System and method for an exchange of financial instruments
First Claim
1. A system, comprising:
- an account database comprising account data associated with one or more accounts, each of the one or more accounts representing an account receivable; and
a processor functionally coupled to the account database, wherein said processor is configuredto receive selection criteria,to search said account database for one or more accounts having account data that satisfies at least a portion of said selection criteria,provide a summary of any of said one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said summary includes a balance of the account but does not personally identify said one or more accounts having account data that satisfies at least a portion of said selection criteriato receive an offer from a buyer for at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria; and
to accept automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer.
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Accused Products
Abstract
Provided is a method and system for an online marketplace for the buying, selling and Servicing of financial instruments, such as accounts receivable, where the online marketplace receives and analyzes Account data from a Reporting Agency Database, such as a Consumer Reporting Agency Database. The online marketplace may include a plurality of business logic Components, including an Analysis Component, an Inventory Management Component, an Offer Component, a Transaction Component, a Post-Transaction Component, a Receivables Management Knowledge Base and a Servicing Component. The Receivables Management Knowledge Base applies industry rules and regulations to the data. Users of the online marketplace may be Account Owners, Buyers, sellers, Servicers and the like. Users flag Accounts in the Consumer Reporting Agency database to be placed for sale on the online marketplace. Users may also define Selection Criteria for automatic buying, automatic selling, alerts or other such business rules.
38 Citations
19 Claims
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1. A system, comprising:
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an account database comprising account data associated with one or more accounts, each of the one or more accounts representing an account receivable; and a processor functionally coupled to the account database, wherein said processor is configured to receive selection criteria, to search said account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, provide a summary of any of said one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said summary includes a balance of the account but does not personally identify said one or more accounts having account data that satisfies at least a portion of said selection criteria to receive an offer from a buyer for at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria; and to accept automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of the said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer. - View Dependent Claims (2, 3, 4, 5, 16, 19)
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6. A method, comprising:
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receiving selection criteria for an account; searching, by a computer, an account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said account database comprises account data associated with one or more accounts, each of the one or more accounts representing an account receivable; receiving an offer from a buyer for at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria; and accepting automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer. - View Dependent Claims (7, 8, 9, 10, 17)
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11. A non-transitory computer program product comprising computer executable code sections, said computer executable code sections for performing the steps of:
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receiving selection criteria for an account; searching an account database for one or more accounts having account data that satisfies at least a portion of said selection criteria, wherein said account database comprises account data associated with one or more accounts, each said account representing an account receivable; receiving an offer from a buyer for at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria; and accepting automatically the offer in response to the offer fulfilling a term of a commitment for the at least one of said one or more accounts having account data that satisfies at least a portion of said selection criteria, the term of the commitment comprising a fixed price upon which a seller automatically accepts the offer. - View Dependent Claims (12, 13, 14, 15, 18)
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Specification