WO2018170469A1 - Systèmes et procédés de règlement de transaction - Google Patents

Systèmes et procédés de règlement de transaction Download PDF

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Publication number
WO2018170469A1
WO2018170469A1 PCT/US2018/022992 US2018022992W WO2018170469A1 WO 2018170469 A1 WO2018170469 A1 WO 2018170469A1 US 2018022992 W US2018022992 W US 2018022992W WO 2018170469 A1 WO2018170469 A1 WO 2018170469A1
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WO
WIPO (PCT)
Prior art keywords
transaction
management system
rules
financial management
financial
Prior art date
Application number
PCT/US2018/022992
Other languages
English (en)
Inventor
Arjun Jayaram
Mohammad Taha ABIDI
Daniel Craig MANDELL
Nikhil Nayab
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 to EP18768481.6A priority Critical patent/EP3596679A4/fr
Priority claimed from US15/923,961 external-priority patent/US20180204216A1/en
Publication of WO2018170469A1 publication Critical patent/WO2018170469A1/fr

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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]
    • G06Q20/027—Payment architectures, schemes or protocols involving a neutral party, e.g. certification authority, notary or trusted third party [TTP] involving a payment switch or gateway
    • 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
    • G06Q20/08—Payment architectures
    • G06Q20/10—Payment architectures specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
    • G06Q20/108—Remote banking, e.g. home banking
    • 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
    • G06Q20/382—Payment protocols; Details thereof insuring higher security of transaction
    • G06Q20/3821—Electronic credentials
    • G06Q20/38215—Use of certificates or encrypted proofs of transaction rights
    • 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
    • G06Q20/403—Solvency checks
    • G06Q20/4037—Remote solvency checks
    • 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

  • the present disclosure relates to financial systems and, more particularly, to systems and methods associated with the settlement of financial transactions.
  • Various financial systems are used to transfer assets between different organizations, such as financial institutions.
  • each financial institution maintains a ledger to keep track of accounts at the financial institution and transactions associated with those accounts.
  • Financial institutions generally cannot access the ledger of another financial institution.
  • a particular financial institution can only see part of a financial transaction (i.e., the part of the transaction associated with that financial institution's accounts).
  • critical asset transfers it is important that all parties to the transfer can see the details of the transfer. Further, it is important that all data is authenticated to maintain the integrity of the financial systems.
  • FIG. 1 is a block diagram illustrating an environment within which an example embodiment may be implemented.
  • FIG. 2 is a block diagram illustrating an embodiment of a financial management system configured to communicate with multiple other systems.
  • FIG. 3 illustrates an embodiment of an example asset transfer between two financial institutions.
  • FIG. 4 illustrates an embodiment of a method for transferring assets between two financial institutions.
  • FIG. 5 illustrates an embodiment of a method for authenticating a client and validating a transaction.
  • FIG. 6 is a block diagram illustrating an embodiment of a financial management system interacting with an API server and an audit server.
  • FIG. 7 illustrates an embodiment of an example bilateral asset transfer between two principals.
  • FIG. 8 illustrates an embodiment of an environment having a financial management system database and multiple potential parties to a transaction.
  • FIG. 9 illustrates an embodiment of various levels of data protection provided by the systems and methods described herein.
  • FIG. 10 illustrates an example state diagram showing various states that transaction may pass through.
  • FIG. 11 is a block diagram illustrating an embodiment of a financial management system interacting with a cryptographic service and multiple client nodes.
  • FIG. 12 is a block diagram illustrating an example computing device.
  • the described systems and methods support the use and management of various operating rules associated with different types of transactions and different parties in different jurisdictions.
  • a workflow describes, for example, the sequence of activities associated with a particular transaction, such as an asset transfer.
  • the systems and methods provide a clearing and settlement gateway between, for example, multiple financial institutions.
  • the particular series of activities defined by the workflow may be based on one or more operating rules associated with the parties to the transaction, as discussed herein.
  • Particular operating rules may limit the exposure of a financial institution, limit transaction amounts, define required settlement times, the number of signatures required for particular types of transactions, and the like.
  • specific workflows may be unique to the specific parties to the transaction due to their differing operating rules.
  • operating rules may be associated with a particular party or participant to a transaction, associated with a particular type or category of parties or participants to a transaction, associated with a particular jurisdiction (e.g., state, county, country, and the like), associated with a particular regulatory agency or organization, and the like.
  • multiple operating rules are associated with the same party or participant, such as the party's own entity operating rules as well as jurisdictional operating rules for the jurisdiction in which the party is located.
  • a shared permissioned ledger (discussed herein) keeps track of the asset movement and provides visibility to the principals and observers in substantially real time.
  • payments between parties can be performed using multiple asset types, including currencies, treasuries, securities (e.g., notes, bonds, bills, and equities), and the like. Payments can be made for different reasons, such as margin movements, collateral pledging, swaps, delivery, fees, liquidation proceeds, and the like. As discussed herein, each payment may be associated with one or more metadata.
  • FIG. 1 is a block diagram illustrating an environment 100 within which an example embodiment may be implemented.
  • a financial management system 102 is coupled to a data communication network 104 and communicates with one or more other systems, such as financial institutions 106, 108, an authorized system 110, an authorized user device 1 12, and a replicated data store 1 14.
  • financial management system 102 performs a variety of operations, such as facilitating the transfer of assets between multiple financial institutions or other entities, systems, or devices.
  • many asset transfers include the use of a central bank to clear and settle the funds, the central bank is not shown in FIG. 1.
  • a central bank provides financial services for a country's government and commercial banking system. In the United States, the central bank is the Federal Reserve Bank.
  • financial management system 102 provides an on-demand gateway integrated into the
  • heterogeneous core ledgers of financial institutions e.g., banks
  • financial management system 102 may efficiently settle funds using existing services such as FedWire.
