112 results about "Request for quotation" patented technology

A computer network and method for electronically trading derivatives. The system includes networks and methods where a control or network managing station in the network acts as a facilitator for the market makers and subscribers to make a trade at an Exchange. In another embodiment the network managing station consummates the trade between a market maker and a subscriber by matching binding quotes and orders and clears the trade at an Exchange. The computer network for electronically trading derivative comprises: (a) network managing station; (b) one or more market maker stations; (c) one or more subscriber stations; (d) one or more Exchanges. The network managing station connects market makers and subscribers for making real time indicative quotes, issuing requests for quotes, obtaining binding quotes and wherein the market maker and subscriber are in communication with an Exchange for sending binding quotes and orders to the Exchange for clearing and confirming transactions.

This invention relates in general to a system and method for business-to-business buying, selling, sourcing and matching of products and services across multiple business partners over the Internet. The invention covers an internet based solution comprise of: 1) business partner registration, 2) buying and selling processing, 3) matching of codes, 4) conversion of EDI transactions, 5) sourcing / offering of products / services and 6) electronic documents processing. The invention provides: 1) support on EDI technology conversion into Rosettanet technology, 2) enhancements to Rosettanet technology so that code matching is possible for companies with or without support on GTIN, DUNS, ISO, UN / SPSC and other globally set codes, 3) an intermediary infrastructure for consolidation and standardization of business data across multiple electronic business applications (EBAs) and platforms with or without manufacturer part number (MPN) and customer part number (CPN) support, 4) a conversion mechanism where internet published auctions and reverse auctions are converted into sales quotations (SQs) and request for quotations (RFQ) respectively, 5) a solution to extract data from various EBAs, interface, update, match and store codes such as company codes, product / service codes, currency code, unit of measure code, country code and class code from globally defined codes and business partner defined codes and 7) a sourcing / offering mechanism where it detects potential suppliers and buyers based on the calculation logic described on FIGS. 21 and 22.

A computer-implemented method and system for facilitating service transactions, both on-line and off-line, for transacting services driven by purchasers or by service providers. In particular, the invention makes services freely tradable as goods via standardizing material terms describing such service transactions. The method includes steps defining a set of service classification and material terms, registering a plurality of participants of the service marketplace, searching and compiling at least one offer and one request for offers provided by the participants for selling or buying services while the offer and the request for offer is described in the set of service classification and material terms, evaluating and matching the offer and the request for offer based upon the degree of identicalness of the set of service classification and material terms recited in the offer and the request for offer, and communicating to matched participants of the result generated by the evaluating and matching step.

The invention relates to a system for handling insurance requests, such as new coverage applications, renewal applications, and insurance quote requests. The system includes at least two computerized predictive models whose outputs each serve as inputs to the other. A business logic module is included in the system to process insurance requests with the predictive models to determine one or more sets of recommended policy parameters for the user and to output the determination to the user via a user interface. In various embodiments, the predictive models also output workflow components (such as underwriting workflow components) and price components (such as premium prices) corresponding to output suggested sets of coverage parameters.

An automatic system and method optimizes the purchasing of goods and services by a buyer. A request for a quote for goods or services required is received from a buyer. This request is processed and dealers are selected based on the criteria of the buyer and other criteria. The selected dealers are then sent the request for goods and services and quotes are solicited. Quotes from the selected dealers, for the goods or services, are then receivable within a predetermined time period. Thereafter, the received quotes of the providers of the goods or services are ranked. The ranking and the report of the providers are then outpribed in steps S2 and S3 of FIG. 2.

A method for purchasing and selling products or services in a networked environment using a request for quotation process and a visual interface for evaluating submitted bids for such products or services. A buyer submits a Request for Quotation (RFQ) and associated attributes and / or business rules over a network. As seller responds to the RFQ by submitting a bid with attribute values. A market maker uses the buyer attributes and / or business rules with the attribute values of the submitted bid to create a visual interface augmented by customized filters which are later used to evaluate seller submitted bids. The bids are received in the e-marketplace, at which time the e-marketplace can arrange, sort or filter the received bids in order to assist the buyer in examining and evaluating such bids. The filtering may include filtering an attribute value, an attribute line, a bid line or a portion of the bid line. Information may also be displayed associated with the bid line such as attribute information, general information or detailed information. The bid lines may also be tagged, counted, scrolled, enlarged or reduced.

An anonymous trading system comprises an interconnected network of broking nodes arranged in cliques which receive buy and sell orders from trader terminals via connected trading engines and which match persistent orders, executed deals and distribute price information to trader terminals. The system has the ability for a trader to call out for a quote (request for a quote) anonymously. RFQs are only transmitted on to potential counterparties if they are within a predetermined price range. The RFQs include a price at which the requesting party is willing to deal, but this price is not communicated potential counterparties. Counterparty responses are matches on a time, price basis and non-matched responses may be matched with themselves. Similarly, non-matched RFQs may be matched with each other.

