Importance

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Abstract

The present invention relates to the satisfaction of an agreed to monetary settlement of a claim and provides claimants with the ability to electronically execute claims settlements, including releases, and for the issuance to the claimant, preferably electronically, of redeemable vouchers for at least a portion of the settlement amount and for the immediate transfer of funds for any remainder of the settlement amount to the claimant. In the presently preferred embodiment of the invention, a settlement processing entity is utilized to receive the proposed settlement terms and their acceptance, electronically receive the execution of any release by the claimant, and to initiate the electronic transfer of at least one voucher having a stated redemption value and, if required, settlement funds, the total of which exceeds the settlement amount, to the claimant after acceptance and electronic execution by the claimant of any release. In the preferred embodiment of the invention, the settlement processing entity pays a vendor obligated to redeem the voucher an amount less than the voucher's stated redemption value for the voucher. In further embodiment of the invention, the settlement processing entity receives a total monetary payment from the funding entity in satisfaction of the funding obligation which is less than the monetary settlement amount.

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First Claim