communication network, and a financial card with credit card functions. The method includes closing a first contract involving monetary claim/obligation between members A and B and establishing a first claim amount and a first obligation amount of the members A and B, reporting the first claim amount or the first obligation amount of the member A to the card company server, and recording first incoming (+) or first outgoing (−) in a DB for the member A, establishing a second claim amount and a second obligation amount of members A and C according to a second contract between the members A and C involving monetary claim/obligation, reporting the second claim amount or the second obligation amount of the member A to the card company server, recording second incoming (+) or second outgoing (−) in a DB for the member A, and adding or subtracting respectively to or from the first incoming (+) or the first outgoing (−), and settling final incoming or outgoing, added or subtracted in the DB for the member A at regular intervals.
Description
- The present invention relates to a financial transaction method and system and a financial transaction card with credit card functionality, and more particularly, to a financial transaction method and system for calculating profit and loss of respective members generated by transactions between members involving monetary claim and obligation by regular accumulative count of each transaction, and to a financial transaction card with credit card functionality therefor.
- On the basis of recent expansion in consumption, rapid increase of economic scale, and expansion of sales network based on information communication technology, consequent to increased individual income, credit provision system arising from consumer credit system has spread rapidly. In Korea, since the first bank credit card was introduced in 1982, use of credit card and credit transactions using the credit cards have rapidly increased.
- “Credit Card” is a kind of customer credit, which refers to the whole meaning of a certified payment method issued by the bank to its qualified members. And the credit transaction using this credit card uses the system of the transaction amount is paid in advance by the credit card company and collect it from the members following.
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FIG. 1 is a schematic diagram illustrating a typical credit transaction method using a credit card. The credit transaction is made by three entities including acard company 10, afranchisee 20, and amember 30. - The
card company 10 issues credit card to themember 30 according to a membership contract and, as a financial organization, makes a separate franchise contract with thefranchisee 20, it is the credit extension subject. Themember 30, an individual or a corporation possessing the credit card, is a consuming subject. Thefranchisee 20, as a selling subject, is equipped with a communication terminal capable of checking reference of themember 30 and communicating with thecard company 10. - Therefore, when the
member 30 presents the credit card after purchasing desired product at thefranchisee 20, thefranchisee 20 sends a request for credit approval by sending information including the card's proper information, purchase amount, installation period, franchisee ID (Identification) etc to thecard company 10. Thecard company 10 approves or refuses the transaction based on themember 30's personal credit information such as a payment capability. If the transaction is approved, a bill of sales is issued through the terminal. Then thefranchisee 20 charges this amount to thecard company 10, which after examination pays the purchase amount to thefranchisee 20, and collects the amount from the account of themember 30 on the due payment date. - For reference, credit cards in general are classified into a one-party card such as a department store card directly issued by a seller, a two-party card issued by a credit card company that performs credit card business only, and a multi-party card issued by a bank. A Value Added Network (VAN) Service provider may be interposed between the
card company 10 and thefranchisee 20 for providing additional services, such as a service of relaying transaction approval and billing, and checking abnormal transaction. Therefore, a specific form of transaction may differ from this illustration. - However, a typical credit transaction using a credit card is made between a selling subject, the
franchisee 20, and a consuming subject, themember 30, and it cannot be made between themembers 30. - Which means, on a premise that a typical credit transaction is made between the
franchisee 20, which has independent contract with thecard company 10, and themember 30, thefranchisee 20 becomes a selling subject and themember 30 becomes a consuming according to the contract. On this account, in a general credit transaction a transaction betweenmembers 30, excludingfranchisee 20 is in substance impossible. To make this possible, amember 30 who wishes to perform sales must become a selling subject by making a separate franchise contract with the card company. - Meanwhile, with recent increase of the use of internet, electronic commerce (i.e., E-Commerce) has become generalized.
- ‘E-commerce’ in goods or service transaction generally refers to transactions that are fully or partially handled in an electronic manner, such as through electronic document exchange. Normally, the E-commerce is made in the form of business to customer (B2C), business to business (B2B), peer to peer (P2P), auction by a seller, or reverse auction by a customer, via websites such as cybermalls or open markets, or internet messenger. The payment is made by the means such as electronic credit transaction using credit card and digital certificate, remittance through an individual's bank account or virtual account, and cyber money.
