WO2015053613A1

WO2015053613A1 - A system and method for processing of orders related to financial transaction using a computer readable graphical code

Info

Publication number: WO2015053613A1
Application number: PCT/MY2014/000250
Authority: WO
Inventors: Kandasamy Annadurai
Original assignee: Raig Technologies (M) Sdn Bhd
Priority date: 2013-10-09
Filing date: 2014-10-09
Publication date: 2015-04-16
Also published as: MY186367A

Abstract

The present invention relates a system and method for automatic processing of ordering/buying/selling of product or services. Invention automates the process using a computer readable graphical code such as QR code. The code contains the information about financial transaction related data corresponding to the order. The digital code is scanned and processed by one or more processors for processing of order to next level. Each transaction order includes a code identifying the information about the order in digitally encoded therein.

Description

A SYSTEM AND METHOD FOR PROCESSING OF ORDERS RELATED TO FINANCIAL TRANSACTION USING A COMPUTER READABLE GRAPHICAL

CODE

Field of Invention

The present invention relates to a method for automating document processing, More particularly, relates to automating processing of financial orders related to product and service using a computer readable graphical code.

Background of the Invention

In the present time as the electronic commerce market developing, both customer and vendors face increased financial pressure to reduce time and costs associated with the processing of orders regarding a product and services, so that it can improve cash flow, and to manage working capital more efficiently. Many existing approaches are available for processing of electronic order placement and processing of it. This whole process involves manual efforts for evaluating various orders and execution of it. Such methods often employ remote order placement through web- based methods well known in the field of electronic commerce. For example, some customer placed a request for proposal for a product or services. This request is made through an e-mail, publication in a newspaper, or through a web portal, in order to receiving best suitable quotation for product and services. In response to this proposal customer receives various quotation orders containing information about vendor and their pricing details. These quotations customer receives through e-mails, in paper form, or through a centralized web portal. One person has to analyze all these quotations including vendor details for best suited option for customer organization. This involve lots of time, manual efforts. However, for a reputed organization time is not lesser then the cost and value for product and services, it is highly time consumable process and require manual effort. At each step from placing a proposal for a product and services to the payment after the buying or completion of that product or services.

This whole document order processing and account management becomes highly exhaustive process for the organization. It is difficult for an organization to analyze each and every document order for financial related transaction and also generating a report on such transactions.

Thus such order methods are subject to several disadvantages, including complexity, cost, and a lack of flexibility in order placement, execution modification, clearing payments and report generation. j

Therefore, there is a need for a method or a system which solve at-lest one or more above-mentioned problem and provides a mechanism for automatic order document processing from quotation order generation to payment cheques issuance and clearance.

Summary of the Invention

An object of the present invention to provides a computer implemented method for facilitating a financial transaction using a computer readable graphical code. The method comprises the steps of storing in a database, a plurality of quote data entries, a plurality of purchase data entries, a invoice data entries, financial transaction data entries, wherein each data entry includes data related to a quotation or purchase or invoice for products or services offered, receiving, by a receiving device, a quotation order containing list of one or more products or services and a computer readable graphical code containing information identifying quotation order details, transmitting, by a transmitting device, a purchase order containing list of details of one or more products or services and a computer readable graphical code containing information identifying the purchase order, corresponding to quotation order, receiving, by receiving device, a invoice contains a computer readable graphical code containing information identifying the invoice details, corresponding to the purchasing order, processing by receiving device, invoice and computer readable graphical code for generating a payment order includes a computer readable graphical code containing information identifying payment order and transmitting by transmitting device, payment order and computer readable graphical code for funding of a financial transaction based on the invoice order. An another object of the present invention to provides a system for facilitating a financial transaction using a computer readable graphical code. The system comprises a customer computing system comprises an imaging device, one more processors, operatively coupled to the imaging device, a memory, operatively coupled to the processor, wherein the memory stores one or more instruction executed by said processor, causes the one or more processor to perform operation comprises step of receiving, by receiving device, a quotation order containing list of one or more products or services and a computer readable graphical code containing information identifying said an quotation order details, displaying, on the imaging device, digital image including computer readable graphical code containing information identifying quotation order, processing, by the processor, the digital image to decode the computer readable graphical code and determine the order, generating by the processor, digital image including computer readable graphical code containing information identifying purchase order and transmitting by transmitting device, the purchase order including computer readable graphical code containing information identifying the purchase order, corresponding to guotation order and a vendor computing system comprises an imaging device, one more processors, operatively coupled to the imaging device, a memory, operatively coupled to the processor, wherein the memory stores one or more instruction executed by the processor, causes the one or more processor to perform operation comprises steps of receiving by receiving device, a invoice contains a computer readable graphical code containing information identifying the invoice details, corresponding to the purchasing order, displaying on the imaging device, digital image including computer readable graphical code containing information identifying invoice order, processing by the processor, the digital image to decode the computer readable graphical code and determine the financial transaction data, generating a payment order including the computer readable graphical code containing information identifying corresponding invoice order and transmitting payment order and computer readable graphical code for funding of a financial transaction based on the invoice order. A furthermore object of the present invention to provides a system and method for automatic document processing in a computer readable environment. The system is capable of generating different analysis report for different type of transactions. For example it can generate a quote report, purchase order report and invoice report for sales department and purchase department for details analysis for various product and services. A furthermore object of the present invention to provides a method for buying or selling of different product and services through a automated process which only involve inputting some information related to products and services information manually. The method then automates the whole processing using a computer readable graphical code such as QR code from quotation order to payment via cheque/voucher to the seller or vendor account in bank.

