The voice of P2P automation from the finance process gurus at PayStream Advisors

Automated Dispute Resolution Workflow: Part IV

In Part I of my Automated Dispute Resolution Workflow blog series, I discussed why dispute management still remains a challenge for many credit and collections departments. In Part II, I explored the benefits of automating dispute resolution workflow.   Continue Reading +

Dean Crowder Construction Stays Lean and Profitable with Sage 300

Sage North America, a leading global supplier of business management software and services for small and midsized businesses recently announced that Dean Crowder Construction, Inc., a paving contractor in Northwestern Arkansas, has grown more profitable by using Sage 300 Construction and Real Estate (formerly Sage Timberline Office) with cloud-based Sage Construction Anywhere to increase efficiency and reduce costs.

The company began using Sage 300 Construction and Real Estate several years ago.   Continue Reading +

Global eInvoicing Report Webinar

Please join Pete Loughlin, Purchasing Insight's Managing Editor, and Markus Ament, Taulia's Chief Product Officer, for a unique webinar. They will discuss the findings from the recently released Purchasing Insight and PayStream Advisors Global eInvoicing Report:

• 60% of responde   Continue Reading +
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Global e-Commerce on the Rise

This year, we expect several trends to drive the growth of global e-commerce. As companies continue to focus on managing spend and increasing profitability, they will look for ways to increase real-time visibility and control over their finances.

Financial collaboration between trading partners through e-invoicing and transactions over interoperable business commerce networks will continue to increase as companies realize the value that they deliver in visibility, cost savings and improved buyer/supplier relationships.   Continue Reading +

Hyland Software Announces its 5,000 Financial Services Customer

Enterprise content management (ECM), often referred to as document management, has proven its capabilities to help financial institutions, including banks, credit unions and lending organizations, better manage documents, eliminate risk and most importantly provide better service to customers and members.   Continue Reading +

Senior Managers of SMBs Unprepared for Fnancial Responsibility Expected of Them

Basware’s SMB Finance research reveals that 53 percent of small and 59 percent of medium sized business owners believe the responsibility for setting budgets, controlling payments and determining the company’s financial strategy lies with senior management, despite 1 in 3 senior managers admitting they are unprepared to take on the role.

The SMB Finance research surveyed 558 business owners and 1,368 employees with financial responsibility from small to medium enterprises to identify the financial processes and owners of responsibility within SMBs across the UK, US, Sweden, Germany and Belgium & Netherlands.all   This research aims to inform SMBs of the challenges they face in growth, as well as educating business owners on the productivity levels of their employees as ‘small business processes’ reach breaking point.   Continue Reading +

Automated Dispute Resolution Workflow: Part III

 

In Part I of my Automated Dispute Resolution Workflow blog series, I discussed why dispute management still remains a challenge for many credit and collections departments.  In Part II, I explored the benefits of automating dispute resolution workflow.   Continue Reading +

10 Reasons Why your Suppliers Want Electronic Invoices

Suppliers seem to be rallying behind recent value-added services, such as supplier networks, dynamic discounting, purchase order to invoice flips, and low to no-fee supplier transaction costs.   Continue Reading +

Move to the Middle: Automation Technologies Trickle Down

 After more than a decade of market excitement about the coming electronic future, only now are we beginning to move from the long tail of large early adopters into the fat middle market of small and medium-sized enterprises (SME). And, as we reported in last year’s report “Electronic Invoice Management: The Cloud’s Silver Lining,” the future looks much different than the past.

“Companies with revenues over USD $2 billion (“Titans”) have largely automated .   Continue Reading +

Overcoming Barriers to Adoption of Electronic Invoicing

Despite the steady increase in the number of companies adopting electronic invoicing, paper invoices remain the primary method of B2B billing in the United States. Barriers to adoption today remain the same as they’ve always been.   Continue Reading +

Automated Dispute Resolution Workflow: Part II

In Part I of my Automated Dispute Resolution Workflow blog series, I discussed why dispute management still remains a challenge for many organizations.   Continue Reading +

Maximizing Credit Card Reward Points with RewardSummit

Last week I booked a spring break trip to Paris. The best part is I paid for the entire trip with credit card rewards points. I have often wondered how I can accelerate my rewards so I can go on more fun trips.   Continue Reading +

Transcepta Celebrates a Year of Exceptional Achievement

 Out to revolutionize the procure-to-pay industry since 2005, Transcepta has expanded like no other business network to exceed customer and supplier expectations. The past year was no exception in this regard.   Continue Reading +

PayStream Releases Shared Services Report

The term shared services has evolved over the past two decades and today goes well beyond simply centralization and standardization. Progressive companies have evolved from centralized operations into true shared service models, to reap the benefits of cost savings, efficiencies and overall better service, that shared service models have heralded.

By definition, shared services are the consolidation of business operations that are used or “shared” by multiple parts of the same organization. Shared services are cost-efficient because they work to centralize back-office operations that are used by multiple divisions of the same company and eliminate redundancy.   Continue Reading +

Three More Global Top 50 Firms Select Chrome River to Automate AP Workflow

Chrome River Technologies, a leading provider of expense management alland automated invoice processing software, recently announced a strong close to 2012 in the legal market with a customer base that includes half of the AmLaw 100 and nearly 50% of the Global Top 50.

