METHOD AND SYSTEM FOR RECEIVABLES MANAGEMENT

• US 20080021822A1
• Filed: 07/17/2007
• Published: 01/24/2008
• Est. Priority Date: 07/18/2006
• Status: Abandoned Application

• Current Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Original Assignee: JP Morgan Chase Bank, N.A. (JP Morgan Chase & Co)
• Inventors: Yuen, Kenneth, Cushing, Carol R., Christensen, Jason Thomas, HINTON, Brian D.
• Application Number:
  US11/779,105
• Publication Number:
  US 20080021822A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

An embodiment of the present invention is directed to a computer implemented method or system for managing receivables which may involve maintaining a repository for receivables data comprising payment data; applying one or more automated rules to the payment data for identifying an exception wherein the exception represents a discrepancy between an actual payment and an expected payment; forwarding the exception to one or more designated recipients for resolution; tracking the exception; evaluating the exception to determine a root cause of the discrepancy; and storing data associated with the exception in the repository.

Claims

1. A computer implemented method for managing receivables, the method comprising the steps of:

maintaining a repository for receivables data comprising payment data;

applying one or more automated rules to the payment data for identifying an exception wherein the exception represents a discrepancy between an actual payment and an expected payment;

forwarding the exception to one or more designated recipients for resolution;

tracking the exception;

evaluating the exception to identify a root cause of the discrepancy; and

storing data associated with the exception in the repository.

2. The method of claim 1, wherein the one or more automated rules are based on MICR line data.

3. The method of claim 1, wherein the one or more automated rules are based on one or more payer defined codes.

4. The method of claim 1, wherein the one or more automated rules are based on one or more user defined codes.

5. The method of claim 1, wherein the payment data comprises image data.

6. The method of claim 1, wherein the payment data comprises remittance information comprising one or more of check stubs, invoice payments and coupons.

7. The method of claim 1, wherein the payment data comprises data associated with one or more of checks, automated clearing house, electronic funds transfer, wire transfers, check returns, electronic data interchange, image replacement documents.

8. The method of claim 1, further comprising the step of:

adding one or more supplemental notes associated with the exception intended for the one or more designated recipients.

9. The method of claim 1, wherein the one or more designated recipients comprise one or more of customer service representatives, trading partners, participants, authorized users, business units, and business groups.

10. The method of claim 1, further comprising the step of:

generating one or more reports based on one or more conditions.

11. The method of claim 1, wherein each exception is identified by a reason code that identifies a repair reason.

12. The method of claim 1, further comprising the step of:

enabling one or more users to access one or more personalized views for managing the receivables data.

13. The method of claim 12, wherein the one or more users collaborate and communicate with each other.

27. A computer readable media comprising code to perform the steps of the method of claim 1.

14. A computer implemented system for managing receivables, the system comprising:

a repository for maintaining receivables data comprising payment data; and

a module for applying one or more automated rules to the payment data for identifying an exception wherein the exception represents a discrepancy between an actual payment and an expected payment;

forwarding the exception to one or more designated recipients for resolution;

tracking the exception; and

evaluating the exception to identify a root cause of the discrepancy;

where data associated with the exception is stored in the repository.

15. The system of claim 14, wherein the one or more automated rules are based on MICR line data.

16. The system of claim 14, wherein the one or more automated rules are based on one or more payer defined codes.

17. The system of claim 14, wherein the one or more automated rules are based on one or more user defined codes.

18. The system of claim 14, wherein the payment data comprises image data.

19. The system of claim 14, wherein the payment data comprises remittance information comprising one or more of check stubs, invoice payments and coupons.

20. The system of claim 14, wherein the payment data comprises data associated with one or more of checks, automated clearing house, electronic funds transfer, wire transfers, check returns, electronic data interchange, image replacement documents.

21. The system of claim 14, wherein one or more supplemental notes associated with the exception intended for the one or more designated recipients are added.

22. The system of claim 14, wherein the one or more designated recipients comprise one or more of customer service representatives, trading partners, participants, authorized users, business units, and business groups.

23. The system of claim 14, further comprising:

a report module for generating one or more reports based on one or more conditions.

24. The system of claim 14, wherein each exception is identified by a reason code that identifies a repair reason.

25. The system of claim 14, wherein one or more users access one or more personalized views for managing the receivables data.

26. The system of claim 25, wherein the one or more users collaborate and communicate with each other.

28. A computer implemented method for managing receivables, the method comprising the steps of:

maintaining a repository for receivables data comprising payment data, wherein the payment data comprises image data and remittance information comprising one or more of check stubs, invoice payments and coupons and wherein the payment data further comprises data associated with one or more of checks, automated clearing house, electronic funds transfer, wire transfers, check returns, electronic data interchange, image replacement documents;

applying one or more automated rules to the payment data for identifying an exception wherein the exception represents a discrepancy between an actual payment and an expected payment, wherein the one or more automated rules are based on one or more of MICR line data, payer defined codes and user-defined codes;

adding one or more supplemental notes associated with the exception intended for the one or more designated recipients,

forwarding the exception to one or more designated recipients for resolution, wherein the one or more designated recipients comprises one or more of customer service representatives, trading partners, participants, authorized users, business units, and business groups;

tracking the exception, wherein each exception is identified by a reason code that identifies a repair reason;

evaluating the exception to identify a root cause of the discrepancy;

storing data associated with the exception in the repository; and

enabling one or more users to access one or more personalized views for managing the receivables data, wherein the one or more users collaborate and communicate with each other.