System and method for invoice confirmation and funding
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United States of America Patent
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Apr 1, 2008
Grant Date -
N/A
app pub date -
Nov 15, 2000
filing date -
Nov 23, 1999
priority date (Note) -
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Abstract
A system and method are disclosed for billers and payers to manage accounts receivable for business-to-business payments using a third-party intermediary. The system enables billers to be paid faster and payers to delay payment, while also minimizing the risk of default to the intermediary. The advantages of the present system and method stem from direct authorization by the payer to the intermediary, a nonrepudiable commitment by the payer, and dual recourse for the third-party intermediary, without the need for explicit payment contracts between billers and payers.
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