FINANCIAL MANAGEMENT SYSTEM
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`Cross Reference to Related Application
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`[0001] This application is a continuation of US. Application No. 13/398,860, filed February 17,
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`2012, which is a continuation of US. Application No. 12/121,730, now US. Patent No.
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`8,132,720, filed May 15, 2008, which is a continuation of US. Application No. 09/664,587, now
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`US. Patent No. 7,389,915,
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`filed September 18, 2000, which claims the benefit of US.
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`Provisional Application No. 60/155,102, filed September 22, 1999.
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`Field of the Invention
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`[0002] The present system is designed to facilitate the record keeping associated with online
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`transactions. In particular, this system is designed to increase the amount of transaction data
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`relating to an online purchase of goods or services that is retained by a personal financial
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`management system.
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`Background of the Invention
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`[0003] For a number of reasons, the use of credit cards, such as MasterCard, Visa, Discover, and
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`American Express, have become many people's primary means for satisfying financial
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`obligations. Currently, when a user is not online, the user generally receives a receipt upon the
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`completion of a credit card transaction which is a physical print out including various transaction
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`data. The transaction data provided on a traditional receipt is generally limited to the date of the
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`transaction, the amount of the transaction, credit card number, and the payee or merchant. For
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`purposes of this application, a merchant is an entity with an online presence that provides goods
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`or services and receives valuable consideration.
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`[0004] In order to ensure that the merchants properly billed the credit card holder, or user for the
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`purposes of this application, many users retain the receipt. A number of computer based financial
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`management systems have been developed having at least a partial purpose of simplifying the
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`method of keeping track of various financial
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`information, such as Intuit's QuickenTM and
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`Microsoft MoneyTM. Among other features, these applications enable a user to enter transaction
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`data, for the purposes of monitoring spending, ensuring accurate charges by merchants, tracking
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`accounts payable, and other reasons.
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`[0005] With certain credit cards, the transaction data provided by the merchant can be compared
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`to the transaction data entered by the user automatically in a function often called reconciling. In
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`QuickenTM, for example, a user can download credit card charges from a number of member
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`banks, and accept those transactions that accurately represent the user's purchases. This system
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`saves the user time in data entry and reduces the likelihood of data entry errors. However, the
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`present financial management systems provide neither a mechanism for creating reminders for
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`financial transactions consummated online, nor for directly entering information associated with
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`online transactions. Furthermore, the present monitoring systems store data only about the total
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`transaction amount, but fail to store information about the particular items purchased and the
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`costs of the particular items.
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`[0006] These and other drawbacks eXist with current systems.
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`Summary of the Invention
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`[0007] An object of the invention is to overcome these and other drawbacks in eXisting systems.
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`[0008] One aspect of the invention relates to the creation of a computer application that increases
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`the amount of transaction data stored during an online commercial transaction.
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`[0009] Another aspect of the present invention relates to the creation of a transaction data file
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`that can be used to update information stored on a personal financial management program. A
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`transaction data file preferably includes transaction data about the online transaction, including
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`date of purchase, payee identification, product identification, product price, and quantity per
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`product purchased.
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`[0010] Another aspect of the present
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`invention relates to the presentation of information
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`associated with a transaction data file in a Graphical User Interface (GUI). The GUI would
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`render the information stored in the transaction data file. This information could be depicted as
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`the information is stored in the transaction data file, or it could be depicted in accordance with a
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`user profile.
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`[0011] Another aspect of the present invention relates to a software application that copies
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`transaction data. The software application reviews data that is transmitted from a terminal device
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`across a network and copies transaction data to a transaction data file.
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`[0012] Another aspect of the present invention relates to an )flVIL compliant implementation of
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`an online personal financial management program. An )flVIL compliant implementation would
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`allow a user to gain extensive information from a number of different sources,
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`including
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`Personal Digital Assistants (PDAs), merchants, and browsers.
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`[0013] Another aspect of the present invention relates to the ability to repurchase goods and
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`services based on previous purchases. Additionally, users can access the data to conduct analysis
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`on the cost of actual goods and services purchased, instead of tracking only the amount of money
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`spent with various goods and services providers.
