G - Physics – 06 – Q
Patent
G - Physics
06
Q
G06Q 20/24 (2012.01) G06Q 40/02 (2012.01) H04L 12/16 (2006.01) H04L 12/22 (2006.01)
Patent
CA 2289955
A secure payment and trade management system comprises a Documentary Clearance Centre which recognizes and reserves funds against a credit account established by a buyer with a financial institution in the form of a credit card or bank line of credit used to issue an electronic documentary credit. The Documentary Clearance Centre provides an application for and authorization of the transaction, and verifies compliance documents collected from the seller and its suppliers. Once compliance of the documents with the terms of the electronic documentary credit is verified, the Documentary Clearance Centre charges the buyer's credit account for the seller's payment, transaction fees and assignment of proceeds, if any. The payment is transferred from the buyer's financial institution to the Documentary Clearance Centre, and the seller's funds are transferred by the Documentary Clearance Centre to the seller's bank as specified in the electronic documentary credit. In an alternative embodiment the request to reserve funds is made directly to a financial institution such as the buyer's bank. Upon verification of compliance of the documents with the electronic documentary credit, the reserved funds are transferred from the buyer's bank to the Documentary Clearance Centre and payment is made to the seller. In a further embodiment the seller grants the Documentary Clearance Centre a lien so that the goods are not released to the buyer until payment is received. In a further embodiment the verification documentation includes an electronic bill of lading. A credit account is obtained which provides a specified amount of credit to enter into trade transactions. This credit account is not transaction specific and can be utilized for any of a number of trade transactions. Once some or all of the credit available is used, the amount of credit available decreases accordingly. However, once the outstanding debt to the financial institution is satisfied, the amount of credit available is renewed to the original credit amount. This provides a revolving credit account for use in such credit transactions.
Katsman Jacob
Pachnev Nikolai
Cceweb Corp.
Katsman Jacob
Na
Pachnev Nikolai
LandOfFree
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