Method and a system for settlement of trading accounts

• US 7,515,697 B2
• Filed: 04/01/2004
• Issued: 04/07/2009
• Est. Priority Date: 08/29/1997
• Status: Expired due to Fees

• Current Assignee: AIP Acquisition LLC
• Original Assignee: Arbinet-Thexchange Incorporated
• Inventors: Bodnar, Guillermo, Mashinsky, Alexander, Lemberg, Michael, Sumka, David, Eng, Chi
• Primary Examiner(s): TIEU, BINH KIEN
• Application Number:
  US10/816,365
• Publication Number:
  US 20040243503A1
• Time in Patent Office: 1,832 Days
• Field of Search: 379/111, 379/112.01, 379/114.01, 379/114.16, 379/114.17, 379/114.2, 379/115.02, 379/121.03, 379/121.04, 379/121.06, 379/144.01, 379/144.06, 705/26, 705/27, 705/29, 705/30, 705/32, 705/34, 705/37, 705/40, 705/68, 705/75, 705/77, 705/78
• US Class Current: 379/115.01
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method of settling accounts of buyers and sellers of telecommunication services by an online exchange system includes storing data representing a financial account of at least one seller and at least one buyer, wherein the financial account includes at least one of accounts receivable and cash receipts. A service node receives an offer to sell the services from the at least one seller and requests to buy the services from the at least one buyer. The service node then matches the offers and requests in accordance with one or more parameters specified in the offers and requests. A route table is generated based on the routes specified in the matched offers and requests and a switch node is configured based on the route table. Fees are computed based on the usage of the matched routes and the financial accounts of the at least one seller and at least one buyer based on the computed fees.

Claims

1. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers; and

a financial module connected to said exchange server node for processing financial tasks that include adjustment of account balances of the exchange system and each of the buyers and sellers stored in the database, determination of a credit limit or risk premium for each of the buyers, and a netting of financial accounts of each of the buyers and sellers.

2. The exchange system of claim 1, further comprising a tracking module for monitoring a buyer'"'"'s usage of a matched seller'"'"'s network and collecting information regarding the buyer'"'"'s usage.

3. The exchange system of claim 2, wherein the tracking module forwards the collected information to the financial module and said database.

4. The exchange system of claim 2, wherein the collected information includes call detail records.

5. The exchange system of claim 4, further comprising a batched-call detail record processor and a billing processor, said batched-call detail record processor receiving the call detail records from said exchange server node and arranging at least some of the call detail records into a group which is processed as one transaction by said billing processor.

6. The exchange system of claim 1, wherein said exchange server node is connectable to a financial services node through the wide area network for communicating the amount required to be paid by the buyer for a matched offer and request and receiving an indication of a transfer of funds for that amount, said financial module including means for adjusting the buyer'"'"'s and seller'"'"'s account balances according to the indication received from the financial services node.

7. The exchange system of claim 1, wherein said financial module includes an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers.

8. The exchange system of claim 1, wherein said exchange server node is connectable to a financial services node, an external credit node, and an external financial services organization through the wide area network, wherein said financial module includes a financing decision module for receiving data from one of an external credit node, an external financial services node, external financial services organizations and said database and determining the credit and financial exposure of each of the buyers and sellers.

9. The exchange system of claim 1, wherein said financial module includes a credit module for scoring and rating the buyers credit using information from at least one of the financial services node, the external credit node, and said data storage.

10. The exchange system of claim 9, wherein said database stores a pre-approved credit limit of each of the buyers, and wherein said credit module performs real-time monitoring of actual balance against the pre-approved credit limit of each of the buyers.

11. The exchange system of claim 9, wherein said credit module determines a pre-trading credit approval of a buyer using the scoring and rating of the buyer'"'"'s credit, said pre-trading credit approval indicating at least one of whether a buyer can buy, the buyer'"'"'s credit limit, and the amount of letter of credit or trading deposit required.

12. The exchange system of claim 9, wherein said credit module determines whether a user qualifies for a non-secured credit limit or an appropriate amount of letter of credit, deposit, or bond.

13. The exchange system of claim 9, wherein said exchange server node is connectable to a financial services node through the wide area network, and wherein said credit module includes means for connecting to the financial services node through the wide area network and requesting a letter of credit or credit authorization for a user.

