Patent ID: 7860766

Claim:
Within a closed community of authenticated participants in value transactions, an electronic method of managing a timely and irrevocable transfer of closing funds, the method comprising: a. providing an electronic interface accessible over a distributed network for a first party and a second party to enter information for a proposed value transaction between them, wherein the information includes an identification of a plurality of payees, including the first party; b. providing access to aspects of the electronic interface by the first party and the second party for modifying the information until agreement can be reached between the first party and the second party on terms of the value transaction, the terms including a closing total, the closing total consisting of amounts payable to each of the plurality of payees; c. providing access to a staging account via the electronic interface into which the second party may electronically and irrevocably transfer closing funds representing the closing total from a bank account specified by the second party, the bank account having been pre-verified as a valid bank account by deposit of test funds automatically when a bank account is provided; d. providing access to aspects of the electronic interface by the first party and the second party for electronically signaling their final agreement as to the terms of the value transaction; e. providing access to aspects of the electronic interface by the second party for electronically directing that the closing funds in the staging account be released; f. by signal from the electronic interface, electronically releasing the closing funds to be paid to the payees and electronically transferring in real time the amounts payable from the staging account to a bank account specified by each of the payees, the bank account having been pre-verified as a valid bank account by deposit of test funds automatically when a bank account is provided and prior to the release of the closing funds; and g. electronically notifying from the electronic interface at least the second party that the closing funds have been electronically transferred to the payees.