Systems and methods for optimized invoice settlement

A method of reporting invoice payments as performed by one or more circuits at a financial institution computing system, the method including:

• storing, in a data storage system, a merchant database, the merchant databased in including payment method information that identifies accepted types of payment methods for at least one merchant;
• receiving, by an invoice circuit, an invoice information via a network interface circuit;
• performing, by the invoice circuit, optical character recognition on a digital invoice file, comprising extracting an identify of a merchant to be paid from the digital invoice file received via the network interface circuit;
• determining, by a transaction cost circuit of the optimization circuit, an optimized payment vehicle for paying an invoice based on the digital invoice file, wherein a payment method associated with the optimized payment vehicle corresponds to a capital-efficient payment method for satisfying the invoice, the capital-efficient payment method having a lowest transaction cost relative to the accepted types of payment methods for the at least one merchant;
• determining a payment date corresponding to the capital-efficient payment method;
• based on the payment date, selecting a notification channel from a plurality of computing devices associated with a customer;
• transmitting to the customer, via one of the plurality of computing devices corresponding to the notification channel selected by the payment enabling circuit based on the payment date, an alert comprising the universal reference locator link;
• and
• in response to receiving, from the one of the plurality of computing devices, an approval indication, performing operations comprising:
• comparing, by a payment enabling circuit, the payment method associated with the optimized payment vehicle to merchant information stored for the merchant to be paid in the merchant database;
• and
• transmitting, by the payment enabling circuit and to the merchant to be paid, a new payment method request seeking to register the merchant for payment method associated with the optimized payment vehicle in response to determining that the payment method associated with the optimized payment vehicle is not included as a type of payment method accepted by the merchant to be paid in the merchant information stored for the merchant in the merchant database;
• when an approval from the merchant is received, then:
• updating payment method information for the merchant in the merchant database to include the payment method as a payment method accepted by the merchant;
• and
• executing a payment transaction to the merchant using the payment method associated with the optimized payment vehicle;
• and
• when an indication that the merchant that declines the payment method is received, then:
• determining a next best optimized payment vehicle acceptable to the merchant, the next best optimized payment vehicle based at least on the lowest transaction cost;
• and
• executing the payment transaction to the merchant using an alternative payment method associated with the next best optimized payment vehicle.

A financial institution computing system, the system comprising:

• a merchant database retrievably storing invoice payment information relating to at least one merchant, wherein the merchant database stores payment method information that identifies accepted types of payment methods for the at least one merchant;
• a network interface circuit configured to enable the financial institution computing system to exchange information over a network;
• an invoice circuit configured to:
• receive a digital invoice file from the network interface circuit;
• parse out invoice information from the digital invoice file using optical character recognition, the invoice information including an identity of a merchant to be paid;
• access the merchant database using the network interface circuit;
• compare the invoice information from the digital invoice file to invoice payment information for the merchant to be paid stored in the merchant database;
• update the invoice payment information stored in the merchant database with invoice information not already stored in the merchant database;
• and
• supplement the invoice information with invoice payment information stored in the merchant database not provided in the digital invoice file;
• a transaction cost circuit configured to determine an optimized payment vehicle for paying the invoice based on the supplemented invoice information, wherein a payment method associated with the optimized payment vehicle corresponds to a capital-efficient payment method for satisfying the invoice, the capital-efficient payment method having a lowest transaction cost relative to the accepted types of payment methods for the at least one merchant;
• and
• a payment enabling circuit configured to:
• determine a payment date corresponding to the capital-efficient payment method;
• based on the payment date, select a notification channel from a plurality of computing devices associated with a customer;
• transmit to the customer, via one of the plurality of computing devices corresponding to the notification channel selected by the payment enabling circuit based on the payment date, an alert comprising a universal reference locator link;
• and
• in response to receiving, from the one of the plurality of computing devices, an approval indication, perform operations comprising:
• compare the payment method associated with the optimized payment vehicle to merchant information stored for the merchant to be paid in the merchant database;
• transmit, to the merchant to be paid and via the network interface circuit, a new payment method request seeking to register the merchant for the payment method associated with the optimized payment vehicle in response to determining that the payment method associated with the optimized payment vehicle is not included as a type of payment method accepted by the merchant to be paid in the merchant information stored for the merchant in the merchant database;
• and
• a transaction circuit configured to
• when an approval from the merchant is received, then:
• update payment method information for the merchant in the merchant database to include the payment method as a payment method accepted by the merchant;
• and
• execute a payment transaction to the merchant using the payment method associated with the optimized payment vehicle;
• and
• when an indication that the merchant that declines the payment method is received, then:
• determine a next best optimized payment vehicle acceptable to the merchant, the next best optimized payment vehicle based at least on the lowest transaction cost;
• and
• execute the payment transaction to the merchant using an alternative payment method associated with the next best optimized payment vehicle.