  • data communication network 104 includes any type of network, such as a local area network, a wide area network, the Internet, a cellular communication network, or any combination of two or more communication networks.
  • the described systems and methods can use any communication protocol supported by a financial institution's ledger and other systems.
  • the communication protocol may include SWIFT MT (Society for Worldwide Interbank Financial Telecommunication Message Type) messages (such as MT 2XX, 5XX, 9XX), ISO 20022 (a standard for electronic data interchange between financial institutions), and proprietary application interfaces exposed by particular financial institutions.
  • Financial institutions 106, 108 include banks, exchanges, hedge funds, and any other type of financial entity or system.
  • financial management system 102 interacts with financial institutions 106, 108 using existing APIs and other protocols already being used by financial institutions 106, 108, thereby allowing financial management system 102 to interact with existing financial institutions without significant modification to the financial institution's systems.
  • Authorized system 110 and authorized user device 112 include any type of system, device, or component that is authorized to communicate with financial management system 102.
  • Replicated data store 114 stores any type of data accessible by any number of systems and devices, such as the systems and devices described herein. In some embodiments, replicated data store 114 stores immutable and auditable forms of transaction data between financial institutions. The immutable data cannot be deleted or modified.
  • replicated data store 114 is an append only data store which keeps track of all intermediate states of the transactions. Additional metadata may be stored along with the transaction data for referencing information available in external systems. In specific embodiments, replicated data store 114 may be contained within a financial institution or other system.
  • financial management system 102 is also coupled to a data store 116 and a ledger 118.
  • data store 116 is configured to store data used during the operation of financial management system 102.
  • Ledger 118 stores data associated with multiple financial transactions, such as asset transfers between two financial institutions.
  • ledger 118 is constructed in a manner that tracks when a transaction was initiated and who initiated the transaction. Thus, ledger 118 can track all transactions and generate an audit trail, as discussed herein.
  • Ledger 118 may also be referred to as a "shared ledger” or “shared permissioned ledger.” Using an audit server of the type described with respect to FIG.
  • financial management system 102 can support audit trails from both the financial management system and external systems and devices.
  • each transaction entry in ledger 118 records a client identifier, a hash of the transaction, an initiator of the transaction, and a time of the transaction. This data is useful in auditing the transaction data.
  • ledger 118 is modeled after double-entry accounting systems where each transaction has two entries (i.e., one entry for each of the principals to the transaction).
  • the entries in ledger 118 include data related to the principal parties to the transaction, a transaction date, a transaction amount, a transaction state, any relevant workflow reference, a transaction ID, and any additional metadata to associate the transactions with one or more external systems.
  • the entries in ledger 118 also include cryptographic hashes to provide tamper resistance and auditability. Users for each of the principals to the transaction only have access to their own entries (i.e., the transactions to which the principal was a party). Access to the entries in ledger 1 18 can be further restricted or controlled based on a user's role or a party's role, where certain data is only available to certain roles.
  • 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.
  • both parties to a specific transaction can access all details related to that transaction stored in ledger 1 18. All details related to the transaction include, for example, the parties involved in the transaction, the type of transaction, the date and time of the transaction, the amount of the transaction, and other data associated with the transaction. Additionally, ledger 118 restricts permission to access specific transaction details based on relevant trades associated with a particular party. For example, if a specific party (such as a financial institution or other entity) requests access to data in ledger 1 18, that party can only access (or view) data associated with transactions to which the party was involved. Thus, a specific party cannot see data associated with transactions that are associated with other parties and do not include the specific party.
  • a specific party such as a financial institution or other entity
  • ledger 1 18 provides for a subset of the ledger data to be replicated at various client nodes and other systems.
  • the financial management systems and methods discussed herein allow selective replication of data. Thus, principals, financial institutions, and other entities do not have to hold data for transactions to which they were not a party.
  • FIG. 1 is given by way of example only. Other embodiments may include fewer or additional components without departing from the scope of the disclosure. Additionally, illustrated components may be combined or included within other components without limitation.
  • financial management system 102 may also be referred to as a "financial management platform,” “financial transaction system,” “financial transaction platform,” “asset management system,” or “asset management platform.”
  • 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.
  • system/platform integrity is provided by using authorized (e.g., whitelisted) machines and devices, and verifying the identity of each machine using security certificates, cryptographic keys, and the like.
  • authorized e.g., whitelisted
  • particular API access points are determined to ensure that a specific communication originates from a known enterprise or system.
  • the systems and methods described herein maintain a set of authorized users and roles, which may include actual users, systems, devices, or applications that are authorized to interact with financial management system 102.
  • System/platform integrity is also provided through the use of secure channels to communicate between financial management system 102 and external systems.
  • communication between financial management system 102 and external systems is performed using highly secure TLS (Transport Layer Security) with well-established handshakes between financial management system 102 and the external systems.
  • TLS Transport Layer Security
  • Particular implementations may use dedicated virtual private clouds (VPCs) for communication between financial management system 102 and any external systems.
  • VPCs offer clients the ability to set up their own security and rules for accessing financial management system 102.
  • an external system or user may use the DirectConnect network service for better service-level agreements and security.
  • 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 also supports role-based access control of workflows and the actions associated with workflows.
  • Example workflows may include Payment vs Payment (PVP) and Delivery vs Payment (DVP) workflows.
  • PVP Payment vs Payment
  • DVP Delivery vs Payment
  • users can customize a workflow to add their own custom steps to integrate with external systems that can trigger a change in transaction state or associate them with manual steps.
  • system developers can develop custom workflows to support new business processes.
  • some of the actions performed by a workflow can be manual approvals, a SWIFT message request/response, scheduled or time-based actions, and the like.
  • roles can be assigned to particular users and access control lists can be applied to roles.
  • An access control list controls access to actions and operations on entities within a network. This approach provides a hierarchical way of assigning privileges to users.
  • a set of roles also includes roles related to replication of data, which allows financial management system 102 to identify what data can be replicated and who is the authorized user to
  • 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.
