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Automated back office transaction method and system

  • US 6,167,378 A
  • Filed: 01/21/1997
  • Issued: 12/26/2000
  • Est. Priority Date: 01/21/1997
  • Status: Expired due to Fees
First Claim
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1. A method for digital automation of supply chains in a vertical marketplace, comprising:

  • (a) generating, in a computerized system, at least one non-ratified contract for a transaction in one supply chain of the supply chains, wherein the non-ratified contract has a plurality of terms;

    (b) ratifying the contract and storing the contract as a ratified contract in a database in the computerized system, said contract identifying the contracting parties, the goods or services, and the payment details;

    (c) checking, in the computerized system, whether at least one term of the plurality of terms in the ratified contract indicates that at least one next contract is necessary for a next transaction in the supply chain, and if so, automatically performing steps (a) and (b) and (c) for the at least one next contract;

    (d) storing, in the database, links between each ratified contract and at least one next contract that relates to the same goods or services and that relates to parties vertically linked in the distribution chain for goods and services;

    (e) in response to marketplace events relating to sales of, deliveries of, or payments for goods and services, triggering the calculation, based upon the payment details specified in the related contracts, of the payable due to and from each of the parties; and

    (f) following such an event, and in accordance with the contracts, executing payments directly between the parties of the net amount due to and from each party such that gross payments need not pass through one party to the next.

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