Methods for electronic multiparty accounts receivable and accounts payable systems
First Claim
1. A method for use in an electronic multiparty accounts receivable and accounts payable system intended for use by at least two system participants who have contracted with one another and who may owe debts to one another under one or more underlying contracts and who both use the electronic multiparty accounts receivable and accounts payable system to manage their respective debt obligations and wherein with respect to a specific debt obligation, the system participant owed the debt is deemed a creditor participant and the system participant owing the debt is deemed a debtor participant, the method comprising:
- storing information reflecting debts owed by the debtor participant in an electronic data storage means of the electronic multiparty accounts receivable and accounts payable system;
constructing an electronic invoice from the debt information stored in the electronic data storage means reflecting amounts owed to the creditor participant by the debtor participant on one or more underlying contracts;
presenting the electronic invoice reflecting amounts owed to the creditor participant by the debtor participant to the debtor participant for authorization;
reviewing the information reflected in the electronic invoice by one or more of the credit participant and the debtor participant;
authorizing the electronic invoice when the debtor participant agrees with the information reflected in the electronic invoice or when the debtor participant declines to contest the information, wherein authorization signifies that the debt reflected in the electronic invoice has become a payment obligation due on a date certain;
confirming the electronic invoice by the debtor participant, wherein confirmation transforms the debt reflected in the electronic invoice owed by the debtor participant into an independent payment obligation due on a date certain for a sum certain and free of defenses to the underlying contract;
storing the confirmation in the electronic data storage means of the electronic accounts receivable and accounts payable system; and
designating the confirmed electronic invoice as an electronic promissory note constituting an independent payment obligation of the debtor participant to the creditor participant;
wherein the creditor participant transfers the independent payment obligation due on the date certain for the sum certain to a third party entity as an electronic promissory note for settling a separate obligation between the creditor participant and the third party entity.
1 Assignment
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Accused Products
Abstract
The invention concerns methods for use in a multiparty accounts receivable and accounts payable system that allow business trading partners to use a single, shared system for both accounts receivable and accounts payable management. A system implementing the methods of the invention forms an electronic “bridge” between a plurality of business trading partners for purposes of invoicing, dispute resolution, financing, and settlement of single and multiple currency debts. As the invoicing and settlement activities of the participants in the methods of the invention are funneled through a common system, the methods allows a participant to aggregate all debts owed to other participants, aggregate all debts owed by the other participants, and net debts owed to other participants with debts owed by these participants. After aggregation and netting steps, the methods of the present invention allow a participant to issue a single payment to settle numerous accounts payable items, and to receive a single payment that settles numerous accounts receivable items. The methods allow participants to use the substantial amount of financial and cash flow information captured by a system implementing the methods of the invention to borrow more efficiently by permitting lenders to view this information. Furthermore, the methods provide a confirmation process to convert existing debt obligations into a new, independent payment obligation due on a date certain and free of any defenses to the underlying contract. The confirmed debt obligations provide a better source of working capital for the participants, or can be converted into electronic promissory notes. The invention further provides methods for electronic exchange of electronic promissory notes, allowing participants to raise working capital in various ways, for example, by selling them.
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Citations
140 Claims
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1. A method for use in an electronic multiparty accounts receivable and accounts payable system intended for use by at least two system participants who have contracted with one another and who may owe debts to one another under one or more underlying contracts and who both use the electronic multiparty accounts receivable and accounts payable system to manage their respective debt obligations and wherein with respect to a specific debt obligation, the system participant owed the debt is deemed a creditor participant and the system participant owing the debt is deemed a debtor participant, the method comprising:
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storing information reflecting debts owed by the debtor participant in an electronic data storage means of the electronic multiparty accounts receivable and accounts payable system; constructing an electronic invoice from the debt information stored in the electronic data storage means reflecting amounts owed to the creditor participant by the debtor participant on one or more underlying contracts; presenting the electronic invoice reflecting amounts owed to the creditor participant by the debtor participant to the debtor participant for authorization; reviewing the information reflected in the electronic invoice by one or more of the credit participant and the debtor participant; authorizing the electronic invoice when the debtor participant agrees with the information reflected in the electronic invoice or when the debtor participant declines to contest the information, wherein authorization signifies that the debt reflected in the electronic invoice has become a payment obligation due on a date certain; confirming the electronic invoice by the debtor participant, wherein confirmation transforms the debt reflected in the electronic invoice owed by the debtor participant into an independent payment obligation due on a date certain for a sum certain and free of defenses to the underlying contract; storing the confirmation in the electronic data storage means of the electronic accounts receivable and accounts payable system; and designating the confirmed electronic invoice as an electronic promissory note constituting an independent payment obligation of the debtor participant to the creditor participant; wherein the creditor participant transfers the independent payment obligation due on the date certain for the sum certain to a third party entity as an electronic promissory note for settling a separate obligation between the creditor participant and the third party entity. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93, 94, 95, 96, 97, 98, 99, 100, 101, 102, 103, 104, 105, 106, 107, 108, 109, 110, 111, 112, 113, 114, 115, 116, 117, 118, 119, 120, 121, 122, 123, 124, 125, 126, 127, 128, 129, 130, 131, 132, 133, 134, 135, 136, 137, 138, 139, 140)
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Specification