Systems and methods for pre-paid futures procurement
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United States of America Patent
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Jan 1, 2013
Grant Date -
Oct 21, 2010
app pub date -
Apr 21, 2009
filing date -
Apr 21, 2009
priority date (Note) -
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status (Latency Note)
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Abstract
A transaction processor can receive transaction information from a transaction between a customer and a merchant. The transaction information includes an account identifier associated with a financial account of the customer. The processor determines that the account identifier is associated with a fixed price futures contract. The transaction is completed at the current market price. Thereinafter, the processor can determine if the fixed price is lower than the current market price. If the fixed price is lower than the current market price, the process determines the difference in cost for the transaction if the fixed price were used. Then, the processor can create and send a resettlement transaction to the customer's account to reimburse the customer for the difference. As such, the customer receives a simple method for paying for commodities at a set price without having special payment instruments or special accounts.
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