  • FIG. 2 is a block diagram illustrating an embodiment of financial management system 102 configured to communicate with multiple other systems.
  • financial management system 102 may be configured to communicate with one or more CCPs (Central Counterpart Clearing Houses) 220, one or more exchanges 222, one or more banks 224, one or more asset managers 226, one or more hedge funds 228, and one or more fast data ingestion systems (or "pipes") 230.
  • CCPs 220 are organizations that facilitate trading in various financial markets.
  • Exchanges 222 are marketplaces in which securities, commodities, derivatives, and other financial instruments are traded.
  • Banks 224 include any type of bank, credit union, savings and loan, or other financial institution.
  • Asset managers 226 include asset management organizations, asset management systems, and the like.
  • Financial management system 102 may also be configured to communicate with other types of funds, such as mutual funds.
  • Financial management system 102 may communicate with CCPs 220, exchanges 222, banks 224, asset managers 226, and hedge funds 228 using any type of communication network and any communication protocol.
  • Fast data ingestion systems 230 include at least one data ingestion platform that consumes trades in real-time along with associated events and related metadata.
  • the platform is a high throughput pipe which provides an ability to ingest trade data in multiple formats.
  • the trade data are normalized to a canonical format, which is used by downstream engines like matching, netting, real-time counts, and liquidity projections and optimizers.
  • the platform also provides access to information in real-time to different parties of the trade.
  • Financial management system 102 includes secure APIs 202 that are used by partners to securely communicate with financial management system 102.
  • the APIs are stateless to allow for automatic scaling and load balancing.
  • Role-based access controller 204 provide access to modules, data and activities based on the roles of an individual user or participant interacting with financial management system 102. In some embodiments, users belong to roles that are given permissions to perform certain actions. An API request may be checked against the role to determine whether the user has proper permissions to perform an action.
  • An onboarding module 206 includes all of the metadata associated with a particular financial institution, such as bank account information, user information, roles, permissions, clearing groups, assets, and supported workflows.
  • a clearing module 208 includes, for example, a service that provides the functionality to transfer assets between accounts within a financial institution.
  • a settlement module 210 monitors and manages the settlement of funds or other types of assets associated with one or more transactions handled by financial management system 102.
  • Financial management system 102 also includes a ledger manager 212 that manages a ledger (e.g., ledger 1 18 in FIG. 1) as discussed herein.
  • a ledger e.g., ledger 1 18 in FIG. 1
  • Interchange module 214 provides a service used to interact with standard protocols like FedWire and ACH for the settlement of funds.
  • a blockchain module 216 provides interoperability with blockchains for settlement of assets on a blockchain .
  • a database ledger and replication module 218 provides a service that exposes constructs of a ledger to the financial management system. Database ledger and replication module 218 provides functionality to store immutable transaction states with the ability to audit them.
  • the transaction data can also be replicated to authorized nodes for which they are either a principal or an observer.
  • alternate embodiments of financial management system 102 may contain additional components not shown in FIG. 2, or may not contain some components shown in FIG. 2.
  • financial management system 102 may contain one or more processors, one or more memory devices, and other components such as those discussed herein with respect to FIG. 13.
  • modules, components, and systems are shown as being part of financial management system 102.
  • financial management system 102 may be implemented, at least in part, as a cloud-based system.
  • financial management system 102 is implemented, at least on part, in one or more data centers.
  • some of these modules, components, and systems may be stored in (and/or executed by) multiple different systems.
  • certain modules, components, and systems may be stored in (and/or executed by) one or more financial institutions.
  • system/platform integrity is important to the secure operation of financial management system 102. This integrity is maintained by ensuring that all actions are initiated by authorized users or systems. Additionally, once an action is initiated and the associated data is created, an audit trail of any changes made and other information related to the action is recorded for future reference.
  • financial management system 102 includes (or interacts with) a roles database and an authentication layer.
  • the roles database stores various roles of the type discussed herein.
  • FIG. 3 illustrates an embodiment 300 of an example asset transfer between two financial institutions.
  • financial management system 302 is in communication with a first bank 304 and a second bank 306.
  • funds are being transferred from an account at bank 304 to an account at bank 306, as indicated by broken line 308.
  • Bank 304 maintains a ledger 310 that identifies all transactions and data associated with transactions that involve bank 304.
  • bank 306 maintains a ledger 318 that identifies all transactions and data associated with transactions that involve bank 306.
  • ledgers 310 and 318 (or the data associated with ledgers 310 and 318) reside in financial management system 302 as a shared, permissioned ledger, such as ledger 1 18 discussed above with respect to FIG. 1.
  • each suspense account discussed herein is a "For Benefit Of (FBO) account and is operated by the financial management system for the members of the network (i.e., all parties and principals).
  • the financial management system may facilitate the transfer of assets into and out of the suspense accounts. However, the financial management system does not take ownership of the assets in the suspense accounts.
  • the credits and debits associated with each suspense account are issued by the financial management system and the ledger (e.g., ledger 1 18 in FIG.
  • each suspense account has associated governance rules that define how the suspense account operates.
  • the transferred funds are received by a second suspense account 322.
  • the funds are moved 324 from second suspense account 322 to an account 320 at bank 306.
  • each suspense account 314, 322 is established as part of the financial institution "onboarding" process with the financial management system.
  • the financial management system administrators may work with financial institutions to establish suspense accounts that can interact with the financial management system as described herein.
  • one or more components discussed herein are contained in a traditional infrastructure of a bank or other financial institution.
  • an HSM Hard Security Module
  • a bank may execute software or contain hardware components that interact with a financial management system to facilitate the various methods and systems discussed herein.
  • the HSM provides security signatures and other authentication mechanisms to authenticate participants of a transaction.
  • FIG. 4 illustrates an embodiment of a method 400 for transferring assets (e.g., funds) between two financial institutions.