An improved system and method for market makers of electronic marketplaces provides RFQ processes over a network in a way that shortens the time taken to run an RFQ process without sacrificing effectiveness as a trading mechanism. At the same time, buyers are allowed to research the market without actually submitting RFQs to the electronic marketplace. In this way, the accuracy the market research and the effectiveness of trading is increased by aggregating tentative and historical sell bids from multiple electronic marketplaces.

A business object model, which reflects data that is used during a given business transaction, is utilized to generate interfaces. This business object model facilitates commercial transactions by providing consistent interfaces that are suitable for use across industries, across businesses, and across different departments within a business during a business transaction. In some operations, software creates, updates, or otherwise processes information related to a freight order, a maintenance plan, a maintenance task list, a request for supplier freight quote, and / or a supplier freight quote business object.

A web-based data processing system is used in a Business-to-Business (B2B) exchange for providing one-stop manufacturing solutions. In a B2B exchange, this system provides a moderator desktop for project planning, quoting, coordination and supervisory of all web-based business transactions from mechanical / electronic design and production of first article, tooling, production, financing, insurance, warehousing to end-product delivery. Also, this system provides a machine web communication desktop for web-based maintenance and support to members, process lines, systems and machines, and web-based resource sharing to "pay as you go" members and "flat fee" members. Likewise, this system provides dedicated desktops for other participants in the B2B exchange for direct and critical communication, collaboration and commerce transaction with moderator and machine web communication center. Said participants include Customers, Process lines / systems / machines, Strategic Partners, Suppliers and Management team / account / audit / administrator. This system also distributes and manages Request for Quotations (RFQs) for said B2B exchange in NAFTA, Asia Pacific and Europe data servers. Besides, the web-based data processing system provides a direct communication with a collaborative platform. Said collaborative platform may be integrated with existing web-based Enterprise Resource Planning (ERP) and Supply Chain Management (SCM).

The present invention is an Internet-based electronic messaging system that, through the use of system templates and through the system's processing of messages, can enable users who understand a different language to communicate and negotiate business transactions with each other. Users receive and send messages in the language they understand (Korean, for example) and the recipient receives and then sends messages in the language they understand (German, for example). The system creates an electronic commerce platform through a series of template screens for each step of the typical commercial transaction in goods or services, (e.g., request for quotation ("RFQ") by buyer, quotation by seller, negotiation request by buyer, quotation by seller, purchase order by buyer, purchase order confirmation by seller). A user can perform each step of the ordering process online and, after each step is completed, the user's trading partner is advised via e-mail, instant messaging or other means, that the step has been completed, and the message includes a link back to the system. For example, a buyer could create an RFQ online using the system template in the buyer's own language and, when completed, the seller would be notified via e-mail of the RFQ in the form of the system template in the seller's own language. The seller can then click on a link that accesses the RFQ on the system, also in the seller's own language, which enables the seller to prepare a quotation using the system template in the seller's own language.

A system and method for efficiently responding to electronic requests for quote (“RFQ”). Through use, a user, such as a merchant, can automatically create and deliver an electronic RFQ response, without need for any interaction by the merchant. The merchant may establish certain criteria in order to allow the system and method to automatically respond to electronic RFQ's received by the merchant.

A business process utilizes computer software and electronic customer / supplier connections to supply information, receive requests for quotation, supply quotations, receive purchase orders, and perform commercial and technical functions associated with delivery of such purchase orders or quotations with respect to environment and use specific products. Such products require customer or plant application unique technical evaluation and / or commercial processing to ensure applicability to a specific customer application. The system provides a vehicle to search for parts requiring such technical review encompassing anticipated product use.

Systems and methods for obtaining trading exclusivity in electronic trading systems are provided. The systems and method preferably provide criteria for determining whether exclusivity to certain incoming orders is available. Suitable electronic trading systems for implementation of such methods include, but are not limited to, hit / lift exclusive priority systems, price time priority systems, order allocation systems, and request for quote systems.

A system and method that introduces ordering on a set of criteria and ranks alternatives having two or more attributes. More specifically, a system and method for online trading over a networked system where buyers and sellers make one or more trade deals on one or more products or services that have two or more attributes by using a Request For Quote (RFQ) process on an electronic marketplace. The system and method relates to decision under certainty. To provide the advantages presented by the system and method, a weight generator process computes weights of object attributes by re-engineering the ranks of the selected objects given by the user. The computing of the attribute weights is performed by score inequality.

