Patent ID: 8311914

Claim:
A method comprising: receiving, by a payment entity device that is configured to facilitate payment and reconciliation of accounts payable, an accounts payable data file from a client device that is operated by a client that pays a plurality of creditors, 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; determining a payment scheme, by the payment entity device, for each of the plurality of accounts payable entries in response to the received accounts payable data file and a payables profile for the client; determining, by the payment entity device, whether the client device is associated with a level of service comprising a first level of service or a second level of service, wherein the level of service is determined by a subscription level of the client operating the client device; after determining: that the client device is associated with the first level of service, initiating payment transactions by the payment entity device for at least one of the plurality of the accounts payable entries contained 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; or that the client device is associated with the second level of service, initiating payment transaction transactions by the payment entity device for at least one of the plurality of the accounts payable entries contained in the accounts payable data file, wherein initiating the payment transaction comprises: comparing at least one payment scheme associated with the at least one of the plurality of accounts payable entries contained in the accounts payable data file with a plurality of payment programs; determining that at least one of the plurality of payment programs offers a more optimal payment scheme as compared to the at least one payment scheme; automatically utilizing the determined more optimal payment scheme of the at least one of the plurality of payment programs instead of the at least one payment scheme for the initiated payment transaction; generating payment requests by the payment entity device; and transmitting the generated payment requests by the payment entity device to a plurality of financial institution devices, wherein each of the payment requests is transmitted to at least one of the plurality of financial institution devices associated with the determined payment scheme or payment program.