Procurement and settlement system and method

Details Procurement and settlement system and method Procurement and settlement system and method

H - Electricity

04

L

H04L 12/16 (2006.01) H04L 29/06 (2006.01)

Patent

CA 2289395

The present invention involves a system and method for enabling transfer of title in property (TIP) wherein the property is usually money, between a Source and a Destination according to the terms defined by parties to an agreement. The Destination sends the agreement specifications to the Central Controller (CC) for authorization. Once the CC authenticates the agreement, the CC initiates transfer in the TIP as per the terms during one or more transfers from a Source TIP to a collection trust. As the defined targets are reached in the collection trust, a portion of its contents is transferred to the Destination TIP. The system can be used to transfer TIP for property as diverse as real property, money, shares, other choses in action, wherein applications can range, for example, from transfer of regular payments from a paycheck to: service providers, goods providers, alimony payments, non-profit organizations, etc. The system may also be used by individuals or companies to transfer incremental ownership in land or shares in a company.

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