Note: Descriptions are shown in the official language in which they were submitted.
CA 02290052 1999-11-17
METHOD ~'~1D APPAR_ATUS FOR AUTOMATED TRANSACTION PROCESSING
The present invention relates to an Internet based automated processing
systems and more
particularly to an automated trade processing system which interfaces a
customers own portfolio
management, quoting, analytical and alerting services to transaction execution
systems.
BACKGROUND OF THE INVENTION
The increased popularity of the Internet and the development of the World Wide
Web (WWW)
have resulted in an increase in Internet commerce or on-line commerce. On-line
commerce
involves the exchange of goods, services, and information as a result of
transactions executed
using an on-line computer system. On-line commerce is often achieved using a
computer
application and system that allows access to information from disparate data
sources through the
Internet.
On-line commerce computer applications and systems are difficult to design and
implement,
frequently taking years to develop. In particular, the development of computer
applications and
systems requiring interprocess communication for access to disparate data
sources is complex
and time consuming. Disparate data sources include information or data from
such sources as
databases, application programs, or systems that reside on multiple and
disparate platforms,
database management systems, and environments that may be physically separated
from one
another.
One of the difficulties and complexities arise from the interface software
that must be developed
for each disparate data source to ensure that information can be accessed from
each disparate
data source in a timely and accurate manner. The interface software is
difficult and complex to
develop because each disparate data source may have a different or proprietary
method and
format or protocol for exchanging data.
From a user or customers point of view there is a considerable relearning of
the format of the
interfaces, although common data may be used.
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Time sensitive data is any data that frequently changes. For example, on-line
commerce
computer applications and systems involving the trading of securities, such as
stocks, bonds.
notes, options, futures, mutual funds, and the like, rely heavily on time
sensitive data to ensure
that trades are timely placed and that decisions are based on accurate and up-
to-date information.
Online stock transactions have been made much simpler with the advent of the
Internet. For
example individuals may directly trade a specific security such as stocks,
bonds, notes, options,
futures, mutual funds, and the like by signing up with a particular online
brokerage firm. In
order to research these securities the individual typically can access a
variety of information
sources or web sites in order to obtain relevant background and purchase
infonmtion about the
security. The information may be collated and organized to set up a portfolio.
At the relevant time when the individual decides to initiate a transaction,
the individual must
contact a broker to execute the trade on selected securities in the portfolio.
Normally if the
broker is an online system the individual or the broker must manually fill in
the corresponding
data fields of a purchase order from the listed information. The individual
often has already
recorded this information when researching the portfolio, but now has to
rerecord the
information for the broker. This is wasteful of time and prone to errors or
may require the
individual to repeat part of the information research to gather missing
information required by
the broker.
Brokerage firms also tend not to offer consistent user interfaces or data
entry forms, further
exacerbating the above problem. More generally a problem with independent
systems that wish
~ 25 to share a set of common information over the network, is that sometimes
the common
information is labeled or identified differently by each independent system.
An example of this
is where a brokerage and a secondary party employ a different set of symbols
for the same stock
and mutual funds on their respective web sites. The potential problems in this
situation are the
caused by differences in the format or language of the information stored, the
form in which it is
transmitted, and identification and separation of a subset of specific from a
general information
set.
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In the compilation of valuable or restricted information, a person typically
is a registered user in
each of a variety of separate databases. If a set of restricted information
desired by the person is
located in a number of the databases or web sites, the person must login and
logout of each site
separately. For extensive research purposes, separate restricted web sites are
not all linked
together. The disadvantage of this is that time mint be spent in navigating
between the different
sites and effort expended in keeping track of where each of the different
sites are located.
Thus there is a need for a system and method that seamlessly facilitates
exchange and collation
of information between separate systems on a network and which reduces the
need to reenter
portions of data common to the systems.
SUMMARY OF THE INVENTION
In accordance with the present invention there is provided a system for
seamless communication
of data between two or more systems comprising:
(a) a subscriber system for presenting and displaying data from one or more
information sources
to a subscriber in a predetermined subscriber format; and
(b) a remote system couplable by a network to the subscriber system, the
subscriber system
responsive to information received in addition to said subscriber format data
for providing a
service to said subscriber, whereby the additional information is based on a
priori knowledge of
said subscriber system and remote system data formats.
