Agency payment system

Details Agency payment system Agency payment system

2011-04-19

2011-04-19

Cheung, Mary (Department: 3694)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

Reexamination Certificate

active

07930235

ABSTRACT:
An agency payment system for transactions covered by a virtual market control entity between participants. The system determines all payments required to be made by each virtual market control entity participant on a given day. It nets all of each of the participant's required payments to be made with the payments received by the virtual market control entity on the previous day due to each participant to obtain a net cash movement, either from the virtual market control entity to the participant's account or from the participant's account to the virtual market control entity. It transfers between the participant's account and the virtual market control entity's account and each participant's account the net cash movements to the virtual market control entity's account. It then transfers between the virtual market control entity's account and each participant's account the net cash movements to the participant's account.

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