Jpmorgan Chase Bank, N.a.

Don Holm

Duc Lam

Xuan (Sunny) McRae

Xuan Mcrae

A method of making payment. A request is received to effect payment between a buyer and a seller for a transaction having established terms. The terms include a payment amount and a settlement date. Messages are exchanged between the buyer and the seller that include an offer and acceptance of new terms for payment at other than the established terms. The new terms include an adjusted amount of payment to be made at a particular time after an event associated with the transaction. An electronic notification that the event has occurred is received, and the after the notification, payment between the buyer and seller is effected under the new terms.

System and method for varying electronic settlements between buyers and suppliers with dynamic discount terms

A method of making payment. A request is received to effect payment between a buyer and a seller for a transaction having established terms. The terms include a payment amount and a settlement date. Messages are exchanged between the buyer and the seller that include an offer and acceptance of new terms for payment other than the established terms. The new terms include an adjusted amount of payment to be made at a particular time after an event associated with the transaction. An electronic notification that the event has occurred is received, and after the notification, payment between the buyer and seller is effected under the new terms. In one implementation, a digital signature indicating acceptance of the new terms is received. Another embodiment of the invention is directed to a method of effecting payment that includes receiving requests to effect a set of transactions with a set of entities. Requests for offers of terms different than the established terms are sent to the entities, and the different terms are to apply to payment made at a particular time after the event. Offers are received in response to the requests, and a set of offers among the offers is selected based on a set of one or more criteria. Requests for offers and selection of the offers may be made based on a goal seeking process. Another embodiment of the invention is directed to a method of making payment involving a buyer, seller and a third party, such as a financial institution. A system for making payment is also described.

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Walnut Creek, CA, United States of America

Don Holm