Launched in mid-2008, Chrome River showed strong growth by being ranked number 258 on Inc.   Continue Reading +

Several Colleges and Universities Converting to Hyland Software’s OnBase

Requiring a more robust and flexible enterprise content management (ECM) solution, numerous colleges and universities have made the decision to convert to OnBase from Singularity, an ECM solution acquired by Hyland Software in 2010.   Continue Reading +

PayStream Advisors Publishes Global eInvoicing Whitepaper

In 2012, PayStream Advisors and Purchasing Insight launched a global electronic invoice survey to AP, finance and treasury personnel in a wide range of industries. The survey received over 200 responses, which were analyzed for the creation of the Global eInvoice report.   Continue Reading +

Automated Dispute Resolution Workflow

I have visited numerous credit and collections departments over the years and managing disputes still remains a time consuming challenge for many of them. There are several reasons for this, but all are related to the complexity of commercial trading relationships which typically involve multiple points of interaction between trading partners pointing toward an increased need for networking or collaboration solutions.

On the buyer side of the equation you typically have the requisitioner, purchasing agent, receiving, quality assurance, and accounts payable.   Continue Reading +

PayStream Releases Revenue Cycle Management Report

The new report Revenue Cycle Management: Increasing Control Over the Order-to-Cash Process published by PayStream Advisors reveals that Revenue Cycle Management (RCM) solutions offer considerably more functionality within an expanded universe than they did five years ago and are working to significantly increase cash flow.   Continue Reading +

Institute of Financial Operations Survey to Gauge Effects of Fiscal Cliff Debate on Accounts Receivable Profession

With all the talk about the "fiscal cliff," and businesses nervous about tax implications of any action Congress takes during ongoing discussions in the coming months, accounts receivable departments are sitting in the crosshairs of "pay/don't pay" strategies organizations will use to manage their cash flow.   Continue Reading +

Looking for Inspiration to Attend Coupa’s INSPIRE Event?

Savvy companies looking to further enhance efficiency, visibility and savings through cloud-based automation don’t want to miss Coupa’s upcoming INSPIRE event. The event is being held April 8-10, 2013 at the Westin St.   Continue Reading +

Corcentric Launches an Automation-centric Accounts Payable Blog

Corcentric Launches an Automation-centric Accounts Payable Blog

Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, recently launched a new blog site.   Continue Reading +

InStream Joins AnyDoc’s Value-Added Reseller Program

AnyDoc Software, a leading provider of automated document, data capture, and classification solutions, announced today that InStream, LLC has joined the AnyDoc Software channel as a Value-Added Reseller.

InStream specializes in back-office processing and business process outsourcing (BPO), including document and data capture, document management, workflow, and integration of document imaging with line-of-business applications.   Continue Reading +

GT Nexus and TradeCard to Merge

GT Nexus and TradeCard recently announced that the companies have entered into a definitive merger agreement. The companies are leaders and pioneers in cloud-based technology platforms that link companies together in commerce networks.   Continue Reading +

Medical manufacturing company signs 1.1 MUSD deal with ReadSoft

ReadSoft North America recently announced they reached an agreement with a global manufacturing company in the healthcare sector. ReadSoft will provide its SAP®-certified invoice automation solution PROCESS DIRECTOR in a deal worth 1.1 MUSD.   Continue Reading +

Lexmark acquires Acuo Technologies

Lexmark’s Perceptive Software becomes the only vendor to own this technology and offer a solution that drives better patient care, an enhanced clinician experience and cost savings through a single, enterprise-wide and content-based medical record that is accessible via any electronic medical record (EMR) system Lexmark International, Inc.   Continue Reading +

RCM Automation – Working to Fill the Gaps in the Order-to-Cash Process

In an effort to fill the gaps in the order-to-cash process, the Revenue Cycle Management (RCM) arena has grown tremendously over the past couple of years.  This market growth has created the development of increasingly sophisticated and robust automation solutions that make Straight Through Processing (STP) opportunities within the order to cash process the norm, rather than the exception. PayStream analysts felt that the time was ripe to re-evaluate the RCM market through the development of a new RCM report that is slated to be published by PayStream in early January 2013.  The last RCM report was published in 2007 and the past five years have brought about a lot of changes in the RCM market. Today’s sophisticated RCM automation solutions help companies streamline accounts receivable collections and better manage accounts receivable credit and collections activities to successfully reduce Days Sales Outstanding (DSO) and overcome obstacles in the process.  RCM solutions achieve this by:

• Consolidating information,
• Automating repetitive tasks,
• Generating actionable intelligence, and
• Driving workflow based on user defined rules and routines.

Today’s RCM solutions provide a wide spectrum of tasks and intelligence that ensure timely payments by customers, ranging from evaluating credit risk, assuring invoice accuracy, applying payments, managing collections, resolving disputes and analyzing data. The upcoming 2012 Revenue Cycle Management report will be geared towards Customer Care, Collections and Accounts Receivable professionals who are seeking information regarding collection management solutions to automate their B2B collection management process.  The report will help buyers make vendor and technology selection decisions as they evaluate new collections automation strategies and solutions.  PayStream will focus on collections automation solution providers who have strong capabilities and product strategies to meet the needs of medium and large corporations.  In addition, the report will provide our analysts’ unbiased view of credit and collection trends and best practices, as well as deliver insights on providers who are currently shaping the RCM industry. Be sure to check back in early January to download your complimentary copy of the RCM report. Mark your calendar for the upcoming Order-to-Cash Virtual Summit event that is scheduled on February 13, 2013.   Continue Reading +

PayStream Advisors Says AP Automation Market Revenue to Reach $1.7 Billion in 2013

