System and method for integrating trading operations including the generation, processing and tracking of and trade documents

• US 7,945,492 B1
• Filed: 01/31/2000
• Issued: 05/17/2011
• Est. Priority Date: 12/23/1998
• Status: Expired due to Fees

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Toulis, Nicole Gabrielle Rodriguez, Fung, Sammy Shun Yuen, Sun, Albert Kwang-Hwa, Yeung, Kwok Keung, Chan, Tak Ming, Halpin, Thomas William, Leung, Kelvin Yatsun, Tsim, Man Pui, Solomon, Sol, Chow, Zeno Fook Cheun, Layer, Jacqueline, Ko, Patrick Shu Pui, Yap, Yoke Bee, Cheung, Stephen Pan
• Primary Examiner(s): Weisberger; Richard C
• Application Number:
  US09/495,393
• Time in Patent Office: 4,124 Days
• Field of Search: 705/28, 705/35
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/08 Logistics, e.g. warehousing, loading or distribution; Inventory or stock management
• CPC Class Codes: G06Q 10/083 Shipping
• CPC Class Codes: G06Q 10/087 Inventory or stock management, e.g. order filling, procurement or balancing against orders
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0635 Processing of requisition or of purchase orders
• CPC Class Codes: G06Q 30/0637 Approvals
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

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.

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.

2. The method as recited in claim 1, further comprising the step of manually repairing the Letter of Credit if there is a discrepancy between the requirement information contained in the database and the standard terms and conditions contained in the customer profile.

3. The method as recited in claim 1, further comprising the steps of:

issuing the Letter of Credit using the computer processor; and

advising the seller of the issuance of the Letter of Credit.

4. The method as recited in claim 1, further comprising the step of generating a sales order using the computer processor in response to the initiation document.

5. The method as recited in claim 4, further comprising the steps of:

comparing the sales order to the requirement information contained in the database using the computer processor in order to determine any discrepancies; and

correcting the sales order using the computer processor if there are any discrepancies, thereby generating a matched sales order.

6. The method as recited in claim 5, further comprising the steps of:

generating a manufacturing specification sheet based on the sales order using the computer processor;

comparing the manufacturing specification sheet to the matched sales order using the computer processor in order to determine any discrepancies; and

correcting the manufacturing specification sheet using the computer processor if there are any discrepancies, thereby generating a matched manufacturing specification sheet.

7. The method as recited in claim 5, further comprising the steps of:

automatically generating shipping instructions based on the matched sales order using the computer processor; and

transmitting the shipping instructions to a shipper.

8. The method as recited in claim 7, wherein the shipping instructions are a draft bill of lading.

9. The method as recited in claim 7, wherein the step of transmitting the shipping instruction to the shipper further comprises the step of electronically transmitting the shipping instructions.

10. The method as recited in claim 5, further comprising the step of generating an invoice using the computer processor.

11. The method as recited in claim 10, wherein the step of generating the invoice further comprises the step of automatically generating the invoice using the matched sales order.

12. The method as recited in claim 10, further comprising the steps of:

comparing the invoice to the matched sales order using the computer processor in order to determine any discrepancies; and

correcting the invoice using the computer processor if there are any discrepancies, thereby generating a matched invoice.

13. The method as recited in claim 12, further comprising the steps of:

receiving shipping instructions from a shipper via the network;

comparing the shipping instructions to the matched invoice using the computer processor in order to determine any discrepancies; and

informing the shipper of the discrepancies whereby the shipper can correct the discrepancies and provide matched shipping instructions.

14. The method as recited in claim 12, further comprising the steps of:

automatically generating shipping insurance instructions based on the matched invoice using the computer processor; and

transmitting the shipping insurance instructions to an insurer.

15. The method as recited in claim 14, further comprising the steps of:

receiving a certificate of insurance from the insurer; and

automatically generating at least one trade document using the certificate of insurance, the matched invoice and the matched shipping instructions.

16. The method as recited in claim 13, further comprising the step of automatically generating at least one trade document based on the matched invoice and the matched shipping instructions using the computer processor.

17. The method as recited in claim 15, wherein the trade documents include the matched invoice, the matched shipping instructions, the certificate of insurance, packing slips, and a certificate of analysis.

18. The method as recited in claim 15, further comprising the step of presenting the trade documents to the buyer for negotiation via the network.

19. The method as recited in claim 17, further comprising the step of performing a reconciliation function on behalf of the buyer using the computer processor.

20. The method as recited in claim 18, wherein the step of performing a reconciliation function on behalf of the buyer further comprises the step of reconciling a payment due under the trade documents against the requirement information.

21. The method as recited in claim 17, further comprising the steps of:

receiving payment information reflecting a payment made by the buyer, the seller via the network; and

performing a reconciliation function on behalf of the seller in response to the payment information using the computer processor.

22. The method as recited in claim 20, wherein the step of performing a reconciliation function on behalf of the seller further comprises the step of reconciling the payment information against the matched invoice.

23. The method as recited in claim 22, further comprising the step printing the documents at a location which is in proximity to the bank.

24. The method as recited in claim 22, wherein the trade documents are presented to the bank electronically via the network.