Brief Description of the Drawings

Other objects, features, and advantages of the invention will be apparent from the following description when read with reference to the accompanying drawings. In the drawings, wherein like reference numerals denote corresponding parts throughout the several views: Fig. 1 is a block diagram illustrating an automatic financial order processing system (100) for a product and services according to an embodiment of invention. Fig. 2 is a flowchart illustrating a method of an automatic financial order processing for a product and services according to an embodiment of invention.

Fig. 3 is block diagram illustrating a centralized server based automatic financial order processing system, which is access through a web-based interface, for a product and service according to an embodiment of invention.

Fig. 4 is a flowchart (400) illustrating a method for quotation order processing for a product and service according to an embodiment of invention.

Fig. 5 is a flowchart illustrating a method of order generation and processing by the customers and vendors system for products and services according to an embodiment of invention.

Detailed Description of the Preferred Embodiments This description provides example embodiments only, and is not intended to limit the scope, applicability, or configuration of the invention. Rather, the ensuing description of the embodiments will provide those skilled in the art with an enabling description for implementing embodiments of the invention. Various changes may be made in the function and arrangement of elements without departing from the spirit and scope of the invention.

Thus, various embodiments may omit, substitute, or add various procedures or components as appropriate. For instance, it should be appreciated that in alternative embodiments, the methods may be performed in an order different from that described, and that various steps may be added, omitted, or combined. Also, features described with respect to certain embodiments may be combined in various other embodiments. Different aspects and elements of the embodiments may be combined in a similar manner.

It should also be appreciated that the following systems, methods, and software may individually or collectively be components of a larger system, wherein other procedures may take precedence over or otherwise modify their application. Also, a number of steps may be required before, after, or concurrently with the following embodiments. The present invention will now be described in detail with reference to the accompanying in drawings. Fig. 1 is a block diagram illustrating an automatic financial order processing system (100) for a product and services according to an embodiment of invention. The system (100) includes two identical customer and vendor processing system (102, 102') operatively coupled to each other through a communication channel (110) . The communication channel according to a embodiment is a internet, LAN, telecom network for connecting customer processing system (102) and vendor processing system (102') . Customer/vendor system (101,101') includes a imaging device (102, 102') a memory (103, 103') and processor (104, 104') operatively coupled to the memory (103, 103') and imaging device (102, 102') for displaying digital images on display screen and further scanning of digital image code. The memory (103, 103') of computer system (101, 101') includes a database for storing a plurality of quotation data entries, a plurality of purchase data entries, plurality of invoice data entries, plurality of financial transaction data entries, wherein each data entry includes data related to a quotation or purchase or invoice for various products or services offered by sellers, vendors or customers. The memory (103, 103') further stores one or more computer instructions executed by the processor for performing one or more operation for automating the document processing according to embodiment of the invention. The operation perform on the execution of computer instruction by processor includes step of generation a proposal order (105) for a product and services. In response to proposal order from the customer system (101), the vendor system generates a quotation order including a computer readable graphical code such as barcode. This barcode contains one or more information identifying the information contained in quotation order. It is digital code store all the information about quotation order such as vendor details, Quotation reference no, Quotation Date, Quotation Terms, Quotation Validity, GST, Sales person ID, Product description, Product ID, Unit price, etc. the barcode is optically readable by a imaging device such as camera, scanner or point of sale (pos) device, which decodes the information in the code and reads data. The quotation order 106 (QO) received by customer processing system (102) . The customer system displays the quotation order and decodes the digital barcode therein using a imaging device (102). The processor (104) executes the instruction and instructs imaging device (102) to display and decode the barcode for extract the information contain in the quotation order, thus no manual effort is require.

