Abstract: A system and method is provided for processing transactions between at least one buying company and at least one selling company which results in the creation of a new collaborative data set. In one embodiment, the method comprises providing a central datastore accessible to users from the buying company and users from the selling company. Purchase order and invoice data are obtained and compared via a computer, to identify a matched record having purchase order data and corresponding invoice data. A collaborative data set in the central datastore is created, based in part on the matched record and storing in the datastore detailed settlement data regarding settlement of the matched record of purchase order data and corresponding invoice data.

Abstract: The present invention discloses a system and method for processing business transactions between trading partners using a central interactive platform. The processing may include comparing purchase order data and invoice data to identify matching information and non-matching information. If the information matches, the invoices are processed for payment. If the information does not match, the discrepancies are identified to the buying company or the selling company for resolution.