Method and system for implementing effective governance of transactions between trading partners

A computer implemented system for governing business transactions between trading partners, the computer implemented system comprising:

• a receiving module for receiving a first independent log from a first trading partner wherein the first independent log comprises at least one request log entry associated with a transaction wherein the at least one request log entry comprises at least a request identifier and receiving a second independent log from a second trading partner wherein the second independent log comprises at least one reply log entry associated with the transaction between the first trading partner and the second trading partner, wherein the at least one reply log entry comprises at least a reply identifier;
• and
• a matching module for matching the at least one request log entry and the at least one reply log entry based on one or more of the request identifier and the reply identifier at a third party interface;
• identifying matching log entries at the third party interface for implementing a billing process for the matching log entries;
• identifying non-matching log entries at the third party interface;
• and forwarding the non-matching log entries for one or more of error processing and dispute resolution.

An automated computer implemented method for governing business transactions between trading partners, wherein the method is executed by a programmed computer processor which communicates with a user via a network, the computer implemented method comprising the steps of:

• receiving a first independent log from a first trading partner wherein the first independent log comprises at least one request log entry associated with a transaction wherein the at least one request log entry comprises at least a request identifier via the network;
• receiving a second independent log from a second trading partner wherein the second independent log comprises at least one reply log entry associated with the transaction between the first trading partner and the second trading partner, wherein the at least one reply log entry comprises at least a reply identifier via the network;
• matching the at least one request log entry and the at least one reply log entry based on one or more of the request identifier and the reply identifier at a third party interface, using the programmed computer processor;
• identifying matching log entries at the third party interface;
• identifying non-matching log entries at the third party interface;
• and
• forwarding the non-matching log entries for one or more of error processing and dispute resolution via the network;
• wherein the matching log entries are used to perform a business function as agreed to in a preexisting agreement between the first trading partner and the second trading partner;
• wherein the business function comprises one or more of billing the first trading partner or the second trading partner and transferring value between the partners;
• wherein each of the at least one request log entry and the at least one reply log entry contains at least part of a message plaintext exchanged between the first trading partner and the second trading partner;
• wherein the at least part of the message plaintext is encrypted and each of the at least one request log entry and the at least one reply log entry contains one or more of cryptographic hash functions and cryptographic digital signatures to allow later verification that the message plaintext logged by the first trading partner and the second trading partner was an actual message communicated in the transaction;
• wherein the first independent log and the second independent log are sent by the first trading partner and the second trading partner, respectively, to the third party interface in real time, wherein each of the at least one request log entry and the at least one reply log entry contains time stamps;
• wherein the third party interface matches each log entry in real time and notifies one or more of the first trading partner and the second trading partner that a mismatch or match has occurred;
• wherein each log entry contains data describing a value of a transaction;
• wherein the value of the transaction comprises an amount of money transferred in the transaction between the first trading partner and the second trading partner;
• and
• wherein the third party interface uses the value of transaction with matching log data to provide financial settlement between or among the first trading partner and the second trading partner.