ReadSoft, a leading global provider of software for document process automation, has signed an agreement worth 555,000 EUR to improve efficiency in the Accounts Payable (AP) function, running on Oracle E-Business Suite, within one of the UK’s leading food manufacturers. The agreement was signed during the third quarter of 2011.

Headquartered in the UK, with sites across Europe, this food company has chosen ReadSoft to deliver improved efficiencies within AP functions. To achieve this, the organization will immediately implement a wide selection of software tools from ReadSoft to automate invoice processing within their Oracle E-Business Suite environment, including ReadSoft INVOICES.

ReadSoft INVOICES is the world’s number one choice for automated data capture from invoices. Regardless of source, incoming invoices are all directed into the same flow, automatically extracting information from any incoming invoice, validating it and transferring it to an ERP system where it can be coded and authorized for approval by the accounts payable staff. This food company will be able to attain full control of all the supplier invoices by automatically matching and processing within its Oracle E-Business Suite, ensuring supplier invoices are automatically posted, accounted for and made ready for payment, improving visibility and management of the Accounts Payable function and crucially enhancing supplier relationship.

“Strong competition within the food grocery market demands ‘best in class’ solutions if an organization is to maintain market leadership,” says Jan Andersson, President and CEO at ReadSoft. “Retaining an efficient, economic and highly flexible finance function is a key business tool, and one which ReadSoft has enormous experience in delivering through the application of its document driven finance process automation.”

ReadSoft Professional Services and partner Dinero will complete the install of ReadSoft software. ReadSoft Professional Services will support the system installation with service and maintenance contracts through until 2016.

ReadSoft

This article is from E-invoicing Platform. Read the original post at: ReadSoft improves Accounts Payable within a leading UK food manufacturer’s Oracle E-business Suite.

The North American-based organization has selected ReadSoft’s SAP®-certified invoice automation solution to streamline its accounts payable operations and enable greater processing efficiencies across the enterprise. The agreement is worth over 420,000 USD and was signed during the third quarter of 2011.

This world-leading manufacturing company sought to advance its accounts payable operations beyond the costly setbacks of labor-intensive manual processing. With high volumes of paper invoices, the accounts payable department routinely struggled to locate invoices throughout the payment cycle. These restraints made it difficult for the staff to track and process invoices and processing bottlenecks emerged, forcing the company to routinely miss out on early-payment discounts.

As the most complete invoice automation solution based on best practices, ReadSoft’s flexible, SAP-certified solution was deemed a reliable fit to meet the organization’s processing needs. With ReadSoft’s end-to-end invoice automation solution seamlessly integrated into the customer’s SAP system, the company can ultimately achieve faster and less expensive invoice processing and increased control of financial processes.

“In today’s competitive business environment, companies are re-focusing their attention on invoice processing to uncover hidden costs in their organizations,” says Jan Andersson, President and CEO of ReadSoft. “This strategy has proven successful time and again as over 6,500 companies have turned to ReadSoft to deliver substantial savings in time, money and manual routine work through automation.”

ReadSoft

This article is from E-invoicing Platform. Read the original post at: ReadSoft signs agreement with global aerospace leader for invoice automation.

Just recently, J.P. Morgan launched a new patent-pending e-invoicing functionality for suppliers, called Auto-Configuration E-File, which enables suppliers to eliminate upfront implementation costs and bypass the need for specialized IT skills. Using Auto-Configuration E-File, suppliers can quickly begin to interact with their buyers in an automated fashion. Designed primarily for small and medium size suppliers, Auto-Configuration E-File enables suppliers to load invoice files directly from their current billing system, versus having to enter them one-by-one, minimizing keystroke errors and increasing the efficiency with which suppliers can transact with their buyers.