Another aspect of the invention provides a method for translating and
transferring data from a
source format to a destination format using a priori knowledge of said source
and destination
formats between a remote system and a subscriber system, said method
comprising the steps of:
(a) a subscriber composing a list of data according to the source format;
(b) transmitting, by said subscriber system, a particular subscriber source
data file to said remote
system via a communications network;
(c) transmitting format translation data to the remote system;
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CA 02290052 1999-11-17
(d) parsing the subscriber source data and the translation data at the remote
system for
reformatting the subscriber data into the destination format data.
In accordance with a further aspect of the invention there is provided a
method of pre-populating
a form including the steps of a gathering of information from a plurality of
sources, (b)
compiling the information from at least one of the information sources on a
central system, (c)
transferring selected elements of the information from the central system to a
secondary system,
and (d) entering automatically the selected elements in a plurality of
corresponding data fields in
a form at the secondary system.
In a still further aspect of the invention the integration system comprises a
common language to
facilitate the transfer of the selected elements of the information between
the individual systems.
BRIEF DESCRIPTION OF THE DRAWINGS
These and other features of the preferred embodiments of the invention will
become more
apparent in the following detailed description in which reference is made to
the appended
drawings wherein:
Figure 1 is a schematic diagram of a network configuration for an online
transaction
processing system;
Figure 2 is an example of product information for a financial application of
Figure l;
Figure 3 is an example of product information for a financial application of
Figure 1.
Figure 4 is an example of product information for a financial application of
Figure 1.
Figure 5 is an example of an order entry form pertaining to Figure 2.
Figure 6 is an example of a login screen for the system of Figure 1.
Figure 7 is a schematic of the operation of the integration system of Figure
1.
Figure 8 provides additional features of Figure 7.
Figure 9 is a further embodiment of Figure 1.
Figure 10 is a further embodiment of Figure 1.
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CA 02290052 1999-11-17
DESCRIPTION OF THE PREFERRED EMBODIMENTS
In the following description like numerals refer to like strictures in the
drawings. Furthermore
in the following description an online portfolio management and brokerage
system is used to
exemplify the method and system features of the present invention. Referring
to Figure 1,
components of an online transaction system is shown generally by numeral 8.
The system
includes a web server 10, generally hosting a central web site 12 for
providing a plurality of
subscriber web pages. A plurality of client computers 16 may connect to the
web site 10 via the
Internet 14 for viewing general web pages and subscriber web pages 11 hosted
at the w vb site 12
using web browsers or the like. The web site 12 includes a database 13 for
maintaining amongst
others user/subscriber account information. A series of information sources
20, such as stock
quote and fund analyzer providers, are connected either directly 19 to the
central website 10 or
via the Internet 14 which may be accessed by the client to obtain research on
a particular product
or service. In addition a series of product or specialized service providers
20, such as brokerage
web sites are also connected to the central web site 10 directly or via the
Internet 14. The
product providers 20 may have products the client 16 wishes to obtain or
purchase. In particular
if the product providers are brokerage web sites, they may be connected to an
appropriate
exchange 24. The product providers also referred to as the remote system
includes a database for
maintaining client records and access information. The product providers 20
each have a set of
unique web pages 22 for providing logon, client verification, order entry,
order
acknowledgement and such like.
The system facilitates clients or users 16 to purchase a particular service or
product - securities in
this embodiment. Generally research must be performed on a particular stock by
accessing one
or more of the information sources 20. Each of theses information sources
normally requires a
separate logon verification and authentication of the user before providing
research information
to the user. The research information is then collated or assembled at a
central location 10 to
construct a personalized or customized stock portfolio for the clientl6. A
stock purchase or sale
is then made by the client 16 accessing a selected broker web site 20 to place
an order. This also
requires the entry of logon information, stock data and such like.
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The present invention is derived trom the recugnition that in a typical
scenariu as describcu
above, data, which is common to all locations, is entered by a user separately
in each location,
and requires connection, by the user to each location.
