Method and system for automated payment authorization and settlement

摘要

The present invention provides a system and method to enable a third party service provider of EIPP services (120a) to initiate authorization and settlement of payment card payments with invoice line item data (Level III data), on behalf of either Buyer/Payers (110) or Supplier/Payees (130) to credit card acquirers (160) and/or transaction processors (160). Payment initiation (550) is based on submission of either a pre-approved invoice or order confirmation validated against a purchase order, or an invoice approved by the Buyer/Payer organization (110) and scheduled for payment (665).