Electronic factoring
First Claim
1. A method of electronic factoring, the method comprising providing an electronic platform for use by a plurality of buyers, vendors and at least one financial institution for factoring receivables, wherein the electronic platform is not administrated by the vendors;
- receiving, in the electronic platform, application information that is provided directly from the buyers,electronically assigning, in the electronic platform, each of the buyers a credit limit for factoring of receivables owed the vendor, said receivables being generated from the purchase of goods or services to the buyer from the vendor, wherein the credit limit indicates a transaction limit of the buyer for purchasing goods or services in exchange for said receivable to the vendor;
electronically receiving, in the electronic platform, transaction information that describes a transaction between one of the buyers and a vendor, wherein the transaction creates a receivable for the vendor, and wherein as part of the transaction the buyer is obligated to pay the vendor a payable;
electronically accessing the electronic platform for verification of credit availability for the transaction;
electronically sending the vendor a transaction authorization message; and
electronically assigning, in the electronic platform, ownership of the receivable of the vendor to a financial institution.
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Accused Products
Abstract
The present invention is a method and system for electronic factoring. An electronic platform is provided for guaranteeing payment of receivables. Information from users is input into a profile database upon the electronic platform and is accessible by all users. The buyers are assigned a credit limit and are able to purchase from vendors within that credit limit. The payments for these purchases are guaranteed by a guaranteeing financial institution with is aligned with the platform.
153 Citations
12 Claims
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1. A method of electronic factoring, the method comprising providing an electronic platform for use by a plurality of buyers, vendors and at least one financial institution for factoring receivables, wherein the electronic platform is not administrated by the vendors;
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receiving, in the electronic platform, application information that is provided directly from the buyers, electronically assigning, in the electronic platform, each of the buyers a credit limit for factoring of receivables owed the vendor, said receivables being generated from the purchase of goods or services to the buyer from the vendor, wherein the credit limit indicates a transaction limit of the buyer for purchasing goods or services in exchange for said receivable to the vendor; electronically receiving, in the electronic platform, transaction information that describes a transaction between one of the buyers and a vendor, wherein the transaction creates a receivable for the vendor, and wherein as part of the transaction the buyer is obligated to pay the vendor a payable; electronically accessing the electronic platform for verification of credit availability for the transaction; electronically sending the vendor a transaction authorization message; and electronically assigning, in the electronic platform, ownership of the receivable of the vendor to a financial institution. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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Specification