U.S. patent application number 14/609750 was filed with the patent office on 2015-05-28 for processing transactions in connection with a physical supply chain.
The applicant listed for this patent is Bank of America Corporation. Invention is credited to Todd Atwood, James Heddleson, Michelle D. Nichols.
Application Number | 20150149352 14/609750 |
Document ID | / |
Family ID | 41414226 |
Filed Date | 2015-05-28 |
United States Patent
Application |
20150149352 |
Kind Code |
A1 |
Nichols; Michelle D. ; et
al. |
May 28, 2015 |
Processing Transactions in Connection with a Physical Supply
Chain
Abstract
A method for processing a transaction includes receiving a
notification of a change in status of physical goods or other event
in a physical supply chain, and automatically transferring funds in
response to the notification. The automatic transfer of funds may
be performed according to a stored rule for automatically
transferring the funds in response to the notification. Typically,
the goods and the event are related to the party to which the funds
are transferred. If the funds are a portion of an agreed-upon
payment, one or more additional notifications may be received for
one or more additional changes in status of the goods or other
events in the physical supply chain, and additional portions of the
payment are transferred in response to each additional
notification.
Inventors: |
Nichols; Michelle D.; (Rock
Hill, SC) ; Atwood; Todd; (Charlotte, NC) ;
Heddleson; James; (Charlotte, NC) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Bank of America Corporation |
Charlotte |
NC |
US |
|
|
Family ID: |
41414226 |
Appl. No.: |
14/609750 |
Filed: |
January 30, 2015 |
Related U.S. Patent Documents
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Application
Number |
Filing Date |
Patent Number |
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12263190 |
Oct 31, 2008 |
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14609750 |
|
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61061987 |
Jun 16, 2008 |
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Current U.S.
Class: |
705/40 |
Current CPC
Class: |
G07C 9/00309 20130101;
G08B 13/08 20130101; G06Q 40/12 20131203; G06Q 20/102 20130101;
G08B 13/2402 20130101; G08B 13/1481 20130101; G06Q 20/405 20130101;
G06Q 20/10 20130101; G06Q 10/08 20130101 |
Class at
Publication: |
705/40 |
International
Class: |
G06Q 20/40 20060101
G06Q020/40; G06Q 20/10 20060101 G06Q020/10 |
Claims
1. A computer-assisted method comprising: storing, in memory, a
first rule and a second rule for automatic transfer of funds in
response to receiving notification of at least a first event and a
second event in a physical supply chain, at least one of the first
and second events being selected from a limited list of different
events, wherein the funds comprise at least a first portion and a
second portion of an agreed-upon payment to a party for sale of
physical goods in a financial transaction related to the party;
receiving, by a computing device in communication with the memory,
a first notification of the first event in the physical supply
chain, wherein the first event comprises a first change in physical
status of a unit of physical goods along the physical supply chain;
automatically transferring the first portion of the agreed-upon
payment to the party, by the computing device, in response to the
first notification, according to the first rule; receiving, by the
computing device, a second notification of the second event in the
physical supply chain, wherein the second event comprises a second
change in physical status of the unit of physical goods along the
physical supply chain; and automatically transferring the second
portion of the agreed-upon payment to the party, by the computing
device, in response to the second notification, according to the
second rule.
2. The method of claim 1, wherein the first notification is an
electronic notification.
3. The method of claim 1, wherein the first or second notification
is generated automatically in response to electronic detection by
an electronic detection device selected from the group consisting
of: an RFID scanner, a bar code scanner, and an internal system
transaction code detector.
4. The method of claim 1, wherein the first event is a delivery of
physical goods from one point to another point in the physical
supply chain.
5. The method of claim 1, wherein the first and second changes in
physical status of the physical goods are selected from a group
consisting of: shipment of at least some of the physical goods,
delivery of at least some of the physical goods, advancement of at
least some of the physical goods on a retailer's storefront,
confirmed satisfaction of quality control standards for at least
some of the physical goods, and reaching a specified inventory
level related to the physical goods.
6. The method of claim 1, wherein the first and second rules are
established by an agreement between the party and a second party
involved in the transfer.
7. The method of claim 1, wherein the first rule and the second
rule are received as input by the computing device via a form made
available by the computing device for access, and wherein the form
also includes a selection of the at least one of the first event
and the second event from the limited list of different events.
8. A computer readable medium comprising computer-executable
instructions configured to cause a computing device to perform:
receiving an electronic notification of a first event in a physical
supply chain, wherein the first event is related to a party and
comprises a first change in physical status of a unit of physical
goods along the physical supply chain; automatically transmitting a
first signal to transfer a first portion of an agreed-upon payment
to the party, in response to the notification; receiving, a second
electronic notification of a second event in the physical supply
chain, wherein the second event is related to the party and to the
first event and comprises a second change in physical status of the
unit of physical goods along the physical supply chain; and
automatically transferring a second portion of the agreed-upon
payment to the party in response to the second notification,
wherein at least one of the first and second events is selected
from a limited list of different events.
9. The computer readable medium of claim 8, wherein the first event
is a delivery of physical goods from one point to another point in
the physical supply chain.
10. The computer readable medium of claim 8, wherein the first and
second portions are transferred pursuant to a pre-existing
agreement between the party and a second party involved in the
transfer.
