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1. (WO2001004816) METHOD AND SYSTEM FOR MANAGING AND CONDUCTING A NETWORK AUCTION

Pub. No.:    WO/2001/004816    International Application No.:    PCT/US2000/018582
Publication Date: Fri Jan 19 00:59:59 CET 2001 International Filing Date: Sat Jul 08 01:59:59 CEST 2000
IPC: G06Q 20/00
G06Q 30/00
Applicants: CITICORP CREDIT SERVICES, INC.
Inventors: ELDER, Richard
Title: METHOD AND SYSTEM FOR MANAGING AND CONDUCTING A NETWORK AUCTION
Abstract:
There is described a method and system for managing Internet auction transactions by creating an auction website (18) by, for example, a financial institution. The auction website (18) is accessible by the financial institution's account holders (e.g., holders of checking, savings, credit card, and investment accounts). Thus, all buyers (14) and sellers (10) in auction transactions on the auction site, for example, have accounts with the financial institution, with settlements (22) occurring between the accounts of the users at the financial institution. Payments are debited from the buyer's account(s) with a credit going to the account of the seller, less any fees. All charges occur internally, so no interchange is owed, for example, to a card association in connection with a transaction. Financial institution customers benefit from the system in that buyers and sellers are authenticated and settlement occurs almost instantaneously.