“J.P. Morgan continues to strengthen its commitment to Order-to-Pay suppliers by offering improved support and more choices in how they transact with buyers. The diversity of options we offer to suppliers to connect to the network is key to making it accessible for small and large suppliers alike,” said Eduardo Vergara, global commercial card executive, J.P. Morgan. “The significant growth of suppliers participating in our network is due, in part, to the ease and choice of connectivity we provide to suppliers.”

In addition to the new Auto-Configuration E-File functionality, J.P. Morgan recently introduced a number of other enhancements for suppliers, including a free Invoice Web Form that enables infrequent use suppliers to electronically submit non-Purchase Order invoices via Order-to-Pay without the need to set up an Order-to-Pay account. J.P. Morgan also launched a revamped supplier home page and expanded customer service hours. J.P. Morgan provides dedicated relationship managers to high volume suppliers on the network, ensuring they are able to work with someone knowledgeable of their specific needs and processes.

J.P. Morgan’s Order-to-Pay solution offers distinct benefits to suppliers, including:

• Choice – Suppliers have a variety of options to choose from for receiving purchase orders and sending invoices, making the solution easy and efficient for suppliers of any size. Multiple payment options are provided, including ACH, paper check, card and wire.
• Transparency — The dedicated supplier portal enables users to easily track the latest status of invoices and payments at any time. Order-to-Pay not only provides visibility into payment status, but enables suppliers to choose how and when they get paid.
• Service — J.P. Morgan’s dedicated Supplier Services desk ensures that suppliers can get personalized, knowledgeable support. Additional benefits include cost reduction through the reduction of paper and postage costs, and the elimination of phone-based inquiries regarding invoice and payment status.

“Attracting supplier interest in an EIPP enrollment is critical to the success of any AP automation program. AP/EIPP providers, such as J.P. Morgan, strive to make participation seamless while adding value to the supplier relationship. We believe that what makes J.P. Morgan’s Order-to-Pay solution so successful for suppliers is the variety of transaction methods offered, the immediate access to invoice and payment transactions, and access to dedicated supplier services experts,” said Henry Ijams, managing director of PayStream Advisors. “An AP/EIPP platform that only serves the needs of buyers is only solving a fraction of the AP automation challenge. Providers must serve suppliers’ unique needs to create lasting supplier value and drive participation.”

J.P. Morgan’s Order-to-Pay solution enables suppliers to electronically receive purchase orders, submit and track invoices, receive detailed remittance information, and take advantage of early payment opportunities to improve cash flow management. J.P. Morgan’s network of suppliers ranges from small companies of one or two people to Fortune 500 companies, representing virtually every industry segment. In 2010, buyers and sellers transacted more than $155 billion in business via the Order-to-Pay network.

Source: Business Wire

This article is from E-invoicing Platform. Read the original post at: J.P. Morgan’s order-to-pay network crosses 100,000 supplier threshold.

Basware identified the four steps to achieve the benefits of invoice processing:

Step 1 – Audit your current process, set the goals for improvement and start the transformation
Step 2 – Selection process: Consider only solutions that support the entire P2P process
Step 3 – Aim at a fully electronic AP process and understand invoice automation and invoice to order matching
Step 4 – Make a plan to shift to electronic supplier collaboration

More information
- Brochure: http://www.basware.com/Resources%20Documents/Invoice-Automation-Basware-ebook-2011_FINAL.pdf?iadl=37
- Case Study: http://www.basware.com/Resources%20Documents/Basware_Customer_Success_2010_ABB.pdf?iadl=38

This article is from E-invoicing Platform. Read the original post at: In Four Steps to Invoice Automation.

Basware said that the new InvoiceReady solution could provide immediate benefits for businesses seeking to control and simplify unruly and resource heavy invoice and expense processing. Delivered as a service, InvoiceReady is intended to help companies avoid errors, reduce lengthy approval processes and eliminate wasted hours spent on repetitive tasks, the solution provider said.

The solution incorporates Basware’s invoice automation expertise into one workflow solution with the goal of giving small and midsize companies the tools to implement best practice processes within their finance departments. The service provides auditable paperless trails, both before and after payment, giving detailed visibility of spend commitments as well as ensuring compliance with local and international finance regulations, according to Basware.

