Invention Grant
- Patent Title: Transaction control system and method
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Application No.: US15008849Application Date: 2016-01-28
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Publication No.: US10565594B1Publication Date: 2020-02-18
- Inventor: Devin C. Moore , Ryan A. Schlosser
- Applicant: JPMorgan Chase Bank, N.A.
- Applicant Address: US NY New York
- Assignee: JPMORGAN CHASE BANK, N.A.
- Current Assignee: JPMORGAN CHASE BANK, N.A.
- Current Assignee Address: US NY New York
- Agency: Greenblum & Bernstein, P.L.C.
- Main IPC: G06Q30/00
- IPC: G06Q30/00 ; G06Q20/40 ; G06Q30/06 ; G06Q10/08 ; G06Q20/32 ; G06Q20/08

Abstract:
A system controls a transaction from initiation to completion using live vendor inventory database and purchaser entered parameters from a mobile application. A network interface receives parameters entered by the subscribers through the mobile application on the subscriber mobile device and receives inventory updates from vendor systems, the inventory updates including at least a vendor price and identifying information. The system communicates with an accounts server to confirm subscriber funds and place a hold on subscriber funds equal to the required subscriber price and implementing a matching algorithm to detect matching results by determining if any vendor prices and identifying information satisfy any required subscriber prices and descriptions. The system transmits an alert to the subscriber mobile device with matching results, receives a selection from the subscriber of at least one of the matching results, conducting payment processing for the matching result and closes the transaction.
Information query