Payment entity device transaction processing using multiple payment methods

• US 8,751,347 B2
• Filed: 01/09/2013
• Issued: 06/10/2014
• 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:
  US13/737,839
• Publication Number:
  US 20130212010A1
• Time in Patent Office: 517 Days
• Field of Search: 705/39, 705/37, 705/38, 705/30, 705/42, 705/41, 705/43, 235/380
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method begins with a payment entity device receiving an accounts payable data file from a client entity processing module. The method continues with the payment entity device determining a method of payment for an account payable of the accounts payable data file in accordance with a payables profile. The method continues with the payment entity device initiating a first type of payment for the account payable when the method of payment is a first type; initiating a second type of payment for the account payable, when the method of payment is a second type, or initiating a third type of payment for the account payable when the method of payment is a third type.

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 identification information corresponding the plurality of creditors, a plurality of methods of payment corresponding to the plurality of creditors, and identification information corresponding to one or more financial institutions associated with the plurality of methods of payment;

receiving, by the computing device, an accounts payable data file of the client, wherein the accounts payable data file includes a plurality of accounts payable entries and an amount due for the plurality of accounts payable entries;

determining, by the computing device, methods of payment corresponding to the plurality of accounts payable entries based on the payables profile of the client;

initiating, by the computing device, payment of a first of the plurality of accounts payable entries using a first of the plurality of methods of payment;

initiating, by the computing device, payment of a second of the plurality of accounts payable entries using a second of the plurality of methods of payment; and

initiating, by the computing device, payment of a third of the plurality of accounts payable entries using a third of the plurality of methods of payment,

wherein initiating payment of the respective accounts payable entries comprises generating a payment request, verifying that the method of payment is in accordance with the payables profile of the client, and generating an error message when the method of payment is not verified, and

wherein when the first of the plurality of methods of payment is a payment card account, initiating payment of the first of the plurality of accounts payable entries further comprises settling, by the computing device, the first of the plurality of accounts payable entries.

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.

5. The method of claim 1, further comprising:

analyzing the accounts payable data file to determine whether the accounts payable data file is in a desired format; and

if the accounts payable file is not in the desired format, translating the accounts payable data file into the desired format.

6. The method of claim 1, wherein when the first of the plurality of methods of payment is the payment card account, initiating payment of the first of the plurality of accounts payable entries further comprises initiating a clearing process with a financial institution processing module and at least one of:

a merchant processing module and an acquirer processing module.

7. The method of claim 1, wherein when the second of the plurality of methods of payment is a commercial paper, initiating payment of the second of the plurality of accounts payable entries further comprises:

generating a data file corresponding to the second of the plurality of accounts payable entries, wherein the data file includes an amount due corresponding to the second of the plurality of accounts payable entries, and identification information corresponding to a creditor associated with the second of the plurality of accounts payable entries; and

transmitting the data file to a financial institution associated with the commercial paper.

8. The method of claim 7, further comprising:

receiving a transaction completion message from the financial institution associated with the commercial paper, wherein the transaction completion message indicates that the commercial paper has been transmitted to the creditor associated with the second of the plurality of accounts payable entries.

9. The method of claim 1, wherein when the third of the plurality of methods of payment is a funds transfer, initiating payment of the third of the plurality of accounts payable entries further comprises:

generating a data file corresponding to the third of the plurality of accounts payable entries, wherein the data file includes an amount due corresponding to the third of the plurality of accounts payable entries, identification information corresponding to a creditor associated with the third of the plurality of accounts payable entries, and a financial institution associated with the creditor associated with the third of the plurality of the accounts payable entries; and

transmitting the data file to a financial institution associated with the funds transfer.

10. The method of claim 9, further comprising:

receiving a transaction completion message from the financial institution associated with the funds transfer, wherein the transaction completion message indicates that at least a portion of the amount due for the third of the plurality of accounts payable entries has been transferred from the financial institution associated with the funds transfer to the financial institution associated with the creditor associated with the third of the plurality of accounts payable entries.