- To give a few examples, Korean Patent Laid-open Publication No. 10-2001-0056939 discloses a wired/wireless e-commerce method by which individuals interconnected by Internet messenger, make payment by means of an electronic payment via financial network after closing contract of transaction. A financial transaction method disclosed in Korean Patent Laid-open Publication No. 10-2003-0047672 introduces method of payment with cyber money after individuals interconnected by a messenger close contract. Another financial transaction system is disclosed in Korean Patent Laid-open Publication No. 10-2001-0082518, which is paying purchase amount by means of electronic money such as cyber money after individuals interconnected by separate P2P system close a transaction contract.
- In conventional e-commerce, however, the contact space of a seller and a consumer is limited to on-line websites or Internet messengers, and payment methods have only been substituted by electronic credit transaction, virtual account, and cyber money.
- Therefore, there is no substantial difference compared to cash transaction, remittance through bank account, credit card transaction apart from slightly enhanced convenience, but has a drawback that one transaction is completed only when consumer pays purchase amount every transaction to seller and the seller confirms that the purchase amount is collected. Also, there is a high risk where consumer might not receive the purchased product or service after payment because there is no personal contact with the seller, and also a possibility that the purchased product or service is below expected value and find difficulty in negotiating reasonable price, which in this case there is no other solution but to cancel the whole transaction.
- Concerning this issue, a method by which individuals make a direct contract with each other and remit purchase amount to a special virtual account—escrow account—was introduced as disclosed in Korean Patent Laid-open Publication No. 10-2005-005550. However, though this method guarantees stable transaction via the escrow, it still requires the procedure of a consumer paying purchase amount every transaction and a seller confirming the payment. Moreover, in recent e-commerce transaction, classifying the subjects role is becoming more and more ambiguous, and the transaction is being diversified from merely a simple product purchase.
- Thus, there is a need for a more convenient and safe financial transaction scheme overcoming limitation on credit transaction, and avoiding a risk of e-commerce as well as eliminating the inconvenience of cash transaction or E-commerce.
- An object of the present invention is to provide a scheme capable of guaranteeing convenient and safe financial transaction by eliminating troublesome processes of paying purchase money and confirming receipt of the money every transaction in transactions made between members involving a monetary claim and a monetary obligation.
- Another object of the present invention is to provide a financial transaction scheme capable of overcoming limitation on conventional credit transaction by enabling free financial transaction between members, resolving shortcomings of typical cash transaction or E-commerce by eliminating the need for processes of paying purchase money and confirming the payment every transaction, reducing a likelihood of loss even when a seller and a customer have no chance to meet each other directly, and eliminating a risk associated with typical E-commerce transaction by facilitating transaction money adjustment, that is, a financial transaction method and system for calculating profit and loss by each transaction made between members involving monetary claim and obligation and settling it at regular intervals, and a financial transaction card with credit card functionality therefor.
- To achieve the above objective, the present invention, as a P2P financial transaction method between members that can connect to card company server with each members' DBs (databases) via wired/wireless communication network, provides a transaction method including the following level of procedures: (a) the first contract between members A and B involving monetary claim/obligation, and first claim amount and a first obligation amount of the members A and B is established; (b) the first claim amount or the first obligation amount of the member A is reported to the card company server, and first incoming (+) or first outgoing (−) is recorded in member A's DB; (c) the second claim amount and the 2nd obligation amount of members A and C is established according to second contract between the members A and C involving monetary claim/obligation; (d) the second claim amount or the second obligation amount of the member A is reported to the card company server and recorded as second incomings (+) or second outgoings (−) in member A's DB, and is settled with the first incomings (+) or the first outgoings (e) the final incomings or outgoings added or subtracted in the DB for member A is settled by regular periods.
- The above step (b) includes the procedure of the first claim amount or the first obligation amount of the member B being sent to the card company server and recorded as the first income (+) or the first payment (−) in the member B's DB, and the above step (e) includes settling final income or payment added or subtracted in the DB for the member B by regular periods. The step (b) may further include the following 3 procedures: (b1) the first payment of the member A—the purchaser—is recorded in the member A's DB; (b2) completion of duty of the member B as the seller; (b3) the first income of the member B is recorded in the member B's DB.
- The above step (d) may further include reporting the second claim amount or the second obligation amount of the member C to the card company server, and recording it as the second incomings (+) or the second outgoings (−) in the member C's DB. The step (e) may further include settling final incomings or outgoings added or subtracted in the member C's DB by regular periods. The step (d) may further include the following three procedures: (d1) the first payment of the member A—the purchaser between members A and C—is recorded in the member A's DB; (d2) duty of the member C—as the seller between member A and C—is completed; and (d3) the first incomings of the member C is recorded in the member C's DB. Also, the above step (b) may further include procedures such as payment of the first obligation amount of member B as an obligor between member A and B, using member B's credit card and the step (d) may further include payment of the second obligation amount of the member C as an obligor out of the member A and C using member C's credit card.
