An electronic invoice payment system consists of a settlement processor, an electronic invoice transmitter, an electronic invoice receiver, and an electronic payment processor. The settlement processor generates an electronic invoice which specifies a settlement amount in accordance with a debt owed. The invoice transmitter is in communication with the settlement processor for electronically transmitting the invoice over a network. The invoice receiver is configured for receiving the transmitted electronic invoice over the network. The payment processor is in communication with the invoice receiver and provides an electronic financial instrument for payment of the received invoice. The payment processor derives the financial instrument in accordance with the settlement amount specified on the received invoice. The payment processor then transmits the financial instrument to the settlement processor for settlement of the instrument with a financial institution.
