| Industry News |
Imaging and Workflow Automation: Moving Beyond Paper People have dreamed of a paperless workplace for decades. In the 1960s, for example, futurists predicted that organizations in the new millennium would exchange information in a fully electronic manner. This sounds quaint from our current vantage point, but who knew that getting rid of paper would be more difficult than putting men on the moon? The unfortunate reality is that corporate processes remain mired in paper, and no one knows that better than accounts payable professionals. Our latest research illustrates that buyers and sellers are keen to resolve the communication and processing issues that retard the order-to-settlement cycle and inhibit visibility and control. Buyers want to optimize invoice receipt, approval processing and supplier and spend management, while suppliers are keen to streamline invoice presentment, discrepancy management and customer account management. These issues have sharply increased organizations’ interest in a rapidly maturing set of technologies that we call Imaging and Workflow Automation (IWA) solutions that streamline the invoice receipt-to-pay cycle to meet these new requirements for efficiency and control. Consider the results of our 2004 Financial Automation Survey of Fortune 1000 finance, treasury, and accounting professionals:
What is Imaging and Workflow Automation? Imaging and Workflow Automation (IWA) solutions streamline the invoice receipt-to-pay cycle by enabling organizations to convert paper invoices into digital images, store them in a Web-enabled repository for rapid retrieval, and extract data from them to enhance approval processing. IWA solutions may provide document and data capture, workflow, or both in order to create an end-to-end imaging and workflow solution that integrates with enterprise and line of business applications. The Different Flavors of IWA All IWA solutions share the goal of improving organizations’ management of their invoice receipt-to-pay processes. However, not every solution follows the same approach or provides equivalent functionality at each step of the process. Therefore, accounts payable professionals should understand the major forms that IWA can take:
Benefits of IWA Organizations that utilize an IWA solution experience a wide range of benefits, depending on the type of solution they deploy. IWA solutions lower costs by
In addition, they also offer enhanced visibility and control by
PayStream Advisors’ latest Corporate Insights Report titled, “Imaging & Workflow Automation: A Buyer’s Guide to Accounts Payable Automation Solutions” is available for download from our online store. This report, profiling eight of the leading imaging and workflow automation solution providers, offers valuable insights into IWA solutions and helps managers compare and contrast different solutions to identify the one that bests suits their organizations' requirements. The report is available at paystreamadvisors.com/reportlibrary
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| B2B Collections Opportunities for Disabled Veterans Electronic Payments New System for Peregrin Clients |
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| Movers & Shakers | |
| Harbor Payments New Acquisition Establishes Presence in Many Markets. Metavante Teams with Siemens Medical Solutions for re-selling purposes. |
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| Webinar Calendar | |
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Travel & Expense Management: Automation Tools for Managers July 21, 2005 - 2:00 PM EST More Info Register C2B Electronic Payments: Best Practices in Consumer Adoption Doing More With Less: A Study of Two Company's Automation Efforts More Webinars Event Calendar
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About PayStream
PayStream Advisors is a technology research and consulting firm that improves the way companies plan, evaluate, and select emerging technologies to achieve their business objectives. PayStream Advisors assists clients in sorting through the growing complexities of IT applications related to corporate treasury, with a primary emphasis on the payments industry. |
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| PayStream Advisors, Inc. 2108 South Blvd. Suite 205 Charlotte, NC 28203 Phone: 704-523-7357 Email: |
Corporations' Cash Flow Improves by Outsourcing to Disabled Iraq Veterans; Win-Win Helps Underemployed Work Segment Help Underserved B2B Collection Accounts
Corporate Financial Wellness, LLC, (CFWP) the women-owned business that defined the term, "The Softer Side of B2B Collections," is helping two underserved audiences at once with an innovative hiring strategy. [more]
Completion of JopariPay Integration with Peregrin Bill Review Enables EFT and Electronic Remittance Services for Peregrin Users.
The partnership ensures a stable, fully supported automated payment processing for Peregrin clients, who will benefit from the ability to convert paper based payments and remittance to EFT and electronic EOB’s, reducing conventional payment processing costs by 60%. [more]
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Harbor Payments Corporation Acquires the EIPP Assets of Emergis Technologies, Inc.