The customer system (101) receives one or more quotation orders form the one or more vendor system and select a suitable quotation order according to an embodiment of invention .

In response to quotation order (106) customer system (102) transmits a purchase order (107) and a barcode containing digitally readable information about the purchase order (107). Barcode contains information such as PO details, PO reference No, PO Date, PO Terms, QO details, Vendor details, quotation reference no, Quotation Date, Terms, Sales person ID, Product description, Product ID, Unit price etc.,

The vendor system receives purchase order including barcode and displays the purchase order (107) and barcode on imaging device (102). The processor (104') instructs the imaging device (102') to read barcode to extract the purchase order details. In response to purchase order (107), vendor system (101') transmit a invoice (108) including barcode containing information about invoice details such as invoice no, amount, invoice date, invoice terms, GST, product description, product ID, Unit price, company details, Sales person ID, Vendor details etc.

The customer system receives invoice (108) and scan barcode to read invoice information. The processor (104) checks the received invoice information with information corresponding to purchase order (107). Upon validating the invoice information system (101) transmit a payment order/voucher or cheque includes a barcode. The barcode includes information such as payee's name, date, cheque no, payment order/voucher no, and amount.

The customer system (101) transmits payment voucher/order (109) including a barcode to the financial institution (105) such as bank for the funding of the financial transaction. In the present system (100) financial institution (105) receives such order/voucher/cheque (109) scan and decode the barcode and authenticate the payment order, after authentication and validation financial institution transmits amount mention in the payment order to the vendor account for funding of financial transaction.

The imaging device (102) includes a display system and/or scanner etc. according to an embodiment of present invention .

The present system (100) includes optically readable graphical code is selected from the group consisting of ID bar codes, 2D barcodes, QR codes, PDF417 codes, and Aztec codes according to an embodiment of present invention.

The system (100) includes one or more such customer/vendor processing system according to embodiment of the present invention . Fig. 2 is a flowchart (200) illustrating a method of an automatic financial order processing for a product and services according to an embodiment of invention.

The flow chart 200 illustrates automated processing of quotation order (106) at customer processing system (101). At step (201) customer system receives quotation order (QO) includes a optically readable digital code contain vendor details, quotation reference no, quotation date, quotation terms, quotation validity, GST, sales person ID, product description, product ID, Unit price, etc. in step (202) customer system transmits purchase order (PO) includes a optically readable digital code contain purchase order details, purchase order reference no, purchase oder term, purchase oder date, Quotation details, vendor details, quotation reference no, Quotation Date, quotation terms, sales person ID, product description, product ID, Unit price etc . ,

In step (203) system (101) receives Invoice corresponding to purchase order includes a optically readable digital code contain invoice no, invoice date, invoice terms, GST, company details, PO details, PO reference No, date, terms, sales person ID, vendor details product description, product ID, Unit price, etc.). In step (204) customer system (102) generate a payment order corresponding to invoice and transmits payment order (pay cheque/order/voucher ) to the financial institution and vendor processing system. The payment order includes a optically readable digital code contain payee's name, date, cheque no, payment voucher no, amount etc. Instep (205) financial system (105) does funding of financial transaction corresponds to payment voucher/order (payment release in account) which contains company details, quotation reference no, quotation date, terms, sales person ID, product description, product ID, Unit for which is being made.

The digital code according to present embodiment is optically readable graphical code is selected from the group of ID bar codes, 2D barcodes, QR codes, PDF417 codes, and Aztec codes.

Fig. 3 is block diagram illustrating a centralized server based automatic financial order processing system, which is access through a web-based interface, for a product and service according to an embodiment of invention. The system (300) according to embodiment of present invention includes one or more customer/vendor processing system (310, 310') . The customer/vendor processing system (310, 310') includes a processor (313, 313'), imaging device (311, 311') and a memory register (312, 312') to storing financial transaction data, the imaging device is one or more combination of a display device, scanner, point of sale terminal, mobile device or camera. The automatic document/order processing system (300) further includes a centralized system (301). The central system (301) includes a database unit (303) for storing financial transaction data, and processor executable instructions to perform automatic order processing according to an embodiment of present system. The financial transaction data includes plurality of quotation orders, quotation number, a purchase order number, an invoice number, a transaction amount, a transaction time and/or date, a fulfillment time and/or date, product details, a customer identifier, a vendor identifier, and the payment order .

The customer/vendor system (310, 310") connected to central system (301) via internet or local area network. The central system (301) is operatively coupled to a system web module (304) which provides access to central system (301). Customer/vendor system (310, 310') accesses the central server (301) through internet via system web module (304).

