SYSTEM AND METHOD FOR TRADING FINANCIAL ASSETS
First Claim
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1. A computerized method of conducting an auction of one or more financial assets by an electronic exchange system, the computerized method comprising:
- establishing an account to receive payment from an obligor associated with the one or more financial assets, the account being accessible by the electronic exchange system;
receiving information associated with the obligor of the one or more financial assets;
receiving information on the one or more financial assets held by a seller;
verifying validity and accuracy of the information associated with the one or more financial assets;
the electronic exchange system offering the one or more financial assets for sale in an auction, along with access to the received information;
accepting bids from one or more buyers for the one or more financial assets during the auction;
awarding the auction to the one or more buyers based on the bids; and
electronically settling payment for purchase of the auction.
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Abstract
A system and method are disclosed that enables commoditization and trading of accounts receivable. The system preferably enables companies to reduce time for outstanding invoices to be paid by providing a marketplace for cash advanced in payment of invoices. The system and method preferably establishes an account accessible to the system to receive payment from obligors. The system provides at least one of a primary market for auctioning, and a secondary market for trading of accounts receivable.
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Citations
38 Claims
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1. A computerized method of conducting an auction of one or more financial assets by an electronic exchange system, the computerized method comprising:
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establishing an account to receive payment from an obligor associated with the one or more financial assets, the account being accessible by the electronic exchange system; receiving information associated with the obligor of the one or more financial assets; receiving information on the one or more financial assets held by a seller; verifying validity and accuracy of the information associated with the one or more financial assets; the electronic exchange system offering the one or more financial assets for sale in an auction, along with access to the received information; accepting bids from one or more buyers for the one or more financial assets during the auction; awarding the auction to the one or more buyers based on the bids; and electronically settling payment for purchase of the auction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. An electronic exchange system for auctioning one or more financial assets, the exchange system comprising:
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a data communications network; and one or more computers coupled to the data communications network, each computer having a processor, memory and program code stored on computer-readable medium that, when said code is loaded into the memory and run by the processor, causes the electronic exchange system to perform the steps of; establishing an account to receive payment from an obligor associated with the one or more financial assets, the account being accessible by the electronic exchange system; receiving information associated with the obligor of the one or more financial assets; receiving information on one or more financial assets held by the seller; verifying validity and accuracy of the information associated with the one or more financial assets; the electronic exchange system offering the one or more financial assets for sale in an auction, along with access to the received information; accepting bids from one or more buyers for the one or more financial assets during the auction; awarding the auction to the one or more buyers based on the bids; and electronically settling payment for purchase of the auction. - View Dependent Claims (21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38)
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Specification