The US AP Automation Market revenue is forecast to reach $1.7 billion in 2013, a 11.9 percent increase from 2012 revenue of $1.55 billion, according to PayStream Advisors, Inc. a research and consulting firm focused on back office financial applications.   Continue Reading +

Bottomline Technologies Named a ‘Best Company to Work For’

Bottomline Technologies (NASDAQ: EPAY) today announced that it has been recognized for the fifth year in a row as a “Best Company to Work For”. This annual competition sponsored by Business NH Magazine recognizes companies that demonstrate a commitment to their employees’ professional growth and personal well-being through innovative workplace programs, company culture and benefits.   Continue Reading +

Replicon Unifies Time Tracking with Concur’s TEM Solution

Replicon, the global leader in cloud-based time tracking software is introducing a unified cloud-based travel, time and expense tracking offering through a partnership with Concur (NASDAQ: CNQR), the leading provider of integrated travel and expense management solutions.   Continue Reading +

Health Care EFT Standards – Part 2

Matthew Dragiff Vice President, Product Management, SunGard’s AvantGard In-Band vs. Out-of-Band Remittance Delivery…

In Part I of my Understanding Healthcare EFT standards blog, I identified several major obstacles for health care providers to adopt EFT (electronic funds transfer) and ERA (electronic remittance advice).  In Part II, I will explore the differences between in-band versus out-of-band remittance delivery and how it relates to EFT standards.  In an earlier blog Post-Sibos 2011 Thought: The Remittance Data Transport Conundrum for Banks, I briefly discussed these two approaches for delivering payments and associated remittance.  The term in-band means that the payment and remittance information flow together.  Receipt of a paper check along with printed invoice payment details is an example of this, as is the NACHA CTX transaction.  Out-of-band means that the payment and remittance information flow separately through different channels and delivery may follow separate timelines.  A wire payment followed by the delivery of printed remittance is an example of this.   Continue Reading +

PayStream Releases New eInvoice Report

After more than a decade of market excitement about the coming electronic future, only now are we beginning to move from the long tail of large early adopters into the fat middle market of small and medium-sized enterprises (SME).  Electronic invoice technology has been proven.  The resul   Continue Reading +

Coupa Wins 2012 Best in Biz Award

Coupa Software, the leading provider of cloud-based spend optimization solutions, today announced that it has been named a silver winner in the category of “Fastest-Growing Company of the Year” by the 2012 Best in Biz Awards, the only independent business awards program judged by industry analysts and members of the press. Coupa’s rapid growth has been attributed to more than a 1,000 percent increase in revenue growth over the past four years, which was driven by its ever-expanding customer base.   Continue Reading +

Concur Launches $150 Million Concur Perfect Trip Fund

Concur (NASDAQ: CNQR), a leading provider of integrated travel and expense management solutions, recently announced the launch of the Concur Perfect Trip™ Fund, $150 million in capital allocated specifically to invest in and nurture emerging companies in the T&E Cloud.   Continue Reading +

Coupa and OB10 Announce a Strategic Partnership

Coupa Software, the leader of cloud-based spend optimization solutions, and OB10, the leading e-Invoicing network, recently announced a strategic partnership that will provide Coupa customers with seamless integration to eliminate the need for paper invoices. As a result of the partnership, OB10 customers can choose to take advantage of the market-leading procure-to-pay solution, maximizing their investment in electronic invoicing. Coupa customers can now receive electronic invoices into OB10 for expanded global e-Invoicing compliance and dynamic discounting capabilities.   Continue Reading +

GXS Expands Electronic Invoicing Solutions to Mexico and Brazil

GXS, a leading provider of B2B integration services, recently announced that it has expanded e-Invoicing compliance for its Active Invoices with Compliance (AIC) solution to two additional Latin American countries.   Continue Reading +

WEX Partners with Higher One to Launch VendorPay

WEX Inc. (NYSE: WXS), a leading international provider of physical, digital and virtual corporate card payment solutions, recently announced it has partnered with Higher One to launch VendorPay, a customized virtual payment solution for higher education institutions.   Continue Reading +

U.S. Bank Acquires FSV Payment Systems

U.S. Bank, lead bank of U.S. Bancorp (NYSE: USB), recently announced that it is acquiring Florida-based FSV Payment Systems, a prepaid card processing company known for its expertise managing a broad range of prepaid programs for companies, governments and other financial institutions. The acquisition combines U.S.   Continue Reading +

Understanding Health Care EFT Standards

Matthew Dragiff Vice President, Product Management SunGard’s AvantGard Brief History On March 23, 2010, the Patient Protection and Affordable Care Act (PPACA) was signed into law.  Section 1104 of the PPACA requires the adoption of operating rules for health care electronic funds transfers (EFT) and electronic remittance advice (ERA) transactions.  The goal of section 1104 is to reduce the administrative burden on healthcare providers by lessening the time and labor spent interacting with multiple health insurance plans, often referred to as billing and insurance related (BIR) tasks. During 2010, NACHA collaborated with the Council for Affordable Quality Healthcare (a non-profit alliance of health plans and trade associations) Committee on Operating Rules for Information Exchange (CAQH CORE) on a research project to better understand how health plans and providers use EFTs and ERAs. In December of 2010, a hearing was held by the National Committee on Vital and Health Statistics (NCVHS).  The NCVHS engaged in a comprehensive review of potential standards and operating rules for the EFT and ERA transactions.  The hearing included public testimony by stakeholders representing a cross section of the health care industry, banking industry and standards development organizations. In March of 2011, NCVHS recommended to the Secretary of Health and Human Services (HHS) that CAQH CORE and NACHA draft the healthcare operating rules for EFT and ERA transactions.  Over the next 6 months, a working group developed operating rules that addressed barriers to healthcare providers’ acceptance of EFT and ERA. In December 2011, the NCVHS recommended to the Secretary of HHS that the health care EFT standard for payments made via ACH be the NACHA CCD+ format and that the ERA content be as specified in the X12 835 TR3 Report.   Continue Reading +

