Methods and systems for validating transactions

Abstract

Methods and systems for validating transactions in an automated, secure, regulatory-compliant manner, in which a second party is presented with a graphic user interface that displays a multimedia presentation prepared by or on behalf of a first party, which provide the second party with an explanation of each document to be executed. The system includes a device for capturing the buyer's digital signature, and a recording device for capturing the actions and responses of the second party before the second party authorizes that the digital signature be associated with each document. In addition, the methods and systems according to the invention create and maintain digital files, which are available as a back up and for support in the unlikely event that there is a dispute regarding the transaction.

Description

BACKGROUND OF INVENTION[0001]1. Field of Invention[0002]The present invention relates to methods and systems for validating transactions. More particularly, the present invention provides methods and systems for validating transactions in an automated, secure, regulatory-compliant manner, which utilizes a display terminal, multimedia presentation, audio and video recording device, data storage and an electronic signature capture device.[0003]2. Description of Related Art[0004]Transactions, which are sometimes referred to herein as “events”, are memorialized in a variety of settings including, for example, the purchase and sale of motor vehicles, insurance, real estate, consumer sales agreements, commercial agreements, governmental transactions, statements of understanding and in other situations where the parties to an agreement desire to memorialize the terms thereof. During such events, it is important that[0005]both parties to the agreement fully understand and agree to all terms...

AI Technical Summary

Benefits of technology

The patent describes a system for validating a purchase or transaction between two parties. The system includes a multimedia presentation with a document to be signed, explaining the terms of the agreement. The presentation is displayed to the party in a kiosk, isolated from distractions. The party's signature is captured using a device for recording audio and video. The system also allows the party to control the attributes of the presentation and determine if the signature is associated with the document. The system can be used in various applications, including the sale of vehicles, insurance, and real estate transactions. Overall, the invention provides a reliable and efficient way to validate transactions.

Problems solved by technology

For various reasons, the agent may not fully and accurately explain or adequately represent the full terms and conditions of the transaction and the documents presented to the other party.

This can occur for a variety of reasons such as, for example, the agent is fatigued, the agent was not properly trained, the agent does not fully understand the terms and conditions set forth in the documents or due to a conflict of interest or a lack of interest in seeing that the closing is completed in a proper manner.

Also, for various reasons an agent may desire to rush the other party through the closing process and thus not fully explain the terms and conditions of the transaction or engage in other conduct that limits the other party's opportunity to completely understand certain terms and conditions.

The failure to ensure that the closing of the transactions is accomplished in a fair and proper manner can lead to costly and devastating errors and omissions, which drives up insurance and litigation costs and might put the party represented by the agent at risk for financial loss or a loss of reputation.

These prior art processes were not automated or interactive, did not allow for or account for differences in customer comprehension, and did not provide an adequate level of validation of the fairness of the closing.

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