- Additionally the settlement in the step (e) may include payment of incomings and charging outgoings or carry forward of incomings and outgoings. The step (b) may further include reporting transaction details referring to the first contract to the card company server. The step (d) may further include reporting transaction details referring to the second contract to the card company server and the mentioned transaction details may include specified contract parties, type of contract, and performance of contract.
- After the above step (b), procedure of adjusting the first claim amount and the first obligation amount under agreement between the members A and B, and updating the first incomings and the first outgoings recorded in the DBs of members A and B accordingly, will be added. And after step (d), additional step of adjusting the second claim amount and the second obligation amount under an agreement between the members A and C, and updating the second incomings and the second outgoings recorded in the DBs of the members A and C accordingly will be proceeded. The agreement between the members may be defined as decrease in the amount, an increase in the amount or termination of contract.
- To make all the above transactions possible, this invention provides financial card with credit card functions containing each of the above members' ID.
- It also provides, as a financial transaction system for P2P transactions among members accompanying monetary claim/obligation, member management DB recording each members' personal information, P2P transaction DB recording P2P transactions made among the members, member' individual P2P DB recording accumulative addition or subtraction of each members' incomings and outgoings, P2P settlement DB recording each members' detailed settlement, and P2P server that can be interconnected by the members by wired/wireless communication network and that is synchronized among the above P2P member management DB, P2P transaction DB, members' individual P2P DB and P2P settlement DB.
- The above P2P server may store and update P2P transaction details received from the member in the P2P transaction DB, store and update accumulative settlement after addition or subtraction of incomings and outgoings of each member based on claimed amount and obligation amount of each P2P transaction received from the member, record each member's final accumulative settlement of incomings and outgoings by regular periods. The system may further include a web server synchronized with the P2P server; and a webpage for notifying the P2P transaction details between the members, incomings and outgoings resulting from the P2P transaction between the members, and settlement details for each member via the web server.
- The system also includes a credit transaction server that is connected to the franchisee and synchronized with the P2P server to process the transactions made between members and franchisees.
- As described above, the financial transaction scheme according to the present invention guarantees convenient and safe financial transactions between members involving monetary claim and monetary obligation in all forms, without the need to pay purchase money and confirm payment for each and every transaction.
- Therefore, this invention not only overcomes the limit of conventional credit transaction as it becomes possible for free financial transaction between members and resolves shortcomings of typical cash transaction or E-commerce by eliminating the need for processes of paying purchase money and confirming receipt of the money every transaction, but also it has advantages of reducing general risk in e-commerce by making it easier to settle on the amount of transaction between seller and consumer without personal contact.
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FIG. 1 is a schematic diagram illustrating a typical credit transaction method; -
FIG. 2 is a schematic diagram illustrating a financial transaction method according to the present invention; -
FIG. 3 is a flowchart illustrating a financial transaction method according to the present invention; -
FIG. 4 is a block diagram illustrating a financial transaction system according to the present invention; and -
FIG. 5 is a flowchart illustrating an example of a financial transaction method according to the present invention. -
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50: Credit transaction service 52: Card company 54: Franchisee 56, 58, 64: Member 60: P2P transaction 62: Wired/wireless communication network - Hereinafter, present invention will be elaborate in detail with reference to the attached drawings. However, the present invention is not limited to the exemplary embodiments disclosed below, but can be implemented in various types. Therefore, the present exemplary embodiments are provided for complete disclosure of the present invention and to fully inform the scope of the present invention to those ordinarily skilled in the art.