Hyland Software Lands Nevada System of Higher Education

Overseeing eight public colleges and universities and enrolling more than 100,000 students per year, the Nevada System of Higher Education (NSHE) turned to OnBase Online to streamline processes across the state without the burden of maintaining additional infrastructure. OnBase Online, Hyland Software’s cloud-deployed enterprise content management (ECM) solution, provides the NSHE with a reliable and scalable solution capable of integrating with their existing systems.   Continue Reading +

Stormont-Vail Healthcare Selects Hyland Software’s OnBase Solution

Healthcare organizations rely on their electronic medical record (EMR) to store patients’ data and help physicians, nurses and medical staff to provide the best, most informed care. A huge problem comes when they realize the EMR system can’t hold unstructured content – like paper, faxes, images and videos.   Continue Reading +

Infosys BPO and OB10 announce strategic partnership

OB10, the e-Invoicing network, yesterday announced a strategic partnership with Infosys BPO, the business process outsourcing subsidiary of Infosys Limited. This partnering of two best-of-breed companies will offer enhanced capabilities to the Finance and Accounting (F&A) business process management and process automation spaces. The collaboration enables Infosys BPO to extend the next wave of business benefits to its global clients.   Continue Reading +

APO Report Blog Post

Improving Performance and Creating Added Value through AP Outsourcing As companies search for ways to improve overall performance and create added value, outsourcing non-core business processes such as low-value functions in the accounts payable (AP) process is a perfect place to start.   The market for AP outsourcing has witnessed many changes in recent years and what was once an emerging trend is now becoming a natural element of corporate services.  Organizations are now exploring AP outsourcing services that can turn a cost burden into a competitive advantage that provides significant potential to reduce costs, leverage capabilities and deliver sustainable business value.  While outsourcing the entire AP process may not be practical for most organizations, many companies are choosing to outsource certain functions while keeping full control of other more strategic AP functions in-house.  This modular approach to outsourcing is gaining momentum in the market and is helping more companies improve the overall performance of their AP department. Accounts payable outsourcing services are now recognized as an effective management tool that works to streamline and optimize AP operations and deliver operational and strategic benefits.  Companies are looking for ways to harness value beyond cost reduction through consolidation and automation, in addition to achieving the commercial benefits including accessing and building capability, scalability and flexibility that support the company’s core business strategy.  More and more companies now incorporate outsourcing as a strategy in business planning.   Continue Reading +

e2b teknologies Earns Epicor Sales Certified Silver Award for 2012

e2b enterprise (www.e2benterprise.com), a division of e2b teknologies, recently announced that they are a 2012 recipient of the sales certified silver award by Epicor Software. The award was presented to e2b teknologies at the Epicor Americas 2012 Premium Partner Awards Ceremony, during the recent Epicor Ignite sales conference in Las Vegas.   Continue Reading +

Houston Business Journal Names HighRadius One of Houston’s Fastest Growing Tech Companies

HighRadius, a leading provider of Receivables and Collections Management solutions, has been named to the Houston Business Journal’s FastTech 50 list for the fourth consecutive year. Year-over-year revenue growth of 58.75% secured the company’s #24 ranking.   Continue Reading +

Calling all Order-to-Cash Leaders

As you might have already heard, PayStream Advisors is co-hosting a virtual Order-to-Cash conference on February 13, 2013 to share best practices and latest industry trends on how to accelerate revenue cycles, optimize cash flow, and enhance customer relationships within the Order-to-Cash process. This is a web-based, virtual conference, meaning you can call in from the comfort of your own home or office.   Continue Reading +

ReadSoft Signs Agreement with European Steel Manufacturer

A leading global company specializing in the manufacture of steel has chosen ReadSoft's SAP®-certified invoice automation solution to process paper and electronic invoices in its United Kingdom accounts payable operation.   Continue Reading +

Hyland Software Hits Fastest Growing Companies List

Hyland Software this week announced it ranked number 495 on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America.   Continue Reading +

Basware Launches Procurement Module for InvoiceReady

Basware, the leading provider of e-invoicing and purchase-to-pay solutions, recently announced the availability of a procurement module for its InvoiceReady^TM solution, deepening the benefits of fully electronic invoice handling for small-to-medium-sized enterprises (SMEs).     SMEs have long recognized that automated invoice handling improves their ability to manage cash flow across their organizations, but have been held back by a lack of availability of solutions designed specifically for their staffing of resources, expertise and budgets.   Continue Reading +

Taulia Awarded Gold Partner Status with SAP

Taulia Inc., the only SAP®-certified SaaS platform for dynamic discounting recently announced it has been awarded the prestigious gold status through SAP’s PartnerEdge™ program. A longtime global partner with SAP, Taulia achieved gold distinction by continuously meeting SAP’s stringent requirements around product quality, industry expertise, sales proficiency and a high level of customer satisfaction.   Continue Reading +

