Computer implemented multi-currency invoice capture, trading, access and payment system

Abstract

A computer-implemented invoice capture, trading, access and payment systems. In particular, to a computer-implemented invoice capture, trading, access and payment system that facilitates the automated capture of invoices in multiple currencies, the trading of those invoices against each other and into different currencies, and which generates payment instruction files capable of effecting the efficient payment of those invoices around the world.

Description

RELATED APPLICATION[0001]This application is based on and claims the benefit of the filing and priority dates of Australian patent application no. 2015902222 filed 12 Jun. 2015, the content of which as filed is incorporated herein by reference in its entirety.FIELD OF THE INVENTION[0002]The present invention relates to computer-implemented invoice capture, trading, access and payment systems. In particular, it relates to such systems which are capable of operating across multiple currencies and countries.[0003]The invention has been developed specifically for capturing, trading and paying invoices in industrial property matters, and will be described below with reference to that application. However, it will be appreciated that it is not limited to that particular use, and is also suitable for capturing, trading, accessing and paying invoices between entities transacting in different currencies in a variety of fields.BACKGROUND[0004]Industrial property rights such as patents only pr...

AI Technical Summary

Benefits of technology

The technical effect of this patent is that users can access certain in Brazil without needing a password. They can also access further invoices without needing a password.

Problems solved by technology

One problem of the prior art is that the accounting systems from different countries are not compatible with one another.

A further problem is that the banking systems that patent firms use to pay one another are neither compatible with the accounting systems the firms use, nor are the international banking transfer formats compatible with one another.

Existing automated invoice capture systems have generally been designed with one currency in mind and therefore the information capture by a system in one country may not be compatible with an accounting system in another country.

Existing invoice data capture tools are incompatible with patent firm accounting systems because they fail to capture such internal references.

Another disadvantage is that the local patent attorneys' accounting system is in their home currency, but the foreign patent attorneys' invoice is in a foreign currency.

A conversion needs to happen into the home currency, but it is difficult to determine which exchange rate to use since exchange rates fluctuate regularly and the rate on the day the invoice was issued differs from the date the invoice was entered into the accounts which again differs from the date the invoice gets paid.

As such, the currency used by the accounting system is often inconsistent with the bank or foreign exchange provider used to transfer money in payment of such invoices.

Because the exchange rates differ, the total amounts paid or received do not match the numbers stored in the patent firm's accounting system.

This incompatibility between exchange rates within accounting software and third party funds transfer providers is one disadvantage of known systems.

A further disadvantage of current systems is that in order to pay a bill in a foreign country, a user has to initiate an international wire transfer transaction.

An international wire transfer is needed because the accounting system of patent firm in country A is incompatible with the banking system used by receiving patent firm in country B. Each banking system around the world uses a different format for their local transactions, which is incompatible with the transfer format used to send money internationally.

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