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`

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`[0014] According to one embodiment of the present invention, a user completes an online
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`transaction and is presented with a GUI that represents various transaction data. The user is
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`allowed to associate additional data with the transaction data, including a notes field and a
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`category. Upon entering the desired information, the transaction data is submitted to a personal
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`financial management program.
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`[0015] According to one embodiment of the present invention, an application searches for data
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`types that have been associated with transaction data. Once this transaction data has been
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`identified, the data is copied to a transaction data file prior to transmission to the transaction data
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`destination.
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`[0016] Other features and advantages of the present invention will be apparent to one of ordinary
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`skill in the art upon reviewing the detailed description of the present invention.
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`Brief Description of the Present Invention
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`[0017] FIG.
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`1 is a flow chart of a method in which transaction data is transmitted to a personal
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`financial management program.
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`[0018] FIG. 2 is a flow chart indicating a method of creating a transaction data file.
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`[0019] FIG. 3 is a depiction of a summary GUI in accordance with the present invention.
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`[0020] FIG. 4 is a depiction of a item-level GUI in accordance with another present invention.
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`[0021] FIG. 5 is an example of possible )flVIL tags that could be stored in a transaction data file.
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`Detailed Description of the Preferred Embodiment
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`[0022] A preferred embodiment of the financial management system includes a terminal device,
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`a personal financial management program, a commercial web server provided by a merchant
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`capable of conducting online financial transactions, wherein the personal financial management
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`program receives transaction data regarding the online financial transaction upon completion of
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`the financial transaction. The terminal device can be a computer terminal, a Personal Digital
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`Assistant (PDA), an interactive pager, a cell-phone, or other communication device. The
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`personal
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`financial management program could be QuickenTM or Microsoft MoneyTM. A
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`commercial web server could be a server that enables a commercial web site,
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`such as
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`7
`NetGrocerTM or Amazon.comTM to conduct online transactions.
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`[0023] In a preferred embodiment of the present invention, a Financial Assistant is responsible
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`for transmitting transaction data to the personal financial management program, and archiving
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`the transaction data for further purchases and analysis. The Financial Assistant could reside
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`either on the terminal device, or on a server by which the terminal device communicates with the
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`commercial web server. In a preferred embodiment, the Financial Assistant resides on an Internet
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`Service Provider (ISP). This configuration allows the user to implement the present invention
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`without having to update the technology as it is improved, among other benefits. However, it is
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`anticipated that the present invention could be implemented as an application running on the
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`terminal device or on a server associated with the commercial web site. The Financial Assistant
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`may be implemented in any type of executable code, including C++, Java, and VB Script.
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`[0024] FIG.
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`1 depicts one implementation of the present invention. In step 101, the Financial
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`Assistant is preferably invoked. This step could be triggered automatically or by user action. In
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`an automatic embodiment, the Financial Assistant could be invoked upon the occurrence of a
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`predetermined event, such as the commencement or conclusion of an online transaction. In a
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`preferred embodiment, the Financial Assistant is invoked upon the transmission of transaction
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`data from a terminal device to a commercial web server. An alternative embodiment would be
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`for the user to visit a third-party web site that performs the Financial Assistant functions, and
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`serves as a conduit through which the user can procure goods and services from the commercial
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`web site.
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`[0025] In step 102, the Financial Assistant intercepts transaction data. Transaction data is data
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`that is transmitted from the terminal device destined for the commercial web server. Transaction
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`data preferably includes purchase amount, a purchase date, a payee, card identification data, and
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`at least one notes field. However,
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`it is not necessary to utilize each of these data types to
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`implement the present invention. Step 102 can be implemented anywhere along the information
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`pathway from terminal device to commercial web server.
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`In a preferred embodiment,
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`the
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`transaction data is intercepted at the ISP.
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`[0026] Once the ISP based Financial Assistant determines that
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`transaction data is being
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`transmitted from the terminal device, the Financial Assistant begins to copy each component of
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`transaction data in Step 103. Once the transaction data has been copied, the transmission to the
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`commercial web server is completed. Whether transmission to the commercial web server
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`happens before or after Steps 104 and 105 is not material to the present invention.