Ariba Helps Redesign Grohe’s Procurement

For more than 75 years, Grohe has been giving bathrooms and kitchens around the world a new look through its innovative products. A reflection of its preference for innovative applications and services, Grohe is now applying the cloud-based solutions and business network of Ariba, an SAP Company, to transform its procure-to-pay function and fuel a best-in-class process through which it can drive savings, efficiencies and competitive advantage. “At Grohe, innovation and technology are part of our DNA and we rely on them not only to deliver quality products to our customers, but to drive unprecedented levels of performance and productivity across our operations,” said Dr.   Continue Reading +

SciQuest Introduces Enhanced Translation Services for Spend Analysis

SciQuest, Inc. (NASDAQ: SQI) a leading provider of cloud-based spend management solutions, recently announced enhanced translation services for its Spend Radar spend analysis solution. By automating the translation of large international data sets, SciQuest enables organizations to consolidate, cleanse and classify spend data from across the globe to perform accurate spend analysis that drives cost reductions.   Continue Reading +

Wright Express Changes Name to WEX Inc.

Wright Express Corp. announced Thursday that it would change its name to WEX Inc. The company, which has been processing fuel payments for fleet vehicles since its founding in 1983, said the new name reflects its transformation to a company focused on physical, digital and virtual corporate card   Continue Reading +

Basware Launches Mobile App for Purchase-to-Pay

Basware, a leading provider of e-invoicing and purchase-to-pay solutions, has today announced the availability of Basware Mobile 1.2, bringing the ability to process of purchase requisitions into its market-leading native apps for iOS- and Android-powered smartphones and tablets. As workers become increasingly mobile and accustomed to social collaboration, employees expect to be able to access and interact with core business processes and data on the move in order to maximize productivity.   Continue Reading +

Striving for Straight Through Processing

Organizations are increasingly seeking Straight Through Processing (STP) solutions, while leveraging their ERP systems so that AR and credit staffs can focus on strategically improving cash flow as well as other value-added tasks.  Demand is increasing for solutions that facilitate STP by delivering strong functionality around automated routines to manage exceptions and dispute resolution in a collaborative manner.  In addition, there is an increased focus on data extraction to drive automated, touchless processes. When imaging solutions first entered the receivables universe they were primarily focused on document capture.  Archiving paper files with electronic images generated benefits centered on retention and easy access.  As the use of imaging to support the order-to-cash process has matured, the distribution of e-documents has gained momentum.  Today, a highly integral aspect of receivables document management is the associated workflow, which allows users to route documents to specified recipients for action.   Continue Reading +

Idaho Central Credit Union Selects Hyland Software’s OnBase Solution

Idaho Central Credit Union (ICCU), an Idaho credit union with 1.2 billion in assets, was an early adopter of document imaging and management technology, initially purchasing the software to achieve paperless goals.   Continue Reading +

Fiserv Earns SWIFTReady Reconciliation Accreditation for the 13th Consecutive Year

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, recently announced that its Accurate™ Reconciliation solution for transaction matching, reconciliation and exception management has received the SWIFTReady Reconciliation Label for 2012. The renewed accreditation for Fiserv demonstrates that the Accurate Reconciliation solution meets stringent SWIFT criteria linked to the support of messaging standards, services and connectivity requirements, which are re-evaluated every year to ensure alignment with market changes. "Achieving the SWIFTReady accreditation means when our clients choose our solutions, they can have confidence that they have robust financial controls within their organizations to support company operations and improve the accuracy of reporting," said Eric Werab, portfolio director, Financial Control Solutions, Risk and Compliance, Fiserv.   Continue Reading +

Express Payments for Supply Chain Financing Launched by OB10

OB10, the e-Invoicing network has launched OB10 Express Payments, a unique supply chain finance service that allows organizations to receive payment on approved invoices within three days. The service supports the agreement announced this week between Prime Minister David Cameron and large UK organizations to consider or continue helping their suppliers’ cash flow through supply chain finance. Many companies, especially SMEs, are looking for faster payment of their invoices, especially as they face extended payment terms and restricted lending from banks.   Continue Reading +

J.P. Morgan Expands Global Reach

J.P. Morgan recently announced a series of new products, services and client mandates designed to capitalize on the firm’s global footprint, understanding of changing regulatory environments and innovative approach to issues affecting financial institutions.   Continue Reading +

Department of Veterans Affairs Mandate Electronic Invoicing

Dozens of countries around the world currently mandate electronic invoicing initiatives, in an effort to transition away from paper-based invoices to eInvoicing.  The benefits of eInvoicing mandates have been well established in Europe and American federal agencies are now slowly transitioning to the eInvoice format, which is expected to save taxpayers $7 million per year, cut invoicing costs by 50 percent and help vendors get paid faster. President Obama signed the Improper Payments Elimination Recovery Act of 2010 (IPERA) with the goal of reducing the federal government’s improper payments.  Research shows that electronic invoicing is the leading technological solution to prevent improper payments by eliminating error-prone manual processing. In an effort to comply with IPERA, The Department of Veterans Affairs is set to mandate eInvoicing to its contractors and suppliers.  The VA Financial Services Center (VAFSC) has mandated that vendors must submit invoices electronically.  VAFSC has expanded its electronic invoicing services through OB10 provided solutions.  OB10 electronic invoicing services, including mapping/transaction fees, are free to VAFSC vendors. As part of the latest communications informing VAFSC suppliers of the mandate, the VA offered a number of compelling benefits in return for making the transition.  According to Luke McKeever’s OB10 blog, benefits include:

