ESCROW SYSTEM AND METHOD
First Claim
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1. A method for a payment transaction using a central processing entity, the method comprising:
- receiving a purchase request message from a consumer;
sending to one or more suppliers a supply request message;
receiving from the one or more suppliers one or more supply response messages;
sending to one or more issuers a financing request message;
receiving from the one or more issuers one or more financing response messages;
selecting a supplier from the one or more supply response messages and selecting one or more issuers from the one or more financing response messages to form a purchasing contract;
sending an acceptance message to the selected supplier and to the one or more selected issuers;
receiving a set of payments from the one or more selected issuers;
holding the set of payments in escrow until a confirmation is received; and
releasing the set of payments to the selected supplier after receiving confirmation from the consumer.
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Abstract
A system and method for conducting purchasing transactions using escrow. A central processing entity secures the terms to a purchasing transaction on behalf of the various parties to the transaction. Once the terms of the purchasing transaction are agreed upon, the central processing entity holds any funds used in the transaction in escrow until confirmation is received that a supplier'"'"'s contractual obligations have been fulfilled.
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Citations
20 Claims
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1. A method for a payment transaction using a central processing entity, the method comprising:
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receiving a purchase request message from a consumer; sending to one or more suppliers a supply request message; receiving from the one or more suppliers one or more supply response messages; sending to one or more issuers a financing request message; receiving from the one or more issuers one or more financing response messages; selecting a supplier from the one or more supply response messages and selecting one or more issuers from the one or more financing response messages to form a purchasing contract; sending an acceptance message to the selected supplier and to the one or more selected issuers; receiving a set of payments from the one or more selected issuers; holding the set of payments in escrow until a confirmation is received; and releasing the set of payments to the selected supplier after receiving confirmation from the consumer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A method for purchasing goods using a central processing entity, the method comprising:
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sending a purchase request message to the central processing entity, wherein the central processing entity uses the purchase request message to collect a set of supply offers from one or more supplier and to collect a set of financing offers from one or more financers; accepting one or more selected supply offers from the set of supply offers and one or more selected financing offers from the set of financing offers to form a purchase contract, wherein creation of the purchasing contract causes the central processing entity to place a set of payments derived from the one or more selected financing offers into escrow with the central processing entity; and sending a confirmation that a supplier has fulfilled its obligations under the purchasing contract to the central processing entity, wherein the confirmation causes the central processing entity to release the set of payments in escrow to the supplier.
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19. A computer readable medium comprising:
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code for sending a purchase request message to the central processing entity, wherein the central processing entity uses the purchase request message to collect a set of supply offers from one or more supplier and to collect a set of financing offers from one or more financers; code for accepting one or more selected supply offers from the set of supply offers and one or more selected financing offers from the set of financing offers to form a purchase contract, wherein creation of the purchasing contract causes the central processing entity to place a set of payments derived from the one or more selected financing offers into escrow with the central processing entity; and code for sending a confirmation that a supplier has fulfilled its obligations under the purchasing contract to the central processing entity, wherein the confirmation causes the central processing entity to release the set of payments in escrow to the supplier. - View Dependent Claims (20)
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Specification