Method and apparatus for managing remittance processing within account receivables

US7194431B1 · kind B1 · utility

Assignee

• GE Corporate Financial Services, Inc. · US

Inventors

• David Land · Mississauga, CA
• Alan Getgood · London, CA

Key dates

• Filing date: May 2, 2000
• Grant date: Mar 20, 2007
• Expiry date: May 2, 2020

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q40/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

The Account Receivables System's Remittance Processing Module accepts funds in domestic and foreign currency and translates the funds into the required local currency for reporting purposes. The Remittance Processing Modules automatically generates and also performs exchange gain and loss calculations Auto Draft and Reverse Application functions. The Remittance Processing Module accepts funds electronically, and, under certain conditions, automatically applies and updates a customer's account in the most efficient manner.