Transaction Management System

A transaction management system for managing transactions associated with a plurality of clients, the transaction management system comprising:

• a client database arranged to store transaction data associated with a plurality of clients, said transaction data including creditor data indicative of outstanding creditor amounts, each creditor amount representing a monetary amount owed by a client to a creditor;
• and
• a transaction manager device arranged to facilitate access to the creditor data by the clients and to instigate payment to a creditor of a creditor amount in response to authorization by the client;
• the system being arranged to enable electronic communications between the transaction manager device and at least one remote client terminal so that a client associated with the remote client terminal is able to access creditor data associated with the client and authorize payment of a creditor from a remote location;
• wherein the creditors of monetary amounts owed by a client are not able to access the creditor data associated with the client, and for each creditor amount the timing of payment of the creditor amount to a creditor is under control of the client associated with the creditor amount such that payment of the creditor is not effected until authorization is confirmed by the client.

A method of managing financial transactions of a plurality of clients, the method comprising:

• storing transaction data associated with a plurality of clients in a client database, said transaction data including creditor data indicative of outstanding creditor amounts, each creditor amount representing a monetary amount owed by a client to a creditor;
• facilitating electronic access to the creditor data by a client from a remote location;
• facilitating authorization by a client of payment of a creditor amount to a creditor from a remote location;
• and
• instigating payment to a creditor of a creditor amount in response to authorization by a client;
• wherein the creditors of monetary amounts owed by a client are not able to access the creditor data associated with the client, and for each creditor amount the timing of payment of the creditor amount to a creditor is under control of the client associated with the creditor amount such that payment of the creditor is not effected until authorization is confirmed by the client.