Research among global accounts payable staff earlier this year found invoice scanning and data entry considered to be the most time consuming and error prone elements of invoice processing, and 60 percent of finance professionals think automation is a reliable method for removing payment and accounting errors from the business.

Basware said that the kinds of processing benefits that InvoiceReady can provide for finance and management professionals from day one of service implementation would include invoice scanning services, data migration, real-time workflow tracking, travel and expense management and a fully auditable archiving service, all available on a per transaction price.

“There is a strong understanding within finance departments of the link between automation, accuracy and efficiency,” said Esa Tihil ä, senior vice president of connectivity services at Basware. “For years our technology and thorough knowledge of invoice automation best practices has helped some of the world’s largest organizations to achieve these benefits, along with the logical time and cost savings. With InvoiceReady we are now extending that same capability to small and medium-sized businesses as a pre-packaged, easy-to-use, on-demand service to help them transition invoice processing from a burden to a value, by improving visibility into their organizations’ cash flow.”

Monika Lukinmaa, head of accounting with Basware customer F-Secure, said that InvoiceReady has enabled her company to to maintain a full and complete audit trail through the electronic archive, ensuring easy verification about who has done what and when. “InvoiceReady’s processing system provides clarity and eliminates overlapping tasks, which has saved valuable time for our business units and employees.”

www.basware.com

This article is from E-invoicing Platform. Read the original post at: Basware provides new Accounts Payable solution.

Basware, the leading provider of purchase-to-pay solutions, has announced a new best-of-breed e-invoicing service for small and medium sized businesses. Basware InvoiceReady provides immediate benefits for businesses seeking to control and simplify unruly and resource heavy invoice and expense processing.

Delivered as a service, InvoiceReady automates the accounts payable processes from receipt of invoice, through approvals until payment, avoiding errors, reducing lengthy approvals processes and eliminating wasted hours spent on repetitive tasks.

InvoiceReady incorporates Basware’s 25 years of renowned invoice automation expertise into one workflow solution, giving small and medium sized companies the tools to implement best practice processes within their finance departments. The service provides fully auditable paperless trails, both before and after payment, giving detailed visibility of spend commitments as well as ensuring compliance with local and international finance regulations.

Research among global accounts payable staff earlier this year found invoice scanning and data entry considered to be the most time consuming and error prone elements of invoice processing, and 60 percent of finance professionals think automation is a reliable method for removing payment and accounting errors from the business¹. Basware InvoiceReady provides immediate processing benefits for finance and management professionals from day one of service implementation, including invoice scanning services, data migration, real-time workflow tracking, travel and expense management and a fully auditable archiving service, all available on a per transaction price.

“Small and medium-sized companies are struggling with manual, paper-driven processes and are realizing that automation can alleviate most of the challenges they face in their day-to-day operations. Our research indicates that over 60% of these companies feel their accounts payable function has inefficiencies caused by paper invoices. Even worse 55% are making late payments and missing discounts because of decentralized processing and a lack of automation. The opportunity for any business with paper invoices is enormous,” commented Henry Ijams, Managing Director, PayStream Advisors.

“There is strong understanding within finance departments of the link between automation, accuracy and efficiency,” commented Esa Tihilä, SVP Connectivity Services at Basware. “For years our technology and thorough knowledge of invoice automation best practice has helped some of the world’s largest organizations to achieve these benefits, along with the logical time and cost savings. With InvoiceReady we are now extending that same capability to small and medium sized businesses as a pre-packaged, easy-to-use, on-demand service to help them transition invoice processing from a burden to a value, by improving visibility into their organization’s cash flow.”

”InvoiceReady has enabled F-Secure to maintain a full and complete audit trail through the electronic archive, ensuring easy verification about who has done what and when,” said Monika Lukinmaa, Head of Accounting, F-Secure. “InvoiceReady’s processing system provides clarity and eliminates overlapping tasks, which has saved valuable time for our business units and employees.”

