Patent ID: 8341046

Claim:
A method comprising: receiving, from a client device that is operated by a client that pays a plurality of creditors, an accounts payable data file, wherein the accounts payable data file includes a plurality of accounts payable entries, and wherein each of the plurality of accounts payable entries has associated creditor information and a payment amount; determining, by a payment entity device that is configured to facilitate payment and reconciliation of accounts payable, a payment scheme for each of the plurality of accounts payable entries in response to the accounts payable data file and a payables profile for the client; initiating payment transactions by the payment entity device for the plurality of accounts payable entries in the accounts payable data file in accordance with the payment schemes associated therewith, wherein the payment schemes include two or more of: a business credit card, a funds transfer, commercial paper, monetary consideration such as a rebate, refund, or exchange, and a debit account; receiving payment remittance information by the payment entity device in response to the initiated payment transactions; storing the payment remittance information by the payment entity device; consolidating by the payment entity device the payment remittance information and the accounts payable data file to produce consolidated payment data, wherein the consolidating the payment remittance information and the accounts payable data file comprises entering a loop, the loop including: comparing one of the accounts payable entries of the accounts payable data file with the remittance information; determining that an item in the remittance information compares favorably with the accounts payable entry; determining that the accounts payable entry was paid in accordance with the payables profile, and reconciling the accounts payable entry with the item in the remittance data to produce a reconciled account payable; storing the reconciled account payable; proceeding to a next accounts payable entry of the accounts payable data file; and exiting the loop when a last or other designated accounts payable entry of the accounts payable data file is reached; generating by the payment entity device a report for each of the plurality of accounts payable entries based on the consolidated payment data; and transmitting the report by the payment entity device to the client device.