Accelerated payment system for construction projects

Systems and methods are provided for processing accelerated payments, associated with a construction project, that are funded through a third-party funding source. The server is configured to receive, from a first participant associated with the construction project, a request for a payment for serv...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Hauptverfasser: ALLIN, PATRICK J, SMITH, JOHN W, TURINELLI, FRANCO
Format: Patent
Sprache:eng
Schlagworte:
Online-Zugang:Volltext bestellen
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Beschreibung
Zusammenfassung:Systems and methods are provided for processing accelerated payments, associated with a construction project, that are funded through a third-party funding source. The server is configured to receive, from a first participant associated with the construction project, a request for a payment for services or materials provided in connection with the construction project, the request for payment including a requested payment amount. The server also receives an approval of the request for payment based on a review of a first project metric. An accelerated payment instruction is then transmitted to the third-party funding source and a second project metric is made available to the funding source to aid their review of whether to approve funding. A funding approval is then received from the third-party funding source confirming that an accelerated payment for the requested payment amount will be funded by the third-party funding source.