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Online sales risk management system
| Details |
Inventors: Mancini, Robert S.; Rothman, Daniel J.; Higgins, Mark; Godfrey, John Henry; Young, Paul M.; Gunewardena, Arun M.; Greener, Sharon; Anagnostopoulos, Effie Konstantine;
Assignee: Goldman, Sachs & Co. (New York, NY)
Primary Examiner: Bashore; Alain L.
Assistant Examiner:
Attorney, Agent or Firm: Lee & Hayes, PLLC
A computer-implemented method for providing risk management for online transactions. An exchange price for a foreign currency relative to a base currency is entered into a host computer. The host computer will also receive data descriptive of one or more transactions involving the foreign currency that occurred within a predetermined time period. The data will include a transaction amount. Currency is exchanged according to the entered price and the transaction amounts contained in the data. A risk exposure for the predetermined time period can be calculated based upon an aggregate amount of currency involved in transactions during the predetermined time period. The risk exposure can be based upon market data relating to the price of the foreign currency. The present invention can be implemented to capture each transaction amount that relates to a sale occurring on an e-commerce site. Currency is automatically exchanged at the price entered for the local currency. Transactions can include an online sales transaction consummated over a computerized communications network, a retail transaction between a business and a retail customer, a business to business transaction, an online auction transaction or any other quantifiable transaction. |
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DETAILED DESCRIPTION A currency exchange provider, or other institution that provides the service of exchanging currency, can facilitate the management of risk associated with conducting business in multiple currencies.
Risk can be managed with market based pricing or with a predetermined currency pricing service.
Generally, access to the risk management services is transparent to a buyer and a seller involved in an online transaction.
Typically, a transaction will be consummated via a communications network by participants operating a network access device, such as a computer.
In one embodiment, the present invention enables a participant in a transaction to record a price and be assured that the recorded price will remain available for the predetermined time period allowed for the currency exchange rate, thereby insulating the price from market fluctuations associated with currency exchange.
Risk management can be afforded for online or "e-commerce" transactions as well as for traditional paper based, or brick and mortar type transactions.
A buyer can be a person or an entity such as, for example, a corporation or limited liability company seeking to purchase a good or service.
An e-buyer is a buyer seeking to consummate a purchase via a computerized communications network, such as the Internet, or World Wide Web.
Similarly, a seller can also be a person or an entity such as, for example, a corporation or limited liability company.
A seller is offering a good or service.
An e-seller is a seller seeking to consummate a sale via a computerized communications network, such as the Internet, or World Wide Web.
Often the same person or entity can act in the capacity as both a buyer or a seller.
Therefore a commerce participant is a person or entity which may act as either buyer or a seller.
An e-commerce participant is a person or entity that can act in the capacity as both a buyer or a seller that seeks to consummate a transaction via computerized communications network.
A customer will typically refer to a retail customer, and a client will typically refer to a person or entity that utilizes the services of a currency exchange institution
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Finance 
