Electronic multiparty accounts receivable and accounts payable system

An automated method for processing an electronic invoice, wherein the method is executed by a programmed computer processor which communicates with a user via a network, the method comprising the steps of:

• identifying an electronic invoice reflecting an amount owed to a creditor participant by a debtor participant concerning at least one underlying contract, by the programmed computer processor;
• receiving a presentment of the electronic invoice from the creditor participant for authorization from a graphical user interface via the network;
• authorizing the electronic invoice, by the programmed computer processor;
• automatically confirming the authorized electronic invoice, by the programmed computer processor, so that an underlying debt becomes an independent payment obligation due on a date certain and free of defenses to the one or more underlying contracts;
• automatically converting the confirmed electronic invoice into an electronic promissory note, by the programmed computer processor, the electronic promissory note is a transferrable instrument that is negotiable;
• and
• transferring the electronic promissory note to a third party entity for settling a separate obligation between the creditor participant and the third party entity.

A computer implemented system for processing an electronic invoice, wherein the system comprises a programmed computer processor which communicates with a user via a network, the system comprising:

• an invoice module configured to identify an electronic invoice reflecting an amount owed to a creditor participant by a debtor participant concerning at least one underlying contract by the programmed computer processor;
• a presentment module configured to present the electronic invoice to the debtor participant for authorization at a graphical user interface by the programmed computer processor via the network;
• an authorization module configured to receive an authorization from the debtor participant to authorize an underlying debt reflected in electronic invoice to become a payment obligation, by the programmed computer processor via the network;
• a confirmation module configured to automatically confirm the authorized electronic invoice, by the programmed computer processor, so that the underlying debt becomes an independent payment obligation due on a date certain and free of defenses to the at least one underlying contract;
• wherein the confirmed electronic invoice is converted into an electronic promissory note, the electronic promissory note is a transferrable instrument that is negotiable;
• and
• a transfer module configured to transfer the electronic promissory note to a third party entity for settling a separate obligation between the creditor participant and the third party entity.

A computer implemented system for processing an electronic invoice, wherein the system comprises a programmed computer processor which communicates with a user via a network, the system comprising:

• an invoice module configured to identify an electronic invoice reflecting an amount owed to a creditor participant by a debtor participant concerning at least one underlying contract by the programmed computer processor;
• a presentment module configured to receive a presentment of the electronic invoice from the creditor participant for authorization at a graphical user interface via the programmed computer processor;
• an authorization module configured to authorize the electronic invoice, by the programmed computer processor;
• a confirmation module configured to automatically confirm the authorized electronic invoice, by the programmed computer processor, so that an underlying debt becomes an independent payment obligation due on a date certain and free of defenses to the one or more underlying contracts;
• wherein the confirmed electronic invoice is converted into an electronic promissory note, the electronic promissory note is a transferrable instrument that is negotiable;
• and
• a transfer module configured to transfer the electronic promissory note to a third party entity for settling a separate obligation between the creditor participant and the third party entity.