Multi-Currency Invoice Capture for Cross-Border Payment Integration

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Solution Overview

Problem

Existing invoice capture, trading, and payment systems for industrial property rights are incompatible across different countries due to non-compatible accounting and banking systems, leading to manual data entry, currency conversion issues, and inconsistent exchange rates, which result in inaccurate financial transactions.

Innovation Solution

A computer-implemented system that uses fuzzy matching algorithms to identify and correct biller and payer names, converts currencies using exchange rates, generates compatible invoice and bank transfer files, and facilitates seamless integration with accounting and banking systems.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If automated invoice capture systems are designed for one currency, then data capture efficiency is improved, but compatibility with accounting systems in other countries deteriorates

Engineering Contradiction:

Improvedata capture efficiencyVSAvoidcompatibility with foreign accounting systems

Core Design Contradiction:

ProductivityVSAdaptability or versatility

Solution Approach 1:

The system is designed to handle multiple currencies and adapt to different country-specific accounting systems simultaneously. It incorporates multi-currency support, various date formats, and flexible data structures that can accommodate different national accounting standards, allowing a single system to serve multiple functions across different countries without requiring separate specialized systems for each currency.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The system dynamically adjusts parameters such as currency codes, date formats, numerical separators, and accounting standards based on the target country. It uses configurable parameters that can be modified to match different national accounting requirements, enabling the same core system to adapt its behavior and data representation to local standards while maintaining automated capture efficiency.

Inventive Principle:

Principle #35Parameter changes

2Reliability

If manual invoice entry is used, then system compatibility is maintained, but labor time and error rates increase

Engineering Contradiction:

Improvesystem compatibilityVSAvoidmanual data entry time

Core Design Contradiction:

ReliabilityVSLoss of time

Solution Approach 1:

The system introduces an intermediary layer that translates between different accounting system formats and a universal intermediate representation. This mediator component handles the conversion and adaptation automatically, maintaining compatibility with various national accounting systems while eliminating the need for manual data entry. The intermediary processes invoices through automated optical recognition and intelligent translation algorithms.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system replaces the mechanical process of manual data entry with automated optical character recognition (OCR) and intelligent data extraction algorithms. These automated mechanisms capture invoice data directly from images or documents, translate them into the appropriate format for the target accounting system, and eliminate human intervention in the data entry process while maintaining high compatibility through configurable translation rules.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Adaptability or versatility

If multiple banking systems are integrated, then payment capability is improved, but system complexity increases

Engineering Contradiction:

Improvepayment capabilityVSAvoidsystem complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system merges multiple banking system interfaces and communication protocols into a unified payment gateway that handles various international transfer formats (SWIFT, SEPA, local formats). By consolidating these diverse banking connections into a single integrated layer, the system maintains enhanced payment capability across multiple countries while reducing the apparent complexity for end users through a standardized interface.

Inventive Principle:

Principle #5Merging (Combining)

4Measurement precision

If exchange rates are updated frequently, then currency conversion accuracy is improved, but data consistency issues arise

Engineering Contradiction:

Improvecurrency conversion accuracyVSAvoiddata consistency

Core Design Contradiction:

Measurement precisionVSStability of the object's composition

Solution Approach 1:

The system performs preliminary actions by capturing and storing the exchange rate that was valid at the exact moment of invoice creation or payment commitment. This timestamped exchange rate is locked in and used for all subsequent calculations and reconciliations, ensuring data consistency throughout the accounting period even as market rates fluctuate. The system proactively records the rate before any changes occur, preventing future consistency issues.

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS20250299232A1Computer implemented multi-currency invoice capture, trading, access and payment system

Publication Date: 2025.09.25 BILLTRADER PTY LTD

AI summary

A computer-implemented invoice capture, trading, access and payment system and method facilitate the automated capture of invoices in multiple currencies from payers and billers, automatic conversion into a local currency for the trading of those invoices against each other and generation of payment instruction files capable of effecting the efficient payment of those invoices around the world.