Patent ID: 8712887

Claim:
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; presenting the electronic invoice to the debtor participant for authorization by a graphical user interface via the network; receiving an authorization from the debtor participant to authorize an underlying debt reflected in electronic invoice to become a payment obligation, via the network; confirming the authorized electronic invoice, by the programmed computer processor, so that the underlying debt of the electronic invoice becomes an independent payment obligation due on a date certain and free of defenses to the at least one underlying contract; 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.