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.
14 Citations
93 Claims
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1. -75. (canceled)
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76. An apparatus for extending the payment term to a buyer receiving value from a seller, said apparatus comprising:
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a receiving module configured to receive a negotiable instrument issued by the buyer, said negotiable instrument having an extended maturity date, a certification module configured to certify that said negotiable instrument is responsive to receipt of the value; and a liquidity module configured to liquidate said negotiable instrument such that the seller receives funds before said maturity date of said negotiable instrument, whereby said maturity date can be later than said maturity date might be without said liquidity module. - View Dependent Claims (77, 78, 79, 80, 81, 82, 83, 84)
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85. A method for extending the payment term to a buyer receiving value from a seller, said method comprising the steps of;
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receiving a negotiable instrument issued by the buyer, said negotiable instrument having an extended maturity date; certifying that said negotiable instrument is responsive to receipt of the value; and liquidating said negotiable instrument such that the seller receives funds before said maturity date of said negotiable instrument, whereby said maturity date can be later than said maturity date might be without said liquidity module. - View Dependent Claims (86, 87, 88, 89, 90, 91, 92, 93)
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Specification