The move, designed to deliver incremental value to the acquired clients, further establishes Harbor Payments as the largest provider of On-Demand EIPP solutions. Harbor Payments now boasts close to 45 On-Demand EIPP clients with heavy representation in the Financial Services, Transportation and Consumer Products industry sectors. Harbor Payments’ EIPP solutions include both Accounts Receivable EIPP and Accounts Payable EIPP assets, each of which are delivered through an integrated consolidator model. [more]
Metavante and Siemens Medical Solutions Offer E-Billing and Bill Pay to Health Care Industry
Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced an agreement establishing Siemens Medical Solutions as a reseller for its electronic bill publishing and Just Pay It online bill pay products. With approximately 5,000 customers worldwide, Siemens Medical Solutions is a key business unit of Siemens AG (Munich, Germany, NYSE: SI), one of the largest global electronics and engineering companies, and ranks among the top health care industry suppliers worldwide. [more]
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Corporations' Cash Flow Improves by Outsourcing to Disabled Iraq Veterans; Win-Win Helps Underemployed Work Segment Help Underserved B2B Collection Accounts
July 5, 2005 - Corporate Financial Wellness, LLC, (CFWP) the women-owned business that defined the term, "The Softer Side of B2B Collections," is helping two underserved audiences at once with an innovative hiring strategy. CFW is actively recruiting and training disabled veterans who are returning form the Iraqi combat zones. The focus on returning Veterans was inspired by the tremendous success of CFW's recent pilot program which provided telecommuting work opportunities to disabled Americans. CFW is increasing its work staff to service the many U.S. businesses that are unnecessarily writing off millions of dollars a year in collectible accounts receivables.
"One of the basic rights of a returning disabled American veteran is the expectation to engage in meaningful and productive work," says Ilene Morris-Sambur, CFW founder and CEO. "More than 70% of disabled individuals are unemployed, and these are highly intelligent, competent, and motivated men and women who can be very productive in the right work setting. We believe we are providing a real solution to this problem."
CFW is commencing discussions with Walter Reed Army Medical Center and Bethesda Naval Hospital to provide immediate training and work opportunities to the disabled during their 6 months to one year rehabilitative hospital stay. CFW will also offer the same work opportunities to their family members who will be housed nearby during their stay.
By enhancing collection performance and reducing the cost to service accounts receivable portfolios, the firm enables its clients to achieve improved collection results through outsourcing, allowing them to redirect valuable internal resources to more strategic initiatives. "For companies that would like to improve collections and cash flow, CFW's outsourcing services can provide fast and sustainable solutions," says Morris-Sambur.
Over the past 25 years, Morris-Sambur has managed more than $20 billion in receivables and trained management and staff in 35 industries to improve collection results. "We have determined that many corporations around the world are annually writing off receivables to bad debt which could easily be collected if outsourced to a firm like CFW," says Morris-Sambur. "When firms needlessly write off these balances, employees, customers, shareholders, and vendors all suffer."
"The Softer Side of B2B collections" refers to CFW's way of doing business. The receivables management business has received a negative reputation because of the brusque approach employed by many collections firms. This can reflect poorly on the client firm and can jeopardize their relationships with their customers. "At CFW, we wanted to redefine receivables collection methodology, whether it is a delinquent account which needs managing or a small account balance for which collection efforts would otherwise be neglected, "says Morris-Sambur. "Our Customer Service Specialists take the negative connotation of 'collections' out of the standard first party collection process and improve our clients' customer relationships."
Morris-Sambur's vision is to train the disabled and special needs veterans to become CFW Customer Service Specialists by providing telecommuting work opportunities for those who would otherwise be unable to find jobs due to physical constraints. CFW also provides skills set development and transferable skills training that these workers can use to find subsequent employment if desired.
CFW works with various federal, state and local agencies to identify disabled Americans who are seeking employment. One such organization, The Employer Assistance & Recruiting Network (EARN), sponsored by the Department of Labor Office of Disability Employment Policy, increases employment opportunities for people with disabilities by providing to employers guidance and recruiting services. "We are proud of our working relationship with CFW and look forward to continuing to refer employment candidates to their firm," says Jane Rath, EARN representative.