11. A computer-assisted method comprising: receiving input, by a
computing device, to provide control to create a first rule for
automatic transfer of funds to a party in response to receiving a
first notification of a first specified event that comprises a
first change in physical status of a unit of physical goods in a
physical supply chain, and to create a second rule for automatic
transfer of funds to the party in response to receiving a second
notification of a second specified event that comprises a second
change in physical status of the unit of physical goods in the
physical supply chain, the first specified event and the second
specified event being related to the party, wherein the input is
received via a form made available by the computing device for
access, and wherein the input includes a selection of the first
specified event and the second specified event from a limited list
of different events; automatically transmitting a first signal, by
the computing device, to transfer a first portion of the funds to
the party in response to receiving the first notification,
according to the first rule; and automatically transmitting a
second signal, by the computing device, to transfer a second
portion of the funds to the party in response to receiving the
second notification, according to the second rule.
12. The method of claim 11, wherein the relationship is an account
relationship with a second party, and the funds are controlled by
the second party pursuant to the account relationship.
13. The method of claim 11, wherein the first specified event is a
delivery of physical goods from one point to another point in the
physical supply chain.
14. The method of claim 11, wherein the first and second rules are
created based on a pre-existing agreement between the party and a
second party involved in the transfer.
15. The method of claim 14, wherein the first specified event is a
delivery of physical goods to the second party, and the funds are
transferred to the party.
16. A computer readable medium comprising computer-executable
instructions configured to cause a computing device to perform:
providing for creation of a first rule for automatic transfer of
funds to a party, in response to receiving a first notification of
a first specified event that comprises a first change in physical
status of a unit of physical goods in a physical supply chain, and
for creation of a second rule for automatic transfer of funds to
the party in response to receiving a second notification of a
second specified event that comprises a second change in physical
status of the unit of physical goods in the physical supply chain,
wherein the creation of the first and second rules is controllable
via a form made available by the computing device for access, and
wherein the creation of the first and second rules includes a
selection of the first and second specified events from a limited
list of different events; automatically transmitting a first signal
to transfer a first portion of the funds to the party in response
to receiving the first notification, according to the first rule;
and automatically transmitting a second signal to transfer a second
portion of the funds to the party in response to receiving the
second notification, according to the second rule.
17. The computer readable medium of claim 16, wherein the first
specified event is a delivery of physical goods from one point to
another point in the physical supply chain.
18. The computer readable medium of claim 16, wherein the first and
second changes in status of the physical goods are selected from a
group consisting of: shipment of at least some of the physical
goods, delivery of at least some of the physical goods, advancement
of at least some of the physical goods on a retailer's storefront,
confirmed satisfaction of quality control standards for at least
some of the physical goods, and reaching a specified inventory
level related to the physical goods.
19. The computer readable medium of claim 16, wherein the first and
second rules are created based on a pre-existing agreement between
the party and a second party involved in the transfer.
20. The computer readable medium of claim 19, wherein the first
specified event is a delivery of physical goods to the second
party, and the first portion of the funds is transferred to the
party.
21. A computer-assisted method comprising: storing, in memory, a
database containing a plurality of rules relating to a plurality of
parties, the rules comprising a first rule for automatic transfer
of funds in response to receiving a first notification of a first
event in a first physical supply chain, the first event being
related to a first party, and a second rule for taking a specified
action other than transfer of funds, in response to receiving a
second notification of a second event in a second physical supply
chain, the second event being related to a second party; receiving,
by a computing device in communication with the memory, the first
notification of the first event in the first physical supply chain;
automatically transferring funds related to the first party, by the
computing device, in response to the second notification, according
to the first rule; receiving, by the computing device, the second
notification of the second event in the second physical supply
chain; and automatically transmitting a signal to initiate the
specified action, by the computing device, in response to the
second notification, according to the first rule.
22. The method of claim 21, wherein the first rule is received as
input by the computing device via a form made available by the
computing device for access by the first party, and the second rule
is received as input by the computing device via the form made
available by the computing device for access by the second party.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS
[0001] This application is a continuation of and claims priority to
co-pending U.S. application Ser. No. 12/263,190, filed Oct. 31,
2008, and entitled "Processing Transactions in Connection with a
Physical Supply Chain," which claims priority to U.S. provisional
patent application Ser. No. 61/061,987, filed Jun. 16, 2008,
entitled "Cash Supply Chain Improvements." Both of these
applications are incorporated herein by reference in their
entirety.
BACKGROUND
[0002] The cash supply chain is manual, complex, has inherent risk
issues, and is dispersed throughout a network of customers, armored
carriers, the Fed (Federal Reserve), and/or a network of client
facing devices including but not limited to automatic teller
machines (ATMs), cash vaults, banking centers, safes, cash
recyclers, and other cash handling devices. The costs of
depositing, distributing, and managing cash across a major bank, as
well as the amount of daily excess cash carried by such a bank, can
be on the order of billions of dollars.
[0003] Today's client deposit process does not adequately allow
clients to view the status of their deposit bag as it makes its way
from the client's site where the deposit was prepared to the bank
or bank's representative who will continue the processing of the
deposit. Deposit bags are handled multiple times in the current
process (and possibly by many different parties), which increases
potential errors and complicates finding missing deposits or
understanding where errors occurred and assigning fiduciary
responsibility for those errors. Pertinent pieces of deposit data
are typically manually entered and reentered into various systems
throughout the end-to-end processing of the deposit. The
collaboration and sharing of information across multiple
organizations and with multiple vendors may make this process very
complex and increases risk to the bank and bank clients.
[0004] For example, current services offered by banks have little
connection or integration with physical supply chains in which the
banks' clients may be involved. Payment for transactions involving
the physical supply chain typically require manual initiative for
execution, and payments are typically not made until a formal bill
or invoice is received, making the payment process slower and less
efficient. Still other disadvantages of modern systems and methods
are recognized by those skilled in the art.
