Trade receivable processing method and apparatus
First Claim
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1. A method of utilizing a computer network based receivable clearinghouse for facilitating a transaction involving a receivable and corresponding invoice having payable and receivable information, the method comprising the steps of:
- receiving data comprising the invoice with the payable and the receivable information from a first participant involved in the transaction;
storing the receivable information in the receivable clearinghouse;
generating electronic invoice information in response to the invoice received from the first participant;
transmitting the electronic invoice information on behalf of the first participant to a second participant, the electronic invoice including one or more modifiable payment terms wherein one term requires payment of the receivable be sent to the receivable clearinghouse;
offering the receivable corresponding to the invoice for sale to multiple third party participants over a receivable marketplace associated with the receivable clearinghouse, the receivable marketplace being accessed by a receivable trading apparatus;
receiving a payment from the second participant;
matching the payment from the second participant with a receivable in the receivable marketplace;
recording receipt of the payment in the receivable clearinghouse;
reconciling the payment and the receivable in the receivable marketplace; and
crediting the receipt of the payment to the first participant.
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Abstract
A processing method and apparatus is provided, such as a clearinghouse, for tracking receivable and payable information, matching, negotiating, trading, providing working capital financing, and settling payments for accounts payable and accounts receivable between trading partners and finance providers.
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Citations
25 Claims
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1. A method of utilizing a computer network based receivable clearinghouse for facilitating a transaction involving a receivable and corresponding invoice having payable and receivable information, the method comprising the steps of:
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receiving data comprising the invoice with the payable and the receivable information from a first participant involved in the transaction; storing the receivable information in the receivable clearinghouse; generating electronic invoice information in response to the invoice received from the first participant; transmitting the electronic invoice information on behalf of the first participant to a second participant, the electronic invoice including one or more modifiable payment terms wherein one term requires payment of the receivable be sent to the receivable clearinghouse; offering the receivable corresponding to the invoice for sale to multiple third party participants over a receivable marketplace associated with the receivable clearinghouse, the receivable marketplace being accessed by a receivable trading apparatus; receiving a payment from the second participant; matching the payment from the second participant with a receivable in the receivable marketplace; recording receipt of the payment in the receivable clearinghouse; reconciling the payment and the receivable in the receivable marketplace; and crediting the receipt of the payment to the first participant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14)
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15. A method of utilizing a computer network based receivable clearinghouse for facilitating delivery of invoice information, reflecting a receivable, between a first party and a second party, the first party being a full participant of the receivable clearinghouse, the method comprising the steps of:
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receiving the invoice information from the full participant; storing the invoice information in the receivable clearinghouse; generating payable information in response to the invoice information received from the full participant; offering the receivable corresponding to the invoice for sale to multiple third party participants over a receivable marketplace associated with the receivable clearinghouse, the receivable marketplace being accessed by a receivable trading apparatus; transmitting the payable information to the second party as an electronic invoice including one or more modifiable payment terms wherein one term requires payment of the receivable represented by the electronic invoice be settled through the receivable clearinghouse; receiving a payment related to the receivable and related invoice; matching the payment with the receivable in the receivable marketplace; reconciling the payment and the receivable in the receivable marketplace; and recording receipt of the payment in the receivable clearinghouse. - View Dependent Claims (16, 17, 18, 19, 20)
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21. A computer network based receivable clearinghouse for facilitating a transaction involving a participant and an invoice, the invoice including payable and receivable information, the computer network based receivable clearing house comprising:
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a data repository for holding the invoice information submitted by the participant, the data repository being accessible to a financial institution of the participant under clearinghouse rules and obligations agreed to by all participants; a fund settlement apparatus for settling discrepancies involved with the invoice, the fund settlement apparatus being operably connected to the data repository wherein daily cash settlements between the clearinghouse and the participant occur; a data management and reporting apparatus for compiling data received from the participant and for reporting data summarized to the participant, including financial participants, the data management and reporting apparatus being operably connected to the data repository; a receivable trading apparatus for interacting with a receivable marketplace wherein the receivable represented by the invoice information can be offered for sale to multiple third party participants of the receivable clearinghouse, the receivable trading apparatus being operably connected to the data repository; and a reconciliation apparatus for reconciling payments received from third party participants and matching receivables at the clearinghouse. - View Dependent Claims (22, 23, 24, 25)
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Specification