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FIG. 2 is a schematic diagram illustrating a financial transaction method according to the present invention. - As shown in
FIG. 2 , a financial transaction method according to the present invention may include acredit transaction service 50 for credit card transaction andP2P transaction 60 for P2P transaction amongmembers members members members members member 64—an be included. - For convenience, members are indicated by
reference numerals - First, the
credit transaction 50 is carried out by three subjects including acard company 52, afranchisee 54, and themembers - The
card company 52 issues credit card according to member contract with themembers franchisee 54. Thecard company 52 may be a department store, a credit card company, or a financial organization such as a bank. Themembers credit transaction 50. Thefranchisee 54 is a selling subject in thecredit transaction 50, and is equipped with a terminal capable of reading the credit cards of themembers card company 52. - If necessary, a relaying agency such as a VAN service provider may appear between the
card company 52 and thefranchisee 54 for providing several additional services. The credit card possessed by themembers card company 52 may be a single or a group of card companies cooperating with one another, and so is thefranchisee 54. - Therefore, a credit transaction is usually formed by the
card company 52 making prepayment of purchase amount for themembers franchisee 54, and collecting the amount afterwards from themembers - For example, when the
members franchisee 54, thefranchisee 54 transmits a request for approval to thecard company 52 through the terminal, in which it contains proper card information, purchase amount, an installation period, franchisee ID and etc. Thecard company 52 approves or refuses the transaction based on members' credit information such as a payment capability of themembers franchisee 54. Then, when thefranchisee 54 charges thecard company 52 the purchase amount, thecard company 52 examines the transaction and pays the purchase amount to the franchisee, and collects the purchase amount from the account of themembers - However, free P2P transaction among the
members credit transaction 50 is based on selling by thefranchisee 54 and consumption by themembers - Accordingly, the present invention provides the
P2P transaction 60 that allows all types of P2P transactions among themembers respective members members - The
P2P transaction 60 is made by thecard company 52 and two ormore members card company 52 via a wired/wireless communication network 62, as the main transaction subjects. - Now the
card company 52 may make a separate P2P contract with themembers respective members members card company 52. The P2P contract may include articles about limit of P2P transaction amount and P2P settlement date, and the credit card member contract may be invoked. Wired/wireless communication network 62 may include Internet and a wired/wireless telephone network. -
FIG. 3 is a flowchart illustrating a P2P transaction method using theP2P transaction 60 according to the present invention. It is referred to with the previousFIG. 2 . - P2P transaction according to the present invention begins with the first contract involving monetary claim and monetary obligation among the
members - In this case, the first contract may be closed through the
card company 52 and for this first contract thecard company 52 may provide a website or an Internet messenger system that can enable themembers card company 52 and make contract with the counterpart. The first contract includes all form of contract previously mentioned involving monetary claim and monetary obligation, and as a bilateral legal contract suggested in a civil law, it includes any free contract such as donation, trade, exchange (limiting to one involving supplement money), expenditure loan (non-gratuitous), use loan (non-gratuitous), lease (non-gratuitous), employment, contract for work, advertisement for prize contest, delegation (non-gratuitous), bailment (non-gratuitous), combination, life annuity, and compromise (non-gratuitous). - Supposing a case of product transaction between
member A 64 andmember B 56 as a typical example of a trade contract for ease of illustration, monetary claim and obligation, and performance claim and obligation are imposed to both,member A 64 andmember B 56, according to the first contract. That is, if the first contract is a sales contract of themember A 64 purchasing product X priced at 5,000 Won from themember B 56, themember B 56 has a monetary claim of 5,000 Won against themember A 64 and performance obligation to deliver product X to themember A 64, while themember A 64 has a monetary obligation of 5,000 Won against themember B 56 and a performance claim to receive product X from themember B 56. - Accordingly, the
member A 64 and themember B 56 resolve the performance claim and the performance obligation by performing the transaction, during which a claim amount and an obligation amount such as price of the product and shipping charge are settled. Settling the claim amount and the obligation amount is a factum resulting from an agreement between themember A 64 and themember B 56. - After the claim amount and the obligation amount are settled, the
member A 64 and themember B 56 report the claim amount and the obligation amount to the card company 52 (st2). - Transmission of the claim amount and the obligation amount to the
card company 52 requires an agreement between both parties, and if this transmission is done through a website or an internet messenger provided by the card company, it may include the procedure of checking authenticity of the agreement, such as appending a digital signature of themember A 64 and themember B 56. In step st2, themember A 64 and themember B 56 may also send transaction details of the first contract to thecard company 52, which may include specified contract subjects, i.e., themember A 64 and themember B 56, type of contract, performance of contract and etc. These details also require an agreement between both parties including a procedure of checking authenticity of the agreement. - The
card company 52 records the obligation amount of themember A 64 and the claim amount of themember B 56, as gain and loss i.e. a first income (+) and a first payment (−), in a P2P DB of each member (st3). - That is, the
card company 52 may record the first outgoings of −5,000 Won in the P2P DB for themember A 64, and record the first incomings of +5,000 Won in the P2P DB for themember B 56. - Accordingly, the first contract between the