Accordingly the present invention provides a method for translating and
transferring data from a
source format at the subscriber site to a destination format at the provider
site using a priori
knowledge of the source and destination. The method comprises the steps of
composing a list of
data in the source format and storing it in the database 13 in a source data
file at the subscriber
system 10, initiating a transaction by the subscriber to a selected provider,
transmitting
subscriber source data file to the remote provider system 20 via the Internet
including
transmitting format translation data to the remote system; parsing the
subscriber source data and
the translation data at the remote system for reformatting the subscriber data
into the destination
format data and executing the transaction by the provider whereby data common
to the system
need not be reentered.
In one embodiment the subscriber system 10 installs a translation module at
the provider site 20.
An interactive session between each of the clients 16 and selected information
sources 12 and
product providers 20 is managed by the central website 10, once the client 16
has logged onto the
central website 10. Specific product information 24 gathered by for example
the client A 16
while on the central website 10, from the various connected information
sources 20, is sent by
the central website 10 in the form of a "decorated URL" to product providers
20 selected by the
client 16. The specific product information is used to dynamically fill in, or
pre-populate, data
fields in a form located on a website of the product provider 20.
Referring to Figures 2, 3, and 4 sample screens illustrating the format and
data fields provided by
one or more of the information sources 20 for a financial planning system is
shown. In figure 2,
web page 26 displays data 27 comprised of stock quote information, stock fund
information. and
portfolio information. The client computer 16 through the central web site 10
accesses the data
27. A co-branded navigation bar 28 is displayed on the web page which provides
links to one or
more web pages for which data is being displayed. These links 30 are
preferably hypertext links
which provide a "seamless" feature to the online transaction system 8, as the
client 16 transfers
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CA 02290052 1999-11-17
the specific mormauuu ~u arum unc wCO page; m another. T im speuiu.,
,mu~u~auuu .u i~
preferably transferred bet~uPPn ~veb pages in the form of embedded arguments
~w 'ecorated
URL 32. In the case of a stock purchase, the information 20 includes all the
relevant purchase
information compiled by the client 16 on the central website 10, such as the
name of a stock,
stock prices, number of desired stocks, as well as any information required to
identify the client
16.
The client 16 can preview as many information sources 12 as desired which are
connected to the
central website 10. For specific information 20 of interest encountered by the
client 16 during
the course of the information search, the client 16 can click on a purchase
button 34 at any time.
The purchase button 34 is a direct link to the webpage of a product provider
20 selected by the
client 16.
The purchase button 34 effects a transfer of the specific information 20 in
the form of
information variables to a query string such as:
?S/F; symbol; B/S/LJ; Qty; $/LT&EOT,
attached to the URL 32 of the provider, assuming a hypertext transfer
protocol. Descriptions of
the types of variables 36 contained in the query string are given in the Table
below:
Variables Description
S/F this indicates stock or fund
Symbol this represents the commodity symbol
B/S/N buy, sell or unknown
Qty the quantity entered or a null value
$/U/N indicates whether trade is being executed in dollars
or units or is unknown
& signifies the end of a specific symbol string
EOT Signifies the end of the trade order.
The above-mentioned URL syntax is given for a financial application by way of
example only.
Other variables may be used which depend on the particular application and
transfer protocol
being used.
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CA 02290052 1999-11-17
Refeuring to figure S, an example of a pre-populated order entry form 38 as
contained on the web
page of a product provider 20 is shown generally by numeral 38. In this
example, the translation
variables transferred are the symbol BCE and a buy command B. In the preferred
embodiment,
this screen 38 would only be accessible to the client 16 after the completion
of an intermediate
login screen 40, as shown in Figure 6. The screen 40 includes the cobranded
navigation bar 28,
the decorated URL 32 with the transfer variables 38, as well as security data
fields 42 used to
identify the client 16 to the product provider 20. This screen 40 allows for
security authorization
for the purchase transaction.
