Method and system for vendor management

Abstract

A system and method for defining a custom business process associated with a financial transaction. Defining a business process includes creating one or more forms for exchanging information among a customer, a financial institution, and, optionally, a vendor or other third-party who performs one or more sub-transactions related to the financial transaction. The system and method of the present invention provide for customizing each form to include one or more data elements associated with the financial transaction. The selected data elements are subsequently used to define logical relationships for automating order placement of sub-transactions. The logical relationships are triggered by one or more predetermined events. Once triggered, the logical relationships are applied, and the result or outcome is used to perform other tasks associated with the financial transaction automatically.

1 . A computer-implemented method for facilitating a first transaction between parties, the computer comprising at least one processor and a data repository operatively coupled to the at least one processor, the method comprising:
 receiving, via the at least one processor, information regarding first the transaction;   identifying, via the at least one processor, at least one sub-transaction associated with the first transaction, wherein identifying the at least one sub-transaction automatically occurs based an outcome of a second transaction; and   automatically identifying, via the at least one processor, a vendor for completing the at least one sub-transaction from a plurality of vendors.   
     
     
         2 . The computer-implemented method of  claim 1 , wherein the first transaction is a financial transaction. 
     
     
         3 . The computer-implemented method of  claim 2 , wherein the financial transaction is a loan. 
     
     
         4 . The computer-implemented method of  claim 1 , wherein the first transaction is an asset management transaction. 
     
     
         5 . The computer-implemented method of  claim 1 , further comprising receiving, via the at least one processor, data from the second transaction in a processable form, the at least one sub-transaction being automatically identified based on the processable data. 
     
     
         6 . The computer-implemented method of  claim 5 , wherein the at least one sub-transaction is related to one of: valuing an asset, titling an asset, underwriting a loan product or closing a loan product. 
     
     
         7 . The computer-implemented method of  claim 1 , wherein the second transaction is a sub-transaction associated with the first transaction. 
     
     
         8 . The computer-implemented method of  claim 1 , wherein identifying the vendor from the plurality of vendors is based on at least one of:
 a data element provided by one of the parties to the first transaction,   a data element associated with each respective one of the plurality of vendors, or   a data element based on the first transaction.   
     
     
         9 . The computer-implemented method of  claim 8 , wherein automatically identifying the vendor from the plurality of vendors further comprises: comparing, via the at least one processor, the data element based on the first transaction with the data element associated with each respective one of the plurality of vendors. 
     
     
         10 . The computer-implemented method of  claim 8 , wherein the data element associated with each respective one of the plurality of vendors comprises a bid for the at least one sub-transaction. 
     
     
         11 . The computer-implemented method of  claim 8 , wherein the data element based on the first transaction is related to a budget for the first transaction. 
     
     
         12 . A computer-implemented method for facilitating a first transaction between parties, the computer comprising at least one processor and at least one data repository operatively coupled to the at least one processor, the method comprising:
 receiving, via the at least one processor, information regarding a first transaction;   identifying, via the at least one processor, at least one sub-transaction that is associated with the first transaction;   automatically identifying, via the at least one processor, a vendor for completing the at least one sub-transaction from a plurality of vendors based on the information relating to the first transaction;   ordering, via the at least one processor, the at least one sub-transaction from the automatically identified vendor; and   automatically receiving, via the at least one processor, processable data representing fulfillment of the at least one sub-transaction,   wherein the first transaction comprises one of an asset management transaction or a financial transaction.   
     
     
         13 . The computer-implemented method of  claim 12 , wherein the processable data is in an extendible mark-up language format. 
     
     
         14 . The computer-implemented method of  claim 12  wherein the at least one processor uses the received processable data from the completion of the at least one sub-transaction as a trigger to automatically identify a second sub-transaction. 
     
     
         15 . The computer-implemented method of  claim 14 , further comprising the step of automatically identifying, via the at least one processor, a second vendor for completing the second sub-transaction from the plurality of vendors based on the information relating to the first transaction. 
     
     
         16 . The computer-implemented method of  claim 14 , wherein the second sub-transaction comprises one of: valuing an asset, titling an asset, underwriting a loan product or closing a loan product. 
     
     
         17 . The computer-implemented method of  claim 12 , wherein automatically identifying the vendor further comprises evaluating a vendor score associated with each of the plurality of vendors. 
     
     
         18 . A system for facilitating a first transaction between parties, the system comprising:
 at least one processor;   at least one data repository operatively coupled to the at least one processor; and   at least one user interface,
 wherein the at least one processor is configured to:
 receive information regarding the first transaction; 
 identify at least one sub-transaction associated with the first transaction; 
 automatically identify a vendor for completing the identified at least one sub-transaction from a plurality of vendors based on information relating to the first transaction and information related to each of the plurality of vendors; 
 order the identified at least one sub-transaction from the identified vendor; and 
 automatically receive fulfillment of the at least one sub-transaction order in a processable form. 
 
   
     
     
         19 . The system of  claim 18 , wherein the at least one processor is further configured to
 automatically identify a second transaction based on the received vendor fulfillment data; and   automatically place an order for the identified second transaction.   
     
     
         20 . The system of  claim 19 , wherein the second transaction is a sub-transaction of said first transaction.