BRIEF SUMMARY
[0005] Aspects as described herein are directed to tracking
monetary packages, which may contain monetary items such as foreign
and domestic government-issued legal-tender paper currency, coins,
checks, coupons, food stamps, credit cards, negotiable money
orders, and/or other negotiable instruments as well as
non-negotiable collateral information, throughout the cash supply
chain. In carrying out daily financial transactions, it is typical
for monetary packages to be physically transferred between various
parties, such as but not limited to a bank client (or a client of
another financial institution who is leveraging the services of the
bank), a transporter (e.g., an armored carrier), a bank vault, and
even various stations within a bank vault. This transfer amongst
various parties is referred to as the cash supply chain. Because
many types of cash are reusable/recyclable, the same physical cash
is usually cycled through the cash supply chain multiple times.
[0006] For transport through the cash supply chain, a financial
transaction such as a deposit including one or more monetary items
is normally bundled or otherwise packaged together as a monetary
package. Depending upon the location within the cash supply chain,
the monetary package may maintain together a quantity of monetary
items as a single entity by way of, e.g., a bag (in which the
monetary items are placed within the bag, which may be sealed), by
way of a cassette for holding the monetary items, and/or by way of
one or more straps (which may also be within the bag).
[0007] While a number of techniques to automate transaction
handling have been attempted, there remains a need to increase the
efficiency and accuracy of the financial transaction process.
Consequently, it is desirable to increase the speed and accuracy of
the financial transactions and to reduce the labor required to
perform the transactions. It is also desirable to make information
relating to the financial transaction rapidly available to the
client, third party vendors, and the bank, and to identify more
quickly problematic locations in the financial transaction,
identify potential, fraud or embezzlement, and identify industry
trends. Information about a deposit or withdrawal, for instance,
should be provided in an expeditious fashion as it is processed
along a cash supply chain, where notification/reporting is
customizable and automatic for enhancing the client's experience
and for improving internal processes of a bank.
[0008] According to further aspects, monetary packages are tracked
via a centralized tracking system that communicates with the
various parties handling the monetary packages throughout the
entire supply chain and/or when a carrier is set to arrive. Each
time a monetary package changes status in the cash supply chain
(e.g., transfers from one party to another or changes physical
location), an involved party (e.g., the party receiving the
monetary package and/or the party providing the monetary package)
updates the centralized tracking system with the status. The
centralized tracking system may be updated using a network of
automated sensors that do not necessarily require the intervention
of a party to create the update. These updates may be communicated
to the centralized tracking system (system of record) in real time
or near real time. Such a centralized tracking system may allow the
bank or other service provider to offer a variety of services to
the client.
[0009] For instance, centralized monetary package tracking may
allow for more accurate reporting of monetary package status. And,
by pre-scheduling (initiation) of deposits and change orders into
the centralized tracking system, anomalies in the transport of a
monetary package (e.g., a lost or delayed monetary package) may be
recognized much earlier, even prior to actual deposit or arrival of
the package at the processing site.
[0010] According to one aspect, a method for processing a
transaction includes receiving a notification of a change in status
of physical goods or other event in a physical supply chain, and
automatically transferring funds in response to the notification.
The automatic transfer of funds may be performed according to a
stored rule for automatically transferring the funds in response to
the notification. Typically, the goods and the event are related to
the party to which the funds are transferred. The funds may be
transferred pursuant to a pre-existing agreement between the party
and a second party involved in the transfer.
[0011] According to another aspect, the funds represent a portion
of an agreed-upon payment for sale of physical goods. In this
instance, one or more additional notifications may be received for
one or more additional changes in status of the goods or other
events in the physical supply chain, and additional portions of the
payment are transferred in response to each additional
notification.
[0012] According to yet another aspect, a method for processing a
transaction includes establishing a relationship with a party and
providing the party control to create a rule for automatic transfer
of funds in response to receiving a notification of a specified
change in status of goods or other event in a physical supply
chain. The funds transferred are owned or otherwise controlled by
the party, such as money in an account or a credit line granted to
the party. Accordingly, in many instances, the relationship will be
an account relationship established between a financial institution
and a client of the institution. Typically, the party may specify
which changes in status or other events give rise to automatic
transfer of funds.
[0013] According to a further aspect, the funds transferred
represent a portion of an agreed-upon payment for sale of physical
goods. In this example, the party can be provided control to create
additional rules for automatic transfer of additional portions of
the agreed-upon payment from the funds in response to receiving a
notification of another specified event in the physical supply
chain.
[0014] According to a still further aspect, a system or a
computer-readable medium may be provided with components or
instructions to perform one or more aspects of the methods
described above, as well as additional actions.
[0015] These and other aspects of the disclosure will be apparent
upon consideration of the following detailed description.
BRIEF DESCRIPTION OF THE DRAWINGS
[0016] A more complete understanding of the present disclosure and
the potential advantages of various aspects described herein may be
acquired by referring to the following description in consideration
of the accompanying drawings, in which like reference numbers
indicate like features, and wherein:
[0017] FIG. 1 is a graphical depiction of an illustrative cash
supply chain for a deposit/withdrawal lifecycle, including a
centralized tracking system;
[0018] FIG. 2 is a graphical depiction of an illustrative cash
supply chain for a change order lifecycle, including a centralized
tracking system;
[0019] FIG. 3 is a functional block diagram of an illustrative
monetary package tracking environment;
[0020] FIG. 4 is a graphical depiction of an illustrative physical
supply chain in connection with a financial institution processing
a transaction; and
[0021] FIG. 5 is a flow diagram of an illustrative method for
processing a transaction in connection with a physical supply
chain.
