Recent Posts
June 8th, 2011 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
Fundtech Ltd (NASDAQ: FNDT), a market leader in global transaction solutions for banks and corporates, today announced a partnership with WebExpenses, a flexible and powerful service for managing business travel and entertainment expenses that is currently used by thousands of employees in more than 60 countries.
Fundtech’s branded version called Online Expenses will be offered to its current customer base of more than 2,000 direct corporate clients, as well as future customers. As part of the partnership arrangement, WebExpenses will promote Fundtech as their preferred supplier of electronic invoicing presentment and payment (EIPP) services.
Available as Software as a Service (SaaS), Online Expenses is a quick and easy solution to setup and use without the need to install new software. It gives organisations the flexibility to easily revise their expenses policies and reinforce them as frequently as needed. Easy-to-use reporting and analysis tools provide better visibility and control for managers and auditors, which have the ability to reduce fraud. Improvements can also be made on country-by-country tax compliance and client recharging.
For employees/claimants, expenses can be submitted quickly using an intuitive web interface or populated directly from a credit card statement. The system also supports receipt attachments and SMS, iPhone and Blackberry applications are also available. Online Expenses includes mileage verification tools that enable business travelers to calculate their carbon footprint by using up-to-date carbon and environmental data at the point of entry.
“There is a natural synergy between Fundtech and WebExpenses and we are delighted to announce our partnership,” said Richard Cogswell, Sales & Marketing Director for Fundtech. “Just like our Accountis EIPP product line, Online Expenses offers businesses of any size the ability to replace slow, inaccurate paper processes with an automated and accurate process that is a greener alternative. At a time when all organisations are looking to lower operational costs, Online Expenses provides a way to save time and money.”
Sanjay Parekh, Managing Director of WebExpenses commented: “Our partnership with Fundtech is a significant development for WebExpenses and a great endorsement of the value and benefits of our services. WebExpenses already serves a range of businesses and industries, predominantly in the UK, and this partnership will dramatically increase our current global reach through Fundtech’s substantial and eminent client base.”
www.fundtech.com
April 5th, 2011 in Electronic Invoicing, Members and Partners, Poll, Recent News by Fundtech (formerly Accountis Europe Ltd)
At our recent European client conference, our polls demonstrated that an overwhelming majority of corporates are now demanding e-invoicing services from their banks.
When asked: “If you could easily send an e-invoice as a request for payment to any of your customers through your bank network, would you be more likely to use e-invoicing?” 85% of corporates replied: “yes”, confirming that they would be more likely to adopt e-invoicing if their bank supported it. In addition, 33% of our customers thought that the main barrier to e-invoicing uptake was ‘limited infrastructure and reach’ whilst 38% felt that confusion on compliance and standards also played a part. The provision of e-invoicing services by banks can go a long way to break down this barrier.
Banks are notoriously good at providing reliable, scalable, efficient global transactional services so why should they limit these services to payment transactions? 73% of banks asked do not yet provide e-invoicing services to their corporate customers. Corporates are far more likely to entrust core services like e-invoicing to recognised bank brands than unrecognised, small third party suppliers. Providing e-invoicing capitalises on brand recognition and the increased utility of bank services further cements customer loyalty.
The message for banks is abundantly clear: providing corporate customers with e-invoicing services will result in a satisfied and loyal customer base empowered with the multiple benefits of e-invoicing.
Related articles:
5 Reasons Why Banks Profit from E-Invoicing
E-invoicing & Opportunities For Banks
5 Reasons Why E-invoicing Belongs to Banks
February 28th, 2011 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
The amount of paper wasted in the UK each year is mind-blowing. We consume approximately 12.4 million tonnes of paper every year, and according to Envirowise around 60-80% of all office waste is paper. Considering that each invoice amounts to an average of 3 sheets of A4 paper, it is not difficult to see just how much global waste this amounts to when looking at the number of invoices your company produces each year.