The system web module provides a web based interface on imaging device associated with the customer/vendor system (310, 310' ) . Fig. 4 is a flowchart (400) illustrating a method for quotation order processing for a product and service according to an embodiment of invention. In step (401) upon receiving quotation order from the vendor system (102'), customer system (102) in step (402), scans quotation order and reads the data from the barcode by an imaging device. Imaging device can be a display, scanner, point of sale terminal or mobile device and transmit a purchase order corresponding to it includes a barcode. In step (403) computer system (102) checks invoice order, sent by vendor system in response to purchase order and validate it with corresponding purchase order requirement by reading the information from barcode. In step (404) the customer system (102) generates a payment order/payment voucher corresponding to invoice sent by the vendor system for the payment .

Fig. 5 is a flowchart (500) illustrating a method of order generation and processing by the customers and vendors system for products and services according to an embodiment of invention.

It should be noted that the methods, systems, and devices discussed above are intended merely to be examples. It must be stressed that various embodiments may omit, substitute, or add various procedures or components as appropriate. For instance, it should be appreciated that, in alternative embodiments, the methods may be performed in an order different from that described, and that various steps may be added, omitted, or combined. Also, features described with respect to certain embodiments may be combined in various other embodiments. Different aspects and elements of the embodiments may be combined in a similar manner. Also, it should be emphasized that technology evolves and, thus, many of the elements are examples and should not be interpreted to limit the scope of the invention.

Specific details are given in the description to provide a thorough understanding of the embodiments. However, it will be understood by one of ordinary skill in the art that the embodiments may be practiced without these specific details. For example, well-known circuits, processes, algorithms, structures, and techniques have been shown without unnecessary detail in order to avoid obscuring the embodiments .

Also, it is noted that the embodiments may be described as a process which is depicted as a flow diagram or block diagram. Although each may describe the operations as a sequential process, many of the operations can be performed in parallel or concurrently. In addition, the order of the operations may be rearranged. A process may have additional steps not included in the figure.

Moreover, as disclosed herein, the term "memory," "memory register" "database unit" or "data-base" may represent one or more devices for storing data, including read-only memory (ROM) , random access memory (RAM) , magnetic RAM, core memory, magnetic disk storage mediums, optical storage mediums, flash memory devices, or other computer-readable mediums for storing information. The term "computer-readable medium" includes, but is not limited to, portable or fixed storage devices, optical storage devices, a SIM card, other smart cards, and various other storage mediums capable of storing, containing, or carrying instructions or data.

Furthermore, embodiments may be implemented by hardware, software, firmware, middleware, microcode, hardware description languages, or any combination thereof. When implemented in software, firmware, middleware, or microcode, the program code or code segments to perform the necessary tasks may be stored in a computer-readable medium such as a storage medium. Processors may perform the necessary tasks.

Having described several embodiments, it will be recognized by those of skill in the art that various modifications, alternative constructions, and equivalents may be used without departing from the spirit of the invention. For example, the above elements may merely be a component of a larger system, wherein other rules may take precedence over or otherwise modify the application of the invention. Also, a number of steps may be undertaken before, during, or after the above elements are considered. Accordingly, the above description should not be taken as limiting the scope of the invention .

Claims

1. A computer implemented method for facilitating a financial transaction using a computer readable graphical code, the method comprising: storing, in a database, a plurality of quote data entries, a plurality of purchase data entries, a invoice data entries, financial transaction data entries, wherein each data entry includes data related to a quotation or purchase or invoice for products or services offered; receiving, by a receiving device, a quotation order containing list of one or more products or services and a computer readable graphical code containing information identifying said an quotation order details; transmitting, by a transmitting device, a purchase order containing list of details of one or more products or services and a computer readable graphical code containing information identifying said purchase order, corresponding to said quotation order; receiving, by receiving device, a invoice contains a computer readable graphical code containing information identifying said invoice details, corresponding to said purchasing order; processing, by receiving device, invoice and computer readable graphical code for generating a payment order includes a computer readable graphical code containing information identifying payment order; and transmitting, by transmitting device, payment order and computer readable graphical code for funding of a financial transaction based on said invoice order.

2. The method as claimed in claim 1, further comprising:

receiving, by receiving device, an authorization request for the financial transaction data, wherein the authorization request includes payment order with computer readable graphical code identifying information associated with payment order; processing, by the processing device, the financial transaction data; and transmitting, by the transmitting device, an. authorization response based on the processing of the financial transaction data.