member A 64 and themember B 56 is terminated. Meanwhile, after the first claim amount and the first obligation amount are reported to thecard company 52, content of the first contract may be modified under an agreement between themember A 64 and themember B 56. If the adjustment is regarding the first claim amount and the first obligation amount due to decrease or increase in the purchase amount, or void of contract, themember A 64 and themember B 56 may report the adjusted first claim amount and the first obligation amount under the agreement, to thecard company 52. Thecard company 52 determines the authenticity of the agreement and corrects and updates the first outgoings recorded in the P2P DB for themember A 64 and the first incomings recorded in the P2P DB for themember B 56. - Subsequently, a second contract among the
members - Supposing
member A 64 engages to sell his/her product Y priced at 7,000 Won tomember C 58, as an example, themember A 64 has a monetary claim of 7,000 Won and a performance obligation to deliver product Y to themember C 58, and themember C 58 has a monetary obligation of 7,000 Won and a performance claim to receive product Y from themember A 64. - The performance is completed by the
member A 64 delivering product Y to themember C 58, and themember A 64 and themember C 58 settle second claim amount and second obligation amount resulting from the second contract and report the numbers to the card company 52 (st12). Transaction details for the second contract may also be sent herewith. - Subsequently the
card company 52 records incoming of +7,000 Won in the P2P DB of themember A 64 and an outgoing of −7,000 Won in the P2P DB of themember C 58. But since the outgoing of −5,000 Won was recorded in the previous P2P DB of themember A 64 bound by contract described above, thecard company 52 adds or subtracts the incomings or outgoings bound to current contract to or from the incomings or outgoings bound by the previous contract, and records the result in the DBs of the respective members. Therefore, the incoming of +2000 is finally recorded in the P2P DB for the member A 64 (st13). - Here, after sending the second claim amount and the second obligation amount to the
card company 52, themember A 64 and themember C 58 may modify the contract under a mutual agreement. If the second claim amount and the second obligation amount are modified, themember A 64 and themember C 58 report the second claim amount and the second obligation amount, newly adjusted according to the agreement, to thecard company 52, and thecard company 52 determines the authenticity of the agreement, and modifies and updates the second incomings recorded in the P2P DB for themember A 64 and the second outgoings recorded in the P2P DB for themember C 58. - Meanwhile, the process described above can be freely performed according to the contract among the
members card company 52 adds or subtracts the incomings or outgoings in the P2P DB of themembers members card company 52 may inform themembers - After a certain period of time, on due payment date of P2P transaction of the
members card company 52 settles the final incomings or outgoings recorded in the P2P DB of themembers card company 52 pays the incomings (+) to themembers members card company 52 or carry forward to the next period, and hereby completes the settlement. - The settlement details may be sent to the
members -
FIG. 4 is a block diagram illustrating a financial transaction system according to the present invention. The financial transaction system may include a credittransaction service unit 70 and a P2Ptransaction service unit 90 that are interconnected with each other. - First, the credit
transaction service unit 70 includes acredit transaction server 72 to which the terminal for thefranchisee 54 is connected, and a plurality of credit transaction DBs that cooperate with thecredit transaction server 72, such as a creditmember management DB 74 for storing information on credit card members, afranchisee DB 76 for storing information on thefranchisee 54, atransaction approval DB 78 for storing a request for approval from thefranchisee 54 and the result of the request, and acredit settlement DB 80 for storing details of a purchase money request from thefranchisee 54, a purchase money payment, and purchase money recovered from the member. - Accordingly, when a request for approval is transmitted to the
credit transaction server 72 through the terminal of thefranchisee 54, thecredit transaction server 72 determines whether the credit transaction is valid based on proper card information stored in the creditmember management DB 74 such as payment capability of the member and franchisee information stored in thefranchisee DB 76, and then draws up the result of the request for approval, stores the result in theapproval DB 78, and replies the result to thefranchisee 54. Upon transmission of charge for purchase amount, thecredit transaction server 72 examines the request, stores the same in thesettlement DB 80, and reflects the details of payment of purchase money and purchase money received from the member on the payment date. It will be easily understood by those skilled in the art that the forgoing is illustrative and the present invention is not limited thereto. - Meanwhile, the P2P
transaction service unit 90 includes aP2P server 92, and a plurality of P2P DBs cooperating with theP2P server 92, such as a P2Pmember management DB 94 for storing member information for P2P members who have made a P2P contract, aP2P transaction DB 96 for storing P2P transaction details between the P2P members, aP2P DB 98 for storing added and subtracted income and payment resulting from P2P transaction between members, and aP2P settlement DB 100 for storing settlement details of the respective members. - Therefore, the
P2P server 92 stores and updates P2P transaction details received from the member in the P2P transaction DB, adds or subtracts the incomings and outgoings in the P2P DBs of the members based on claim amount and an obligation amount every P2P transaction reported by the member, settles final incomings and outgoings added or subtracted in the P2P DBs of the members at regular intervals, and records the same in the P2P settlement DB. - Preferably, the P2P
transaction service unit 90 may further include aweb server 102 interconnected to theP2P server 92 to provide awebsite 104 accessible to a user, in which the website presents a list of products for transaction owned by the members. Accordingly, the members can log into thewebsite 104 of thecard company 52 to make a P2P transaction with the other members, and use thewebsite 104 to send claim amount, obligation amount, and transaction details to theP2P server 92. - Although not shown on the diagram, the P2P
transaction service unit 90 may further include a messenger server interconnected with the P2P server and accessible to a user. The members may use the messenger server to make a P2P transaction with the other members and send claim amount, obligation amount, and transaction details to theP2P server 92. - Several examples of the P2P transaction according to the present invention will now be described.
