Patent ID: 8538844
Filing Date: 2013-09-17
Classification: G06Q

Abstract:
1. An automated method for a buyer to pay a seller via a bank, wherein the method is executed by a programmed computer processor which communicates with the buyer and the seller via a network, the method comprising the steps of: using at least one computer processor, the buyer completing an electronic application for a letter of credit with a bank for setting an order to purchase an item from a seller, the electronic application comprising letter of credit text and letter of credit terms and conditions; transmitting, by the buyer and over at least one network, the electronic application to the bank; generating, by the buyer, an order message including an identification of an item from the seller; transmitting, by the buyer and over the at least one network, the order message to the seller; receiving, by the buyer and over the at least one network, a shipping notification from the seller in response to the order message, the shipping notification indicating that the order has been filled; and transmitting, by the buyer and over the at least one network, a payment message to the bank to make a payment to the seller for the order.