Recurring transaction processing system and approach

A method for processing recurring transactions involving merchant offerings among parties including buyers and sellers, the method being implemented by data-processing circuitry and comprising:

• storing information for a plurality of recurring transactions between buyers and sellers in a transaction databank arrangement that is remote from the buyers and the sellers, wherein for each particular recurring transaction from the plurality of recurring transactions:
• the particular recurring transaction is between a particular buyer and a particular seller,
• the stored information for the particular recurring transaction includes data representing billed quantities of merchant offerings for the particular recurring transaction and data associated with conditions upon which payment for invoices can be selectively authorized on behalf of the particular buyer, and
• using at least one data-processing circuit for:
• receiving transaction-based data from the particular buyer and the particular seller,
• storing the received transaction-based data in the transaction databank arrangement, the transaction-based data including conditions upon which payment for invoices can be selectively authorized for the particular recurring transaction,
• receiving an electronic communication including data representing an invoice for the particular recurring transaction from the seller, the electronic communication being devoid of any identification for the particular recurring transaction that is provided to the particular seller by the particular buyer;
• auditing a payment of the invoice as a function of data in the invoice, the billed quantities of merchant offerings for the particular recurring transaction and the conditions upon which payment for invoices can be selectively authorized on behalf of the buyer,
• authorizing the payment of the invoice as a function of the audit, and
• updating the data representing the billed quantities of merchant offerings for the particular recurring transaction in the transaction databank arrangement to include a billed quantity of merchant offerings in the invoice, the billed quantity of merchant offerings representing a quantity of items from the invoice for which payment is authorized.

A transaction-processing system for processing a plurality of recurring transactions involving merchant offerings among parties including buyers and sellers, different ones of the recurring transactions involving different ones of the buyer and sellers, the system comprising a data storage arrangement, a recurring transaction engine, a payment processor, and a fee processor, wherein for each particular recurring transaction in the plurality of recurring transactions:

• the particular recurring transaction is between a particular buyer and a particular seller,
• the data storage arrangement stores transaction-based data for the particular recurring transaction, the transaction-based data for the particular recurring transaction including profile information for at least one of the particular buyer and the particular seller, data for identifying financial institutions for implementing the processing of payment for the particular recurring transaction, and data for associating invoices with transaction rules specifying conditions upon which payment for the invoices can be selectively authorized for the particular recurring transaction,
• in response to receiving a notice of service acceptance from the particular buyer in the particular recurring transaction, the recurring transaction engine:
• receives electronic communications including data representing invoices for the particular recurring transaction from the particular seller, the electronic communications being devoid of any identification for the particular recurring transaction that is provided to the particular seller by the particular buyer,
• associates the invoices with the transaction rules as a function of profile information for the particular recurring transaction,
• audits each associated invoice against the transaction rules associated therewith,
• authorizes payments for each associated invoice as a function of the audit, and
• updates stored data characterizing billed quantities for the particular recurring transaction to include a billed quantity in the invoices for which payment is authorized,
• the payment processor interacts with a financial institution specified in the profile information stored in the data storage arrangement for the recurring transaction to facilitate payment in response to payment authorization from the recurring transaction engine;
• and
• the fee processor assesses a fee against at least one of the particular buyer and the particular seller for processing the particular recurring transaction.

For use in processing a plurality of recurring business-to-business electronic transactions at a central location that is independent from buyers and sellers in the transactions, a computer-based system for storing and using buyer and seller profile data, data representing historical billed and paid quantities of merchant offerings, and buyer-specified data upon which data in seller-provided invoices can be audited and paid, the computer-based system comprising a central transaction databank arrangement and a computer processor,

• wherein the central transaction databank arrangement is located remote from the buyers and the sellers involved in the recurring transactions,
• wherein the central transaction databank arrangement stores said profile and buyer-specified data;
• and
• for each particular recurring transaction from the plurality of recurring transactions:
• the particular recurring transaction is between a particular buyer and a particular seller,
• the central transaction databank arrangement stores historical billed quantities of merchant offerings for the particular recurring transaction, and
• the computer processor:
• receives transaction-based data from the particular buyer and the particular seller,
• stores the received transaction-based data in the central transaction databank arrangement, the transaction-based data including conditions upon which payment for invoices can be selectively authorized for the particular recurring transaction,
• receives an electronic communication including data representing an invoice for the particular recurring transaction from the seller, the electronic communication being devoid of any identification for the particular recurring transaction that is provided to the seller by the buyer;
• audits a payment of the invoice as a function of data in the invoice, the stored profile data for the particular buyer and the particular seller, the stored data regarding historical billed and paid quantities of merchant offerings for the particular recurring transaction, and the conditions upon which payment for invoices can be selectively authorized for the particular recurring transaction,
• authorizes the payment of the invoice as a function of the audit, and
• updates the data representing the billed and paid quantities of merchant offerings for the particular recurring transaction to include a billed quantity of merchant offerings in the invoice, the billed quantity of merchant offerings in the invoice representing a quantity of items from the invoice for which payment is authorized.