Patent ID: 7082412
Filing Date: 2006-07-25
Classification: G06Q

Abstract:
1. A method of electronic factoring, the method comprising providing an electronic platform for use by a plurality of buyers, vendors and at least one financial institution for factoring receivables, wherein the electronic platform is not administrated by the vendors; receiving, in the electronic platform, application information that is provided directly from the buyers, electronically assigning, in the electronic platform, each of the buyers a credit limit for factoring of receivables owed the vendor, said receivables being generated from the purchase of goods or services to the buyer from the vendor, wherein the credit limit indicates a transaction limit of the buyer for purchasing goods or services in exchange for said receivable to the vendor; electronically receiving, in the electronic platform, transaction information that describes a transaction between one of the buyers and a vendor, wherein the transaction creates a receivable for the vendor, and wherein as part of the transaction the buyer is obligated to pay the vendor a payable; electronically accessing the electronic platform for verification of credit availability for the transaction; electronically sending the vendor a transaction authorization message; and electronically assigning, in the electronic platform, ownership of the receivable of the vendor to a financial institution.