Issuing and receiving paper invoices is causing organisations to persistently waste high volumes of paper, due to the fact that manually printed invoices frequently incur mistakes and end up being resent. With e-invoicing (http://www.accountis.com/e-invoicing/environmental-benefits/) however, this is completely avoided due to the fact that electronic systems will instantly pick up and rectify errors prior to the invoice being sent. An extra benefit is that whereas paper invoicing requires masses of storage, e-invoices are all stored digitally which removes the need to fill cabinets jam-packed full of hard copy invoices for several years; which of course end up being destroyed anyway in accordance with the data protection act.
Additionally, the global impact of wasted paper is a mounting concern. According to recent statistics, within just 15 years approximately 20% of Africa’s forests will be gone. The World Conservation Union’s Red List has confirmed that more than 12,000 species (out of the 40,000 assessed) will end up facing extinction as a result. This equates to an alarming 1 bird species in 8, 13% of all flowering species and a huge 25% of all mammals being affected.
Invoicing electronically is hitting environmental issues right at the very core. Reduction in fuel and energy also occurs when invoices don’t need to be carted around in a Royal Mail van, and as a result will help preserve our dwindling fuel resources. It is estimated that just one paper invoice leaves a 100g carbon footprint, meaning that if an average company sends out 12,000 invoices per year this would save 14.4 tonnes (1) of carbon, 57.6 trees (2), 180,000 litres (3) of water and 1872kg of solid waste (3).
Fundtech have an excellent ‘Green Calculator’ (http://www.accountis.com/green-calculator/) on their Accountis EIP website, which will calculate and display the approximate carbon footprint, number of trees, amount of water and solid waste you could end up saving with e-invoicing. Viewing these figures in plain back and white is undeniably shocking.
By removing the need for printed invoices, e-invoicing is addressing environmental issues by helping save forests, preserve energy, and saving oxygen. By opting for e-invoicing, not only will you be replacing a slow, inaccurate manual process with a smooth, more efficient electronic service, you will be saving an astounding amount of energy and resources the second you make the switch. With all of these positives, it is tricky to understand why some companies are still issuing invoices as paper documents (http://www.accountis.com/e-invoicing/paper-to-data/) at all.
(1). Ind. est. of 1 inv.=100g carbon footprint
(2). Euro Banking Association Report 2008
(3). Environmental Defence Fund
Fundtech FSC Ltd is an international provider of invoicing scanning (http://www.accountis.com/e-invoicing/) and payment services including Bacstel-IP, direct debit and direct credit management, account validation and SWIFT.
Founded in 2002, Accountis became part of the Fundtech group in early 2008 and processes over 1 million transactions every day. The Fundtech trusted transaction network is used by many of the World’s largest corporations to leverage existing systems and maximise efficiencies across the financial supply chain.
December 27th, 2010 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
This post was originally posted on tmcnet, the original version can be found at: http://technews.tmcnet.com/news/2010/12/24/5212415.htm
Not only does it replace slow and expensive manual processes, it fully integrates Accounts Payable and Accounts Receivable functionality, supporting the entire supply chain from purchase to payment.
From day one at Accountis Fundtech we work closely with all our customers to build e-invoicing software projects that deliver results. By providing quality support, training and consultancy services we aim to share our extensive knowledge and expertise with you and your team.
We specialise in delivering bespoke solutions for large organisations with complex processes and high transaction volumes. Now is the time to implement a faster, more efficient and environmentally- friendly technology.
Many people may be sceptical that invoicing software (http://www.accountis.com/ e-invoicing/ ) can eliminate paper processing from day one. However, Paper to Data scanning means that you can receive all of your inbound paper invoices, scan them and then output the data directly into a finance system for electronic processing — a cost-effective stepping stone to full e-invoicing.
There are great opportunities for banks to extend their visibility of transactions beyond payments to the complete invoicing cycle. This gives banks an invaluable insight into a customer’s business and makes it easier to calculate risk, leading to potential increased revenue through cross-selling high-end services and stronger, more profitable customer relationships that last.
Still sceptical? Why not take a look at one of our many demos live on the Accountis website showing our invoicing software in action and see for yourself! Fundtech FSC Ltd is an international provider of invoicing software (http://www.accountis.com/ e-invoicing/ ) and payment services including Bacstel-IP, direct debit and direct credit management, account validation and SWIFT.