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`[0027] Once the transmission data has been copied, the Financial Assistant receives additional
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`transaction data in Step 104.
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`In a preferred embodiment,
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`this additional
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`transaction data
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`comprises category and remarks. FIG. 3 depicts one embodiment of Step 104 of the present
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`invention. Preferably, the category can be split between two or more categories if needed. This
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`category could have a default value provided by the merchant, or could be based upon previous
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`categories selected for purchases made from the particular merchant. The user can also associate
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`notes with the purchase. In a preferred embodiment, the merchant can provide a default value for
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`the notes, based on the goods or services purchased. The user can supplement this default value,
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`or replace the field with different information.
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`[0028] The final step in this preferred embodiment is the transmission of the information to a
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`personal financial management program Step 105. In this step, the transmission is sent to a
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`personal financial management program and the data is entered in the appropriate fields. Upon
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`completion of Step 105, the transaction data is preferably stored so that the Financial Assistant
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`can later recall the information for conducting additional processing of the transaction data,
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`including repurchasing and statistical analysis.
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`[0029] FIG. 2 is a block diagram of the preferred embodiment of creating a transaction data file.
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`In the preferred embodiment, a transaction data file is the file that stores transaction data. This
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`transaction data file is preferably created by the Financial Assistant, and delivered to the personal
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`financial management program for analysis.
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`[0030] In Step 201, the transmitted data, or the information from the terminal device to the
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`commercial web server, is searched. In Step 202, the Financial Assistant determines whether the
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`transmitted data contains transaction data. The method in which this Step will be implemented
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`will depend upon the e-commerce solution utilized by the commercial web server.
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`[0031] Because some transaction data is transmitted in a secure manner and not uniform manner,
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`it may be necessary for Financial Assistant to operate at either the terminal device or at the
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`commercial web server, because the transaction data at the ISP may be encrypted. In a preferred
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`embodiment, the ISP will have the ability to detect, copy and store transaction data, even in an
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`encrypted state. This structure could be implemented by, for example, including a non-encrypted
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`indicator that could inform the ISP that the data currently being transmitted includes transaction
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`data. The ISP could then, for example, immediately copy the entire file and relay the transaction
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`data file to the commercial web server, still in a secure state. The ISP server could then decrypt
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`the transaction data file, and proceed with step 203.
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`[0032] If the transmitted data does not contain transaction data, the method returns to Step 201.
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`If the transmitted data does include transaction data, the Financial Assistant copies and stores the
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`transaction data in a transaction data file in Step 203. If a transaction data file is not currently
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`open, then the Financial Assistant may create a new or open an old transaction data file.
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`[0033] In Step 204, the Financial Assistant determines whether the transmitted data includes a
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`completed transaction indicator. If there is no completed transaction indicator,
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`the method
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`returns to Step 201. If there is a completed transaction indicator, the method proceeds to Step
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`205.
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`In Step 205,
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`the Financial Assistant preferably determines whether the completed
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`transaction indicator also indicated that money or other valuable consideration has been
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`transferred between parties. For example, if a user had added a number of items to an online
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`shopping cart, and then decided not to purchase the items, the transaction would be complete
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`(yes at Step 204), but there was no money transferred (no at Step 205), thereby returning the
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`program to Step 201.
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`[0034] In Step 215, the data transaction file is closed. In a preferred embodiment, the Financial
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`Assistant will at least save any information that the Financial Assistant can determine has been
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`saved by the commercial web server. The data transaction file will be given a unique identifier
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`that will allow the Financial Assistant to recall the associated data transaction file if and when a
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`user elects to proceed with a terminated transaction in which a purchase was not made.
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`Alternatively,
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`the Financial Assistant could delete transaction data files that did not have
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`associated transfers in Step 205.
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`[0035] In Step 206, the Financial Assistant renders data from the transaction data file. The
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`information depicted by the Financial Assistant is initially programmed to be the same as the
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`information provided on a credit card receipt. In a preferred embodiment, the user can modify
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`the initially programmed rendering provided by Step 206.