DETAILED DESCRIPTION
[0022] FIG. 1 is a graphical depiction of an illustrative cash
supply chain for a monetary item deposit/withdrawal lifecycle. In
this example, a centralized tracking system 101 communicates with
various parties, such as a bank client 102, a deposit location 103,
an armored carrier 104 or other transport service, a bank vault
105, and a pickup location 106. Communication between centralized
tracking system 101 and the various parties 102-106 may be
performed across any one or more communication media. Examples of
communication media include, but are not limited to, a network such
as the Internet, a local-area network or LAN, a wireless LAN or
WLAN, and/or a telephone network such as a landline telephone
network and/or a cellular telephone network. Other examples of
communication media include a dedicated landline link and/or
satellite or other wireless link. While not explicitly shown,
monetary items may be processed internally within a node (e.g.,
within bank vault 105). Consequently, each node may have a network
within itself.
[0023] Centralized tracking system 101 may include at least one
computing device and at least one computer-readable medium that,
together, are configured to receive monetary package status reports
from parties such as parties 102-106, maintain data representing
the monetary package status, and generate reports and alert
messages from that monetary package status data. A "computing
device" as referred to herein includes any electronic,
electro-optical, and/or mechanical device, or system of physically
separate such devices, that is able to process and manipulate
information, such as in the form of data. Non-limiting examples of
a computing device includes one or more personal computers (e.g.,
desktop or laptop), servers, personal digital assistants (PDAs),
ultra mobile personal computers, smart phones, cellular telephones,
pagers, and/or a system of these in any combination. In addition, a
given computing device may be physically located completely in one
location or may be distributed amongst a plurality of locations
(i.e., may implement distributive computing). A computing device
may even be a mobile device. Centralized tracking system 101 may
further support co-operation with other non-bank tracking
systems.
[0024] A computing device typically includes both hardware and
software. The software may be stored on a computer-readable medium
in the form of computer-readable instructions. A computing device
may read those computer-readable instructions, and in response
perform various steps as defined by those computer-readable
instructions. Thus, any functions attributed to a computing device
as described herein may be defined by such computer-readable
instructions read and executed by that computing device, and/or by
any hardware (e.g., a processor) from which the computing device is
composed.
[0025] The term "computer-readable medium" as used herein includes
not only a single medium or single type of medium, but also a
combination of one or more media and/or types of media. Such a
computer-readable medium may store computer-readable instructions
(e.g., software) and/or computer-readable data (i.e., information
that may or may not be executable).
[0026] Referring again to FIG. 1, bank client 102 may include not
only registered customers of a bank that have a financial account
(e.g., checking or savings account) maintained by the bank, but
also customers that do not have a financial account with the bank
but are otherwise doing business with the bank. Clients may also be
another bank or a bank agent or business partner including local,
state, or federal governments, and may also be extended to include
a chain of a bank's customer's customers. As will be discussed,
bank client 102 may receive a notification of an event along the
cash supply chain at phone 102a or terminal 102b through a wireless
network or the Internet.
[0027] Deposit location 103 is the location at which client 102
releases custody of the deposit (such as in the form of a monetary
package). This custody may be released by, for instance, depositing
the monetary into a cash handling device (e.g., a cash recycler,
depository, exchange, dispensing machine, or ATM), or at a bank
teller, or even at the client's own location where an armored
carrier would pick up the deposit from the client. Pickup location
106 is the location at which client 102 receives custody of the
monetary items (which may or may not be prepared by client 102 and
which may be in the form of a monetary package), such as from an
armored carrier, bank teller, or cash handling device.
[0028] Vault 105 is typically a secured location or device in a
bank or customer's office where the deposit is processed. In the
case of a vault in an armored carrier's or bank's facility, once
the deposits are processed, currency or other monetary items are
strapped for storage and distribution. A vault may not only process
incoming monetary items but may also provide monetary items such as
currency to clients. These requests for currency, commonly called
"change orders," are generally standing orders for specific amounts
that are sent on a specific schedule, but can be on-demand or
non-standing orders that are requested for a specific time. With
some embodiments, currency may be verified by the one transporting
the currency. This may be because the carrier is trusted and in an
appropriate liability agreement with the bank, or the bank owns a
carrier. In that case, some or all of the funds may be verified (or
trusted due to the device the funds came from) and re-used in the
cash supply chain without going to the vault. For example, the
carrier may use a hand-held device to check the next location to
visit or receive notices that a site needs cash. The carrier may
use the verified cash to fulfill the order.
[0029] Armored carrier 104a/104b (which may be referred to as a
"vendor") transports monetary packages between different stages
along the cash supply chain typically in an armored vehicle. The
physical transportation could be any type of transportation,
however, including a courier or package delivery service with a
secured package.
[0030] Parties 102-106 may communicate with centralized tracking
system 101 over corresponding communications channels. Different
types of communications channels may be supported. For example,
centralized tracking system 101 may communicate with client 102
through a computer terminal (via the Internet) and/or a wireless
telephone, with an armored carrier through a handheld scanner with
a wireless communications interface, and with a bank employee
through a work station (e.g., via an intranet). A communications
channel may utilize different communications media, including a
wired telephone channel, wireless telephone channel, and/or wide
area channel (WAN).
[0031] FIG. 2 is a graphical depiction of an illustrative cash
supply chain for a change order lifecycle. A change order is a
financial transaction in which a client (such as client 102)
requests and receives a predefined sum in a predefined set of one
or more denominations. For example, client 102 might request a
particular amount of currency with X amount of ten dollar bills, Y
amount of twenty dollar bills, and Z amount of one dollar bills.
While any type of client may implement a change order, this type of
transaction is particularly common for business clients that
require a certain amount of currency in hand each day for their
cash registers. With some embodiments, a change order may be
initiated by the bank using forecasting systems for cash handling
devices.
