System And Method For Integrating Trading Operations Including The Generation, Processing And Tracking of Trade Documents

Abstract

First and second components of the present invention, in combination, provide a customer interface for initiating a trade transaction and provides for the secure viewing of the status of the transaction. A third component assists in the automatic generation and verification of the voluminous and detailed documents required to support a trade transaction. The third component additionally tracks and assists in the management of the seller's manufacturing and shipment of the goods that form the basis of the trade transaction. A fourth component automatically generates a Letter of Credit from a Purchase Order and performs a reconciliation function on payments made pursuant to Letters of Credit or open Accounts.

Description

RELATED APPLICATIONS[0001]This application is based on and claims priority to U.S. Provisional Patent Applications Nos. 60 / 113,561, filed Dec. 23, 1998; 60 / 113,643, filed Dec. 23, 1998; and PCT Application No. PCT / US99 / 26672, filed Dec. 11, 1999, the entire disclosures of which are hereby incorporated by reference.FIELD OF THE INVENTION[0002]The present invention generally relates to systems and methods for managing trading operations and more particularly to a system and method for generating, processing and tracking documents and processes associated with import / export trading operations.BACKGROUND OF THE INVENTION[0003]Presently, the process of documenting a trading operation between a buyer and a seller is manually intensive and error prone. Typically, a trading operation begins with a buyer wanting to purchase goods from a seller and requesting a price quote for the goods. The buyer and seller negotiate the terms of the trade resulting in the price quote as well as the other te...

AI Technical Summary

Benefits of technology

The system reduces errors and delays by automating the documentation process, enabling real-time tracking and reconciliation of trade transactions, and providing integrated treasury management services to both buyers and sellers, enhancing operational efficiency and reducing risk exposure.

Problems solved by technology

Presently, the process of documenting a trading operation between a buyer and a seller is manually intensive and error prone.

As is readily seen from the above description, the process required to document a trading operation involves many parties generating many documents from the same redundant purchase information from the buyer that is entered in the systems of the bank, the seller and other trading partners, and is therefore susceptible to error and gross inefficiencies.

These errors in the documentation lead to delays throughout the process including delays in the shipment of the goods.

Any such errors result in the delay of receipt of the goods by the buyer and delay of receipt of payment by the seller.

Furthermore, since there is a certain level of risk exposure in the letter of credit collection process, many customers are looking to banks to assist them in their letter of credit fund collection.

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