Secure bidding system and method

Details Secure bidding system and method Secure bidding system and method

2011-05-16

2011-10-18

Kyle, Charles (Department: 3695)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

08041631

ABSTRACT:
Secure image bidding system process for financial transactions, including structured investment products, escrows and interest rate swaps. Some embodiments provide a secure image bidding system and process for image-based bid transmissions where each of a plurality of bids received by the system is encrypted and held in a digital “Vault” until the specified end of the bid period, at which time a package containing the encrypted bids, a log of server activity, and a digital checksum of the original bid file is sent via electronic mail to the bid broker and other participants. A second electronic mail message is sent to the bid broker and other participants containing the decryption key. During the bid process, no party has access to the bid information and there is no human interaction in the receipt, conversion to image, encryption, storage or conveyance of compiled information.

REFERENCES:
patent: 6122738 (2000-09-01), Millard
patent: 6606607 (2003-08-01), Martin et al.
patent: 6834312 (2004-12-01), Edwards et al.

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