- A first example is fund raising in which performance between members is unnecessary and
FIG. 3 can be referred to for this case. - The fund raising is used in a broad sense including donation, deposition, life annuity etc, and it includes all transaction whether direct performance against a monetary claim and a monetary obligation is not produced or produced with a time difference.
- First, a contract is closed among the
members - Accordingly,
member A 64 has a monetary obligation to pay raised money to themember B 56, and themember B 56 has a monetary claim to receive the raised money from themember A 64, and there are no performance claim or performance obligation between themember A 64 and themember B 56. - The
member A 64 and themember B 56 then settle the claim amount and the obligation amount under mutual agreement, and report it to the card company 52 (st2 or st12). Transaction details, if required, may be sent together, and depending on the form of fund raising, themember A 64 may independently send the obligation amount and/or the transaction details to thecard company 52. - The
card company 52, records outgoings resulting from the obligation amount in the P2P DB for themember A 64, and records incomings resulting from the claim amount in the P2P DB for the member B 56 (st3 or st13). - Accordingly, the fund raising contract between the
member A 64 and themember B 56 is completed. - Another form of a contract can be one in which
member A 64requests member B 56 to perform a specific activity. The following, as an example, is a contract for work wheremember A 64 engages to compensatemember 56 for drawing a portrait. A contract for work generally refers to a contract that becomes effective by a party engaging to complete a certain work, and a counterpart engaging to compensate for the work, and it generally includes contract of employment, service transaction, and delegation. - First a contract is closed among the
members member A 64 has a monetary obligation corresponding to compensatingmember B 56 and a performance claim to receive a finished portrait, and themember B 56 has a performance obligation to draw and deliver the portrait to themember A 64 and a monetary claim for compensation (st1 or st11). - Accordingly, the
member B 56 draws and delivers the portrait to themember A 64, thereby completing the duty. - The
member A 64 and themember B 56 settle on the claim amount and the obligation amount, and report to the card company 52 (st2 or st12). And it is natural that transaction details can be reported together. - The
card company 52 records an outgoing resulting from the obligation amount in the P2P DB for themember A 64, and records an incoming resulting from the claim amount in the P2P DB for the member B 56 (st3 or st13). - Accordingly, the contract for work between the
member A 64 and themember B 56 is completed. - As a final example, an escrow contract will now be described in detail with reference to FIG. 5.
- A term ‘escrow’ refers to a sales contract called ‘a system for deposit of money after product delivery’, in which after a consumer orders a product, sends purchase money to a third party, and confirms receipt of the product, and only then the third party pays the purchase money to a seller. In P2P transaction according to the present invention, the
card company 52 becomes the third party. - First, suppose that members A 64 and
B 56 close a contract for product transaction and agree to escrow (st31). For convenience, assuming that themember A 64 purchases product Z priced at 10,000 Won from themember B 56, themember A 64 has a monetary obligation of 10,000 Won, and themember B 56 has a monetary claim of 10,000 Won. - The members A 64 and
B 56 then report transaction details including a claim amount, an obligation amount, and an agreement on escrow to the card company 52 (st32). - The
card company 52 then records an outgoing of 10,000 won in the P2P DB for the member A 64 (st33). - The
member B 56 then delivers product Z to themember A 64 and thereby completes the duty (st34). - If the
member A 64 does not have any objection about the performance of themember B 56, notifies thecard company 52 of the completion of duty. Thecard company 52 then records income of +10,000 Won in the P2P DB for themember B 56. On the other hand, if themember A 64 has any objection about the product purchase amount, a new claim amount and obligation amount are settled under agreement between the members A 64 andB 56, and reported to the card company 52 (st37). - The
card company 52 then modifies the outgoing recorded in the P2P DB for themember A 64, and records incoming resulting from the modified claim amount in the P2P DB for themember B 56 in response upon notification of performance completion from the member A 64 (st38). - The escrow-based transaction using the financial transaction method according to the present invention is thereby completed.