[0032] As can be seen in FIGS. 1 and 2, a monetary package
transfers from party to party, with the exception of the broken
line in FIG. 2 that indicates a request by client 102 rather than a
physical transfer of a monetary package. Each time the monetary
package changes hands and/or changes physical locations,
centralized tracking system 101 may be updated. A physical location
may two different nodes, or within the same node, of the cash
supply chain. For example, monetary items are typically moved from
receiving of a vault to a teller of the vault. In addition, any of
these parties (or even other parties not shown) may at any time
query centralized tracking system 101 to determine the current
status, historical status, and planned future status of the
monetary package. To aid in tracking monetary packages, each
monetary package may physically include an identifying device
having an associated identifier that is unique to that monetary
package. The identifying device may be any device that stores
human-readable and/or computer-readable information on some type of
medium. Examples of such an identifying device include a
radio-frequency identification (RFID) tag or other wirelessly
readable tag, a bar code or other visual label, or printed ink made
directly on or in the monetary package. The identifier itself may
be made up of any one or more symbols that together make up a
unique combination, such as one or more numbers, letters, icons,
dots, lines, and/or any one-, two-, or higher-dimensional
patterns.
[0033] FIG. 3 is a functional block diagram of an illustrative
monetary package tracking environment. In this example, centralized
tracking system 101 is shown to include a tracking controller 301,
tracking database 302, a web server 303, and a tracking interface
304. Each of units 301, 303, and 304 may be implemented as or
otherwise include a computing device. It should be noted that the
divisions between functional blocks in FIG. 3 is merely
illustrative, and that the physical division of computing devices
and other equipment may be different from the functional division.
Moreover, some or all of the functional blocks may be combined or
further subdivided functionally and/or physically.
[0034] Tracking database 302 may be implemented as or otherwise
include a computer-readable medium for storing data. This data may
be organized, for instance, as a relational database that is
responsive to queries such as structured query language (SQL)
queries. Tracking database 302 may be distributed and may
collaborate with internal and/or external sources to fulfill the
completeness of the data utilized for notifications.
[0035] In this example, tracking controller 301 may be configured
to add, edit, update, delete, and query data stored in tracking
database 302. The data stored in tracking database 302 may include,
for instance, data indicating the current status of each of a
plurality of monetary packages. For example, the data may indicate
that a given monetary package is with a particular armored carrier,
and that it was transferred to the armored carrier at a certain
time on a certain date. The status data may be associated with the
unique identifier of the relevant monetary package.
[0036] Web server 303 may be configured to generate an Internet web
page that is accessible by client 102 and/or other parties. The web
page may be used to query tracking database 302 via tracking
controller 301. For example, a party using the web page may be able
to enter an identifier associated with a monetary package. In
response, web server 303 may request tracking controller 301 to
query tracking database 302 (or alternatively web server 303 may
generate the query itself) for that identifier. The query response
is forwarded by tracking controller 301 to web server 303, and
displayed on the web page for review by the party. The query
response may include, for instance, the status data associated with
the identifier. Many other types of query transactions are
possible. In addition, updates, deletions, and additions may be
made to the data in tracking database 302 via the web page
generated by web server 303. For example, a party may desire to
update status information about a particular monetary package via
the web site, or may desire to add a new monetary package with a
new identifier not previously included in tracking database
302.
[0037] Tracking interface 304 may be used as an alternative
interface into tracking controller 301 and tracking database 302,
without the need for an Internet web page. For example, data and
queries may be provided to tracking controller 301 via tracking
interface 304 using a short messaging system (SMS) message or other
type of messaging from a cellular telephone.
[0038] FIG. 3 further shows an example of a third party system 305
(e.g., the computer system of armored carrier 104). System 305 may
be embodied as or otherwise include a computing device, and may
further include or be coupled with an identifier reader such as an
RFID scanner 306 or a bar code reader. In this example, RFID
scanner is configured to read an RFID tag 309 that is contained
inside or otherwise attached to a bag 307 that also contains a
quantity of monetary items 308. Using such a setup, the third party
may, for example, read the identifier stored in RFID tag 309 using
RFID scanner 306 (which may be a handheld or fixed location
device), forward that identifier to tracking interface 304 or web
server 303 along with the current status of bag 307 (e.g., in
custody of the bank vault at a certain time and date). This current
status may be added to the data in tracking database 302 and
associated with the identifier. Then, when that party or another
party later queries tracking database 302 for the same identifier,
the status of bag 307, including the most recent status discuss
above, may be returned in response to the query.
[0039] RFID tag 309 may be a passive RFID tag that does not contain
its own power source. Rather, a passive RFID tag (e.g., its memory,
controller, and transmitter) is powered by power inherent to a
signal that is received from RFID scanner 306 or another signal
source. Alternatively, RFID tag 309 may be an active RFID tag that
contains its own power source.
[0040] The above discussion in connection with FIGS. 1-3 describes
but a few examples of how monetary package tracking might be
implemented. These and other implementations, as well as various
features that may be provided in connection with monetary package
tracking, will be discussed in further detail below.
[0041] FIGS. 4 and 5 illustrate example embodiments of a system and
method for processing a transaction in connection with a physical
supply chain. Generally, the system includes a physical supply
chain and a financial institution that is able to directly or
indirectly monitor events occurring in the physical supply chain.
The method generally involves executing a financial transaction or
performing another action in connection with the occurrence of
certain events in the physical supply chain. "Financial
transactions" include all business transactions, including
transactions for the sale or transfer of physical goods, services,
securities, etc., as well as transactions that are purely monetary
in nature. The monetary package tracking features described above
and illustrated in FIGS. 1-3 can be used in connection with
executing financial transactions in furtherance of these methods.
