SYSTEM AND METHOD FOR SETTLING TRADES IN A DIGITAL MERCHANT EXCHANGE
3 Assignments
0 Petitions
Accused Products
Abstract
A system and method for settling trades in a digital merchant exchange includes a buyer, a seller, a transaction agent, a network and a capital pool. The buyer and seller communicate through the network to agree on a contract. When the goods are received or the services are performed, the buyer issues a negotiable instrument that is received by the transaction agent. The transaction agent communicates with the buyer, seller, and capital pool through the network and facilitates the settlement of the trade. The system may call upon the capital pool to provide liquidity so that the system can issue payment to the seller at a time prior to the maturity date of the negotiable instrument.
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Citations
91 Claims
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1. -75. (canceled)
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76. An apparatus for distributing payment to a seller providing value for a contract, said apparatus comprising:
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a negotiable instrument; a notification indicating that the value has been received from the seller; a verification module configured to verify that said negotiable instrument and said notification are responsive to the value provided by the seller; a certification module configured to present said verified negotiable instrument to the seller prior to the maturity date of said negotiable instrument; and an order to pay the value of said certified negotiable instrument on the maturity date. - View Dependent Claims (77, 78, 79, 80, 81, 82, 83)
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84. A method of distributing payment to a seller providing value for a contract, said method comprising the steps of:
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generating a negotiable instrument; generating a notification to the seller that indicates the value has been received; that said negotiable instrument is responsive to the receipt of the value; presenting said verified negotiable instrument and said notification to the seller prior to the maturity date of said verified negotiable instrument; and generating an order to pay the seller the value of said verified negotiable instrument. - View Dependent Claims (85, 86, 87, 88, 89, 90, 91)
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Specification