Patent ID: 10417647

Abstract:
In embodiments of the invention, in accordance with a financing/bailment agreement, a dealer/bailee is required to retain the bailed property units in a controlled area to enable embodiments of the invention to perform real-time execution of inventory financing transactions. The bailed property units are tagged with tags for inventory identification. A reader device associated with the controlled area, detects entry or removal of the bailed property units by detecting a signal from a tag of the bailed property unit, the reader outputting an event signal. A server coupled to the reader, is programmed to access terms of the agreement, to monitor the event signals received from the reader. The server is coupled to one or more banks having an account of the bailor and an account of the bailee. The server is programmed to initiate a financial transfer by the one or more banks from the bailee account to the bailor account in accordance with the agreement, based on removal of the bailed property units in the controlled area.