System and method for integrating trading operations including the generation, processing and tracking of and trade documents
First Claim
1. An automated method of processing trade documents associated with a trade operation between a buyer and a seller, wherein the method is executed by a programmed computer processor which communicates with the buyer and seller via a network, the method comprising the computer-performed steps of:
- maintaining a customer profile containing;
(1) letter of credit templates, (2) letter of credit text, and (3) terms and conditions used that are approved for transactions involving the buyer and seller;
receiving from the buyer an initiation document containing requirement information with respect to the trade operation, wherein the initiation document is received via the network and comprises;
(1) a purchase order by itself, or (2) a purchase order and an application for a letter of credit;
mapping at least some of the requirement information in a database using the computer processor to enable tracking and monitoring of the status of the trade operation;
generating a letter of credit using the computer processor if the initiation document is a purchase order and an application for a letter of credit, wherein the letter of credit is generated based on the requirement information and the customer profile;
generating at least one trade document required by the trade operation utilizing the requirement information contained in the letter of credit; and
verifying the accuracy of the at least one trade document by comparing the at least one trade document to the customer profile using the computer processor.
2 Assignments
0 Petitions
Accused Products
Abstract
First and second components of the present invention, in combination, provide a customer interface for initiating a trade transaction and provides for the secure viewing of the status of the transaction. A third component assists in the automatic generation and verification of the voluminous and detailed documents required to support a trade transaction. The third component additionally tracks and assists in the management of the seller'"'"'s manufacturing and shipment of the goods that form the basis of the trade transaction. A fourth component automatically generates a Letter of Credit from a Purchase Order and performs a reconciliation function on payments made pursuant to Letters of Credit or open Accounts.
973 Citations
24 Claims
-
1. An automated method of processing trade documents associated with a trade operation between a buyer and a seller, wherein the method is executed by a programmed computer processor which communicates with the buyer and seller via a network, the method comprising the computer-performed steps of:
-
maintaining a customer profile containing;
(1) letter of credit templates, (2) letter of credit text, and (3) terms and conditions used that are approved for transactions involving the buyer and seller;receiving from the buyer an initiation document containing requirement information with respect to the trade operation, wherein the initiation document is received via the network and comprises;
(1) a purchase order by itself, or (2) a purchase order and an application for a letter of credit;mapping at least some of the requirement information in a database using the computer processor to enable tracking and monitoring of the status of the trade operation; generating a letter of credit using the computer processor if the initiation document is a purchase order and an application for a letter of credit, wherein the letter of credit is generated based on the requirement information and the customer profile; generating at least one trade document required by the trade operation utilizing the requirement information contained in the letter of credit; and verifying the accuracy of the at least one trade document by comparing the at least one trade document to the customer profile using the computer processor. - 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)
-
Specification