Method and system for processing transactions

• US 20050149415A1
• Filed: 02/28/2005
• Published: 07/07/2005
• Est. Priority Date: 02/05/2001
• Status: Active Grant

• Current Assignee: Oracle International Corporation (Oracle Corporation)
• Original Assignee: Oracle International Corporation (Oracle Corporation)
• Inventors: Marron, John T., Furphy, Thomas W., Carreira, Jason A., Bandych, David W.
• Granted Patent: US 7,865,413 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 10/0875 Itemisation or classification of parts, supplies or services, e.g. bill of materials
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The present invention discloses a system and method for processing business transactions between trading partners using a central interactive platform. The processing may include comparing purchase order data and invoice data to identify matching information and non-matching information. If the information matches, the invoices are processed for payment. If the information does not match, the discrepancies are identified to the buying company or the selling company for resolution.

Claims

1. A method for processing transactions between at least one buying company and at least one selling company by a third party using a central database comprising the steps of:

(a) receiving buying company accounting data in the central database;

(b) receiving selling company accounting data into the central database;

(c) automatically matching preselected buying company accounting data and selling company accounting data;

(d) providing for remittance of amount due to the selling company from the buying company according to predetermined criteria relating to the matched data; and

(e) providing for interaction with the central database by the at least one buying company and the at least one selling company.

2-52. -52. (canceled)