| 20080249848 | Method of Settling Commercial Indebtedness - A method whereby vendors and purchasers settle invoices and account for sales taxes, integrated with the drawing, accepting, guaranteeing, endorsing, discounting, presenting, and cash settlement of electronic bills of exchange in all traded currencies (Ebill). Ebills are activated automatically as a direct consequence of the approval of one or more invoices for payment. Acceptance is against a guarantee with a managed credit risk limit or endorsed Ebills. Settlement is also activated by matching a purchase order to a goods received or delivery note or bill of lading. A single instance of each invoice and Ebill is held for all functions required by vendors, purchasers, risk managers, Ebill traders, discounters, guarantors and banks. Trading accounts are represented by a single ledger instance with automated updating of their back-office ledgers. Settlement reconciliation is supported by messages related to individual transactions and by quantified debit advice notes reconciled with credit notes. | 10-09-2008 |