Additionally, the monetary package tracking features can be
incorporated into the physical supply chain in order to track
positions of physical goods and detect events in the physical
supply chain. "Events" in the physical supply chain include changes
in status of the physical goods, such as shipment or delivery of
goods, advancement of goods on a retailer's storefront (e.g.,
placement of goods on a showroom floor or at a point of sale),
confirmed satisfaction of quality control standards, the creation
of another agreement or arrangement, the transfer of a payment for
goods or other funds transfer, reaching a specified inventory
level, another order for goods in the physical supply chain, etc.
Such events can also include processing or re-processing of goods,
including packaging or re-packaging of the goods, assembly of the
goods, assembly or construction of other goods using the original
goods, and other types of processing.
[0042] The embodiment of the system illustrated in FIG. 4 includes
a physical supply chain 400 and a bank or other financial
institution 407 in communication with the physical supply chain
400. The physical supply chain 400 in this example includes a
plurality of points or parties, including a manufacturer 401, a
distributor 402, a retailer 403, and a point of sale 404. Physical
goods 405 are transferred along the physical supply chain 400 from
one point to the next. The single unit of physical goods 405
illustrated in FIG. 4 may be a single product or a group of
products, such as a container, pallet, SKU, etc. It is understood
that the physical supply chain may contain additional or alternate
parties, and may be more complex. For example, the physical supply
chain may contain an intermediate packaging plant or assembly
plant, or a delivery service for delivering goods between parties
in the chain or for delivery to the ultimate consumer.
[0043] Generally, changes in status of the goods 405 or other
events in the physical supply chain are detected or tracked. In the
embodiment of FIG. 4, the physical goods contain an identifying
device 406, such as an RFID tag, barcode, internal system
transaction tracking code, or other such identifying device for
tracking purposes, as described above with regard to identifying
device 309, that contains an identifier that distinguishes the
particular goods 405 from other goods in the physical supply chain
400. It is understood that other tracking methods, such as those
described above, can be used, including manual data entry. Each of
the parties 401, 402, 403, 404 may have a detection device
configured for detecting an identifier defined by the identifying
device 406, such as an RFID scanner, barcode scanner, internal
system transaction code detector, or other type of scanner, as also
described above. As shown in FIG. 4, each party is able to scan the
goods 405 as the goods 405 are departing and/or as the goods 405
are arriving, and each party is capable of sending a notification
to the financial institution 407 upon detection of departure or
arrival of the goods 405, or upon registering another event in the
physical supply chain 400 corresponding to the goods 405. The
parties are also equipped for sending notifications to the bank 407
upon other events occurring in the physical supply chain, such as
changes in status of goods or other events as described above. In
one embodiment, the notifications are electronic notifications
transmitted between computer devices, but may be other types of
notifications in other embodiments. The notifications may each
include an indication of the type of event that has been detected,
as well as an indication of the identifier(s) of the goods 405
involved in the event and/or an indication of when the event
occurred. The notifications may be received at the financial
institution 407 via, e.g., web server 303 and/or tracking interface
304.
[0044] In the example embodiment shown in FIG. 4, the financial
institution 407 is configured for taking various actions, including
transferring funds 408 to a recipient party 409, upon receiving the
notification. The financial institution 407 may also be configured
for transferring additional funds upon receiving additional
notifications of additional specified events in the physical supply
chain 400. In the embodiment illustrated, the financial institution
407 executes the financial transactions on behalf of a client 410,
who may have an account relationship with the financial institution
407, such as a debit account, a loan or other line of credit, etc.
In executing the transaction, the financial institution 407 may
transfer funds controlled by the client 410 to the recipient 409.
It is understood that in many instances, the recipient 409 and the
client 410 will be parties in the physical supply chain 400 or will
have some relationship with such parties. For example, in one
embodiment, the recipient 409 may be the manufacturer 401, and the
client 410 may be the distributor 402 and/or the retailer 403. It
is further understood that the recipient 409 and/or any of the
parties on the physical supply chain 400 (if different from the
recipient 409 and client 410) may also be clients having financial
account relationships with the financial institution 407.
[0045] As described above, the financial institution is configured
for taking actions in furtherance of a financial transaction, such
as transferring funds between parties, extending a line of credit,
etc., in response to being notified of an event occurring in the
physical supply chain 400. The financial transaction depends upon
the type of event and/or the identity of the goods 405 (e.g., as
identified by the identifier of identifying device 406). Rules or
other terms may be established to govern which specific events in
the physical supply chain 400 give rise to specific financial
transactions or other actions to be performed in response thereto.
For example, the rules may specify that funds are to be transferred
from a first particular party to a second particular party
responsive to notification of a shipment or arrival of the goods
405 from or to a specified point on the physical supply chain 400.
As another example, the rules may require that the action taken
(e.g., the funds transfer) be delayed by a certain amount of time
beginning after notification is received (or beginning after the
event is stated to have occurred). Similarly, in the case of a
payment, the rules may require that a percentage of the payment be
transferred immediately and the rest of the payment be delayed for
a specified time. Generally, one or more parties in the physical
supply chain 400 are allowed control to create and modify rules for
a transaction as desired. In one embodiment, the rules are governed
by a contract or other agreement negotiated between one or more of
the involved parties, such as between the client 410 and the
recipient 409. It is understood that any of the parties in the
physical supply chain 400 may be parties to such an agreement, and
that a plurality of these parties may be parties to one agreement.
