Method of settling commercial indebtedness
First Claim
1. A computer system including a processor and a computer-readable storage medium for the settlement of pre-existing commercial indebtedness by means of a contractually agreed electronic legal equivalent of a bill of exchange (eBEX), the system being accessible by members of a settlement network including at least a vendor and a purchaser, the computer-readable storage medium further comprising:
- (a) an invoice submission mechanism including instructions stored on the storage medium for execution by the processor for the submission of pre-existing electronic invoices for settlement by eBEX; and
(b) an eBEX creation mechanism including instructions stored on the storage medium for execution by the processor for causing the computer to create eBEXs for the settlement of pre-existing commercial indebtedness.
4 Assignments
0 Petitions
Accused Products
Abstract
A method whereby vendors and purchasers settle invoices and account for sales taxes, integrated with the drawing, accepting, guaranteeing, endorsing, discounting, presenting, and cash settlement of electronic bills of exchange in all traded currencies (Ebill). Ebills are activated automatically as a direct consequence of the approval of one or more invoices for payment. Acceptance is against a guarantee with a managed credit risk limit or endorsed Ebills. Settlement is also activated by matching a purchase order to a goods received or delivery note or bill of lading. A single instance of each invoice and Ebill is held for all functions required by vendors, purchasers, risk managers, Ebill traders, discounters, guarantors and banks. Trading accounts are represented by a single ledger instance with automated updating of their back-office ledgers. Settlement reconciliation is supported by messages related to individual transactions and by quantified debit advice notes reconciled with credit notes.
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Citations
38 Claims
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1. A computer system including a processor and a computer-readable storage medium for the settlement of pre-existing commercial indebtedness by means of a contractually agreed electronic legal equivalent of a bill of exchange (eBEX), the system being accessible by members of a settlement network including at least a vendor and a purchaser, the computer-readable storage medium further comprising:
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(a) an invoice submission mechanism including instructions stored on the storage medium for execution by the processor for the submission of pre-existing electronic invoices for settlement by eBEX; and (b) an eBEX creation mechanism including instructions stored on the storage medium for execution by the processor for causing the computer to create eBEXs for the settlement of pre-existing commercial indebtedness. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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37. A computer system including a processor and a computer-readable storage device for the settlement of pre-existing commercial indebtedness by means of a contractually agreed electronic legal equivalent of a bill of exchange (eBEX), the system being accessible by members of a settlement network including at least a vendor, a purchaser, and a guarantor, the computer-readable storage device further comprising:
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an invoice submission mechanism including instructions stored on the storage device for execution by the processor for submission of pre-existing electronic invoices for settlement by eBEX; an eBEX creation mechanism including instructions stored on the storage device for execution by the processor for causing the computer to create eBEXs for the settlement of pre-existing commercial indebtedness; a guarantee mechanism including instructions stored on the storage device for execution by the processor to record a guarantee by the guarantor of an amount of an eBEX in connection with the eBEX. - View Dependent Claims (38)
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Specification