System and method for automated incoming payment and invoice reconciliation

• US 20050075960A1
• Filed: 06/10/2004
• Published: 04/07/2005
• Est. Priority Date: 10/02/2003
• Status: Abandoned Application

• Current Assignee: Old World Industries (Old World Industries LLC)
• Original Assignee: Old World Industries (Old World Industries LLC)
• Inventors: Kong, Xiang, Rogoff, Robert, Steiner, William M., Walters, Alan J., Leavitt, Stacy A., Malloy, Stephen Louis, Schweigel, Brian R.
• Application Number:
  US10/866,015
• Publication Number:
  US 20050075960A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/0457 the tickets being sent electronically
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G07F 17/42 for ticket printing or like apparatus , e.g. apparatus for dispensing of printed paper tickets or payment cards
• CPC Class Codes: G07F 9/04 Means for returning surplus or unused coins
• CPC Class Codes: G07G 1/06 with provision for the noting of the money to be paid
• CPC Class Codes: G07G 5/00 Receipt-giving machines cash registers giving receipts G07G1/00

Abstract

A system and method for automated incoming payment and invoice reconciliation is provided. A buyer of goods sends a remittance to the seller'"'"'s financial institution. The buyer'"'"'s remittances is processed to generate payment data which is supplied to a payment matching application. The payment matching application retrieves buyer information from said payment data and queries the seller for all outstanding invoices of said buyer. The payment matching application then attempts to match the received payment to one or more of the buyer'"'"'s outstanding invoices. If a match is found, the payment is processed and the seller'"'"'s financial institution and accounting system are automatically updated. If no match is found, the payment is flagged for further processing.

Claims

1. A method for automated payment processing, said method including:

receiving payment information at a financial institution from a buyer;

generating payment data based on said payment information;

receiving said payment data at a payment matching application;

querying a seller for order data, wherein said order data includes data regarding one or more outstanding invoices;

receiving said order data from a seller at said payment matching application; and

comparing said payment data to said order data to match said payment data to one or more invoices included in said order data to process said payment.

2. The method of claim 1, said method further including closing out a transaction when said payment data matches one or more outstanding invoices of buyer.

3. The method of claim 1, said method further including flagging said payment data for further processing when said payment data does not match one or more outstanding invoices of buyer.

4. The method of claim 1 wherein said order data only includes invoice information for the buyer submitting said payment information.

5. The method of claim 1 wherein said order data includes all outstanding invoices of said seller.

6. The method of claim 2, said method further including sending posting data to said seller when said payment data matches one or more outstanding invoices of buyer.

8. The method of claim 1 wherein said matching application is integrated with said financial institution.

7. A method for automated payment processing, said method including:

receiving payment information at a financial institution from a buyer;

generating payment data based on said payment information;

receiving said payment data at a payment matching application;

querying a seller for order data, wherein said order data includes data regarding one or more outstanding invoices;

receiving said order data from a seller at said payment matching application; and

comparing said payment data to said order data to match said payment data to one or more invoices included in said order data to process said payment,

wherein said payment matching application is implemented as an Application Service Provider (ASP).

9. A method for automated payment processing, said method including:

receiving payment information at a financial institution from a buyer;

generating payment data based on said payment information;

receiving said payment data at a payment matching application;

querying a seller for order data, wherein said order data includes data regarding one or more outstanding invoices;

receiving said order data from a seller at said payment matching application; and

comparing said payment data to said order data to match said payment data to one or more invoices included in said order data to process said payment,

wherein said payment matching application is implemented as a software application at said seller.

10. A method for automated payment processing, said method including:

receiving payment information at a financial institution from a buyer;

generating payment data based on said payment information;

receiving said payment data at a payment matching application;

querying a seller for order data, wherein said order data includes data regarding one or more outstanding invoices;

receiving said order data from a seller at said payment matching application; and

comparing said payment data to said order data to match said payment data to one or more invoices included in said order data to process said payment,

wherein said payment matching application is implemented as a software application at a financial institution

11. A method for automated payment processing, said method including:

receiving payment information at a financial institution from a buyer;

generating payment data based on said payment information;

receiving said payment data at a payment matching application;

querying a seller for order data, wherein said order data includes data regarding one or more outstanding invoices;

receiving said order data from a seller at said payment matching application; and

comparing said payment data to said order data to match said payment data to one or more invoices included in said order data to process said payment,

wherein said payment matching application is implemented as a software application that has been outsourced to a third party

12. A method for automated matching of received payments with outstanding invoices, said method including:

receiving payment data at a payment matching application, said payment data representing a payment of a buyer;

receiving order data at said payment matching application, said order data representing one or more outstanding invoices of a seller;

comparing said payment data and said order data to determine which one or more invoices matching said payment data; and

sending posting data to said seller identifying the one or more and one invoices matching said payment data.

13. The method of claim 12 further including updating an accounting system at said seller to indicate the payment of said one or more than one invoices matching said payment data.

14. The method of claim 13 wherein said order data only includes invoice information for said buyer originating said payment information.

15. The method of claim 13 wherein said order data includes all outstanding invoices of said seller.

16. The method of claim 13 wherein said comparing takes places at an Application Service Provider (ASP).

17. The method of claim 16 wherein said ASP is installed at a financial institution.

18. The method of claim 16 wherein said ASP is integrated with a financial institution.

19. The method of claim 16 wherein said ASP is outsourced to a third party provider.

20. The method of claim 19 wherein said third party provider is integrated with a financial institution.

21. A system for automated matching of received payments with outstanding invoices, said system including:

a payment matching application receiving payment data, said payment data representing a payment of a buyer,

wherein said payment matching application also receives order data, said order data representing one or more outstanding invoices of a seller,

said payment matching application comparing said payment data and said order data to determine which one or more invoices matching said payment data, and

said payment matching application sending posting data to said seller identifying the one or more and one invoices matching said payment data.

22. The system of claim 21 further including and accounting system at said seller, said accounting system receiving said posting data and updating one or more entries to indicate the payment of said one or more and one invoices matching said payment data.

23. The system of claim 21 wherein said order data only includes invoice information for said buyer originating said payment information.

24. The system of claim 21 wherein said order data includes all outstanding invoices of said seller.

25. A system for automated matching of received payments with outstanding invoices, said system including:

a payment matching application receiving payment data, said payment data representing a payment of a buyer,

wherein said payment matching application also receives order data, said order data representing one or more outstanding invoices of a seller,

said payment matching application comparing said payment data and said order data to determine which one or more invoices matching said payment data, and

said payment matching application sending posting data to said seller identifying the one or more and one invoices matching said payment data,

wherein said payment matching application is an Application Service Provider (ASP).

26. A system for automated matching of received payments with outstanding invoices, said system including:

a payment matching application receiving payment data, said payment data representing a payment of a buyer,

wherein said payment matching application also receives order data, said order data representing one or more outstanding invoices of a seller,

said payment matching application comparing said payment data and said order data to determine which one or more invoices matching said payment data, and

said payment matching application sending posting data to said seller identifying the one or more and one invoices matching said payment data,

wherein said payment matching application is implemented as a software application at a financial institution.

27. A system for automated matching of received payments with outstanding invoices, said system including:

a payment matching application receiving payment data, said payment data representing a payment of a buyer,

wherein said payment matching application also receives order data, said order data representing one or more outstanding invoices of a seller,

said payment matching application comparing said payment data and said order data to determine which one or more invoices matching said payment data, and

said payment matching application sending posting data to said seller identifying the one or more and one invoices matching said payment data,

wherein said payment matching application is implemented as a software application that has been outsourced to a third party.