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Trade receivable processing method and apparatus

  • US 7,546,272 B2
  • Filed: 02/28/2002
  • Issued: 06/09/2009
  • Est. Priority Date: 08/11/2000
  • Status: Expired due to Term
First Claim
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1. A method of utilizing a computer network based receivable clearinghouse for facilitating a transaction involving a receivable and corresponding invoice having payable and receivable information, the method comprising the steps of:

  • receiving data comprising the invoice with the payable and the receivable information from a first participant involved in the transaction;

    storing the receivable information in the receivable clearinghouse;

    generating electronic invoice information in response to the invoice received from the first participant;

    transmitting the electronic invoice information on behalf of the first participant to a second participant, the electronic invoice including one or more modifiable payment terms wherein one term requires payment of the receivable be sent to the receivable clearinghouse;

    offering the receivable corresponding to the invoice for sale to multiple third party participants over a receivable marketplace associated with the receivable clearinghouse, the receivable marketplace being accessed by a receivable trading apparatus;

    receiving a payment from the second participant;

    matching the payment from the second participant with a receivable in the receivable marketplace;

    recording receipt of the payment in the receivable clearinghouse;

    reconciling the payment and the receivable in the receivable marketplace; and

    crediting the receipt of the payment to the first participant.

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