Patent ID: 7353203

Claim:
A computer-implemented method for payment of an invoice evidencing a payment obligation of a payer to a biller using a third-party intermediary, wherein the computer-implemented method is performed by one or more computers executing one or more programs stored in their memories, the computer-implemented method comprising: receiving at the intermediary a nonrepudiable commitment from the payer to pay an amount of an invoice that is directly authorized by the payer, wherein the commitment includes a payment date subsequent to such authorization; receiving from the biller a legally binding commitment to pay the amount of the invoice that is directly authorized by the payer to the intermediary if the payer does not pay the amount of the invoice to the intermediary; receiving at the intermediary directly from the payer an authorization to pay the amount of the invoice to the biller; after directly receiving the authorization, paying to the biller at least a substantial portion of the amount of the invoice; and subsequently collecting from the payer (or at payer's agent) the amount of the invoice.