Inventors:
Scott Dale Van Beek - Littleton CO, US
International Classification:
G06Q 10/00, G06F 3/048, G06Q 99/00
Abstract:
A new standardized Universal Transaction Code (), as well as a standard Universal Transaction Directory (). These two core components form the foundation of an Integrated Transaction and Accounting System (FIG. ). This system will provide the framework to enable several disparate; identification methods, transaction accounting methods, transaction receipt methods, transaction storage methods, and website access methods to work together providing a synergistic effect. The benefits for the consumer are: simple, nearly automatic, personal finance tracking, as well as standardized transaction record and website access. An automatic way of tracking finances will increase a consumer's awareness of his or her spending practices thereby exposing and highlighting frivolous spending. The benefits for industry are: vastly increased efficiency and profit margins by reducing the dependence on outdated paper based methods, virtual elimination of “no receipt” fraudulent returns, and knowledgeable consumers focused on reducing frivolous purchases while increasing wealth building practices.