This article is from E-invoicing Platform. Read the original post at: Basware reduces time and cost burdens with InvoiceReady.

• What challenges are organizations facing when it comes to manual invoice and payment management processes?
• What factors are driving the migration from paper invoices to electronic methods? What benefits does eInvoicing deliver?
• In spite of the widespread availability of eInvoicing solutions and their tangible benefits, why are more than half of all B2B invoices traded in paper format?
• What barriers are hindering further adoption of eInvoicing and how can they be overcome?
• What related developments in the procure-to-pay space are impacting the growth of electronic invoicing? Where does eInvoicing fit in a broader P2P automation roadmap?
• What are the functional components of an eInvoicing solution? Who are the key players in this space? What solution functionality is available from these technology vendors?
• What are some of the best practices innovator companies are following in order to streamline their invoice and payment management processes?
  .
  Read the entire report here

This article is from E-invoicing Platform. Read the original post at: Electronic Invoice Management: Getting Rid of Paper from the Source.

Click here to download your free copy now (registration required).

This article is from E-invoicing Platform. Read the original post at: Accountis White Paper: How to make real savings in AP Finance.

Oxfordshire County Council (OCC) set up a Shared Service Centre in January 2007, centralising and streamlining back office functions including Accounts Payable. The Accounts Payable team processes approximately 120 000 invoices per annum on behalf of central services. Any solution developed will need to have the ability to process a significantly higher volume to cater for our Shared Service Centre expanding its services to schools and potentially other customers.

The County Council uses SAP R/3 ECC6 as its ERP system and has a contract with Serco who provide our SAP Environment as a hosted service and they undertake all configuration on our behalf. This contract runs until 2012 and any successful tenderer will be required to work in partnership with Serco to implement a solution.

Procurement transactions are undertaken using both SAP R/3 and SRM. The SRM module was implemented in February 2007 to coincide with the establishment of the centralised Accounts Payable function.

The next step in developing OCCs Accounts Payable function is to automate the input of invoices as far as possible, whilst improving the customer experience. OCC expects to make significant efficiency savings through the automation of the AP function.

It is expected that the solution selected will have the ability to scan paper invoices directly into SAP as well as utilise the technologies available to enable true e-invoicing. The successful tenderer will be expected to identify areas where true e-invoicing is achievable and implement this when the solution goes live.

Source: www.rfpconnect.com

This article is from E-invoicing Platform. Read the original post at: Oxfordshire County issues RFP for Accounts Payable automation.

This article is from E-invoicing Platform. Read the original post at: Kofax acquires Swedish e-invoice software company OptiInvoice.

The inspiration for the Summit was PayStream’s consulting, research reports, and one specific study our research division has been conducting for the last several months regarding the state of AP automation in U. S. companies. The findings were unveiled at the Summit and the eInvoicing Adoption Survey Report released this week. LINK

Common themes emerged from the conference delegates. Many admitted that imaging and OCR were great first steps, but they found it was time to take their AP departments to the next level in automation and to begin exploring advanced options like electronic invoicing.

Organizations just getting started on the path to automation expressed relief when they discovered many of the options that technology providers offered could be tailored and implemented a la carte. You don’t have to automate the entire process all at once.

Of course, everyone wants to know how to make the implementation process a success, but making that happen depends on variables, often times out of your control. This was addressed in the morning panel discussions when panelists offered anecdotes for how to be successful.

The moral of the stories was: 1. Executive sponsorship and cross departmental collaboration is key. You need all departments on board and you need your executive leadership to fully understand and support the project to have any chance of automating your accounts payable, and 2. Take time prior to implementation to get an accurate estimate of the current state of your payables, even if this means stretching your timeline an additional 3-6 months.