It is also understood that the rules may be governed by more than
one agreement. In another embodiment, the financial institution 407
may provide a structured procedure and/or interface for allowing
the party or parties to establish and control the rules. For
example, the financial institution 407 may provide a form or
application for establishing the rules. This form or application
may be accessible, fillable, and/or receivable through the Internet
(e.g., via web server 303), and it is understood that access may
require authentication, as is known in the art. Limits may be
placed on the party's control over the rules. For example, the
party may be permitted to select from a limited list of different
events that will trigger transfers of funds.
[0046] In other embodiments, the financial institution 407 may be
configured for taking other specified actions in response to
received notifications. Such actions may be related to, or in
furtherance of, a physical goods transaction or other financial
transaction between two or more parties, but may alternately be
unrelated to any transaction. Rules may be created for taking such
actions, in the same manner as the rules described above.
Additionally, the ultimate action taken in response to a received
notification may be performed by a party other than the financial
institution 407. Thus, the financial institution 407 may be
configured to transmit a signal instructing the relevant party (the
financial institution or third party) to perform the specified
action. In one example, the rules may specify that inventory at a
warehouse or retail store is to be restocked in response to some
event in the physical supply chain, such as shipment of an order or
reaching a certain inventory level. Accordingly, when the financial
institution 407 receives a notification that the relevant event has
occurred, the financial institution 407 transmits a signal to
initiate a restocking order, according to the rules. In another
example, the rules may specify that a new shipment/delivery order
is to be placed in response to a certain event, such as a previous
shipment reaching a specific point in the physical supply chain.
Accordingly, when the financial institution 407 receives a
notification that the relevant event has occurred, the financial
institution 407 transmits a signal to initiate a new shipment,
according to the rules. It is understood that a wide variety of
different events and corresponding actions may be provided for in
the rules, and the nature of such events and actions may not be
limited.
[0047] As described above, the financial institution 407 is
configured for executing a financial transaction or taking another
action in response to receiving a notification of an event in the
physical supply chain 400. In this embodiment, once the
notification is received, the financial institution 407 determines
the appropriate action to take in response. To do this, the
financial institution 407 may have control of the centralized
tracking system 101, which may be used to compare the type of
event, time of event, and/or identity of the good corresponding to
the event, with rules associated therewith in tracking database
302, as described below. For instance, a query may be made to
tracking database 302, the query including the information
described above. In response to the query, tracking database 302
may provide an indication of the appropriate action to take, such
as transferring funds between particular parties at a particular
time. Accordingly, in one embodiment, the tracking database 302 may
contain data such as identifications of parties, specified events
in the physical supply chain, goods identifiers, rules for taking
specific actions in response to specific events, and other
information. Such information may be correlated with other related
information and organized in a useful manner, such as for queries.
For example, the rules may be stored and correlated with parties,
events, actions, etc. in a "rules based database." As known in the
art, a rules based database can define dynamic rules that are
interpreted in real-time according to a state of events, such as
the events occurring in the physical supply chain. The information
can be organized based on typical or common agreement terms, for
example duration, movement, transfer, staged or termed events, etc.
The structure of the database may be based on agreement type,
market segment, client identity, etc. It is understood that small
business transactions may not necessitate the same level of
complexity as large corporate transactions in this regard, and that
separate databases may be kept for each category of businesses.
[0048] In one embodiment, a financial transaction may include a
payment to a recipient for a sale of goods and is configured to be
processed in several portions or steps, as multiple events occur
with respect to a single unit of goods along the physical supply
chain. As described above, this unit of goods may include one
product or a plurality of products, such as a shipment, pallet,
SKU, etc. One such illustrative embodiment is shown in FIG. 5. In
this embodiment, terms or rules are first established governing the
transaction, at step 501, in a manner such as those described
above. Generally, these rules are transmitted or otherwise made
available to the financial institution 407 handling the payment, so
that the financial institution 407 can properly respond to the
notifications of the events specified in the rules. The financial
institution 407 may store these rules in, e.g., tracking database
302. In some embodiments, prior to or in connection with
establishing the rules, an account relationship may be created
between the financial institution 407 and the client who
establishes the rules, as described above, which may involve
depositing client funds in a financial account managed by the
financial institution 407 or by another financial institution. In
this example, the rules provide for partial payment of goods in a
number N of portions, each portion in response to a number N of
specified events in the physical supply chain.
[0049] A first event in the physical supply chain occurs at step
502, such as a shipment or delivery of goods from one point to
another in the physical supply chain 400 as shown in FIG. 4. It is
understood that the first event referred to is an event specified
in the established rules, such that action is to be taken in
response according to the rules. A notification of the occurrence
of the first event is sent to the financial institution 407, at
step 503. As described above, this notification is performed
automatically by a computing device in one embodiment, but may
alternately be performed manually, with or without the use of a
computing device. As described above, in this embodiment, the rules
specify that a partial payment is to be made upon receiving
notification of the first event occurring. Accordingly, once the
notification is received, the financial institution 407 transfers a
first portion of the payment to the recipient, according to the
established rules, at step 504. In this embodiment, the transfer of
the first portion of the payment is performed automatically upon
receiving the notification. In other words, the transfer is
initiated and executed entirely by a computer device, without
direct manual initiative. The occurrences of subsequent specified
events in the physical supply chain are processed similarly to
steps 502-504, through notification and transmission of another
portion of the payment. While the process in FIG. 5 described thus
far may be used for a financial transaction involving only a single
full payment, in this particular embodiment, it will be shown how
the payment can be transferred in at least two portions, in
response to at least two events in the physical supply chain. The
number of payment portions and the number of corresponding events
in the physical supply chain 400 is designated by "N" in FIG. 5.
