Method and apparatus for automating the process of settling financial transactions
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United States of America Patent
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-
N/A
Issued Date -
Nov 21, 2002
app pub date -
Mar 25, 2002
filing date -
May 15, 2001
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
One embodiment of the present invention provides a system for automatically settling a financial transaction. This system operates by receiving a trade record specifying previously-agreed-to details of the financial transaction between a first party and a second party. This trade record includes settlement instructions specifying a transfer of a first financial instrument belonging to the first party into a second party destination account belonging to the second party. It also includes a second digital signature created by digitally signing at least a portion of the trade record, including the settlement instructions, with a second private key belonging to the second party. Upon receiving this trade record, the system attempts to ensure that funds are available to complete the financial transaction. If funds can be ensured, the system causes the first financial instrument to be transferred into the second party destination account on condition that the second digital signature can be verified using a corresponding second public key.
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