System and method for settling trades in a digital merchant exchange

Abstract

A system and method for settling trades in a digital merchant exchange includes a buyer, a seller, a transaction agent, a network and a capital pool. The buyer and seller communicate through the network to agree on a contract. When the goods are received or the services are performed, the buyer issues a negotiable instrument that is received by the transaction agent. The transaction agent communicates with the buyer, seller, and capital pool through the network and facilitates the settlement of the trade. The system may call upon the capital pool to provide liquidity so that the system can issue payment to the seller at a time prior to the maturity date of the negotiable instrument.

1 - 75 . (canceled) 
     
     
         76 . An apparatus for paying for value given to a buyer by a seller, said apparatus comprising:
 a negotiable instrument issued by a buyer and having a maturity date;   a notification that said negotiable instrument is responsive to value provided by the seller; and   an order to pay the holder of said negotiable instrument the value of said negotiable instrument on said maturity date such that said negotiable instrument is paid on said maturity date when said order to pay is presented to the buyer.   
     
     
         77 . The apparatus as defined in  claim 76  wherein said negotiable instrument is a promissory note. 
     
     
         78 . The apparatus as defined in  claim 77  wherein said promissory note is certified to be responsive to receipt of the value. 
     
     
         79 . The apparatus as defined in  claim 78  wherein said certified promissory note is electronically certified. 
     
     
         80 . The apparatus as defined in  claim 79  wherein said electronically certified promissory note is digitally certified. 
     
     
         81 . The apparatus as defined in  claim 76  wherein said order to pay is a bank draft