A computer-implemented method and system for facilitating service transactions, both on-line and off-line, for transacting services driven by purchasers or by service providers. In particular, the invention makes services freely tradable as goods via standardizing material terms describing such service transactions. The method includes steps defining a set of service classification and material terms, registering a plurality of participants of the service marketplace, searching and compiling at least one offer and one request for offers provided by the participants for selling or buying services while the offer and the request for offer is described in the set of service classification and material terms, evaluating and matching the offer and the request for offer based upon the degree of identicalness of the set of service classification and material terms recited in the offer and the request for offer, and communicating to matched participants of the result generated by the evaluating and matching step.

An automated web based application for generating a plurality of insurance quotes for property insurance is disclosed. A data extraction program is used to extract text from an appraisal form in PDF format. This data is used to automatically complete and submit quote request applications to a number of different insurance providers, thus generating a variety of insurance quotes. The application creates a summary of the various insurance quotes, allowing a broker or insurance seeker to quickly and efficiently select a quote. Once a quote is selected, the system automatically creates a binding document using personal information that is either manually input or extracted from a standard loan form, and sends the document to the insurance provider.

A system and method for configuring sell bids. The system and method use rules and inference engines in order to configure sell bids in view of Request for Quotes (RFQs). The system and method include a data aggregator that integrates data from two or more enterprise data sources into an aggregated enterprise database and a knowledge base database. A bid configurator constructs one or more sell bid candidates for one or more target RFQs by using at least one inference engine and the extracted facts and rules from the knowledge database.

A request for quote (RFQ) engine (10) includes a data and metrics designer (22) that generates, in response to input from a user, a data and metrics model (42) for an RFQ template using a data and metrics meta-model (32). The RFQ engine (10) also includes a state transition designer (24) that generates, in response to input from the user, a state transition model (44) for the RFQ template using a state transition meta-model (34). Furthermore, the RFQ engine (10) includes a workflow designer (26) that generates, in response to input from the user, a user interface workflow (46) for the RFQ template using a workflow meta-model (36). In addition, the RFQ engine includes an execution engine (40) that executes the RFQ template that includes the data and metrics model (42) generated by the data and metrics designer (22), the state transition model (44) generated by the state transition designer (24), and the user interface workflow (46) generated by the workflow designer (26). The RFQ template is executed to generate an RFQ.

A system for buyers and sellers of goods / services to engage in commerce, comprising one or more central processing units, system software for controlling said one or more central processing units, storage means containing one or more databases with information regarding buyers and sellers and the goods / services available, one or more servers providing for Internet-based access and use of said system, means for buyers of goods / services to select between at least one direct sales channel and at least one indirect sales channel for submitting a request for quotation and / or completing a transaction, means for buyers to transmit requests for quotation to said system, means for said system to transmit requests for quotation to selected sellers, means for sellers to transmit quotations to buyers in response to requests for same. A method for buyers and sellers of goods / services to engage in commerce, comprising the steps of providing access to a searchable seller goods / services information database to search for desired items; providing buyers with at least one direct sales channel and at least one indirect sales channel from a single point of purchase; receiving requests for quotation for goods / services from buyers; sending said requests for quotation to selected sellers; and processing seller quotations submitted in response to said requests for quotation.

A computer network and method for electronically trading derivatives. The system includes networks and methods where a control or network managing station in the network acts as a facilitator for the market makers and subscribers to make a trade at an Exchange. In another embodiment the network managing station consummates the trade between a market maker and a subscriber by matching binding quotes and orders and clears the trade at an Exchange. The computer network for electronically trading derivative uses: (a) network managing station; (b) one or more market maker stations; (c) one or more subscriber stations; (d) one or more Exchanges. The network managing station connects market makers and subscribers for making real time indicative quotes, issuing requests for quotes, obtaining binding quotes and wherein the market maker and subscriber are in communication with an Exchange for sending binding quotes and orders to the Exchange for clearing and confirming transactions.

The present invention provides an apparatus and process for facilitating customer-driven sales of products having multiple configurations, preferably automobiles and trucks. The apparatus is a computer network comprising a server with a product database thereon, an intermediary subsystem, and a seller subsystem. The server, intermediary subsystem, and seller subsystem function together and communicate with each other to allow an intermediary, on behalf of a customer, to configure a feasible product, transmit a request for quote (RFQ) to a target set of sellers in the customer's geographic area, receive quotes from the target sellers in response to the RFQ, and transmit the customer's acceptance of one of the quotes to the appropriate seller. The apparatus may also include a customer subsystem by which the customer may configure their own feasible product and transmit their feasible product information to the intermediary. The intermediary subsystem can optionally include a product database thereon which the intermediary can use to configure a feasible product without communicating with the server. The process allows an intermediary to configure a feasible product, transmit a request for quote (RFQ) to a target set of sellers in the customer's geographic area, receive quotes from the target sellers in response to the RFQ, and transmit the customer's acceptance of one of the quotes to the appropriate seller.