14. The exchange system of claim 9, wherein said exchange server node is connectable to a financial services node through the wide area network, said credit module comprising means for determining whether a buyer must post a trading deposit prior to being authorized to trade and transmitting a request for a cash deposit to the financial services node prior to authorizing trading rights to a buyer when it is determined that the buyer must post a trading deposit.

15. The exchange system of claim 9, wherein said credit module determines whether a user qualifies for a non-secured or non-collateralized credit limit.

16. The exchange system of claim 9, wherein said exchange server node is connectable to a financial services node and an external credit node through the wide area network, and wherein said credit module dynamically assesses and reassesses credit scoring and financial exposure of a user in real time based on information received from at least one of the external credit node, the financial services node, and said database.

17. The exchange system of claim 9, wherein said exchange server node is connectable to a financial services node and an external credit node through the wide area network, and wherein said credit module collecting information from at least one of the external credit node, the financial services node, and said database for determining a risk premium for a user.

18. The exchange system of claim 8, wherein said exchange server is connectable to a financial services node and an external credit node through the wide area network, said financing decision module collecting information from at least one of the financial services node, the external credit node, and said database for determining applicable financing rates and terms for each of the users.

19. The exchange system of claim 2, wherein said tracking module performs real-time collection of information from said at least one switch node, said information related to each of the buyers'"'"' and sellers'"'"' usage, and sends the collected information to said database.

20. The exchange system of claim 7, wherein said accounting module nets each user'"'"'s receivable against payable to determine the net amount owed or due in real time and sends the net amount to the database, said exchange server node further comprising a credit module for scoring and rating the buyers'"'"' credit using said amount information from said database.

21. The exchange system of claim 7, wherein said exchange server node is connectable to a financial services node through the wide area network, wherein said accounting module performs automated bill settlement with sellers and buyers by communicating with the financial services node.

22. The exchange system of claim 11, wherein the letter of credit or cash deposit is held by the financial services node, wherein said financial module includes an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers, and wherein said accounting module automatically transmits to the financial services node a request to transfer funds from the letter of credit or cash deposit for past due buyers.

23. The exchange system of claim 7, wherein said exchange server node is connectable to a financial services node through the wide area network, and wherein said exchange server node tracks amounts that are past due and notifies the financial services node and other parties.

24. A method of using an online exchange system for settling accounts of users including buyer and sellers of telecommunication services in a plurality of communication networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, the exchange system including an exchange server node connectable to the access stations of the users through the wide area network for matching the sellers'"'"' offer and the buyers'"'"' requests, said method comprising:

storing account information of the exchange system and each of the buyers and sellers in a database;

tracking, by a tracking module connected with the exchange server node, information indicative of buyers'"'"' and sellers'"'"' usage of the telecommunication services in real time, the tracking comprising tracking call detail records, arranging or grouping at least some of the call detail records into a group and processing the group of call detail records in a billing processor as a single transaction; and

adjusting, by a financial module connected with the exchange server node, the account balances of the exchange system and each of the users stored in the database in real time based on the tracked information.

25. The method of claim 24, further comprising the step of monitoring, by a credit module, users'"'"' credit in real time based on matched offers and requests and the information indicative of the buyers'"'"' and sellers'"'"' usage.

26. The method of claim 25, further comprising the step of determining, by the credit module, a pre-trading credit approval of a buyer using the monitored credit, the pre-trading approval indicating at least one of whether a buyer can buy, the buyer'"'"'s credit limit, and the amount of letter of credit or trading deposit required.

27. The method of claim 25, said method comprising dynamically assessing and reassessing, by the credit module, a credit score and financial exposure of each of the users in real time based on information received from said database.

28. The method of claim 24, wherein the exchange system includes at least one switch node for routing telecommunications traffic between communications networks, said step of tracking comprising tracking, by the tracking module, information from the at least one switch node indicative of the buyers'"'"' and sellers'"'"' usage.

29. The method of claim 24, wherein the exchange server node is connectable to a financial services node by the wide area network, said method comprising the steps of tracking amounts that are past due by user, determining whether the user have letters of credit or cash deposits, and transmitting to the financial services node a request for the transfer of funds from the letters of credit or cash deposits.

30. The method of claim 25, wherein said exchange server is connectable to a financial services node and an external credit node through the wide area network, said method comprising dynamically assessing and reassessing, by the credit module, a credit score and financial exposure of each of the users in real time based on information received from at least one of the external credit node, the financial services node, and said database.

31. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks;

a tracking module for monitoring a buyer'"'"'s usage of a matched seller'"'"'s network and collecting information regarding the buyer'"'"'s usage, the collected information including call detail records; and

a batched-call detail record processor and a billing processor, said batched-call detail record processor receiving the call detail records from said exchange server node and arranging at least some of the call detail records into a group which is processed as one transaction by said billing processor.

32. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks; and

a tracking module for monitoring a buyer'"'"'s usage of a matched seller'"'"'s network and collecting information regarding the buyer'"'"'s usage, the tracking module forwarding the collected information to the financial module and the database.

33. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers; and

a financial module connected to said exchange server node for processing financial tasks;

wherein said exchange server node is connectable to a financial services node through the wide area network for communicating an amount required to be paid by a buyer for a matched offer and request and receiving an indication of a transfer of funds for that amount; and

wherein said financial module includes means for adjusting the buyers'"'"' and sellers'"'"' account balances according to the indication received from the financial services node.

34. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers; and

a financial module connected to said exchange server node for processing financial tasks;

wherein said exchange server node is connectable to a financial services node, an external credit node, and an external financial services organization through the wide area network; and

wherein said financial module includes a financing decision module for receiving data from one of an external credit node, an external financial services node, external financial services organizations and said database and determining a credit and financial exposure of each of the buyers and sellers.

35. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks; and

a tracking module for monitoring a buyer'"'"'s usage of a matched seller'"'"'s network and collecting information regarding the buyer'"'"'s usage, wherein said tracking module performs real-time collection of information from said at least one switch node, said information related to each of the buyers'"'"' and sellers'"'"' usage, and sends the collected information to said database.

36. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks, said financial module including an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers, wherein said accounting module nets each user'"'"'s receivable against payable to determine the net amount owed or due in real time and sends the net amount to the database, said exchange server node further comprising a credit module for scoring and rating the buyers'"'"' credit using said amount information from said database.

37. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks, said financial module including an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers, wherein said exchange server node is connectable to a financial services node through the wide area network, wherein said accounting module performs automated bill settlement with sellers and buyers by communicating with the financial services node.

38. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks, said financial module includes a credit module for scoring and rating the buyers'"'"' credit using information from at least one of a financial services node, an external credit node, and said data storage, wherein said credit module determines a pre-trading credit approval of a buyer using a scoring and rating of the buyer'"'"'s credit, said pre-trading credit approval indicating at least one of whether a buyer can buy, the buyer'"'"'s credit limit, and an amount of letter of credit or trading deposit required, and wherein the letter of credit or cash deposit is held by the financial services node, wherein said financial module includes an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers, and wherein said accounting module automatically transmits to the financial services node a request to transfer funds from the letter of credit or cash deposit for past due buyers.

39. An exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communications networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, said exchange system comprising:

an exchange server node connectable to the access stations of the buyers and sellers through the wide area network for matching the sellers'"'"' offers and the buyers'"'"' requests;

at least one switch node for routing telecommunications traffic between the communications networks in response to matched offers and requests;

a database connected to said exchange server node and storing information including account balances of the exchange system and each of the buyers and sellers;

a financial module connected to said exchange server node for processing financial tasks, said financial module including an accounting module for determining net outstanding balances and amount due to the buyers and sellers, coordinating payments between buyers and sellers, and crediting and debiting the accounts of the buyers and sellers, wherein said exchange server node is connectable to a financial services node through the wide area network, and wherein said exchange server node tracks amounts that are past due and notifies the financial services node and other parties.

40. A method of using an online exchange system for settling accounts of users including buyers and sellers of telecommunication services in a plurality of communication networks, wherein the buyers and sellers input requests and offers using access stations connected to a wide area network, the exchange system including an exchange server node connectable to a financial services node and the access stations of the users through the wide area network for matching the sellers'"'"' offer and the buyers'"'"' requests, said method comprising:

storing account information of the exchange system and each of the buyers and sellers in a database;

tracking, by a tracking module connected with the exchange server node, information indicative of buyers'"'"' and sellers'"'"' usage of the telecommunication services in real time;

adjusting, by a financial module connected with the exchange server node, account balances of the exchange system and each of the users stored in the database in real time based on the tracked information;

tracking amounts that are past due by a user;

determining whether the user have letters of credit or cash deposits; and

transmitting to the financial services node a request for transfer of funds from the letters of credit or cash deposits.