And the question addressed most often; how do we get our suppliers on board? The answer was a unanimous recommendation to approach your vendor pool with an air of collaboration and be willing to work with individual vendors who may be on separate platforms. Often times, a solution provider will handle supplier on-boarding for you.

Now, getting back to the survey results from the PayStream eInvoicing Adoption Survey Report. Amid all the findings, we see most clearly that paper is on the way out and it’s on the way out fast. By 2010 we anticipate electronic invoices exceeding the number of paper invoices processed by Fortune 500 companies in the U. S.

Source: PayStream Voices

This article is from E-invoicing Platform. Read the original post at: PayStream Summit Wrap Up: AP Automation Inevitable by 2010.

“Because our products are already deeply integrated with Oracle E-Business Suite and PeopleSoft Enterprise financial applications, On Demand customers can simply ‘turn on’ our solutions as needed,” explains Karl Büttner, chairman and chief technology officer of 170 Systems, Inc.

“Since Oracle provides the hardware and manages the database platform on which 170 MarkView Financial Suite runs, this solution is powered by Oracle On Demand,” says Büttner.

The 170 MarkView Financial Suite integrates all unstructured content associated with a given transaction–paper, fax, electronic data interchange (EDI), electronic invoices, spreadsheets and e-mail–directly into Oracle E-Business Suite and PeopleSoft Enterprise financials applications.

The result: On Demand customers strengthen internal controls, lower transaction costs, promote adoption of self-service solutions, and enable e-invoicing.

Lowering the Cost of Compliance
By automating the integration of unstructured content, the 170 MarkView Financial Suite lowers costs even as it reduces the risks inherent in dispersed, paper-based systems.

And internal controls guarantee segregation of duties for each transaction.

“We turn core financial functions into self-documenting, Sarbanes-Oxley-compliant processes with comprehensive audit trails and real-time monitoring,” says Büttner.

The 170 MarkView products also shrink transaction costs and timelines, thanks to automatic routing of each transaction and its associated information to the appropriate individual for review, coding, and approval.

And by automating processes and bringing them online, the 170 MarkView Financial Suite enables self service as well as real-time audit capabilities.

“The beauty of this partnership is that our products are in tight coordination with Oracle financial application products and live on Oracle On Demand,” Büttner adds. “That means customers get all these benefits of the software with simplified, proven integration and with a single point of accountability for the management of their solutions.”

Source: Oracle

This article is from E-invoicing Platform. Read the original post at: Oracle On Demand Now Integrates E-Invoicing and Imaging into Financial Solutions.

In June, RBS entered into a multi-year electronic invoicing agreement with Accountis, a developer of secure financial document exchange and payment systems. The white label agreement will enable RBS to provide a VAT-compliant e-invoicing service to its corporate customers.

“For our customers we see e-invoicing as a fast-track to saving time and money. In addition to eliminating paper and automating manual processes, users of the service will quickly benefit from real-time document management, faster settlements and better working capital optimisation,” says Watkinson.

Transaction-based services such as e-invoicing are becoming more important as financial institutions seek to recoup revenues lost in other areas of banking such as investment banking and payments. E-invoicing is considered a first step in automating the financial supply chain – the flavour of the month in commercial banking. George Ravich, chief marketing officer at Accountis’ parent company Fundtech, says there are “many opportunities” for banks to extend their relationships with corporates to provide more fee-based services. Fundtech promotes the concept of “just in time cash”, where banks can service their corporate clients very well by knowing their cash needs at any moment in time. Electronic invoicing is fundamental in this, he says, as it provides the information that is needed throughout the supply chain.

Watkinson says e-invoicing is a strategic addition to RBS’ existing product portfolio. He agrees with Ravich on the significance of e-invoicing: “By offering additional transaction services such as e-invoice delivery, we will gain greater visibility of our customer’s end-to-end, financial supply chain transactions” he says. “This will help us to improve our understanding of their business and strengthen our long-term relationship. It also places us in a better position to offer additional services such as supplier finance provisions and other innovative finance arrangements.”