  • a financial management system receives 402 a request to transfer funds from an account at Bank A to an account at Bank B.
  • the request may be received by Bank A, Bank B, or another financial institution, system, device, and the like.
  • financial management system 302 receives a request to transfer funds from account 312 at bank 304 to account 320 at bank 306.
  • Method 400 continues as the financial management system confirms 404 available funds for the transfer.
  • financial management system 302 in FIG. 3 may confirm that account 312 at bank 304 contains sufficient funds to satisfy the amount of funds defined in the received transfer request.
  • the financial management system creates suspense account A at Bank A and creates suspense account B at Bank B.
  • suspense account A and suspense account B are temporary suspense accounts created for a particular transfer of funds.
  • suspense account A and suspense account B are temporary suspense accounts but are used for a period of time (or for a number of transactions) to support transfers between bank A and bank B.
  • account A101 at Bank A is debited 406 by the transfer amount and suspense account A (at Bank A) is credited with the transfer amount.
  • financial management system 302 debits the transfer amount from account 312 and credits that transfer amount to suspense account 314.
  • ownership of the transferred assets changes as soon as the transfer amount is credited to suspense account 314.
  • the transferred funds are then settled 408 from suspense account A (at Bank A) to suspense account B (at Bank B).
  • financial management system 302 in FIG. 3 may settle funds from suspense account 314 in bank 304 to suspense account 322 in bank 306.
  • the settlement of funds between two suspense accounts is determined by the counterparty rules set up between the two financial institutions involved in the transfer of funds. For example, a counterparty may choose to settle at the top of the hour or at a certain threshold to manage risk exposure.
  • the settlement process may be determined by the asset type, the financial institution pair, and/or the type of transaction. In some embodiments, transactions can be configured to settle in gross or net.
  • the settlement occurs instantaneously over existing protocols supported by financial institutions, such as FedWire, NSS, and the like. Netted transactions may also settle over existing protocols based on counterparty and netting rules.
  • the funds are settled after each funds transfer.
  • the funds are settled periodically, such as once an hour or once a day.
  • the suspense accounts are settled after multiple transfers that occur over a period of time.
  • some embodiments settle the two suspense accounts when the amount due to one financial institution exceeds a threshold value.
  • Method 400 continues as suspense account B (at Bank B) is debited 410 by the transfer amount and account B101 at Bank B is credited with the transfer amount.
  • financial management system 302 in FIG. 3 may debit suspense account 322 and credit account 320.
  • the funds transfer from account 312 at bank 304 to account 320 at bank 306 is complete.
  • the financial management system facilitates (or initiates) the debit, credit, and settlement activities (as discussed with respect to FIG. 4) by sending appropriate instructions to Bank A and/or Bank B.
  • the appropriate bank then performs the instructions to implement at least a portion of method 400.
  • the example of method 400 can be performed with any type of asset.
  • the asset transfer is a transfer of funds using one or more traditional currencies, such as U. S. Dollars (USD) or Great British Pounds (GBP).
  • USD U. S. Dollars
  • GBP Great British Pounds
  • FIG. 5 illustrates an embodiment of a method 500 for authenticating a client and validating a transaction.
  • a financial management system receives 502 a connection request from a client node, such as a financial institution, an authorized system, an authorized user device, or other client types mentioned herein.
  • the financial management system authenticates 504 and, if authenticated, acknowledges the client node as known.
  • Method 500 continues as the financial management system receives 506 a login request from the client node.
  • the financial management system generates 508 an authentication token and communicates the authentication token to the client node.
  • the authentication token is used to determine the identity of the user for future requests, such as fund transfer requests. The identity is then further checked for permissions to the various services or actions.
  • the financial management system further receives 510 a transaction request from the client node, such as a request to transfer assets between two financial institutions or other entities.
  • the financial management system verifies 512 the client node's identity and validates the requested transaction.
  • the client node's identity is validated based on an authentication token, and then permissions are checked to determine if the user has permissions to perform a particular action or transaction. Transfers of assets also involve validating approval of an account by multiple roles to avoid compromising the network. If the client node's identity and requested transaction are verified, the financial management system creates 514 one or more ledger entries to store the details of the transaction.
  • the ledger entries may be stored in a ledger such as ledger 118 discussed herein.
  • the financial management system then sends 516 an acknowledgement regarding the transaction to the client node with a server transaction token.
  • the server transaction token is used at a future time by the client when conducting audits.
  • the financial management system initiates 518 the transaction using, for example, the systems and methods discussed herein.
  • various constructs are used to ensure data integrity.
  • cryptographic safeguards allow a transaction to span 1 -n principals.
  • the financial management system ensures that no other users (other than the principals who are parties to the transaction) can view data in transit. Additionally, no other user should have visibility into the data as it traverses the various channels. In some embodiments, there is a confirmation that a transaction was received completely and correctly.
  • the financial management system also handles failure scenarios, such as loss of connectivity in the middle of the transaction. Any data transmitted to a system or device should be explicitly authorized such that each entry (e.g., ledger entry) can only be seen and read by the principals who were a party to the transaction. Additionally, principals can give permission to regulators and other individuals to view the data selectively.
  • Cryptographic safeguards are used to detect data tampering in the financial management system and any other systems or devices. Data written to the ledger and any replicated data may be protected by:
  • the financial management system monitors for data tampering. If the data store (central data store or replicated data store) is compromised in any way and the data is altered, the financial management system should be able to detect exactly what changed. Specifically, the financial management system should guarantee all participants on the network that their data has not been compromised or changed.
  • Information associated with changes are made available via events such that the events can be sent to principals via messaging or available to view on, for example, a user interface.
  • the financial management system is able to determine that the previous value of an attribute was X, it is now Y and it was changed at time T, by a person A. If a system is hacked or compromised, there may be any number of changes to attribute X and all of those changes are captured by the financial management system, which makes the tampering evident.