- Although the foregoing is based on all
members - That is, referring back to
FIG. 2 , it is a case wheremember A 64 incapable of credit card transaction as a monetary claimer makes a transaction withmember B 56 ormember C 58 capable of credit card transaction, in which themember B 56 or themember C 58 as a monetary obligor pays his/her obligation amount using a credit card, and the claim amount is recorded as incomings in the P2P DB for themember A 64. The obligation amount is charged to themember B 56 or themember C 58 according to a typical procedure of credit transaction using a credit card. - In the P2P transaction according to the present invention, in case the claim amount and an obligation amount are changed after concerning settlement period is over, the change may be carried over to the next period, and this will be easily understood by those related.
- While the invention has been shown and described with reference to certain exemplary embodiments thereof, it will be understood by those skilled in the art that various changes in form and details may be made therein without departing from the spirit and scope of the invention as defined by the appended claims.
Claims (13)
1. A financial transaction method, using a financial transaction system having a P2P server, and interconnected P2P databases (DBs) of members and a P2P settlement DB, and a terminal for each member connecting to the P2P server via a wired/wireless communication network, for multiple financial transactions between the members including settling claim amount and obligation amount resulting from a closed contract and performing the contract, the method comprising:
(a) reporting a first claim amount and a first obligation amount for a first contract between the members from the terminal to the P2P server;
(b) recording, by the P2P server, the first claim amount and the first obligation amount as first incomings and first outgoings in the P2P DBs;
(c) reporting a second claim amount and a second obligation amount for a second contract between the members from the terminal to the P2P server;
(d) recording, by the P2P server, the second claim amount and the second obligation amount as second incomings and second outgoings in the P2P DBs, wherein when the first incomings or the first outgoings is previously recorded in the member P2P DB, the second incomings or the second outgoings is added or subtracted to or from the first incomings or the first outgoing; and
(e) recording, by the P2P server, final incomings or outgoings in the P2P settlement DB, the final incomings or outgoings being calculated by the addition or subtraction in the P2P DBs at regular intervals.
2. The method of claim 1 , further comprising: between the steps (a) and (b), sending an indication as to whether or not the first contract is performed from the terminal to the P2P server.
3. The method of claim 1 , further comprising: after steps (c) and before (d), sending an indication as to whether or not the second contract is performed from the terminal to the P2P server.
4. The method of claim 1 , where in the step (b) comprises:
recording, by the P2P server, the first obligation amount of a purchasing member as the first outgoings in the P2P DB for the purchasing member;
sending an indication as to whether a selling member performs the contracted duty from the terminal to the P2P server; and
recording, by the P2P server, the first claim amount of the selling member as the first incomings in the P2P DB for the selling member.
5. The method of claim 1 , wherein the step (d) comprises:
recording, by the P2P server, the second obligation amount of a purchasing member as the second outgoings in the P2P DB for the purchasing member;
sending an indication as to whether a selling member performs the contracted duty from the terminal to the P2P server; and
recording, by the P2P server, the first claim amount of the selling member as the second incomings in the P2P DB for the selling member.
6. The method of claim 1 , further comprising: after the step (e), notifying, by the P2P server, each member of final incomings or outgoings recorded in the P2P settlement DB via the wired/wireless communication network.
7. The method of claim 1 , wherein the financial transaction system further comprises a P2P transaction DB interconnected to the P2P server,
the step (a) comprises reporting first transaction details, which includes contract parties, contract type, and performance of the first contract, from the terminal to the P2P server, and
the step (b) comprises recording, by the P2P server, the first transaction details in the P2P transaction DB.
8. The method of claim 1 , wherein the financial transaction system further comprises a P2P transaction DB interconnected to the P2P server,
the step (c) comprises sending second transaction details, which includes contract parties, contract type, and performance of the second contract, from the terminal to the P2P server, and
the step (d) comprises recording, by the P2P server, the second transaction details in the P2P transaction DB.
