Patent ID: 7599884
Filing Date: 2009-10-06
Classification: G06Q

Abstract:
1. A method that combines a contingency process with a trade credit process to create a contingency trade credit process, wherein one or a plurality of partial security interests are specified in credit, payment, settlement, settlement request, transaction, or transaction details information in the certificate information, comprising: i. Receiving, by a processing unit of a payer's financial institution, certificate information containing credit information of a payer; ii. Receiving, by a processing unit of a service provider, the certificate information containing transaction information containing time or event information, and transaction details information; iii. Receiving, by the processing unit of the service provider, the certificate information containing invoice and settlement request information; iv. Receiving, by the processing unit of the service provider, the certificate information containing event information; v. Processing, by the processing unit of the service provider, an algorithm which calculates time information, and processes available event and settlement request information, wherein the algorithm uses the available information to choose between requesting a settlement to be sent to the processing unit of the service provider or to a processing unit of a payee's financial institution; vi. Transmitting the certificate information containing a request for settlement from the processing unit of the service provider; vii. Transmitting, by the processing unit of the payer's financial institution, payment in response to the request for settlement; viii. Implementing trade credit, wherein: ix. Implementing offer and acceptance for trade credit, wherein the payer and payee propose and signoff transaction certificate information, sending changes back to the other party for signoff until both parties have signed off on identical certificate information; x. Implementing exchange of consideration between the payee and the payer, wherein: xi. Implementing contingency, wherein: xii. Nullifying of contingency by mutual consent of the payer and the payee, or by timely payment by the payer to the payee.