  • the financial management system leverages the best security practices for SaaS (Software as a Service) platforms to provide cryptographic safeguards for ensuring integrity of the data.
  • SaaS Software as a Service
  • the handshake between the client and an API server establish a mechanism which allows both the client and the server to verify the authenticity of transactions independently. Additionally, the handshake provides a mechanism for both the client and the server to agree on a state of the ledger. If a disagreement occurs, the ledger can be queried to determine the source of the conflict.
  • FIG. 6 is a block diagram illustrating an embodiment 600 of a financial management system 602 interacting with an API server 608 and an audit server 610.
  • Financial management system 602 also interacts with a data store 604 and a ledger 606.
  • data store 604 and ledger 606 are similar to data store 1 16 and ledger 1 18 discussed herein with respect to FIG. 1.
  • API server 608 exposes functionality of financial management system 602, such as APIs that provide reports of transactions and APIs that allow for administration of nodes and counterparties.
  • Audit server 610 periodically polls the ledger to check for data tampering of ledger entries. This check of the ledger is based on, for example, cryptographic hashes and are used to monitor data tampering as described herein.
  • API server 608 and audit server 610 may communicate with financial management system 602 using any type of data
  • API server 608 and audit server 610 are shown in FIG. 6 as separate components, in some embodiments, API server 608 and/or audit server 610 may be incorporated into financial management system 602. In particular implementations, a single server may perform the functions of API server 608 and audit server 610.
  • a client sends a few checksums it has sent and transaction IDs to API server 608, which can verify the checksums and transaction IDs, and take additional traffic from the client upon verification.
  • API server 608 can verify the checksums and transaction IDs, and take additional traffic from the client upon verification.
  • mutually agreed upon seed data is used at startup.
  • a client request may be accompanied by a client signature and, in some cases, a previous signature sent by the server.
  • the server verifies the client request and the previous server signature to acknowledge the client request.
  • the client persists the last server signature and a random set of server hashes for auditing. Both client and server signatures are saved with requests to help quickly audit correctness of the financial management system ledger.
  • the block size of transactions contained in the request may be determined by the client.
  • a client SDK (Software Development Kit) assists with the client server handshake and embedding on server side signatures.
  • the SDK also persists a configurable amount of server signatures to help with restart and for random audits.
  • Clients can also set appropriate block size for requests depending on their transaction rates.
  • the embedding of previous server signatures in the current client block provides a way to chain requests and provide an easy mechanism to detect tampering.
  • the requests are encrypted using standard public key cryptography to provide additional defense against client impersonation.
  • API server 608 logs all encrypted requests from the client. The encrypted requests are used, for example, during data forensics to resolve any disputes.
  • a client may communicate a combination of a previous checksum, a current transaction, and a hash of the current transaction to the financial management system.
  • the financial management system Upon receipt of the information, the financial management system checks the previous checksum and computes a new checksum, and stores the client hash, the current transaction, and the current checksum in a storage device, such as data store 604.
  • the checksum history and hash protect the integrity of the data. Any modification to an existing row in the ledger cannot be made easily because it would be detected by mismatched checksums in the historical data, thereby making it difficult to alter the data.
  • the integrity of financial management system 602 is ensured by having server audits at regular intervals. Since financial management system 602 uses chained signatures per client at the financial management system, it ensures that an administrator of financial management system 602 cannot delete or update any entries without making the ledger tamper evident. In some embodiments, the auditing is done at two levels: a minimal level which the SDK enforces using a randomly selected set of server signatures to perform an audit check; and a more thorough audit check run at less frequent intervals to ensure that the data is correct.
  • financial management system 602 allows for the selective replication of data. This approach allows principals or banks to only hold data for transactions they were a party to, while avoiding storage of other data related to transactions in which they were not involved. Additionally, financial management system 602 does not require clients to maintain a copy of the data associated with their transactions. Clients can request the data to be replicated to them at any time. Clients can verify the authenticity of the data by using the replicated data and comparing the signature the client sent to the financial management system with the request.
  • a notarial system is used to maintain auditability and forensics for the core systems. Rather than relying on a single notary hosted by the financial management system, particular embodiments allow the notarial system to be installed and executed on any system that interacts with the financial management system (e.g., financial institutions or clients that facilitate transactions initiated by the financial management system).
  • the financial management system e.g., financial institutions or clients that facilitate transactions initiated by the financial management system.
  • Each asset class may have a supporting set of metadata characteristics that are distinct. Additionally, the requests and data may be communicated through multiple "hops" between the originating system and the financial management system. During these hops, data may be augmented (e.g., adding trade positions, account details, and the like) or changed.
  • the financial management system streamlines the workflow by supporting rich metadata accompanying each cash transfer. This rich metadata helps banks tie back cash movements to trades, accounts, and clients.
  • payments flow between participants in a cleared market, such as between an end customer and a clearing house.
  • the clearing members may act as both brokers and dealers to execute trades on behalf of their clients or for themselves.
  • a clearing member typically has several customers. There are different types of trade positions that a customer may initiate, such as equities, futures, currency hedging, derivatives, and the like. The clearing member will most likely execute a customer's trading activity at more than one exchange. A customer may clear through several clearing members.
  • the exchange through a clearing house, will initiate settlements for all trades that are executed on the exchange via the clearing members.
  • the clearing house computes the net amounts that need to be either debited or credited from the accounts of the clearing members. These can be for "mark to market" variations on the trade positions.
  • the market price is at a point in time as determined by the clearing house based on the data from several third party sources.
  • the net amounts are then debited or credited from the accounts.
  • the clearing member follows the debits and credits to the accounts, the clearing member needs to reconcile the single net payments to or from their accounts to the total positions across all clients. Some clients will be net positive and some net negative. They then proceed to send requests for payments to each of the clients.
  • a nostro account refers to an account at a bank that holds a foreign currency from another bank.