4. The method of claim , wherein the payment card account is a first card payment account, and wherein the plurality of methods of payment corresponding to the plurality of creditors further includes at least one of:

a second payment card account;

a funds transfer;

a commercial paper; and

monetary consideration.

11. A computing device comprising:

a processor; and

a memory coupled to the processor, wherein the memory comprises code executable by the processor for implementing 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 identification information corresponding the plurality of creditors, a plurality of methods of payment corresponding to the plurality of creditors, and identification information corresponding to one or more financial institutions associated with the plurality of methods of payment;

receiving, by the computing device, an accounts payable data file of the client, wherein the accounts payable data file includes a plurality of accounts payable entries and an amount due for the plurality of accounts payable entries;

determining, by the computing device, methods of payment corresponding to the plurality of accounts payable entries based on the payables profile of the client;

initiating, by the computing device, payment of a first of the plurality of accounts payable entries using a first of the plurality of methods of payment;

initiating, by the computing device, payment of a second of the plurality of accounts payable entries using a second of the plurality of methods of payment; and

initiating, by the computing device, payment of a third of the plurality of accounts payable entries using a third of the plurality of methods of payment,

wherein initiating payment of the respective accounts payable entries comprises generating a payment request, verifying that the method of payment is in accordance with the payables profile of the client, and generating an error message when the method of payment is not verified, and

wherein when the first of the plurality of methods of payment is a payment card account, initiating payment of the first of the plurality of accounts payable entries further comprises settling, by the computing device, the first of the plurality of accounts payable entries.

12. The computing device of claim 11, wherein the computing device is a payment entity device configured to facilitate payment and reconciliation of accounts payable.

13. The computing device of claim 11, wherein the computing device is a client device operated by the client.

14. The computing device of claim 11, wherein the payment card account is a first card payment account, and wherein the plurality of methods of payment corresponding to the plurality of creditors further includes at least one of:

a second payment card account;

a funds transfer;

a commercial paper; and

monetary consideration.

15. The computing device of claim 11, wherein the memory further comprises code executable by the processor for implementing a method comprising:

analyzing the accounts payable data file to determine whether the accounts payable data file is in a desired format; and

if the accounts payable file is not in the desired format, translating the accounts payable data file into the desired format.

16. The computing device of claim 11, wherein when the first of the plurality of methods of payment is the payment card account, initiating payment of the first of the plurality of accounts payable entries method further comprises initiating a clearing process with a financial institution processing module and at least one of:

a merchant processing module and an acquirer processing module.

17. The computing device of claim 11, wherein when the second of the plurality of methods of payment is a commercial paper, initiating payment of the second of the plurality of accounts payable entries further comprises:

generating a data file corresponding to the second of the plurality of accounts payable entries, wherein the data file includes an amount due corresponding to the second of the plurality of accounts payable entries, and identification information corresponding to a creditor associated with the second of the plurality of accounts payable entries; and

transmitting the data file to a financial institution associated with the commercial paper.

18. The computing device of claim 17, wherein the memory further comprises code executable by the processor for implementing a method comprising:

receiving a transaction completion message from the financial institution associated with the commercial paper, wherein the transaction completion message indicates that the commercial paper has been transmitted to the creditor associated with the second of the plurality of accounts payable entries.

19. The computing device of claim 11, wherein when the third of the plurality of methods of payment is a funds transfer, initiating payment of the third of the plurality of accounts payable entries further comprises:

generating a data file corresponding to the third of the plurality of accounts payable entries, wherein the data file includes an amount due corresponding to the third of the plurality of accounts payable entries, identification information corresponding to a creditor associated with the third of the plurality of accounts payable entries, and a financial institution associated with the creditor associated with the third of the plurality of the accounts payable entries; and

transmitting the data file to a financial institution associated with the funds transfer.

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

receiving a transaction completion message from the financial institution associated with the funds transfer, wherein the transaction completion message indicates that at least a portion of the amount due for the third of the plurality of accounts payable entries has been transferred from the financial institution associated with the funds transfer to the financial institution associated with the creditor associated with the third of the plurality of accounts payable entries.