Systems and computer program products for exchanging an obligation

  • US 7,725,375 B2
  • Filed: 06/27/2005
  • Issued: 05/25/2010
  • Est. Priority Date: 05/29/1992
  • Status: Expired due to Fees
First Claim
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1. A data processing system to enable the exchange of an obligation between parties, the system comprising:

  • a first party device,a data storage unit having stored therein(a) information about a first account for a first party, independent from a second account maintained by a first exchange institution, and(b) information about a third account for a second party, independent from a fourth account maintained by a second exchange institution;

    and a computer, coupled to said data storage unit, that is configured to(a) receive a transaction from said first party device;

    (b) electronically adjust said first account and said third account in order to effect an exchange obligation arising from said transaction between said first party and said second party after ensuring that said first party and/or said second party have adequate value in said first account and/or said third account, respectively; and

    (c) generate an instruction to said first exchange institution and/or said second exchange institution to adjust said second account and/or said fourth account in accordance with the adjustment of said first account and/or said third account, wherein said instruction being an irrevocable, time invariant obligation placed on said first exchange institution and/or said second exchange institution.

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