Method and System for Structured Settlement Auctions and Trading

• US 20140164210A1
• Filed: 12/11/2013
• Published: 06/12/2014
• Est. Priority Date: 12/11/2012
• Status: Abandoned Application

• Current Assignee: The Financial Xchange, LLC (Maple Financial Group, Inc.)
• Original Assignee: The Financial Xchange, LLC (Maple Financial Group, Inc.)
• Inventors: Geber, Benjamin, Worch, Michael
• Application Number:
  US14/103,812
• Publication Number:
  US 20140164210A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The methods and systems are provided that provide an efficient, transparent and automated auction and trading exchange for structured settlements and other structured cash flows. The automated auction and trading system automatically determines and processes structured settlement and cash flow sales between buyers and sellers. The system may process the entire transaction automatically and electronically, including document processing and receipt and transmission of funds.

Claims

1. A method in a data processing system for auctioning and trading structured settlements, comprising:

receiving information from a buyer on a structured settlement to be sold;

transmitting an offer to sell the structured settlement;

receiving a bid from a buyer to buy the structured settlement;

automatically determining if the bid is the highest bid for the structured settlement;

automatically processing the receipt of funds from the buyer if the bid is the highest bid; and

automatically providing the received funds to the seller.

2. The method of claim 1 further comprising:

providing first documents to the buyer to complete a winning bid transaction;

receiving a first electronic signature from the buyer based on the provided first documents; and

providing second documents to the seller to complete the transaction; and

receiving a second electronic signature from the buyer based on the provided documents.

3. A method in a data processing system for auctioning and trading structured settlements, comprising:

receiving information from a buyer on a structured settlement to be sold including a set sale price;

transmitting an offer to sell the structured settlement;

receiving an offer to purchase the structure settlement at the set sale price from a buyer;

automatically processing the receipt of funds from the buyer based on the received offer; and

automatically providing the received funds to the seller.

4. The method of claim 3 further, comprising:

providing first documents to the buyer to complete a sale transaction;

receiving a first electronic signature from the buyer based on the provided first documents; and

providing second documents to the seller to complete the sale transaction; and

receiving a second electronic signature from the buyer based on the provided documents.

5. A data processing system for auctioning and trading structured settlements, comprising:

a memory configured to store instructions to cause a processor to;

receive information from a buyer on a structured settlement to be sold;

transmit an offer to sell the structured settlement;

receive a bid from a buyer to buy the structured settlement;

automatically determine if the bid is the highest bid for the structured settlement;

automatically process the receipt of funds from the buyer if the bid is the highest bid; and

automatically provide the received funds to the seller; and

the processor configured to execute the instructions.

6. The data processing system of claim 5, wherein the instructions further cause the processor to:

provide first documents to the buyer to complete a winning bid transaction;

receive a first electronic signature from the buyer based on the provided first documents; and

provide second documents to the seller to complete the transaction; and

receive a second electronic signature from the buyer based on the provided documents.