Along with working capital management, the financial supply chain is seen as an important area where banks can add value for corporate clients. Tom Buschman, founder, chairman and chief executive of corporate standards body Twist Process Innovations, told delegates at the International Payments Summit in London earlier this year that the supply chain was “all about collections”. Companies want predictability in collections processes, he added.

His views were endorsed by a number of other speakers. Ray Zabarte, global head of supply chain finance, transaction banking at Standard Chartered Bank said supply chain finance was about “getting information sooner” and the ideal would be to get information directly, in real time, from corporate customers.

Roger Ward, financial services EMEA consultant at CSC Computer Sciences, said that in optimising the use of cash, the company looked to its banks for solutions. However, the offerings are very fragmented, as were the needs of different corporates.

Chris Pickles, head of marketing, BT Global Financial Services, said one of the main problems regarding collections was that “inefficiency makes money”. He wants to know how banks can help speed up the collections process for a large corporate such as BT, which has a wide variety of customers using different payments methods. Top of BT’s wish list is clearing and finality of payments on a T+1 basis. However, there are significant stumbling blocks such as the cheque, which slow down collections considerably.

Electronic invoicing holds promise, he says, because the earlier an invoice is delivered, the earlier a payment could be made and this was applicable all the way through BT’s customer base, down to retail clients. Banks should also work on integrating bank account data to help with reconciliations. “Consolidation and reconciliation are key in the collections process, but we are amazed at the lack of standards in the banking industry. Banks told everyone they were using ISO standards but that is not the case.”

Despite the championing of e-invoicing at conferences and elsewhere, 20 years on from its inception, less than 5% of invoices are electronic, according to the Euro Banking Association. In a study by Cap Gemini, released to coincide with the launch of the single euro payments area, the European Commission identified potential savings of €238 billion through the use of e-invoicing. There are barriers, however, including the fragmented nature of the market (there are around 300 service providers and a wide variety of models) and legal and VAT issues, along with a lack of standards have also contrived to stymie significant growth.

Bo Harald, head of the executive advisors unit at TietoEnator, says one way of accelerating the adoption of e-invoicing would be to declare that “paper invoices have no future”. Harald is chairman of the European Commission’s Expert Group on E-invoicing, which is working to develop a single standard for e-invoicing.

Implementing a bank e-invoicing service within a corporate’s accounts receivable department will improve operational efficiencies, leading to faster payments and reduced days sales outstanding (DSO). This in turn will reduce a corporate’s working capital requirements. A bank can also provide invoice-based financing services such as factoring and reverse factoring. In accounts payable departments, e-invoicing provides an opportunity to implement early payment discounting schemes, reducing overall spend.

In developing its system, RBS wanted to make the service as easy as possible, says Watkinson. “We did not want to force change on our corporates in the way their accounting and ERP systems work. The service is designed to make it easier for corporates to exchange financial trade documents with their suppliers and customers.” While many of RBS’ large corporate clients are happy to make electronic payments, they continue to invoice in paper.

Watkinson says RBS will further develop the service and is investigating the possibility of more closely integrating payments and linking with supplier finance. “In approving invoices more efficiently, customers can get closer to the benefits of the supplier finance model.”

Dave Shilling, a corporate business analyst at software developer Misys, says a major issue in commercial banking is the shrinking of margins. Banks have to look beyond traditional services to improve revenues and they are turning to treasury and transaction banking.

Misys is focusing its attentions on cash pooling and will launch its Global Cash Pooling product at Sibos in Vienna in September. He says cash pooling has been a relatively underdeveloped space in cash management. “Corporates have cash and it is all over the place. They want it in the one place so they have greater visibility and control,” he says.

