BUSINESS TO BUSINESS INVOICE GENERATION AND PAYMENT SYSTEM AND METHOD USING MOBILE PHONES

摘要

A method and system for processing invoice transactions between vendors (distributors) and retailers (merchants) via mobile phone is disclosed. Each distributor has a unique vendor identifier. Each retailer has a unique identifier, typically his/her mobile phone number. An intermediary system processes payments and upon verification of account balance at retailer's bank, the intermediary system notifies the vendor bank, debits the funding account at the retailer's bank, processes a credit to the vendor's bank, and sends an approval message to the retailer's mobile phone.