U.S. Bank and Nexus Systems recently announced that they are entering into a strategic agreement to establish a new standard for end-to-end electronic invoice processing and payment. Combining Nexus’ invoicing software expertise with U.S. Bank’s market-leading payment processing capabilities, the collaboration will produce completely automated accounts payable management solutions.
This partnership will combine U.S. Bank’s Payables solution with the Nexus Invoice Automation Network to offer cloud-based paperless processing at a lower operating cost. The collaboration also presents an increase in early payment discounts and working capital and enhances current audit control capabilities of both solutions. The companies are market leaders in their environment and together will provide a incredibly powerful AP solution. PayStream is very excited to see this relationship develop and expect increased levels of adoption given the increased efficacy of their products.
PayStream recently released the 2014 Electronic Invoice Management report. As seen in Figure 1, our survey reports that about one in four organization in the United States utilize electronic invoicing tools. This is an increase from about one in five from 2012. We also found that over forty percent of organizations surveyed are looking to automate at least 50% of their invoices in 2014 (see Figure 2).
Figure 1
Figure 2; 2014 eInvoice Automation Goals
Nexus Systems CEO and Founder Thomas Coolidge says, “This joint effort will enable organizations to save significant amounts of time and money when processing invoices. By combining U.S. Bank’s market-leading corporate payments offering with Nexus’ procurement, purchase order, and invoice offering, we have created a new industry standard. We’re thrilled to be collaborating with U.S. Bank in this endeavor and are eager to get started.”
US Bank will be joining PayStream at our Purchase to Pay Summit, PayStream Innovate 2014. The Purchase to Pay Summit is the can’t-miss purchase to pay conference for industry best practices in automation, collaboration, and process improvement. Be sure to join us for PayStream Innovate 2014 September 8-10 at the Hyatt Regency San Antonio River Walk. Spots are filling quickly, click here to reserve your seat!
