Browse Prior Art Database

Electronic Commerce Business Model

IP.com Disclosure Number: IPCOM000033497D
Original Publication Date: 2004-Dec-13
Included in the Prior Art Database: 2004-Dec-13
Document File: 2 page(s) / 24K

Publishing Venue

IBM

Abstract

Today more or more companies are using electronic funds which have lead to businesses offering direct deposit and direct debit to any users. All users have always faced the issues of fraud and theft but now they have the real issue of the debit charges being: wrong, charged twice or even a larger than expect for people on a budget. Many e-commerce models allow notices if a event had occurred, but most do not account for auto adjusting events and adjustments.

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Electronic Commerce Business Model

     Electronic verification model to insure ANY users are protected and have a direct may to manage and pre-verify transactions, future transactions and reoccurring transactions.

    Allow any user to predefine amounts, occurrences/frequency, % ranges on any transfer, payee, and other fields (i.e. check number, a special security code, etc..) . This also allows the user to upload the same type of information for paper transfers such as checks. With more and more users using the internet to access their accounts and either having the bank mail payments or the user mailing their payments themselves, which has lead to fraud and theft. For example: the home user could either upload or fill out a form from the finical institute. This way when the check or electronic transfer is presented it can be verified against what the home user has provided, before the finical institute transfers any funds. If a transfer request charges more than the given % the home user could predefine what the finical institute should do: 1. immediately reject 2. Home user must approve with in x days 3. Home user can choose to reject. In all cases the user would be notified to either take action or if a predefined action has been taken. Figure 1 and 2 gives a simple example flow that could be used for electronic and paper commerce transfer with the electronic verification. You could replace or add in any of the figures will other fields for verification or actions to...