Founded in 2002, Accountis became part of the Fundtech group in early 2008 and processes over 1 million transactions every day. The Fundtech trusted transaction network is used by many of the World’s largest corporations to leverage existing systems and maximise efficiencies across the financial supply chain.
Source: TMCnet
December 23rd, 2010 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
But just what are these benefits and why do businesses feel compelled to evolve their entire invoicing processes?
• Reduce Days Sales Outstanding (DSO) – The beauty of E Invoicing is that it allows businesses to retrieve their money quicker from customers by reducing the amount of time wasted whilst your invoice is in the post. Many businesses have since reported a fall in their average DSO after implementing E Invoicing functionality.
• Reduced print and postage costs – If invoices are sent electronically, businesses are able to save money on the cost of paper, print cartridges, envelopes and postage.
• Reduced requirement for sending out copy invoices – Time delays are minimised with troublesome customers, as the direct delivery of invoices to the customer’s inbox minimises the likelihood of them claiming they have not yet received their invoice or that it has been lost in the post.
• Faster dispute resolution – Naturally, the sooner your customer receives their invoice, the quicker they are able to inform you of any issues with their account or amount due.
E-Invoicing solutions (http://www.accountis.com/e-invoicing/) can be fully integrated with complete functionality and the entire supply chain is supported from purchase requisition all the way through to payment. It provides a complex workflow handling for all documents and a suite of integrated international payment solutions (Credit Cards, Direct Debit, SWIFT, CHAPS).
With Accountis you can combine E Invoicing with existing payment services to deepen customer relationships and maintain competitive advantage.
Source: PRLog
September 28th, 2010 in Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
Part of a new operating unit focus on financial supply chain products and services
Jersey City, N.J. 28th September, 2010: Fundtech Ltd (NASDAQ: FNDT), a market leader in global transaction banking solutions, today announced that Accountis Ltd has been fully integrated into a new operating unit with other Fundtech subsidiaries focused on financial supply chain products and services, and as a result, has changed its name to Fundtech FSC Ltd.
Fundtech acquired Accountis in February 2008 to extend its financial supply chain product line. The change will consolidate Accountis products and personnel into an operating unit that will offer seamless integration of the company’s financial supply chain solutions including corporate cash & liquidity management, electronic invoice presentment and trade services. Accountis EIP is the new name for Fundtech’s electronic invoicing presentment products and services for corporates and financial institutions worldwide.
Fundtech FSC also is a leading provider of UK Bacs payments software with over 8,000 corporate users and more than 2,000 direct clients. Bacsactive-IP is the name for Fundtech’s Bacs payment product suite for corporates and financial institutions in the UK.
According to Gil Gadot, managing director of Fundtech’s Financial Supply Chain Services strategic business unit: “By bringing together all of Fundtech’s financial supply chain solutions into a single business unit we are able to offer the market the broadest line of seamlessly integrated products and services. This emerging field will become increasingly important as banks and corporations seek new ways to improve operating efficiencies related to cash flow operations and improve liquidity management.”
Dyfan Williams, Managing Director of Fundtech FSC adds: “Offering a treasury management system with integrated electronic invoice presentment gives banks the opportunity to serve their business customers well with tools that can deliver greater efficiency and visibility. Our UK clients will gain additional benefits from our Bacsacitve-IP system.” Fundtech FSC is based in Bangor, Wales in the United Kingdom.
www.accountis.com
September 27th, 2010 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
The current e-invoicing market is growing exponentially and the time could not be better for banks to start offering these services to their corporate customers. The business case for banks is very convincing indeed.
For example, not only does e-invoicing generate transactional revenue, it also gives banks the opportunity to further embed themselves into their corporate customer accounts, enabling them to better understand their customer’s cashflow situation offer new and extended services, thus improving customer retention.
Banks are in the enviable position of having established relationships with corporates and can therefore be considered to be ‘off the starting blocks’ in the competitive race to offer e-invoicing services. What banks need to do is to move quickly so that they don’t get left behind.
In this free webinar we explore exactly what banks need to do to get ahead of the game in e-invoicing.