The final specified event in the physical supply chain 400 occurs
at step 505, fulfilling the established rules to qualify for
complete payment. A notification of the final event is sent at step
506, and the final portion of the payment is automatically
transferred by the financial institution 407 upon receiving the
notification, at step 507.
[0050] In the embodiment described above and shown in FIG. 5, the
established rules can be renewable, or even self-renewing, to cover
future passage of similar or identical goods through the physical
supply chain. For example, rules may be established for a first
shipment of goods, and may automatically be applied by the
financial institution 407 to govern a future shipment of the same
goods, so that payments are transferred in the same manner. In
another example, the rules may not be renewed unless a notification
is received by the financial institution 407 that includes a
modification of the rules, such as a change in the agreed-upon
payment amount. In another embodiment, each future shipment may
require completely new rules.
[0051] As an example, the embodiment of the method shown in FIG. 5
can be used to transfer payment for shipments of goods along the
physical supply chain 400 as illustrated in FIG. 4. In this
embodiment, the established rules may specify that the shipment of
the goods 405 from the manufacturer 401 to the distributor 402
qualifies as the first event (step 502), resulting in payment of
the first portion of the payment (step 504). Additionally, in this
embodiment, a notification may be automatically generated and sent
to the financial institution 407 upon scanning of the RFID tag 406
upon shipment and/or delivery of the goods 405. In another
embodiment, both the shipment of the goods 405 from the
manufacturer 401 and the delivery of the goods 405 to the
distributor 402 qualify as separate events resulting in separate
notifications and separate portions of the payment. Subsequent
shipments and/or deliveries of the goods, such as delivery from the
distributor 402 to the retailer 403, may constitute additional
events resulting in notifications and transfers of additional
portions of the payment. In this embodiment, the final event
fulfilling the established rules is the transfer of the goods 405
at the point of sale 404, such as placement of the goods 405 on a
showroom floor. Once a notification of this event is received, the
financial institution 407 transmits the final portion of the
payment to the recipient 409. Accordingly, the established rules
are fulfilled. As described above, the rules may be renewable or
self-renewing, so that future shipments of goods through the
physical supply chain are governed by the same rules. It is
understood that additional events in the cash supply chain can
qualify as additional or alternate events resulting in transfer of
a portion of the payment according to the rules. For example,
another action performed at one of the points 401, 402, 403, 404,
such as completion of the manufacturing process or sale of the
goods, or an action performed by another party not illustrated on
the supply chain 400 shown in FIG. 4, may constitute a specified
event.
[0052] In another embodiment, networking features can be provided
for various parties utilizing the transaction processing features
described herein. For example, users in the network can receive
perks based on their membership in the network and may receive
additional perks based on the number or percentage of their supply
chain partners that are also in the network. Such perks can include
reduced fees, rewards bonuses, better rates of interest on stored
or borrowed money, etc., and may encourage members to invite other
business partners to join the network as well. The network can be
established in connection with the financial institution 407, and
may be configured to require or encourage doing business with the
financial institution 407 in connection with network participation.
The centralized tracking system 101 may also operate in conjunction
with the network.
[0053] As stated above, FIGS. 4 and 5 illustrate examples of one or
more aspects of systems and methods for processing a transaction in
connection with a physical supply chain. The steps of the methods
described above can be accomplished by means and/or components
contained within the cash supply chain, the physical supply chain,
and/or within a financial institution, such as the centralized
tracking system 101, a computer device connected to the centralized
tracking system 101, and the memories and processors thereof, and
may also be accomplished by non-computer means, such as by
institutional employees. Other components of a cash supply chain,
physical supply chain, or financial institution may also constitute
means for accomplishing aspects of the present invention, as
understood by those skilled in the art. It is understood that one
entity may not perform each and every aspect of the methods
described herein, and that aspects may be outsourced to one or more
other entities.
[0054] As will be appreciated by one of skill in the art upon
reading the following disclosure, various aspects described herein
may be embodied as a method, a computer program product or computer
readable medium, or a system, such as a physical supply system, a
financial institution, a computer system, or other type of
system.
[0055] Aspects of the present invention provide many benefits not
provided by prior systems and methods for processing transactions.
For example, the automatic payment features and other features
described above may allow transactions to be processed in a faster
and more timely manner than previous systems and methods. Likewise,
transactions might be processed more efficiently, and possibly even
without direct human involvement and related expenses. Additional
potential benefits include smaller numbers of unresolved
transactions, better predictive payment abilities, fewer delayed
collections, improved servicing, less necessary research, fewer
necessary adjustments, efficiency through reuse of the rules
between and among customers, more easily facilitated agreements and
terms, ability to assign specialized bank personnel to assist in
the party agreements, potential perks to clients through network
features, improved client retention, automated optimization of
inventory throughout the supply chain, and individual and
aggregated reporting ability. Still other potential benefits and
advantages exist and are apparent to those skilled in the art.
[0056] Several alternative embodiments and examples have been
described and illustrated herein. A person of ordinary skill in the
art would appreciate the features of the individual embodiments,
and the possible combinations and variations of the components. A
person of ordinary skill in the art would further appreciate that
any of the embodiments could be provided in any combination with
the other embodiments disclosed herein. It is further understood
that the invention may be in other specific forms without departing
from the spirit or central characteristics thereof. The present
examples therefore are to be considered in all respects as
illustrative and not restrictive, and the invention is not to be
limited to the details given herein. The term "plurality," as used
herein, indicates any number greater than one, either disjunctively
or conjunctively, as necessary, up to an infinite number.
Accordingly, while the specific examples have been illustrated and
described, numerous modifications may be implemented without
significantly departing from the spirit of the invention.
* * * * *