• Delivery of invoices directly into its Financial Services Center’s payment system and routed nationally for approval
• Elimination of mail processing time, postage, and invoice receipt enquires
• Elimination of data error and lost or misplaced invoices
• Verification of invoice receipt and rejection through automated notification reports
• No installation of hardware or software required

VAFSC is also seeking to expand electronic payments through Automated Clearing House (ACH) and is touting significant advantages including:

• Reduced delivery time for payment funds, eliminating unpredictable postal system delays
• Automated payment generation through VAFSC accounting systems, reducing the likelihood of errors associated with paper based check systems

Pete Loughlin from Purchasing Insight "It's counter cultural to mandate anything like this in Europe and rushing into it would be a mistake.   Continue Reading +

Purchasing Card Transactions Increase as Companies Strive for Cost Savings and Efficiency in AP

New PayStream report titled The Value of Purchasing Cards reveals the power of P-Cards as a strategic form of payment. More and more companies are adopting or expanding their Purchasing Card (P-Card) programs in an effort to manage company expenses and maximize savings.  P-Cards are a   Continue Reading +

ADP Enhances Electronic Invoicing Solution

ADP®, a leading provider of human resource outsourcing, payroll services, tax and compliance and electronic invoicing solutions, recently announced several key enhancements to its electronic invoice solution, a component of ADP Procure-to-Pay^® (P2P) Solutions.   Continue Reading +

Grupo FSM Chooses Esker for Invoice Automation in a Microsoft Dynamics NAV Environment

Esker, a world leader in document process automation solutions, announced that its technology will be used by Grupo Félix Santiago Melián (FSM) for a centralized automated invoicing solution that will operate in a Microsoft Dynamics NAV environment and serve all group companies. Seeking a new solution Prior to Esker, FSM received all of its supplier invoices via paper, half of which were for transactions between companies in the group, with a total volume of 2,300 per month.   Continue Reading +

BofA Merrill Lynch Enhance Card Offering with Launch of PIN Check

Bank of America Merrill Lynch, a leading provider of transaction services, recently announced an enhancement to its Commercial Card offering with the launch of online PIN Check. Online PIN Check allows Chip and PIN cardholders the convenience of viewing their PIN in a secure environment.   Continue Reading +

Paymode-X® Expands Payment Capabilities and Surpasses 200,000 Vendors

Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, announced that its business-to-business settlement network, Paymode-X, has expanded payment capabilities to 23 currencies. The Paymode-X network first increased its global reach with the launch of a travel commission payment offering.   Continue Reading +

Hyland Software Makes Mobile Solutions Easier with Windows Azure

Hyland’s Mobile Broker for Windows Azure provides an additional implementation methodology for OnBase mobile users. Hyland Software released its latest deployment innovation, Mobile Broker for Microsoft Corp.’s Windows Azure, to help customers more easily implement mobile solutions.   Continue Reading +

TRADESHIFT Announces Partnership with PrimeRevenue SCF

TRADESHIFT, the platform for all your business interactions, has announced a strategic partnership with PrimeRevenue - the leading SaaS platform for global Supply Chain Finance (SCF). The partnership marks yet another step forward in TRADESHIFT’s mission to redefine the e-invoicing space by providing enterprises with the tool set they need to achieve full supplier adoption and 100% electronic invoicing. SCF and e-invoicing, although often existing in separate spheres, when combined form a powerful symbiotic relationship.   Continue Reading +

PNC Bank and Visa Team Up To Simplify Online Purchases

PNC Bank, N.A. and Visa Inc. (NYSE:V) today announced the availability of V.me by Visa to more than 1.2 million PNC Virtual Wallet^® customer accounts, with a commitment to make V.me available to more than 6.3 million accounts in 2013.   Continue Reading +

ReadSoft Automates Independent Energy Company

The North American-based organization has selected ReadSoft’s accounts payable automation solution to streamline its invoice process in Oracle E-Business Suite for greater processing control over growing invoice volumes.   Continue Reading +

Building a Case for Receivables Document Management (RDM) Automation

PayStream recently published a new report titled Receivables Document Management: Moving Toward a Paperless AR Organization that reveals a compelling case for RDM automation.  Credit departments are swimming in paper.  Computerizing receivables has resulted in not only more paper, but als   Continue Reading +

Understanding the Game of AP Automation

Simply put, automating an AP department is no easy task. It takes planning and vision, organizational alignment, buy-in from senior management and leadership, and a thorough understanding of the increasing number of technology options available in today's marketplace. Much like professional sports need coaches, automation projects often need consultants to draw up the game plan and evaluate the players.   Continue Reading +

Pushing Forward with Buyer Initiated Payments

Stand around the water cooler in any AP department long enough and you’re bound to hear the buzz surrounding Buyer Initiated Payments (BIP).  One of the hot topics in Electronic Supplier Payments right now is leveraging working capital management tools such as BIP and Dynamic Discount Management – both of which allow buyers to time payments and take advantage of early payment discounts. In the traditional card transaction, the seller/vendor/supplier end is the initiating event that starts the payment process.   Continue Reading +

Perceptive Software Launches Perceptive eAuthorize

Perceptive Software, creator of process and content management products and solutions, announces the launch of Perceptive eAuthorize. Powered by AssureSign, a leader in the electronic signature market, Perceptive eAuthorize allows any document to be electronically sent to any Perceptive Software user or third party in order to obtain a compliant electronic signature, followed by automatic uploading and storage of the signed document in Perceptive Software’s enterprise content management solution. Perceptive eAuthorize is a flexible and secure document distribution product that takes a true integrated approach to electronic signatures.   Continue Reading +