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`[0036] In Step 207, the user preferably can add additional information, including the category
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`that the charge is supposed to go to and any particular notes for the transaction. In a preferred
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`embodiment, the Financial Assistant provides default values for each of these based on category
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`and notes entries previously made by the user, recommended information provided by the
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`merchant, or other criteria. The user is preferably able to modify the information by either adding
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`to it or replacing it with new information.
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`[0037] FIG. 3 provides a representative summary-level GUI in accordance with the present
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`invention. Fields to 301 to 304 preferably are fixed by the Financial Assistant, whereas Fields
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`305 and 306 can be manipulated by the user. Summary GUI 300 represents the initial Financial
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`Assistant GUI. In a preferred embodiment, the user can modify this depiction to suit the user's
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`taste. Preferably, the Financial Assistant will include a GUI wizard that will allow users to
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`modify the appearance and functionality of the various GUI's.
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`[0038] Field 303 includes the name of the merchant. In a preferred embodiment, the user can
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`click on the field and be taken to the merchant's web site. Right-clicking on Field 303 will cause
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`a predetermined list of options to drop down in a drop-down hyperlink. Examples of such
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`options would include customer service, parts department, or repurchase from the particular
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`merchant's site.
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`[0039] Field 308 is preferably used to enter the transaction data into the personal financial
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`management program.
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`In a preferred embodiment, activating Field 308 will cause the
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`information in the transaction data file to be copied into the appropriate fields within the personal
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`financial management program. Additionally, by activating Field 308 the information is archived
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`so that a user can later retrieve the transaction data file for submitting repurchase orders or for
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`conducting analysis. The repurchase orders could be conducted through a stand-alone application
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`hosted by the ISP, through the personal financial management program, or through any other
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`implementation that would allow repurchase orders and statistical analysis to be conducted on
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`the transactional data file.
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`[0040] Field 309 is preferably used to prevent the transaction data from being delivered to the
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`personal financial management program. In a preferred embodiment, activating Field 309 will
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`not affect the online transaction, but will affect the record keeping of the online transaction. In a
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`preferred embodiment, the user will be provided with an opportunity to archive the transaction
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`data file or delete the transaction data file.
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`[0041] Field 310 is preferably assigned the function of the repurchase icon. By activating the
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`repurchase icon 310, a user can repurchase the items that were purchased by the associated
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`online transaction. The difference between repurchase icon 310 and the right click option of
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`Field 303 is that the repurchase icon does not necessarily repurchase the goods from the same
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`vendor. In a preferred embodiment, the repurchase key will conduct a search in accordance with
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`a user profile to determine whether the goods and services could be procured from a different
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`provider, or a set of different providers, at a better price. The user profile preferably includes at
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`least one of the following parameters: the amount of time that the user is willing to wait to make
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`the purchase,
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`the type of quality assurance the user demands or desires, privacy policy
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`requirements, preference toward environmentally friendly providers, and other variables.
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`[0042] Preferably, the user will be provided with a repurchase GUI (not shown) that will allow
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`the user to adjust the goods and services to be repurchased. In an alternative embodiment, the
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`repurchase goods and services could be entered into a shopping cart, for example, and the user
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`could purchase additional goods that were not part of the previous purchase.
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`[0043] In a preferred embodiment, the Financial Assistant resides on a server. The Financial
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`Assistant, accordingly, will be operating on behalf of a plurality of users. Information retrieved
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`by the Financial Assistant by one user could be used while researching other user's repurchase
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`requests to decrease the amount of time and processing power required to implement a search.
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`[0044] By activating Field 307, the user is taken to a more detailed description of the transaction
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`data file. FIG. 4 represents an implementation of a preferred embodiment of a lower-level GUI
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`400 of the present invention. In a preferred embodiment, line-item entries that are the exact same
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`will be represented with their entire associated data represented on the lower-level GUI 400. On
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`the other hand, in a preferred embodiment, line-item entries that in the same product type, but
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`have some different associated data, would be represented as an aggregate with an hyper-link to
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`access more detailed information. Note that product, for the purpose of this application, can
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`mean product or service, and that there is no distinction for the purposes of Financial Assistant
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`between products and services.