The operation of the system 8 is illustrated schematically by referring to
Figure 7. A registered
client 16 completes a login process 44 to obtain access to the central website
10. The client 16
then proceeds to compile product information 46 from the variety of
information sources 20,
which can be accessed from the central web site 10. Once the client 16 has
obtained sufficient
information the client then may proceed to a purchase fulfillment stage 48,
the client 16 clicks on
the purchase button 34 located on the web pages 26. The central website 10
transmits the
specific information 20 containing the variables 36 in the form of the
decorated URL 32 to the
login screen 40 of the product provider 20.
The client 16 selects a desired one of the product providers 20 and supplies
the security data 42
which authorizes the client 16 to conduct transactions on the website of the
selected product
provider 20. At stage S0, the provider parses the received information 20 to
populate data fields
52 on the trading screen 38. These fields are then pre-populated with the
specific information 20
from the decorated URL 32. Additional data fields 54 may be manually filled in
by the client 16
or by agents of the product provider 20, if required.
At the next stage 56, the client 16 confirm the information contained in the
data fields 52 and 54
and may confirm the transaction with a transaction password, if desired. The
purchase
transaction is processed 58 by the product provider 20 and the provider 20
sends a confirmation
message 60 to the client 16 upon completion of the transaction. At a decision
stage 62, the
client 16 can proceed to other website areas of the product provider 20, or
return to the central
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CA 02290052 1999-11-17
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~~'cbSii~ iv to ~umum,l lllrth~l ~JW u.m,~ .w.mv.. mw. u....."u...~ w,~.,.....
..~ _,w,, .~ .m...".,".
by the links 30 on the co-navigation bar 28.
Refernng to Figure 8, a variation of the process flow is shown with an
unregistered client 16. In
this process flow the client is presented with an intermediate registration
screen 64. A brokerage
sign up kit 66, may also be presented to the client 16 by tl.e central
~~,r'~~ac 10 on behalf of the
product provider 20. Once the registration pru~~~~ i~ complete, aim client 16
can then proceed
seamlessly to the login screen 40 of Figure 7 and proceed with the rest of the
transaction
procedure, as described above.
In an alternative embodiment, a series of purchase buttons 34a,b,c, as shown
in Figure 9, are
provided on the web pages of the information sources 12 in place of the single
button 34. These
buttons 34 a,b,c provide the client 16 with a choice as to which product
provider 20 a,b,c the
client 16 desires to process the purchase transaction request. A registration
toggle 68 may be
included in the purchase button 34a,b,c if desired, which would automatically
supply the client
16 with the sign up kit 66 on behalf of the product provider 20.
In a further embodiment shown in Figure 10, instead of directly going to an
order entry form 38
upon clicking the purchase button 34, the client can choose to use a trading
basket 70. Each time
the client 16 decides on a purchase, the purchase button 34 initiates a
transfer of the variables 36
used for a purchase transaction to the trading basket 70. A plurality of
individual transactions 72
are stored in the basket 70, until a basket purchase button 74 is clicked by
the client 16. At this
stage, the decorated URL 32 passes the trade variables 36 of the specific
information 20 to the
login screen 40 of the Figure 7. The client 16 then proceeds with the
remainder of the
transaction procedure, as described above.
A still further embodiment of the invention, a variable translation system 76
is used when the
product provider 20 and the central website 10 employ a different set of
identifiers for the
variables 36, such as stock symbols and mutual funds.
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In the preferred embodiment, the brokerage integration system 8 is implemented
on the client
side over the Internet using any one of the known browsers. The operating
systems supported
are Windows 3.1 and above, Mac 7.6 and above, Windows NT 4.0 and above, and
Windows 95
and above. The central website 10 employs servers consisting of two Ultra 2
work stations with
two 300 MHz processors and 2 GB RAM. Also employed is an Orade E 3500 with
four 300
MHz processors and 8 GB of RAM. The system of the product provider 20 operates
in a CGI
environment with Perl 5 deployed and supported. The CGI is compatible with the
form of tl:~
decorated URL 32 supplied by the central website 10.
In addition to computers connected to the network 14, other communication
devices such as
mobile phones, hand held devices, personal digital assistants and set top
bores can also be used.
Although the invention has been described with reference to certain specific
embodiments,
various modifications thereof will be apparent to those skilled in the art
without departing from
the spirit and scope of the invention as outlined in the claims appended
hereto.
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