There are barriers to this, however. For example, regulations can prohibit the free movement of money across borders. There are also cultural barriers – local companies are not always happy for headquarters to centralise cash away from local managers. Banks also present barriers when it comes to cash pooling, says Shilling. “Corporates like the sound of cash pooling services but their banks are reluctant to offer them. Very few banks offer cash pooling as a service and if they do, it is generally expensive and sometimes a bank will insist the corporate moves all of its accounts to be with the providing bank.”

At present, corporates currently have very little overall visibility of the financial supply chain. E-invoicing services can provide detailed status information, such as proof of delivery, acceptance, query and approval status for all documents involved in a business transaction from purchase order to invoice.

Sarah Jones, chief executive of SCF Capital, a boutique merchant bank specialising in supply chain finance, says corporates do not realise they can gain financing much earlier if they invoice electronically. Underlying business models, including terms and conditions, need to be reviewed in order to improve supply chain financing, she said.

However, corporates have to be wary of pushing suppliers to pay too fast if they are financially weak – this would raise their cost of borrowing and reduce their ability to access working capital.

Source: Bankingtech

This article is from E-invoicing Platform. Read the original post at: Beyond business as usual.

The combined offering provides a complete procure-to-pay solution that supports settlement using a MasterCard payment card account or electronic funds transfer (EFT).

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading provider of global air cargo assets and services, is the first company to utilize the integrated capabilities of the MasterCard Payment Gateway and iPayables.

“We manage and operate the world’s largest fleet of 747 freighter aircraft, providing a unique value proposition to our customers through highly reliable, cost-efficient assets and operating services,” said Joseph Lopez, Sr. Manager, Indirect Procurement for Atlas Air. “Similarly, the MasterCard Payment Gateway is a highly reliable, cost-efficient service that will streamline the process for paying our suppliers, saving time and money for us and our vendors.”

First introduced in October 2007, the MasterCard Payment Gateway is a flexible enterprise-wide payment processing platform for routing commercial payments between buyers, suppliers and their financial institutions. iPayables is the first non-bank reseller whose functionality is coupled with the MasterCard Payment Gateway, creating an end-to-end solution that offers companies a more streamlined, faster and secure way to make payments.

“The combination of iPayables’ electronic invoicing capabilities with the MasterCard Payment Gateway provides Atlas Air with one efficient and secure B2B payments solution,” said Shari Krikorian, vice president, Advanced Payments, MasterCard Worldwide. “By managing multiple payment types, the MasterCard Payment Gateway is simplifying the historically inefficient, check-dominated process of payment, and solving corporations’ growing demand for straight-through processing.”

Using the MasterCard Payment Gateway, a buyer can initiate payment card and EFT payments directly from its financial system to the banks of its suppliers. Remittance data is provided to both the buyer and supplier to speed up reconciliation processes. No account information is shared between the buyer and supplier, and the supplier does not need to use a point of sale device to originate payment.

“The MasterCard Payment Gateway expands our electronic invoicing capabilities and enables us to provide our customers with a complete payables solution that delivers increased efficiencies for all of their commercial payments needs,” said Ken Virgin, CEO, iPayables.

The modular nature of the MasterCard Payment Gateway also provides financial institutions with an enterprise-wide electronic solution that they can re-brand and make available to their corporate customers, or integrate into their current product offerings to enhance their functionality and efficiency. This can enable them to increase payment volumes without building infrastructure, potentially grow profits with additional fees, deepen customer relationships and differentiate from the competition.

Suppliers that process payments with the MasterCard Payment Gateway enjoy automated payments with straight-through processing, decreased paper check processing costs, automated reconciliation via enhanced remittance information for common payment types and preference among buyers that pay electronically.

Buyers that rely on the MasterCard Payment Gateway can drive efficiencies by streamlining their payment options, integrating with existing accounts payable processes and can potentially save money by enabling one connection. Through this method/gateway, buyers can have one streamlined total payables solution that can help them increase productivity, enhance security and increase profits.

Source: Sibos Online

This article is from E-invoicing Platform. Read the original post at: MasterCard Payment Gateway integrates iPayables e-invoicing.