3. The method as claimed in claim 2, wherein:

the financial transaction data includes at least one of: quotation number, a purchase order number, an invoice number, a transaction amount, a transaction time and/or date, a fulfillment time and/or date, product details, a customer identifier, a vendor identifier, and the payment order .

4. The method as claimed in claim 2, wherein:

the authorization request further includes at least a transaction amount, and payer information wherein processing the financial transaction data includes validating and processing payment from a financial account associated payment order issued by payer for the transaction amount.

5. The method as claimed in claim 2, further comprising: processing, by receiving device, comprises: scanning computer readable graphical code for invoice data; checking invoice order data with the purchase order; and generating, a payment order for financial transaction corresponding to invoice order.

6. The method as claimed in claim 2, further comprising: processing, by receiving device, includes■ steps of: scanning, said computer readable graphical code; and validating, said scanned data and information for authorization of payment order for transaction amount.

7. The method as claimed in claim 1, wherein: quotation order includes atleast one of: a customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price.

8. The method as claimed in claim 1, wherein: purchase order includes atleast one of: customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price.

9. The method as claimed in claim 1, wherein: invoice includes atleast of: purchase order includes atleast one of: customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price .

10. The method as claimed in claim 1, wherein: payment order includes atleast of: payment account information, payer account information, customer/vendor name/identifier, transaction amount, and one or more quotation, purchase or invoice references.

11. The method as claimed in claim 1, wherein:

payment order is a cheque includes a code for authorization by financial institutions to complete payment and related transactions.

12. The method as claimed in claim 11, wherein:

financial institutes includes one or more banks, insurance companies, brokerage firms, credit unions .

13. The method as claimed in claim 1, wherein:

computer readable graphical code is selected from the group consisting of ID bar codes, 2D barcodes, QR codes, PDF417 codes, and Aztec codes.

14. A system for facilitating a financial transaction using a computer readable graphical code, the system compris ing : A customer computing system comprising: an imaging device; one or more processors, operatively coupled to said imaging device; a memory, operatively coupled to said processor, wherein said memory storing one or more instruction executed by said processor, causes the one or more processor, to perform operation comprises : receiving, by receiving device, a quotation order containing list of one or more products or services and a computer readable graphical code containing information identifying said an quotation order details; displaying, on said imaging device, digital image including computer readable graphical code containing information identifying quotation order; processing, by said processor, the digital image to decode the computer readable graphical code and determine the order; generating, by said processor, digital image including computer readable graphical code containing information identifying purchase order; and transmitting, by transmitting device, said purchase order including computer readable graphical code containing information identifying said purchase order, corresponding to said quotation order; and a vendor computing system comprising: an imaging device; one more processors, operatively coupled to said imaging device; a memory, operatively coupled to said processor, wherein said memory storing one or more instruction executed by said processor, causes the one or more processor to perform operation comprises : receiving, by receiving device, a invoice contains a computer readable graphical code containing information identifying said invoice details, corresponding to said purchasing order; displaying, on said imaging device, digital image including computer readable graphical code containing information identifying invoice order; processing, by said processor, the digital image to decode the computer readable graphical code and determine the financial transaction data; generating, a payment order including the computer readable graphical code containing information identifying corresponding invoice order; and transmitting, payment order and computer readable graphical code for funding of a financial transaction based on said invoice order.

15. The system as claimed in claim 14, further comprising: memory includes a database, for storing a plurality of quote data entries, a plurality of purchase data entries, a invoice data entries, financial transaction data entries, wherein each data entry includes data related to a quotation or purchase or invoice for products or services offered.

16. The system as claimed in claim 14, wherein:

Imaging device includes a display device for displaying digital images.

17. The system as claimed in claim 14, wherein: Imaging device includes a scanning device for decoding of digital graphical code on digital images .

18. The system as claimed in claim 14, wherein:

19. The system as claimed in claim 14, wherein: quotation order includes atleast one of: a customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price.

20. The system as claimed in claim 14, wherein: purchase order includes atleast one of: customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price.

21. The system as claimed in claim 14, wherein: invoice includes atleast of: purchase order includes atleast one of: customer/vendor name, quotation details, date, terms, validity, GST, product code, product description, quantity, unit price.

22. The system as claimed in claim 14, wherein: payment order includes atleast of: payment account . information, payer account information, customer/vendor name/identifier, transaction amount, and one or more quotation, purchase or invoice references.

23. The system as claimed in claim 14, wherein:

24. The system as claimed in claim 23, wherein:

25. The system as claimed in claim 14, wherein:

26. The system as claimed in claim 14, wherein: