Full service trade system

• US 5,717,989 A
• Filed: 10/13/1994
• Issued: 02/10/1998
• Est. Priority Date: 10/13/1994
• Status: Expired due to Term

• Current Assignee: Infor (US) Incorporated (Infor Incorporated)
• Original Assignee: Full Service Trade System, Ltd.
• Inventors: Lynch, Christopher James, Tozzoli, Guy Frederick
• Primary Examiner(s): AU, AMELIA MEGAN
• Application Number:
  US08/323,071
• Time in Patent Office: 1,216 Days
• Field of Search: 395/235, 395/234, 395/239, 395/240, 395/244, 395/237, 395/222, 395/224, 395/228, 395/229, 395/238
• US Class Current: 705/37
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system stores criteria specified by a funder relating to trade transactions for buyers and sellers. The system compares the criteria with a proposed purchase order to determine whether the system can generate a payment guarantee on behalf of the funder for the buyer to the seller. The system also compares subsequent documents relating to an original purchase order with the original purchase order to ensure that the terms of the purchase order are properly fulfilled. When the appropriate conditions for payment are met, the system issues a funds transfer instruction to transfer payment from the buyer to the seller.

Claims

1. A method of facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising the steps of:

comparing in a data processing system first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the data processing system;

establishing a contract for international shipment of goods based on the comparison of the first and second proposed contract data;

producing data in the data processing system representing a payment guarantee to the seller for payment under the contract;

storing in the data processing system, purchase order data representing selected terms of the contract for international shipment of goods;

receiving in the data processing system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract;

determining by means of the data processing system whether the selected terms of the contract have been satisfied based at least in part on the shipping data; and

producing payment-due data by means of the data processing system based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

2. The method of claim 1, further comprising the steps of

adjusting, by means of the data processing system, the purchase order data of the contract based on the shipping data to reflect partial fulfillment of the contract,

receiving in the data processing system data representing a further shipment in fulfillment of the contract, and

determining by means of the data processing system whether the contract represented by the purchase order data, as adjusted based on the shipping data, has been satisfied based at least in part on the data representing the further shipment.

3. The method of claim 1, further comprising the step of comparing, by means of the data processing system, the shipping data against data representing criteria for issuing a payment guarantee for purchases by the buyer.

4. The method of claim 1, further comprising the step of comparing, by means of the data processing system, the shipping data against data representing criteria for issuing a guarantee of payment by the buyer for sales by the seller.

5. The method of claim 1, further comprising the step of automatically transmitting the payment-due data to a designated party which has undertaken to pay the seller when the selected terms or conditions have been fulfilled.

6. A method of facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising the steps of:

comparing in a data processing system first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the data processing system;

establishing a contract for international shipment of goods based on the comparison of the first and second proposed contract data;

producing data in the data processing system representing a payment guarantee to the seller for payment under the contract;

storing, in the data processing system, purchase order data representing selected terms of the contract for international shipment of goods;

receiving in the data processing system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract, the shipping data having a standard format established with the use of a data entry template;

determining by means of the data processing system whether the selected terms of the contract have been satisfied based at least in part on the shipping data; and

producing payment-due data by means of the data processing system based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

7. The method of claim 6, further comprising the step of comparing, by means of the data processing system, the shipping data against data representing criteria for issuing a payment guarantee for purchases by the buyer.

8. The method of claim 6, further comprising the step of comparing, by means of the data processing system, the shipping data against data representing criteria for issuing a guarantee of payment by the buyer for sales by the seller.

9. A method of facilitating international trade in goods comprising the steps of

storing, in a data processing system, first criteria data for trading qualifications of a buyer and trading qualifications of a seller, the first criteria data being established by one of a funder and a trade system administrator;

storing, in the data processing system, second criteria data for trading qualifications of at least one of the buyer and the seller, the second criteria data being established by the other of the funder and the trade system administrator;

receiving in the data processing system proposed purchase order data representing a proposed purchase contract for goods between the buyer and the seller;

determining by means of the data processing system whether the proposed purchase order data satisfies the stored first criteria data and the stored second criteria data; and

transmitting data to the seller representing a payment guarantee when the proposed purchase order data satisfies the second criteria data.

10. A method of facilitating international trade in goods comprising the steps of

storing, in a data processing system, first criteria data for trading qualifications of a buyer and trading qualifications of a seller;

receiving in the data processing system proposed purchase order data representing a proposed purchase contract for international shipment of goods between the buyer and the seller;

determining by means of the data processing system whether the proposed purchase order data satisfies the stored first criteria data for respective trading qualifications for the buyer and for the seller;

inputting acceptance data to the data processing system indicating that the seller has accepted the proposed purchase order,

converting, by means of the data processing system, the proposed purchase order data to original purchase order data based on the acceptance data,

inputting in the data processing system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract,

determining by means of the data processing system whether the shipping data indicates that selected terms or conditions of the contract represented by the original purchase order data have been fulfilled, and

automatically outputting payment-due data indicating that payment is due to the seller based on a determination that the selected terms or conditions of the contract have been fulfilled.

11. A method of facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising the steps of:

storing in a data processing system, offer data transmitted internationally from at least one of a buyer and seller and representing an offer to trade goods including overt and hidden terms;

transmitting internationally, by means of the data processing system, overt terms data representing the overt terms of the offer to trade to the other of the buyer and the seller;

inputting in the data processing system response data transmitted internationally representing a response from the other of the buyer and the seller to the transmitted overt terms data;

comparing, by means of the data processing system, the response data with the offer data representing the overt and hidden terms of the offer to produce term compliance data indicating whether the response data are in compliance with the overt and hidden terms of the offer;

establishing a contract for international shipment of goods based on the term compliance data; and

producing payment guaranty data in the data processing system in response to the term compliance data, the payment guaranty data representing a payment guaranty to the seller for payment under the contract.

12. The method of claim 11, further comprising the steps of

storing, in the data processing system, criteria data representing criteria by which a funder'"'"'s commitment to finance a trade transaction may be determined;

and

determining, by means of the data processing system, whether the response data complies with the stored criteria data to produce criteria compliance data indicating whether the trade transaction defined by the offer data and response data complies with the funder'"'"'s criteria.

13. The method of claim 12, further comprising the step of producing, by means of the data processing system, payment guarantee data representing a payment guarantee on behalf of the funder when the criteria compliance data indicate that the trade transaction defined by the offer data and response data is in compliance with the stored criteria data and the term compliance data indicate that the response data are in compliance with the overt and hidden terms of the offer.

14. A system for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising:

means in a data processing system for comparing first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the system;

means for establishing a contract for international shipment of goods based on the comparison of the first and second proposed contract data;

means in the data processing system for producing data representing a payment guarantee to the seller for payment under the contract;

means for storing in the data processing system, purchase order data representing selected terms of the contract for international shipment of goods;

means for receiving in the system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract;

means for determining whether the selected terms of the contract have been satisfied based at least in part on the shipping data; and

means for producing payment-due data based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

15. The system of claim 14, further comprising means for adjusting the purchase order data of the contract based on the shipping data to reflect partial fulfillment of the contract, means for receiving data representing a further shipment in fulfillment of the contract, and wherein said means for determining is operative to determine whether the contract represented by the purchase order data, as adjusted based on the shipping data, has been satisfied based at least in part on the data representing the further shipment.

16. The system of claim 14, wherein said means for determining is operative to compare the shipping data against data representing criteria for issuing a payment guarantee for purchases by the buyer.

17. The system of claim 14, wherein said means for determining is operative to compare the shipping data against data representing criteria for issuing a guarantee of payment by the buyer for sales by the seller.

18. The system of claim 14, or further comprising means for automatically transmitting the payment-due data to a designated party which has undertaken to pay the seller when the selected terms or conditions have been fulfilled.

19. A system for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising:

means in a data processing system for comparing first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the data processing system;

means for establishing a contract for international shipment of goods based on the comparison of the first and second proposed contract data;

means in the data processing system for producing data representing a payment guarantee to the seller for payment under the contract;

means for storing in the data processing system purchase order data representing selected terms of the contract for international shipment of goods;

means for receiving in the system shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract, the shipping data having a standard format established with the use of a data entry template;

means for determining whether the selected terms of the contract have been satisfied based at least in part on the shipping data; and

means for producing payment-due data by means of the data processing system based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

20. The system of claim 19, wherein said means for determining is operative to compare the shipping data against data representing criteria for issuing a payment guarantee for purchases by the buyer.

21. The system of claim 19, wherein said means for determining is operative to compare the shipping data against data representing criteria for issuing a guarantee of payment by the buyer for sales by the seller.

22. A system for facilitating international trade in goods comprising

means for storing first criteria data for trading qualifications of a buyer and trading qualifications of a seller, the first criteria data being established by one of a funder and a trade system administrator;

means for storing second criteria data for trading qualifications of at least one of the buyer and the seller, the second criteria data being established by the other of the funder and the trade system administrator;

means for receiving proposed purchase order data representing a proposed purchase contract for goods between the buyer and the seller;

means for determining whether the proposed purchase order data satisfies the stored first criteria data and the stored second criteria data; and

means for transmitting data to the seller representing a payment guarantee when the proposed purchase order data satisfies the second criteria data.

23. A system for facilitating international trade in goods comprising

means for storing first criteria data for trading qualifications of a buyer and trading qualifications of a seller,

means for receiving proposed purchase order data representing a proposed purchase contract for international shipment of goods between the buyer and the seller,

means for determining whether the proposed purchase order data satisfies the stored first criteria data for respective trading qualifications for the buyer and for the seller,

means for inputting acceptance data indicating that the seller has accepted the proposed purchase order,

means for converting the proposed purchase order data to original purchase order data based on the acceptance data,

means for inputting shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract,

means for determining whether the shipping data indicates that selected terms or conditions of the contract represented by the original purchase order data have been fulfilled, and

means for automatically outputting payment-due data indicating that payment is due to the seller when the selected terms or conditions of the contract have been fulfilled.

24. A system for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and the manual processing of documentation for compliance therewith, comprising:

means for storing offer data transmitted internationally from at least one of a buyer and a seller and representing an offer to trade goods including overt and hidden terms;

means for transmitting internationally overt terms data representing the overt terms of the offer to trade to the other of the buyer and the seller;

means for inputting response data transmitted internationally representing a response from the other of the buyer and the seller to the transmitted overt terms data;

means for comparing the response data with the offer data representing the overt and hidden terms of the offer to produce term compliance data indicating whether the response data are in compliance with the overt and hidden terms of the offer;

means for establishing a contract for international shipment of goods based on the term compliance data; and

means for producing payment guaranty data in response to the term compliance data, the payment guaranty data representing a payment guaranty to the seller for payment under the contract.

25. The system of claim 24, wherein said means for storing is operative to store criteria data representing criteria by which a funder'"'"'s commitment to finance a trade transaction may be determined;

and said means for comparing is operative to compare the response data with the stored criteria data to produce criteria compliance data indicating whether the trade transaction defined by the offer data and response data complies with the funder'"'"'s criteria.

26. The system of claim 25, further comprising means for producing payment guarantee data representing a payment guarantee on behalf of the funder when the criteria compliance data indicate that the trade transaction defined by the offer data and the response data is in compliance with the stored criteria data and the term compliance data indicate that the response data are in compliance with the overt and hidden terms of the offer.

27. A digital computer for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising:

processing means for comparing first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the digital computer, the processing means being operative to establish a contract for international shipment of goods based on the comparison of the first and second proposed contract data and to produce data representing a payment guarantee to the seller for payment under the contract;

memory means for storing purchase order data representing selected terms of the contract for international shipment of goods; and

an input for receiving shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract;

the processing means being operative to determine whether the selected terms of the contract have been satisfied based at least in part on the shipping data and to produce payment-due data based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

28. A digital computer for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising:

processing means for comparing first proposed contract data transmitted internationally from at least one of a buyer and a seller and second proposed contract data transmitted by the other thereof with acceptable contract data stored in the digital computer, the processing means being operative to establish a contract for international shipment of goods based on the comparison of the first and second proposed contract data and to produce data representing a payment guarantee to the seller for payment under the contract;

memory means for storing purchase order data representing selected terms of the contract for international shipment of goods; and

an input for receiving shipping data from a party other than the buyer and the seller representing an international shipment of goods in fulfillment of the contract, the shipping data having a standard format established with the use of a data entry template;

the processing means being operative to determine whether the selected terms of the contract have been satisfied based at least in part on the shipping data and to produce payment-due data based on the determination that the selected terms of the contract have been satisfied based at least in part on the shipping data.

29. A digital computer for facilitating international trade in goods which avoids the use of a letter of credit and the presentation and manual processing of documentation for compliance therewith, comprising:

memory means for storing offer data transmitted internationally from at least one of a buyer and seller and representing an offer to trade goods including overt and hidden terms;

means for transmitting internationally overt terms data representing the overt terms of the offer to trade to the other of the buyer and the seller;

an input for inputting response data transmitted internationally representing a response from the other of the buyer and the seller to the transmitted overt terms data;

processing means for comparing the response data with the offer data representing the overt and hidden terms of the offer to produce compliance data indicating whether the response data are in compliance with the overt and hidden terms of the offer;

means for establishing a contract for international shipment of goods based on the compliance data; and

means for producing payment quaranty data in response to the term compliance data, the payment guaranty data representing a payment guaranty to the seller for payment under the contract.