  • the described systems and methods use a shared ledger (e.g., ledger 1 18 in FIG. 1) to maintain a history of all transactions within a network or other operating environment.
  • the shared ledger provides a query interface for participants and observers to search for parts of the ledger they are authorized to view. Additionally, the ledger also has a subscription-based interface for the participants to be notified of changes in the network as they happen.
  • the following are important components of the ledger: transactions, transaction states, securing the ledger entries, querying and subscribing to the ledger, and replicating the ledger.
  • transactions are initiated by the members for one-off money transfer requests or when a workflow is executed by the members of a clearing group.
  • 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.
  • the described systems and methods facilitate the movement of assets between principals.
  • the participants are large financial institutions in capital markets that trade multiple financial products. Trades in capital markets can be complex and involve large asset movements (also referred to as "settlements").
  • the systems and methods described herein can integrate with financial institutions and central settlement authorities such as the US Federal Reserve, DTC, and the like to facilitate the final settlement of assets.
  • the described systems and methods also have the ability to execute workflows such as DVP, threshold-based settlement, or time-based settlement between participants. Via the workflows, the systems and methods settle transactions in gross or net amounts. The systems and methods can use settlement accounts to hold assets while a transaction is being executed.
  • workflows such as DVP, threshold-based settlement, or time-based settlement between participants.
  • the systems and methods settle transactions in gross or net amounts.
  • the systems and methods can use settlement accounts to hold assets while a transaction is being executed.
  • settlement accounts are special purpose accounts.
  • settlement accounts may be protected from the risk of default of the institution at which these accounts are held or from the default of the originator of the assets that fund settlement accounts.
  • the assets in the settlement accounts are specifically for counterparties as was specified in the settlement instruction. Once the assets move from the sellers account into the settlement account, they cannot be recalled by the seller. There is no unwinding of the transaction that led to the funds going into the settlement account.
  • the settlement accounts may be multi-currency and/or multi-asset accounts.
  • the described systems and methods may include a clearing and settlement gateway, shared permissioned ledger, and one or more workflows.
  • the clearing and settlement gateway is used to integrate to the core ledgers of the banks and settlement agencies to initiate and execute clearing and settlement.
  • an asset is cleared or settled, it goes through several state changes.
  • the shared permissioned ledger records the state changes and makes that information available to the permissioned parties in real time (or substantially real time).
  • 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.
  • Settlement agents include technology companies that facilitate the post trade settlement of the trade. In some embodiments, there is more than one settlement agent for a trade. Settlement agents typically act on the instructions of the principals or observers. They can also provide data reports to all the participants. The participants and observers of a trade may have different regulatory reporting requirements associated with one or more regulatory bodies. The type of reports depend on, for example, the trade type, asset type, and jurisdiction.
  • the settlement of assets between participants can involve complex workflows from the point that the settlement instructions are created to the time when the assets are actually credited and debited from the accounts.
  • the sequence of actions for enabling a settlement can also differ depending on the workflow and type of assets.
  • Some commonly used settlement sequences include DVP, PVP, FOP (Free of Payments), simple one way payments, and payments to and from segregated client accounts.
  • the systems and methods described herein can be used to build and execute complex workflows. Execution of the workflows results in assets being cleared and settled as agreed upon by participants. In capital markets, participants agree on a set of operating rules which also include specific rules on settlement finality. The rules can be different depending on the trade type, asset types or jurisdiction. In some cases, the rules are set by a central counterparty (CCP) or regulatory bodies. Some examples of the operating rules are discussed in the CME US Rule Book, ICE US Rule Book, ICE European Rule Book, and the Board of the International Organization of Securities Commissions on margin requirements for bilateral trades. In some embodiments, movement of assets involves clearing and settlements across multiple banks.
  • clearing is defined as the intra-bank movement of assets. More specifically, clearing may involve the following steps:
  • the above steps support multiple assets classes.
  • Settlement is defined as the inter-bank movement of assets in a manner that is final and irreversible. This may involve, for example, the following steps:
  • the systems and methods described herein may have a direct connection to the central settlement agencies in some jurisdictions. In that situation, the participants can grant the systems and methods described herein a power of attorney to issue settlement instructions on behalf of the parties to perform the same settlement.
  • FIG. 7 illustrates an embodiment of an example bilateral asset transfer between two principals (e.g., Principal 1 and Principal 2).
  • Principal 1 A buys asset Y and sells asset X.
  • Principal 2B buys asset X and sells asset Y.
  • the systems and methods described herein act as the settlement agent for this bilateral asset transfer.
  • the described systems and methods may use settlement accounts (also referred to as suspense accounts) at Settlement Bank A and Settlement Bank B.
  • both Principal 1 and Principal 2 have nostro accounts to hold the assets of each type.
  • a nostro accounts may include an account at a bank that holds funds in a foreign currency in another bank.
  • settlement account A and settlement account B hold cleared funds for the benefit of a counterparty.
  • Principal 1 A is a source account for asset X (to be sold by Principal 1) and
  • Principal IB is a destination account for asset Y (to be sold by Principal 2 and purchased by Principal 1). This is also referred to as the nostro account for Principal 1 at Settlement Bank B.
  • Principal 2A is a destination account for asset X (sold by Principal 1 and purchased by Principal 2). This is also referred to as the nostro account for principal 2 at Settlement Bank A.
  • Principal 2B is the source account for asset Y (sold by Principal 2 and purchased by Principal 1).
  • the accounts discussed with respect to FIG. 7 are located at different financial institutions.
  • the systems and methods described herein can operate with accounts held at any financial institution. For example, if asset X and Y are separate currencies (USD and GBP) then Settlement accounts that hold the USD and GBP will likely be in separate jurisdictions.
  • the existing account structures in place at the financial institutions will not need any changing. The only change at the financial institutions is the creation of a new type of an account called the settlement account (or suspense account).
