System and method for invoice confirmation and funding
First Claim
1. A computer-implemented method for payment of an invoice evidencing a payment obligation of a payer to a biller using a third-party intermediary, wherein the computer-implemented method is performed by one or more computers executing one or more programs stored in their memories, the computer-implemented method comprising:
- receiving at the intermediary a nonrepudiable commitment from the payer to pay an amount of an invoice that is directly authorized by the payer, wherein the commitment includes a payment date subsequent to such authorization;
receiving from the biller a legally binding commitment to pay the amount of the invoice that is directly authorized by the payer to the intermediary if the payer does not pay the amount of the invoice to the intermediary;
receiving at the intermediary directly from the payer an authorization to pay the amount of the invoice to the biller;
after directly receiving the authorization, paying to the biller at least a substantial portion of the amount of the invoice; and
subsequently collecting from the payer (or at payer'"'"'s agent) the amount of the invoice.
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Accused Products
Abstract
A system and method are disclosed for billers and payers to manage accounts receivable for business-to-business payments using a third-party intermediary. The system enables billers to be paid faster and payers to delay payment, while also minimizing the risk of default to the intermediary. The advantages of the present system and method stem from direct authorization by the payer to the intermediary, a nonrepudiable commitment by the payer, and dual recourse for the third-party intermediary, without the need for explicit payment contracts between billers and payers.
108 Citations
19 Claims
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1. A computer-implemented method for payment of an invoice evidencing a payment obligation of a payer to a biller using a third-party intermediary, wherein the computer-implemented method is performed by one or more computers executing one or more programs stored in their memories, the computer-implemented method comprising:
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receiving at the intermediary a nonrepudiable commitment from the payer to pay an amount of an invoice that is directly authorized by the payer, wherein the commitment includes a payment date subsequent to such authorization; receiving from the biller a legally binding commitment to pay the amount of the invoice that is directly authorized by the payer to the intermediary if the payer does not pay the amount of the invoice to the intermediary; receiving at the intermediary directly from the payer an authorization to pay the amount of the invoice to the biller; after directly receiving the authorization, paying to the biller at least a substantial portion of the amount of the invoice; and subsequently collecting from the payer (or at payer'"'"'s agent) the amount of the invoice. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. An apparatus to facilitate payment of an invoice evidencing a payment obligation of a payer to a biller using a third-party intermediary, comprising:
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a storage device; and a processor connected to the storage device, the storage device storing a program for controlling the processor; and
the processor operative with the program to;receive at the intermediary a nonrepudiable commitment from the payer to pay the amount of any invoice that is directly authorized by the payer, wherein the commitment includes a payment date subsequent to such authorization; receive from the biller a legally binding commitment to pay the amount of the invoice that is directly authorized by the payer to the intermediary if the payer does not pay the amount of such an invoice to the intermediary; receive at the intermediary directly from the payer an authorization to pay the amount of the invoice to the biller; after directly receiving the authorization, pay to the biller at least a portion of the amount of the invoice; and subsequently collect form the payer (or a payer'"'"'s agent) the amount of the invoice. - View Dependent Claims (13, 14, 15, 16, 17, 18)
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19. An article of manufacturing having one or more machine-readable media storing instructions which, when executed by a machine, cause the machine to a method comprising:
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receiving at the intermediary a nonrepudiable commitment from the payer to pay an amount of an invoice that is directly authorized by the payer, wherein the commitment includes a payment date subsequent to such authorization; receiving from the biller a legally binding commitment to pay the amount of the invoice that is directly authorized by the payer to the intermediary if the payer does not pay the amount of the invoice to the intermediary; receiving at the intermediary directly from the payer an authorization to pay the amount of the invoice to the biller; after directly receiving the authorization, paying to the biller at least a portion of the amount of the invoice; and subsequently collecting from the payer (or payer'"'"'s agent) the amount of the invoice.
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Specification