Patent ID: 7447659

Claim:
A method of assisting potential borrowers to obtain bank guarantees in a comsumer-to-consumer electronic lending and borrowing system, the method comprising: receiving bank data from a user that is a financial institution or bank, via a computer network, where said bank data comprises, maximum collateral required, minimum collateral required, charges, and a required type of collateral; constantly monitoring and periodically verifying a value of the collateral and providing an alert if the collateral value is below a baseline value and requesting the borrower to add to the value of the collateral; receiving borrower data from a user that is a borrower via a computer network, where said borrower data comprises, a time period, a guarantee amount, and a type of bank said borrower wishes to obtain a bank guarantee from; comparing said bank data to said borrower data and matching said bank data to said borrower data when said bank data contains the same values as said borrower data; informing each said bank whose bank data matches with one or more entries of borrower data both the borrower and the bank of the matched details and thereby identifying a prospective counterpart; said system facilitating communication and negotiation between respective counterparts; bank confirming match by transmitting a confirmation to a central server of said system on successful negotiation of all terms; upon receiving confirmation from at least one bank, said central server freezing corresponding borrower data so as to not display said borrower data to other banks; said borrower providing collateral to an escrow account; said system verifying received collateral for type and amount as provided in the borrower data; a bank providing bank guarantee to said borrower and subsequently informing said system; and said system storing data for historical market and credit analysis, where borrowers are obtaining bank guarantees to be used as collateral in said consumer-to-consumer electronic lending and borrowing system, where both lenders and borrowers are consumers.