System and method for settling trades in a digital merchant exchange
First Claim
1. An apparatus for providing liquidity to a seller who has provided value to a buyer, said apparatus comprising:
- a receiving module configured to;
receive a notification defining information pertaining to the provided value, which has resulted in a negotiable instrument issued by the buyer intended for the seller; and
receive the negotiable instrument issued by the buyer intended for the seller, said negotiable instrument having an extended maturity date; and
a calling module configured to;
upon receipt by the receiving module of the negotiable instrument issued by the buyer intended for the seller, call upon a capital pool to purchase an interest in said negotiable instrument; and
send a portion of the value of said negotiable instrument to the seller prior to said extended maturity date.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for settling trades in a digital merchant exchange includes a buyer, a seller, a transaction agent, a network and a capital pool. The buyer and seller communicate through the network to agree on a contract. When the goods are received or the services are performed, the buyer issues a negotiable instrument that is received by the transaction agent. The transaction agent communicates with the buyer, seller, and capital pool through the network and facilitates the settlement of the trade. The system may call upon the capital pool to provide liquidity so that the system can issue payment to the seller at a time prior to the maturity date of the negotiable instrument.
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Citations
53 Claims
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1. An apparatus for providing liquidity to a seller who has provided value to a buyer, said apparatus comprising:
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a receiving module configured to; receive a notification defining information pertaining to the provided value, which has resulted in a negotiable instrument issued by the buyer intended for the seller; and receive the negotiable instrument issued by the buyer intended for the seller, said negotiable instrument having an extended maturity date; and a calling module configured to; upon receipt by the receiving module of the negotiable instrument issued by the buyer intended for the seller, call upon a capital pool to purchase an interest in said negotiable instrument; and send a portion of the value of said negotiable instrument to the seller prior to said extended maturity date. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method for providing liquidity to a seller who has provided value to a buyer, said method comprising the steps of:
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receiving a notification defining information pertaining to the provided value, which has resulted in a negotiable instrument issued by the buyer intended for the seller; receiving the negotiable instrument issued by the buyer intended for the seller, said negotiable instrument having a maturity date; and calling upon a capital pool to; purchase an interest in said negotiable instrument; and send the seller a portion of the value of said negotiable instrument prior to said maturity date. - View Dependent Claims (16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. An apparatus for providing liquidity to a seller having provided value to a buyer, said apparatus comprising:
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a receiving module configured to; receive a notification defining information pertaining to the provided value, which has resulted in a negotiable instrument issued by the buyer intended for the seller; and receive the negotiable instrument issued by the buyer intended for the seller, said negotiable instrument having a maturity date on a future date and being redeemable from the buyer; a calling module configured to; call upon a capital pool to purchase an interest in said negotiable instrument; and send a portion of the value of said negotiable instrument to the seller prior to said maturity date; and a disbursement module for transmitting money received from the capital pool, arising from the capital pool agreeing to purchase an interest in said negotiable instrument, to the seller, such that said amount of money is a portion of the value of said negotiable instrument. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40)
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41. A method for providing liquidity to a seller having provided consideration to a buyer, said method comprising the steps of:
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transferring a negotiable instrument issued by the buyer to the seller for the value, said negotiable instrument having a maturity date on a future date and being redeemable from the buyer; purchasing said negotiable instrument from the seller by calling upon a capital pool; and tendering an amount of money to the seller such that said amount of money is a portion of the value of said negotiable instrument. - View Dependent Claims (42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53)
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Specification