BancTec to Provide Electronic Patient Records to Aneurin Bevan Health Board

BancTec, a global leader in document management solutions and outsourcing services, along with its partner CCube Solutions, has been selected by the Aneurin Bevan Health Board (ABHB) to deliver an Electronic Document and Records Management System (EDRMS) and related services for the Health Board’s clinical users. “BancTec’s solution was cost-effective for the Health Board, providing both a return on investment and offering the most economically advantageous tender,” said James Silcock, Business Development Director of BancTec.   Continue Reading +

The Case for a Vendor Self Service Portal

By Jeff Chandler – Shared Service Expert for Prodagio Software, over 25 years AP experience working as the AP manager for Altria and Kraft Foods. As accounts payable professionals we know the many reasons that prompt our vendors to call or email our AP departments so persistently.   Continue Reading +

Basware Acquires Certipost

Basware, the global market leader in Purchase-to-Pay and e-Invoicing solutions, has today signed an agreement to acquire the network and e-Invoicing business of Certipost, a bpost company and the leading e-Invoice operator in the Benelux.   Continue Reading +

Wright Express Completes Acquisition of Fleet One

Wright Express Corporation (NYSE: WXS), a leading provider of value-based, business payment processing and information management solutions, announced today the completion of its acquisition of Fleet One after receiving the required regulatory approval from all government authorities.   Continue Reading +

PayStream Releases Data Capture for AP Report

All scanning and OCR solutions share the goal of eliminating the manual handling of paper.  Not every solution follows the same approach or provides equivalent functionality at each step in the process. Back-end document and data capture scan documents at the end of the receipt-to-pay   Continue Reading +

Bottomline Announces Implementation of Legal Spend Management Solution

Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, yesterday announced the successful implementation of Legal eXchange®, Bottomline’s legal invoice automation solution, as a tool to assist Nationwide Mutual Insurance Company (Nationwide) with their efforts to effectively and appropriately pay for necessary legal services. “We chose Bottomline as a partner for three simple reasons,” said Joseph Centanni, Vice President of Claims, Nationwide.   Continue Reading +

Bottomline Technologies and Lloyds Bank Announce Strategic Partnership

Lloyds Bank to Offer Corporate Customers Value Added Services from Bottomline Bottomline Technologies (Nasdaq: EPAY), a leading provider of cloud-based payment, invoice, and banking solutions, today announced that it has expanded its partnership with Lloyds Bank in the UK. Under a new partnership arrangement with Lloyds Bank, Bottomline will provide secure, reliable connectivity to Lloyds Bank’s infrastructure, enabling corporate customers to streamline the management of payments, improve operational efficiency and achieve high levels of straight through processing.   Continue Reading +

SciQuest Acquires Assets of Spend Radar

SciQuest, Inc., (NASDAQ: SQI) a leading provider of cloud-based spend management solutions, today announced that it has signed a definitive agreement to acquire Spend Radar LLC, a rapidly growing provider of fast, easy and flexible spend analysis software.   Continue Reading +

PayStream Releases Data Capture for Accounts Payable Report

Report reveals current demand and trends in OCR/Data Capture In a recent PayStream survey, more than half (52 percent) of AP professionals listed handling of paper invoices as their number one invoice management challenge, followed closely by manual data entry and inefficient processes. Direct Insite’s discount management capabilities enable buyers to capture more discounts from suppliers, resulting in better rates of return and improved supplier relations.   Continue Reading +

PayStream Releases Automation Solutions for MS Dynamics Report

Report reveals solutions for touch-less accounts payable Until recently, the biggest stumbling block to removing paper from your finance department was getting the project started.  Today; however, finance managers struggle with a new problem – where to get started? Due to the explosion of options – from invoice imaging, automated data capture, approval workflow, eProcurement, electronic invoice portals, supplier collaboration, PO compliance, discounting and payment – automation decisions are complex.   Continue Reading +

PayStream Reveals 2012 Excellence Award Winners at PayStream Summit

PayStream Summit 2012: Fast Track to P2P Automation was held in Charlotte, NC, September 17 – 19.  Each year during the annual PayStream Summit, PayStream Advisors recognizes individuals and organizations that are leading the way in innovation in their purchase-to-pay processes, and working to drive the industry forward. PayStream’s P2P and Healthcare Advisory Boards reviewed the Technology Award nominations and helped select this year’s winners. Categories for the Technology Awards include:

• Excellence in P2P Automation
• Excellence in Electronic Payments
• Excellence in Healthcare Procure to Pay

  Corporate Award Winners The Excellence in P2P Automation award was presented to Graham Packaging Company.  Graham implemented an innovative Spend Management program during a time of acquisitions and global expansion that worked to dramatically reduce overall spending.  Within three months of implementation, 95 percent of Graham’s spend was channeled through preferred suppliers that resulted in millions in savings.  The intuitive, on-boarding process drove adoption with external suppliers to streamline communications and ensured product and pricing consistency.  In a matter of months, Graham boasted 100 percent user adoption.   Continue Reading +

Perceptive Software Breaks Ground on New Corporate Headquarters

Perceptive Software, creator of process and content management products and solutions, recently announced the official ground breaking of its new corporate headquarters in Lenexa, Kan. When completed, the 240,000 square-foot, two-building facility will more than double the size of the company’s current headquarters building. Since moving into its current headquarters in 2005, Perceptive Software’s local employee base has more than tripled.   Continue Reading +

PayStream Summit a Huge Success

The PayStream Summit 2012: Fast Track to P2P Automation, a boutique event for decision makers within AP, finance, procurement, payments and supply chain finance operations, has just wrapped up in Charlotte, NC.  Breakout tracks with topics in Purchase to Pay, Payments, and Healthcare Purc   Continue Reading +

Concur Unveils Enhanced Social and Mobile Capabilities For Concurforce

Concurforce leverages the Salesforce Platform and Concur T&E Cloud to tap the power of social, mobile and open technologies, delivering innovation to help clients maximize each and every business trip. Concur (NASDAQ: CNQR), a leading provider of integrated travel and expense management solutions, recently unveiled Trip Maximizer for Concurforce, the Concur travel and expense management offering designed for Salesforce.   Continue Reading +

Easily Calculate the ROI of Migrating Checks to Electronic Payments

Matthew Dragiff                                                                                                                             Vice President, Product Management                                                                               SunGard AvantGard Payment Services Check printing is expensive.   Continue Reading +

Direct Insite Corp.'s E-Invoicing Network Surpasses 175,000 Users

Direct Insite Corp. (OTC BB: DIRI), a provider of cloud-based e-invoicing solutions for accounts payable, accounts receivable, and payments services, recently announced that the company's global e-invoicing network has surpassed 175,000 users.   Continue Reading +

DataServ’s SaaS Purchase-to-Pay Solution Promotes ACH Capabilities of Western Union Business Solutions

DataServ, the global SaaS provider of document and process automation solutions, has developed a partnership with Western Union Business Solutions, a unit of The Western Union Company (NYSE:WU), that offers international clients a potentially easier, cost effective method for making payments to vendors.   Continue Reading +

Wright Express to Acquire Fleet One

Wright Express Corporation (NYSE: WXS), a leading provider of value-based business payment processing and information management solutions, and Fleet One, an over-the-road and local retail fueling business, announced recently that they have entered into a definitive agreement whereby Wright Express will acquire Fleet One from private equity firms LLR Partners and FTV Capital for $369 million in cash. This transaction is expected to generate approximately $100 million in present value of tax benefits for Wright Express.   Continue Reading +

Money Might Not Grow on Trees but it does Fly in the Clouds

By Henry Ijams, Managing Director, PayStream Advisors How much can your company save by utilizing cloud based procurement solutions? Late last week I presented a Coupa webinar focusing on calculating the total cost of ownership (TCO) for cloud-based applications.  While cloud computing has been around for a while, there seems to be some confusion surrounding exactly what cloud computing is and how companies can benefit from applying it. Most of the challenge stems from evaluating different cost elements of cloud solutions and comparing costs to traditional software deployment.  Until the internet age, technology was always delivered using on-premise licensed solutions.   Continue Reading +

New PayStream Report Reveals Invoice and Workflow Automation Continue to Rise

PayStream Releases 2012 Invoice and Workflow Automation Adoption Report While paper still dominates as the number one method used to trade business-to-business invoices, paper is waning as more companies implement front-end automation and automated workflow.  PayStream’s new Invoice an   Continue Reading +

Mercy/ROi Implement SciQuest Solutions for User-Friendly Health Care Supply E-Procurement

Building on their 2002 success with the creation of Resource Optimization & Innovation (ROi), Mercy has implemented SciQuest’s solutions to create a user-friendly, intuitive online shopping environment.   Continue Reading +

PayStream Announces Summit Keynote Speaker

Buckle up for an exciting ride.  The annual PayStream Summit – Fast Track to P2P Automation is right around the corner.  PayStream is pleased to announce Eric Jones, Director of Corporate Payables for Lowe’s as this year’s Summit keynote speaker.  The keynote address is scheduled for Monday, September 17, from 8:30 a.m.   Continue Reading +

Bottomline to Acquire Albany Software

Bottomline Technologies (NASDAQ: EPAY), a leading provider of cloud-based payment, invoice and banking solutions, recently announced that it has gained regulatory clearance to acquire Albany Software Ltd.   Continue Reading +

Basware Aims for Accelerated Global Growth

According to a Basware stock exchange press release that ran on September 4, 2012, Basware's Board of Directors and management have updated the company's strategy and objectives for the next three years.   Continue Reading +

Tips for Selecting an Integrated Payments Platform

Matthew Dragiff                                                                                                                             Vice President, Product Management                                                                                     SunGard AvantGard Payment Services In my recent blog article, “Why Outsource B2B ePayment Adoption?”, I conveyed the results from a recent SunGard study around B2B ePayments and why more and more organizations are opting to outsource the payments process.  The study included 171 participants spanning a broad range of industry and revenue classifications, with 48% of the respondents from companies with more than $1 billion in revenue.  When asked to identify the top requirement for a payments solution or solution provider, study participants pointed first to a requirement for an integrated platform. Rather than looking for a specific payment type such as virtual card, companies first want a platform that can handle the full spectrum of payment methods from check to ACH, EFT (electronic funds transfer), wire, virtual card, and SWIFT.   Continue Reading +

Coupa Launches Major Release with New Smarter Contracts and Accounts Payable Capabilities

Coupa Software, a provider of cloud-based spend optimization software, recently announced the launch of Coupa Release 8, which includes major enhancements to the Coupa platform, mobility enhancements and two new core capabilities: Coupa Smarter Contracts and Coupa Invoicing.   Continue Reading +