Patent ID: 7945492
Filing Date: 2011-05-17
Classification: G06Q

Abstract:
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.