  • the systems and methods described herein issue clearing and settlement instructions to the settlement banks for each step that involves asset movement (e.g., steps la, lb, 2a, and 2b).
  • the described systems and methods will retry the failed leg as defined in the operating rules (e.g., the operating rules may define X times to retry or define a time-based threshold). If the transaction does not succeed, it will reverse the debits and credits to restore the original amounts in account Principal 1A and account Principal 2B.
  • the operating rules may define X times to retry or define a time-based threshold. If the transaction does not succeed, it will reverse the debits and credits to restore the original amounts in account Principal 1A and account Principal 2B.
  • the described systems and methods maintain a shared permissioned ledger.
  • the transactions are recorded such that the principals of the transaction only have access to the data that pertains to their side of the transaction.
  • the product is a cleared product (i.e., it has a CCP) both sides of the transaction are available to the CCP, but all of the allocation data is not available.
  • the described systems and methods maintain both sides of the transaction as illustrated in FIG. 8.
  • FIG. 9 illustrates an embodiment of various levels of data protection provided by the systems and methods described herein.
  • the bankruptcy specific data is the obligation of each principal (from the assets in its settlement accounts) to its counterparties. This data is not shared with the CCP. This data is however shared with the systems and methods described herein. For example, it is possible that this is "calculated” in real time (or substantially real time) by the systems and methods discussed herein. If Principal 1 is declared insolvent, then, since the assets are ring-fenced in settlement accounts, counterparties can rest assured that the assets will be “settled.” In this situation, settlement can mean one of the following:
  • the overall ecosystem is able to control the damage stemming from a failed institution.
  • the systems and methods described herein also include reporting capabilities that follow established norms and standards by the appropriate jurisdiction.
  • principals in a transaction can be from different jurisdictions that may interpret failure scenarios differently and will have different procedures to manage bank failures. For example, if a specific jurisdiction allows leverage that exceeds United States norms, then leverage in the system outside the United States can be made available to
  • United States regulators Although the United States regulators may not be able to curtail the leveraging, they will, at a minimum, be aware of the situation.
  • the data in the systems and methods described herein is considered to be accurate and the data store (or database) is immutable.
  • the data store or database
  • immutable data store On top of this immutable data store is a platform that is built using state of the art, flexible technology components.
  • the described systems and methods can provide visibility that a particular regulator seeks in a particular jurisdiction.
  • regulators may be nodes connected to the described systems and methods. If a particular bankruptcy situation falls under the purview of a regulator that was not included when the systems and methods were set up, the systems and methods can quickly provision a node for exclusive use of the particular regulator. This way, regulators can "share" data on bankruptcy scenarios. This data will follow the same accuracy and immutability as discussed above.
  • the described systems and methods may use a tiered architecture that can scale up to requests for clearing and settlement.
  • This architecture provides for an automatically scaled architecture where specific services, such as clearing services, can scale up or shrink depending on the requests.
  • the shared permissioned ledger maintains a history of all transactions within the network.
  • the shared permissioned ledger provides a query interface for participants to search for parts of the ledger. Additionally, it also has a subscription-based interface to the participants to subscribe to changes in the network in real time (or substantially real time).
  • components of the shared permissioned ledger include transaction states, securing the ledger entries, querying and subscribing to the ledger, and ledger replication.
  • the systems and methods described herein may initiate transactions at the request of a participant or when a trigger-based clearing or settlement is set by the participants.
  • a transaction has various states that it passes through from the initial state to the terminal state.
  • FIG. 10 illustrates a state diagram of the various states.
  • the transactions and the associated states have additional metadata.
  • the shared permissioned ledger records all of the state changes for a particular transaction. For each transaction, multiple records are stored to show the state changes. In some embodiments, the record is never updated. By default, all transactions are final and irreversible. However, some transactions may have been created in error (e.g., "fat finger").
  • a new transaction is initiated.
  • the metadata for the new transaction includes a reference to the transaction that needs to be reversed. The parties are informed on the request to reverse the transaction as part of a new transaction. The new transaction also goes through the state changes shown in FIG. 10. When completed, the metadata of the initial transaction is also updated (making that mutable just for this scenario).
  • FIG. 10 illustrates an example state diagram 1000 showing various states that a transaction may pass through.
  • a particular transaction may be initiated ("new"), then clearing is initiated with a bank, after which the transaction's state is “clearing pending.”
  • the next transaction state is “cleared”, then settlement is initiated, after which the transaction state is “settlement pending.”
  • the state becomes "completed.”
  • the state diagram may branch to "cancelled” at locations in the state diagram. For example, a transaction may be cancelled due to insufficient funds, a mutual decision to reverse the transaction before settlement, a bank internal ledger failure, and the like.
  • the state diagram may branch to "rolled back” at multiple locations. For example, a transaction may be rolled back due to an unrecoverable error, a cancellation of the transaction, and the like.
  • 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.
  • FIG. 11 is a block diagram illustrating an embodiment 1 100 of a financial management system 1102 interacting with a cryptographic service 1108 and multiple client nodes 1 104 and 1 106. Although two client nodes 1 104, 1 106 are shown in FIG. 1 1, alternate embodiments may include any number of client nodes coupled to financial management system 1102.
  • financial management system 1102 communicates with client nodes 1 104, 1106 to manage one or more transactions between client nodes 1 104 and 1106, or between one of client nodes 1 104, 1 106 and other client nodes, devices, or systems (not shown).
  • Financial management system 1 102 also communicates with cryptographic service 1 108, which manages secure access to a data store 1 114.
  • data store 11 14 is a shared ledger (e.g., ledger 118 in FIG. 1) of the type discussed herein. In these embodiments, data store 1 1 14 represents the capabilities of the shared ledger as they relate to data permissions.
  • data store 11 14 stores encrypted data associated with client nodes 1104 and 1 106.
  • data store 1 114 may store encrypted data associated with any number of client nodes.