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`[0045] In FIG. 4, the provisional filing in row 451 has two non-identical entries. Therefore, Field
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`460 does not depict the associated data with Row 451, but contains a hyper-link titled “more
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`detail” that will render a further, lower-level GUI (not shown) that would identify a further
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`break-down of the transaction data file. This process would be continued until each of the
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`products listed contained the associated data and no further information was available in the
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`transaction data file.
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`[0046] Row 452 indicates the lowest level at which the transaction fee can be rendered. Because
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`the transaction data file contains no additional information about the “Transaction Fee,” the
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`lower-level GUI 400 does not provide a hyper-link for more information. The repurchase key
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`will repurchase all of the items on the displayed GUI in accordance with the GUI. In an
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`alternative embodiment, it is anticipated that the GUI could include a check box for indicating
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`the products that are to be repurchased or those that are not to be repurchased upon the activation
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`of the repurchase icon 409. As above, the user will be provided with a repurchase GUI (not
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`shown) that will allow the user to adjust the goods and services to be repurchased. In an
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`alternative embodiment, the repurchase of goods and services could be entered into a shopping
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`cart, for example, and the user could purchase additional goods that were not part of the previous
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`purchase.
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`[0047] Field 405 is based upon the date and payee in the transaction data file. In a preferred
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`embodiment, by activating the “dyor.com” in field 405 with a right-click, for example, a user
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`would have the opportunity to go to the web dyor.com home page,
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`the customer service
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`department, or repurchase the items listed in Column 401.
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`[0048] FIG.
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`5
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`represents an excerpt
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`from an embodiment utilizing an )flVIL-compliant
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`transaction data file. In the preferred embodiment, the transaction data file of FIG. 5 would
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`render the summary GUI 300 and the lower level GUI 400. The summary GUI and lower level
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`GUI 400 could be based upon Cascading Style Sheets (CSS) in which the user, or a program
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`developer, could create the GUIs to suit the tastes and needs of the individual user.
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`[0049]
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`In a preferred embodiment,
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`the transaction data file preferably contains only the
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`fundamental transaction data. Specifically, redundant data is not included in the transaction data
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`file. For example, the provisional filings share the same <product>, <name>, <quantity>, and
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`<price> tags, and are different only in their <notes> sections. There is no record of the total
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`price, because this transaction data can be determined from the fundamental transaction data.
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`Information nested within the <product> and </product> tags are associated with the particular
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`product, in accordance with the )flVIL 1.0 Specification.
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`[0050] The product <number> is not unique to a particular vendor. This will allow users to
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`compare the same product between a number of different product providers. Additionally, in a
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`preferred embodiment, the Financial Assistant will be able to compare value between competing
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`brands of products and services. For example, if battery 1
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`is made of a superior quality than
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`battery 2, a user would generally be willing to pay a premium for the superior quality of battery
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`1. However, if battery 1 provides for 50% greater useful life than battery 2, but battery 1
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`is
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`double the price, it likely would be more logical to purchase battery 2. Similar comparisons are
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`possible, although more difficult and more subjective, for virtually every type of product or
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`service a person can buy. Accordingly, it is anticipated that the user, the ISP, third party service
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`providers, or others could provide relationships between similar products and services to
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`determine what products and services will provide the user Financial Assistant with the greatest
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`utility.
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`[0051]
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`In the transaction data field,
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`the notes sections are generally provided based on
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`information provided by the merchant. However, a user can also elect to modify the information,
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`or to establish in a user profile to automatically modify the notes associated with the purchase of
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`a particular good or service or from a particular merchant.
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`[0052] Other embodiments and uses of the invention will be apparent to those skilled in the art
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`from consideration of the specification and practice of the invention disclosed herein. The
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`specification and examples should be considered exemplary only. The scope of the invention is
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`only limited by the claims appended hereto.
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