Global Electronic Payment Requests

Abstract

In this work, the possibility for global electronic payment request (GEPR) is explored. The aim is to create requests addressed only to the unique identifier of the customer, which then enables them to view and pay the request at any available payment interface desired. Another valuable feature is the possibility for an automatic booking of the payment at both ends, saving labor time and money. Last is the possibility of creating positive pressure for paying on time with adequate follow-ups. Also, some interesting features will be explored such as claim forwarding and rejecting a claim (or some of its elements) with notification to the supplier. Making an online payment when shopping on the internet or paying for services is easy and commonly used. But, on the other hand, when you pay for any service, whether it is your monthly electric bill or monthly clearing between supplier and customer businesses, you are forced to decide beforehand how the payment will be managed and at which service or bank the payment will take place. There is a huge overhead of managing such payments into the books at both ends. General ledger (GL) records are commonly retrieved from bank statements with no guarantee of accurate references to the customer account or the invoice to be matched against the payment. The aim of this work is to explore an alternate way of clearing invoices between parties on a global scale with maximum efficiency. The main conclusions are that there is a need for a new GEPR system and that such a system would increase the efficiency of trade between parties.