  • Cryptographic service 1 108 ensures security of the data in data store 11 14 using, for example, secure bifurcated keys that are stored in node 1 key storage 11 10 and node 2 key storage 1 112. Each key is unique for the associated client node.
  • financial management system 1 102 wants to access data from data store 1 114, the data access request must include an appropriate key to ensure that the data access request is authorized.
  • Each transaction can have two or more participants. In addition to the multiple parties involved in the transaction, there can be one or more "observers" to the transaction.
  • 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.
  • FIG. 12 is a block diagram illustrating an example computing device 1200.
  • Computing device 1200 may be used to perform various procedures, such as those discussed herein.
  • Computing device 1200 can function as a server, a client, a client node, a financial management system, or any other computing entity.
  • Computing device 1200 can be any of a wide variety of computing devices, such as a workstation, a desktop computer, a notebook computer, a server computer, a handheld computer, a tablet, a smartphone, and the like.
  • computing device 1200 represents any of the computing devices discussed herein.
  • 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.
  • Memory device(s) 1204 include various computer-readable media, such as volatile memory (e.g., random access memory (RAM)) and/or nonvolatile memory (e.g., read-only memory (ROM)). Memory device(s) 1204 may also include rewritable ROM, such as Flash memory.
  • volatile memory e.g., random access memory (RAM)
  • ROM read-only memory
  • Memory device(s) 1204 may also include rewritable ROM, such as Flash memory.
  • Mass storage device(s) 1208 include various computer readable media, such as magnetic tapes, magnetic disks, optical disks, solid state memory (e.g., Flash memory), and so forth. Various drives may also be included in mass storage device(s) 1208 to enable reading from and/or writing to the various computer readable media. Mass storage device(s) 1208 include removable media and/or non-removable media.
  • I/O device(s) 1210 include various devices that allow data and/or other information to be input to or retrieved from computing device 1200.
  • Example I/O device(s) 1210 include cursor control devices, keyboards, keypads, microphones, monitors or other display devices, speakers, printers, network interface cards, modems, lenses, CCDs or other image capture devices, and the like.
  • Interface(s) 1206 include various interfaces that allow computing device 1200 to interact with other systems, devices, or computing environments.
  • Example interface(s) 1206 include any number of different network interfaces, such as interfaces to local area networks (LANs), wide area networks (WANs), wireless networks, and the Internet.
  • LANs local area networks
  • WANs wide area networks
  • wireless networks such as Wi-Fi
  • Bus 1212 allows processor(s) 1202, memory device(s) 1204, interface(s) 1206, mass storage device(s) 1208, and I/O device(s) 1210 to communicate with one another, as well as other devices or components coupled to bus 1212.
  • Bus 1212 represents one or more of several types of bus structures, such as a system bus, PCI bus, IEEE 1394 bus, USB bus, and so forth.
  • programs and other executable program components are shown herein as discrete blocks, although it is understood that such programs and components may reside at various times in different storage components of computing device 1200, and are executed by processor(s) 1202.
  • the systems and procedures described herein can be implemented in hardware, or a combination of hardware, software, and/or firmware.
  • one or more application specific integrated circuits (ASICs) can be programmed to carry out one or more of the systems and procedures described herein.
  • Implementations of the systems, devices, and methods disclosed herein may comprise or utilize a special purpose or general-purpose computer including computer hardware, such as, for example, one or more processors and system memory, as discussed herein. Implementations within the scope of the present disclosure may also include physical and other computer-readable media for carrying or storing computer- executable instructions and/or data structures. Such computer-readable media can be any available media that may be accessed by a general purpose or special purpose computer system. Computer-readable media that store computer-executable instructions are computer storage media (devices). Computer-readable media that carry computer- executable instructions are transmission media. Thus, by way of example, and not limitation, implementations of the disclosure can include at least two distinctly different kinds of computer-readable media: computer storage media (devices) and transmission media.
  • 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
  • An implementation of the devices, systems, and methods disclosed herein may communicate over a computer network.
  • a "network" is defined as one or more data links that enable the transport of electronic data between computer systems and/or modules and/or other electronic devices.
  • Transmissions media can include a network and/or data links, which can be used to carry 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. Combinations of the above should also be included within the scope of computer-readable media.
  • Computer-executable instructions include, for example, instructions and data which, when executed at a processor, cause a general purpose computer, special purpose computer, or special purpose processing device to perform a certain function or group of functions.
  • the computer-executable instructions may be, for example, binaries, intermediate format instructions such as assembly language, or even source
  • the disclosure may be practiced in network computing environments with many types of computer system configurations, including, personal computers, desktop computers, laptop computers, message processors, hand-held devices, multi-processor systems, microprocessor-based or programmable consumer electronics, network PCs, minicomputers, mainframe computers, mobile telephones, PDAs, tablets, pagers, routers, switches, various storage devices, and the like.
  • the disclosure may also be practiced in distributed system environments where local and remote computer systems, which are linked (either by hardwired data links, wireless data links, or by a combination of hardwired and wireless data links) through a network, both perform tasks.
  • program modules may be located in both local and remote memory storage devices.
  • ASICs application specific integrated circuits
  • ASICs application specific integrated circuits
  • Certain terms are used throughout the description and claims to refer to particular system components. As one skilled in the art will appreciate, components may be referred to by different names. This document does not intend to distinguish between components that differ in name, but not function.
  • a module may include computer code configured to be executed in one or more processors, and may include hardware logic/electrical circuitry controlled by the computer code.
  • At least some embodiments of the disclosure have been directed to computer program products comprising such logic (e.g., in the form of software) stored on any computer useable medium.
  • Such software when executed in one or more data processing devices, causes a device to operate as described herein.

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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.
PCT/US2018/022992 2017-03-17 2018-03-16 Systèmes et procédés de règlement de transaction WO2018170469A1 (fr)

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US201762472891P 2017-03-17 2017-03-17
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