A transaction arbiter system and method is disclosed which incorporates a merchant function database under control of a transaction arbiter that permits merchants to interact in an automated way with bids generated by other merchants. Rather than utilizing fixed price schedules as taught by the prior art, the present invention permits each merchant to define a set of functions which describe how the merchant will respond to a customer request-for-quote for a given product or service. These merchant functions interact with both the customer request-for-quote and the results of other merchant functions to generate a dynamic real-time bidding system which integrates competition among merchant bidders to achieve an optimal consumer price for a given product or service.

A system and method for a manufacturer to attract a customer for a distributor, via a public access network, and perform product information and ordering transactions with the customer, where the order receives the financing approval of the distributor and an associated manufacturer's representative receives a commission. The system and method includes the customer submitting a price / quotation request or product order to a host system via the public access communications network. The host system interacts with the customer, the manufacturer and the distributor in order to fulfill the customer request. The host system retrieves a customer price for the product, where the customer price is based on a predetermined pricing function that varies depending on a customer or distributor identification. The host system may also generate an order for purchase, based on the customer's request, and transmit customer information associated with the order to the distributor for financial acceptance. Upon receiving a signal representing a financial acceptance, a commission is assigned to a manufacturer's representative associated with the order, where the commission is determined based on a predetermined commission function. The host system interacts with the customer, distributor and manufacturer to insure fulfillment of the order, including shipment of the order and settlement of payments.

A system and method for configuring sell bids. The system and method uses rules and inference engines in order to configure sell bids in view of Request for Quotes (RFQ). The system and method includes a data aggregator that integrates data from two or more enterprise data sources into an aggregated enterprise database and a knowledge base generator that constructs a knowledge base by extracting at least facts and rules from the aggregated enterprise database and stores the facts and rules in a knowledge base database. A bid configurator constructs one or more sell bid candidates for one or more target RFQs by using at least one inference engine and the extracted facts and rules from the knowledge base database.

A description language providing a hierarchical data structure that includes a public portion, hierarchically storing product information including identification of the product and standard and optional features desired for the product. The data structure further includes a private portion for secure storage of customer information. The discloser includes a system comprising a server with a product database, an intermediary subsystem, and a seller subsystem. A product is configured which stores the configured product and features in the data structure. A request for quote (RFQ) is transmitted, with the data structure, to sellers in the customer's geographic area, based on a comparison of product features with sellers stock. Quotes are returned from the sellers in response to which the customer sends an acceptance of a quote to the appropriate seller. While the invention is applicable to any product available in multiple configurations, specific embodiments are directed to vehicle implementations.

The present invention provides a method for shipping products that include (a) sending requests for quotations by electronic transmission to a plurality of selected carriers based upon customer order specifications, available delivery options and a carrier quality database; (b) selecting a carrier quotation based upon quotations received by electronic transmission and the carrier quality database and updating the carrier quality database with the selected carrier and quotation; (c) preparing the product shipment including using an optical scanner to measure shipment dimensions and a weight scale to measure shipment weight of the product shipment; and (d) if the measured dimensions and weight do not conform to the selected quotation, repeating steps (b) and (c) with measured shipment dimensions and weight or, if the measured dimensions and weight do conform to the selected quotation, notifying carrier to ship the product.

Computer-implemented trading of financial products can include using a first communication channel to stream offering data for a plurality of different financial products from a server to a trading terminal. A second communication channel can be used to receive request for offers about ones of the financial products from the trading terminal. Such request can include user-specified parameters that modify or further specify characteristics of the desired products. Offers may then be determined for the product in accordance with the user-specified parameters and transmitted (over the second communication channel) back to the trading terminal. Each communication channel can be allocated a different priority and / or different level of system processing resources to optimize the allocation of system resources based on the criticality of data on each channel.

An improved method effectively uses colors to graphically represent objects having multiple attributes in computers. Objects having multiple attributes in computer programs involving objects having multiple attributes, such as a computer program automating an RFQ (Request for Quote) process, are represented in a structured way that assigns a color to an object by taking into account attribute values of the object.

The present invention automates the process by which requests for quotation are generated by manufacturers to suppliers. An RFQ engine resides on a manufacturers computer system and is used to generate a request for quotation (RFQ) template. The template describes the service or goods to be supplied by the suppliers. When the RFQ template is finalized, it is saved in a pre-designated storage space on the manufacturer's computer system and is indexed on an RFQ index mapping which is accessible by suppliers.