Method and system for processing transactions by a third party using a central database to facilitate remittance
First Claim
Patent Images
1. A method for processing transactions between buying companies and selling companies by a third party using a central database accessible via a communications network, the method comprising:
- receiving, at one or more computer systems of the third party that communicate with the central database, one or more purchase orders associated with at least one buying company;
storing, in the central database using the one or more computer systems of the third party, information representing one or more purchase order line items of the one or more purchase orders;
receiving, at the one or more computer systems of the third party that communicate with the central database, one or more invoices associated with at least one selling company;
storing, in the central database using the one or more computer systems of the third party, information representing one or more invoice line items of the one or more invoices;
matching, with one or more processors associated with the one or more computer systems of the third party, one or more line items in preselected purchase order line items associated with the at least one buying company with one or more line items in preselected invoice line items associated with the at least one selling company to determine one or more matching line items;
generating, with the one or more processors associated with the one or more computer systems of the third party, information providing for the remittance of an amount due to the at least one selling company from the at least one buying company based on the one or more matching line items according to predetermined criteria related to the one or more matching line items;
issuing, with the one or more processors associated with the one or more computer systems of the third party, a payment automatically to the at least one selling company based on the information providing for remittance of an amount due to the at least one selling company from the at least one buying company; and
forwarding, using the one or more computer systems of the third party, information notifying the at least one buying company of the automatic payment.
3 Assignments
0 Petitions
Accused Products
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.
-
Citations
14 Claims
-
1. A method for processing transactions between buying companies and selling companies by a third party using a central database accessible via a communications network, the method comprising:
-
receiving, at one or more computer systems of the third party that communicate with the central database, one or more purchase orders associated with at least one buying company; storing, in the central database using the one or more computer systems of the third party, information representing one or more purchase order line items of the one or more purchase orders; receiving, at the one or more computer systems of the third party that communicate with the central database, one or more invoices associated with at least one selling company; storing, in the central database using the one or more computer systems of the third party, information representing one or more invoice line items of the one or more invoices; matching, with one or more processors associated with the one or more computer systems of the third party, one or more line items in preselected purchase order line items associated with the at least one buying company with one or more line items in preselected invoice line items associated with the at least one selling company to determine one or more matching line items; generating, with the one or more processors associated with the one or more computer systems of the third party, information providing for the remittance of an amount due to the at least one selling company from the at least one buying company based on the one or more matching line items according to predetermined criteria related to the one or more matching line items; issuing, with the one or more processors associated with the one or more computer systems of the third party, a payment automatically to the at least one selling company based on the information providing for remittance of an amount due to the at least one selling company from the at least one buying company; and forwarding, using the one or more computer systems of the third party, information notifying the at least one buying company of the automatic payment. - View Dependent Claims (2, 3, 4, 5, 6, 7)
-
-
8. A non-transitory computer-readable medium storing computer-executable code for processing transactions between buying companies and selling companies using a central database accessible via a communications network, the computer readable medium comprising:
-
code for receiving one or more purchase orders associated with at least one buying company; code for storing information representing one or more purchase order line items of the one or more purchase orders; code for receiving one or more invoices associated with at least one selling company; code for storing, in the central database, information representing one or more invoice line items of the one or more invoices; code for matching one or more line items in preselected purchase order line items associated with the at least one buying company with one or more line items in preselected invoice line items associated with the at least one selling company to determine one or more matching line items; code for generating information providing for the remittance of an amount due to the at least one selling company from the at least one buying company based on the one or more matching line items according to predetermined criteria related to the one or more matching line items; code for issuing a payment automatically to the at least one selling company based on the information providing for remittance of an amount due to the at least one selling company from the at least one buying company; and code for forwarding information notifying the at least one buying company of the automatic payment. - View Dependent Claims (9, 10, 11, 12, 13, 14)
-
Specification