Payment entity device reconciliation for multiple payment methods

• US 8,615,457 B2
• Filed: 10/16/2012
• Issued: 12/24/2013
• Est. Priority Date: 10/30/2007
• Status: Active Grant

• Current Assignee: Visa USA, Inc. (Visa, Inc.)
• Original Assignee: Visa USA, Inc. (Visa, Inc.)
• Inventors: Mullen, Matthew James, Marchetti, John Nicholas
• Primary Examiner(s): NGUYEN, TIEN C
• Application Number:
  US13/653,350
• Publication Number:
  US 20130151384A1
• Time in Patent Office: 434 Days
• Field of Search: 235/380, 705/35, 705/39, 705/7.11, 705/30, 705/40, 705/42, 705/44, 705/43
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/10 Tax strategies
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method begins by storing payment request data, which, for a client, includes a payables profile and an accounts payable data file. The method continues by receiving payment remittance information subsequent to initiation of a payment in accordance with the payment request data. The method continues by storing the payment remittance information. The method continues by consolidating the payment remittance information and the payment request data to produce consolidated payment data. The method continues by generating at least one report based on the consolidated payment data.

Claims

1. A method performed by a computing device, the method comprising:

generating, by the computing device, a payables profile of a client that pays a plurality of creditors, wherein the payables profile includes payment schemes provided by the client, and wherein the payment schemes correspond to debt owed to individual creditors;

receiving, by the computing device, an accounts payable data file of the client, wherein the account payable data file includes a plurality of accounts payable entries;

determining, by the computing device, payment schemes for the plurality of accounts payable entries, wherein the payment schemes are determined based on the received accounts payable data file and the previously generated payables profile of the client;

initiating, by the computing device, payment transactions corresponding to the plurality of accounts payable entries, wherein the payment transactions are initiated in accordance with the determined payment schemes;

receiving, by the computing device, payment remittance information corresponding to the initiated payment transactions;

consolidating, by the computing device, the payment remittance information and the accounts payable data file to generate consolidated payment data, wherein the consolidating comprises determining whether the plurality of accounts payable entries were paid in accordance with the determined payment schemes; and

generating, by the computing device, a report based on the consolidated payment data.

2. The method of claim 1, wherein the computing device is a payment entity device configured to facilitate payment and reconciliation of accounts payable.

3. The method of claim 1, wherein the computing device is a client device operated by the client.

4. The method of claim 1, wherein the payment schemes include one or more of:

a credit account, a debit account, a funds transfer, commercial paper, and monetary consideration.

5. The method of claim 1, further comprising:

comparing the consolidated payment data to payment program data; and

determining a more optimal payment scheme based on the payment program data.

6. The method of claim 5, wherein the payment program data includes a list of financial institutions and corresponding payment types processed by the financial institutions.

7. The method of claim 6, wherein the payment program data further includes one or more of:

processing fees, interest rates, reward programs, and rebates associated with the payment types processed by the financial institutions.

8. The method of claim 6, further comprising:

transmitting the report to a financial institution in the list of financial institutions, wherein the financial institution is associated with the more optimal payment scheme.

9. The method of claim 5, further comprising:

transmitting the report to the client, wherein the report includes the more optimal payment scheme.

10. The method of claim 5, further comprising:

transmitting the report to a creditor in the plurality of creditors, wherein the report includes the more optimal payment scheme.

11. The method of claim 1, wherein the report includes a recommendation to use a more optimal payment scheme to pay debt owed to a particular creditor.

12. The method of claim 1, wherein the report includes a recommendation to use a more optimal payment scheme to pay debt associated with the purchase of a particular type of goods or services.

13. The method of claim 1, wherein the report includes a recommendation to use a more optimal payment scheme to obtain a volume discount.

14. The method of claim 1, wherein the report includes a recommendation to use a more optimal payment scheme to avoid an excess use charge.

15. A computing device comprising:

a processor; and

a memory coupled to the processor, wherein the memory comprises code executable by the processor to implement a method comprising;

generating, by the computing device, a payables profile of a client that pays a plurality of creditors, wherein the payables profile includes payment schemes provided by the client, and wherein the payment schemes correspond to debt owed to individual creditors;

receiving, by the computing device, an accounts payable data file of the client, wherein the account payable data file includes a plurality of accounts payable entries;

determining, by the computing device, payment schemes for the plurality of accounts payable entries, wherein the payment schemes are determined based on the received accounts payable data file and the previously generated payables profile of the client;

initiating, by the computing device, payment transactions corresponding to the plurality of accounts payable entries, wherein the payment transactions are initiated in accordance with the determined payment schemes;

receiving, by the computing device, payment remittance information corresponding to the initiated payment transactions;

consolidating, by the computing device, the payment remittance information and the accounts payable data file to generate consolidated payment data, wherein the consolidating comprises determining whether the plurality of accounts payable entries were paid in accordance with the determined payment schemes; and

generating, by the computing device, a report based on the consolidated payment data.

16. The computing device of claim 15, wherein the computing device is a payment entity device configured to facilitate payment and reconciliation of accounts payable.

17. The computing device of claim 15, wherein the computing device is a client device operated by the client.

18. The computing device of claim 15, wherein the payment schemes include one or more of:

a credit account, a debit account, a funds transfer, commercial paper, and monetary consideration.

19. The computing device of claim 15, wherein the memory further comprises code executable by the processor for implementing a method comprising:

comparing the consolidated payment data to payment program data; and

determining a more optimal payment scheme based on the payment program data.

20. The computing device of claim 19, wherein the payment program data includes a list of financial institutions and corresponding payment types processed by the financial institutions.

21. The computing device of claim 20, wherein the payment program data further includes one or more of:

processing fees, interest rates, reward programs, and rebates associated with the payment types processed by the financial institutions.

22. The computing device of claim 20, wherein the memory further comprises code executable by the processor for implementing a method comprising:

transmitting the report to a financial institution in the list of financial institutions, wherein the financial institution is associated with the more optimal payment scheme.

23. The computing device of claim 19, wherein the memory further comprises code executable by the processor for implementing a method comprising:

transmitting the report to the client, wherein the report includes the more optimal payment scheme.

24. The computing device of claim 19, wherein the memory further comprises code executable by the processor for implementing a method comprising:

transmitting the report to a creditor in the plurality of creditors, wherein the report includes the more optimal payment scheme.