It will explain what banks should be offering to their corporate clients and how they can implement these services quickly and simply to maximise benefits. The time for e-invoicing is now. To make sure you don’t get left behind register now for our free webinar.
Click here to register >
September 22nd, 2010 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
Looking at ways of reducing our impact on the environment has become part of daily working life.
There is so much we can do to save energy and reduce waste and everyone in the workplace can get involved, even if it’s just simply switching off a monitor or sharing a car to work.
Companies like Accountis can help by enabling businesses to reduce the amount of paper used in the financial process. Huge quantities of resources are consumed by businesses each day to create and deliver paper financial documents, such as invoices. Huge quantities of waste are also produced in their disposal. This can easily be eliminated by replacing a slow, inaccurate manual process with a faster, more efficient electronic service. And it’s not just paper invoices that can be replaced, it’s all financial supply chain documents including delivery notes, purchase orders, statements, remittances etc. Just imagine the amount of energy and resources you could save immediately by taking them online.
Find out how much you could save now with our Green Savings Calculator
Case Example: DHL e-Billing Europe
Accountis has been working with DHL Global Business Services to provide their European e-Billing platform for over two years. Protecting the environment is very important to DHL and e-billing plays an significant role in the organisation’s social responsibility and sustainability plan.
DHL has its own sustainability targets and aims to improve the carbon efficiency of its own as well as its subcontracted services by 30% by 2020. It also aims to constantly expand its climate-friendly services for customers.
In terms of e-Billing, DHL plans to eliminate over one third of the 18 million paper invoices it sends out across Europe annually by 2010, thus saving approximately 2400 trees and 600 tonnes of C02 each year.
Read the DHL Green Press Release | Read the DHL case study
www.accountis.com
September 15th, 2010 in Electronic Invoicing, Members and Partners, Recent News by Fundtech (formerly Accountis Europe Ltd)
A meeting of Accountis and other key players interested in the UK E-Invoicing landscape was held yesterday (8/9/10) with a view of establishing an UK E-Invoicing Advocacy Group. One of the key recommendations of the EU Expert Group on E-Invoicing was the establishment of national advocacy groups for the promotion of E-Invoicing in each of the EU member states. The UK has a definite need for such a group because it has low levels of E-Invoice adoption in comparison with other major EU countries - even though it is one of the easiest places to do E-Invoicing.
Despite the obvious and clear benefits, the UK government has also been slow to adopt E-Invoicing. In these extraordinary times where there is significant focus on efficiency savings and cost reduction - E-Invoicing is a simple mechanism of enabling significant and rapid cost reduction with very little outlay. It is estimated that the potential benefit to the UK economy in adopting full E-Invoice automation nationally would be in the region of £22Bn - £28Bn.
.Key benefits of E-Invoicing highlighted by the group were :
1. Improves competitiveness of enterprises and raises productivity and customer satisfaction in both the public and the private sector.
2. Creates substantial cost savings through reduction in manual work, material and transport (postage in particular) costs.
3. Additional cost savings arise in fraud and loss prevention and auditing costs for trading parties and tax authorities.
4. Enables accelerated payments, improved cash flow and reduced credit losses for both large and small enterprises.
5. Makes a direct contribution to generating carbon savings with resultant environmental gains.
6. Can enable workforce transition to more productive activities and can act as a learning vehicle to increased use of electronic practices throughout the public and private sectors.
There was unanimous agreement amongst all in the group that the UK should aggressively adopt E-Invoicing and that the public sector should lead they way. With the sea of change being brought about by the coalition government, now is the time.
Source: Accountis
July 8th, 2010 in Electronic Invoicing, Members and Partners, Publications, Recent News by Fundtech (formerly Accountis Europe Ltd)
In the current climate every business needs to make efficiency and cost savings. And there are many changes your finance department can make to help. But where do you start?
Accountis is pleased to present a new White Paper ‘How to Make Real Savings in AP Finance’ which looks at 5 key areas for improvement in Accounts Payables finance and is packed full of useful tips on topics such as reducing paper, increasing automation with e-invoicing and improving supplier relationships.
Click here to download your free copy now (registration required).
