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 extending the payment term to a buyer receiving value from a seller, said apparatus comprising:
 a receiving module configured to receive a negotiable instrument issued by the buyer, said negotiable instrument having an extended maturity date,   a certification module configured to certify that said negotiable instrument is responsive to receipt of the value; and   a liquidity module configured to liquidate said negotiable instrument such that the seller receives funds before said maturity date of said negotiable instrument, whereby said maturity date can be later than said maturity date might be without said liquidity module.   
     
     
         77 . The apparatus as defined in  claim 76  further comprising storage configured to store said negotiable instrument. 
     
     
         78 . The apparatus as defined in  claim 76  wherein said negotiable instrument is received directly from the buyer. 
     
     
         79 . The apparatus as defined in  claim 78  wherein said negotiable instrument is received over a network. 
     
     
         80 . The apparatus as defined in  claim 79  wherein said network is the Internet. 
     
     
         81 . The apparatus as defined in  claim 76  wherein said negotiable instrument is a promissory note. 
     
     
         82 . The apparatus as defined in  claim 81  wherein said promissory note is certified to be responsive to receipt of the value. 
     
     
         83 . The apparatus as defined in  claim 82  wherein said certified promissory note is electronically certified. 
     
     
         84 . The apparatus as defined in  claim 83  wherein said electronically certified promissory note is digitally certified. 
     
     
         85 . A method for extending the payment term to a buyer receiving value from a seller, said method comprising the steps of;
 receiving a negotiable instrument issued by the buyer, said negotiable instrument having an extended maturity date;   certifying that said negotiable instrument is responsive to receipt of the value; and   liquidating said negotiable instrument such that the seller receives funds before said maturity date of said negotiable instrument, whereby said maturity date can be later than said maturity date might be without said liquidity module.   
     
     
         86 . The method as defined in  claim 85  further comprising the step of storing said negotiable instrument. 
     
     
         87 . The method as defined in  claim 85  wherein said receiving step receives said negotiable instrument directly from the buyer. 
     
     
         88 . The method as defined in  claim 87  wherein said receiving step receives said negotiable instrument over a network. 
     
     
         89 . The method as defined in  claim 88  wherein said network is the Internet. 
     
     
         90 . The method as defined in  claim 85  wherein said negotiable instrument is a promissory note. 
     
     
         91 . The method as defined in  claim 90 , further comprising the step of certifying that said promissory note is responsive to the receipt of the value. 
     
     
         92 . The method as defined in  claim 91 , wherein said certified promissory note is electronically certified. 
     
     
         93 . The method as defined in  claim 92 , wherein said electronically certified promissory note is digitally certified.