9. The method of claim 1 , further comprising: after the step (b),
reporting an adjustment of the first claim amount and the first obligation amount from the terminal to the P2P server; and
adjusting, by the P2P server, the incomings or outgoings stored in the P2P DB for each member depending on the adjustment.
10. The method of claim 1 , further comprising: after the step (d),
reporting an adjustment of the second claim amount and the second obligation amount from the terminal to the P2P server; and
adjusting, by the P2P server, the incomings or outgoings stored in the P2P DB for each member depending on the adjustment.
11. A financial transaction system for a plurality of financial transactions between members including settling on a claim amount and an obligation amount resulting from a closed contract and performing the contract, the system comprising:
a member management DB for storing member information for member authentication;
a P2P transaction DB for storing transaction details according to the contract between the members;
P2P DBs for each member in which a claim amount and an obligation amount according to the contract between the members are added or subtracted and recorded as incomings and outgoings;
a P2P settlement DB in which final incomings and outgoings are recorded, which are calculated by addition or subtraction in the P2P DBs at regular intervals;
a terminal used by the members; and
a P2P server connected to the terminal via a wired/wireless communication network, and interconnected to the member management DB, the P2P transaction DB, the P2P DBs for the respective members, and the P2P settlement DB, wherein the P2P server adds or subtracts and records the claim amount and obligation amount received from the terminal as incomings and outgoings in the P2P DBs, records details of the contract from the terminal in the transaction DB, and records final incomings or outgoings in the P2P settlement DB, the final incomings or outgoings being calculated by the addition or subtraction in the P2P DBs at regular intervals.
12. The system of claim 11 , wherein the wired/wireless communication network comprises at least one of the Internet and a wired/wireless telephone network.
13. The system of claim 11 , further comprising a web server interconnected to the P2P server for providing a webpage, the webpage presenting the transaction details, the incomings and outgoings, and the final incomings and outgoings.
Applications Claiming Priority (3)
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KR10-2007-0040415 | 2007-04-25 | ||
KR1020070040415A KR100778944B1 (en) | 2007-04-25 | 2007-04-25 | System and method for financial transaction |
PCT/KR2008/001196 WO2008133402A1 (en) | 2007-04-25 | 2008-02-29 | System and method for financial transaction |
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US13/558,169 Continuation US8600846B2 (en) | 2007-04-25 | 2012-07-25 | System and method for financial transaction |
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US13/558,169 Active US8600846B2 (en) | 2007-04-25 | 2012-07-25 | System and method for financial transaction |
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US (2) | US20110066528A1 (en) |
EP (1) | EP2140420A4 (en) |
JP (1) | JP5319661B2 (en) |
KR (1) | KR100778944B1 (en) |
CN (1) | CN101663683A (en) |
AU (1) | AU2008244923A1 (en) |
MY (1) | MY149817A (en) |
WO (1) | WO2008133402A1 (en) |
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CN104718554A (en) * | 2012-08-10 | 2015-06-17 | 伽博瑞儿·莎恩 | System for unsecured funding to credit card member store via purchase of undetermined future credit obligation |
US11244290B1 (en) | 2018-10-02 | 2022-02-08 | Wells Fargo Bank, N.A. | Systems, methods, and storage media for pre-approving onboarding to a payment platform |
JP7365990B2 (en) | 2020-10-07 | 2023-10-20 | 株式会社日立製作所 | Debt management support method and debt management support device |
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- 2008-02-29 AU AU2008244923A patent/AU2008244923A1/en not_active Abandoned
- 2008-02-29 EP EP08723234A patent/EP2140420A4/en not_active Withdrawn
- 2008-02-29 JP JP2010506032A patent/JP5319661B2/en active Active
- 2008-02-29 CN CN200880013016A patent/CN101663683A/en active Pending
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Also Published As
Publication number | Publication date |
---|---|
MY149817A (en) | 2013-10-14 |
AU2008244923A1 (en) | 2008-11-06 |
EP2140420A1 (en) | 2010-01-06 |
US8600846B2 (en) | 2013-12-03 |
EP2140420A4 (en) | 2011-01-26 |
KR100778944B1 (en) | 2007-11-22 |
US20120330800A1 (en) | 2012-12-27 |
JP5319661B2 (en) | 2013-10-16 |
CN101663683A (en) | 2010-03-03 |
KR100778944B9 (en) | 2022-08-02 |
WO2008133402A1 (en) | 2008-11-06 |
JP2010525478A (en) | 2010-07-22 |
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