Foreign exchange transaction system

Claim 3

The method of claim 1, wherein said MSC, MSAs and CSAs each have a host application and a money module.

Claim 4

The method of claim 1, wherein step (b) further comprises said MSC sending settlement data and time data to said MSAs, and step (c) further comprises said MSAs sending said settlement data and time data to said net debit CSAs.

Claim 5

The method of claim 3, further comprising the step: after step (e), at the date and time specified by said date and time data, said MSC checking if all said net debit counterparty CSAs have paid.

Claim 6

The method of claim 4, further comprising the steps: if not all said net debit counterparty CSAs have paid, said MSC transferring electronic money to said MSAs to be returned to debited CSAs along with a notification that settlement has failed.

Claim 7

The method of claim 1, further comprising the steps: after step (c), said net debit CSAs acquiring electronic money via money module withdrawal or payment.

Claim 8

The method of claim 1, wherein step (f) further comprises the step of said MSC notifying said MSAs of successful settlement for reporting to said net debit counterparty CSAs.

Claim 11

The method of claim 8, wherein step (b) further comprises said MSC sending settlement data and time data to said net debit CSAs.

Claim 12

A realtime multilateral settlement system, comprising; a computer implemented netting system; a processor-based multilateral settlement coordinator (MSC) that receives debit and credit data from said netting system; a plurality of processor-based multilateral settlement agents (MSAs); and a plurality of processor-based counterparty settlement agents (CSAs); wherein said CSAs store electronic money and have a protocol to transfer electronic money to said MSAs when having a net debit position, and to receive electronic money from said MSAs when having a net credit position, and where said CSAs maintain a transaction log to record electronic money transfers; wherein said MSAs store electronic money and have a protocol to receive electronic money from net debit CSAs and to transfer electronic money to said MSC, and to receive electronic money from said MSC and to transfer electronic money to net credit CSAs, and where said MSAs maintain a transaction log to record electronic money transfers; and wherein said MSC stores electronic money and has a protocol to receive electronic money from MSAs that were paid by said net debit CSAs, and to transfer electronic money to MSAs for said net credit CSAs, and where said MSC maintains a transaction log to record electronic money transfers.

Claim 13

A realtime multilateral settlement system, comprising; a computer implemented netting system; a processor-based multilateral settlement coordinator (MSC) that receives debit and credit data from said netting system; a plurality of processor-based multilateral settlement agents (MSAs); and a plurality of processor-based counterparty settlement agents (CSAs); wherein said CSAs store electronic money and have a protocol to transfer electronic money to said MSAs when having a net debit position, and to receive electronic money from said MSAs when having a net credit position, and where said CSAs maintain a transaction log to record electronic money transfers; wherein said MSAs store electronic money and have a protocol to receive electronic money from net debit CSAs and to transfer electronic money to said MSC, and to receive electronic money from said MSC and to transfer electronic money to net credit CSAs, and where said MSAs maintain a transaction log to record electronic money transfers; and wherein said MSC stores electronic money and has a protocol to receive electronic money from MSAs that were paid by said net debit CSAs, and to transfer electronic money to MSAs for said net credit CSAs, and where said MSC maintains a transaction log to record electronic money transfers.

Claim 14

The system of claim 10, wherein said MSC checks whether all net counterparties have paid at a particular settlement date and time which has been reported to said net debit CSAs.