"CFW fosters economic growth through hiring disabled people with diverse backgrounds that further promotes their personal and professional development with an exciting telecommuting career," says
Tracie Lewis-Jennings, Employment Specialist for the State of Michigan, Department of Labor & Economic Growth Division. "It has been very productive working with CFW and the US Department of Labor -- EARN section in the referral process."
Source: [Lycos Financial News]
Completion of JopariPay Integration with Peregrin Bill Review Enables EFT and Electronic Remittance
Services for Peregrin Users.
July 7, 2005 - Jopari Solutions, Inc., the leader in payment automation for insurance industry claims organizations, and Peregrin, an eMedFee Company and innovator in bill and utilization review, today announced that Peregrin will integrate JopariPay™ with its multi-line bill review engine. The partnership ensures a stable, fully supported automated payment processing for Peregrin clients, who will benefit from the ability to convert paper based payments and remittance to EFT and electronic EOB’s, reducing conventional payment processing costs by 60%. Jopari users are generating net savings of $4-5 per payment. The two companies believe the demonstrated savings, in addition to the need for payers to reduce operating costs, will drive significant payer adoption.
Stated Michael Maners, Peregrin CEO, “By integrating our bill review platform with Jopari’s payment automation system we can provide our clients with win-win situation. The assurance that our systems are compatible gives the client the ability to evaluate the benefits of payment automation without being concerned about systems integration. Payment automation has a high efficiency impact, and we want to support our customer’s options in that area.”
Jopari’s certified systems partner program for insurance payment automation is the first of its kind to comprehensively pre-test third party integration with partner systems. Certification ensures stable interfaces, data sets, and a mutual QA environment. The program is designed to guarantee data integrity and security through stable tested interfaces.
According to Jim Grim, Jopari’s Vice President of Sales, “We are very pleased about our certification with Peregrin, one of the claims industry’s dynamic and innovative bill review companies. Up front bill review system integration addresses a key technology touch point and enables the delivery of electronic EOB’s, a key part of payment automation. We applaud Peregrin for recognizing and acting on this emerging market trend.”
Source: [PR Web]
Harbor Payments Corporation Acquires the EIPP Assets of Emergis Technologies, Inc.
July 1, 2005 - Harbor Payments Corporation (www.harborpayments.com), a leading provider of next generation enterprise payment management solutions, today announced that it has acquired the EIPP business of Emergis Technologies, Inc. The move, designed to deliver incremental value to the acquired clients, further establishes Harbor Payments as the largest provider of On-Demand EIPP solutions
Harbor Payments now boasts close to 45 On-Demand EIPP clients with heavy representation in the Financial Services, Transportation and Consumer Products industry sectors. Harbor Payments’ EIPP solutions include both Accounts Receivable EIPP and Accounts Payable EIPP assets, each of which are delivered through an integrated consolidator model. All existing AR EIPP clients have their invoices delivered electronically to Harbor’s full spectrum of AP EIPP clients without either client having to re-register.
“Through the acquisition of the Emergis Technologies’ EIPP business, Harbor Payments gains strategic assets to further develop its Insurance, Banking and Food and Beverage trading networks,” said Ashish Bahl, CEO of Harbor Payments. “Harbor Payments now has a minimum of 2 of the 5 top suppliers to each of these three industries, thereby accelerating adoption of both AR and AP EIPP clients. In fact, Harbor Payments now has three of the largest vendors to the Retail Banking Industry utilizing its AR EIPP solution, thereby creating an immediate ROI for any Bank wishing to adopt its AP EIPP solution.”
About Harbor Payments
Harbor Payments is a leading corporate payments’ management company focused on electronic outsourced billing, invoicing and disbursement solutions for the Global 1000. The Company, which was formed in 2000, is headquartered in Atlanta and employs approximately 150 people.
Harbor Payments has over 200 clients including UPS, Kodak, Proctor & Gamble, American Express, and AIG for whom it provides electronic invoicing services. Additionally, the Company provides electronic billing services to many large corporations including Time-Warner Cable, Sallie Mae, Energy East and Chevron.
The company has strategic backing from established industry leaders including First Data Corporation, Marsh & McLennan Companies, Inc., and Fortis, Inc. For more information, please visit the company’s web site at www.harborpayments.com
Source: [Harbor Payments]
Metavante and Siemens Medical Solutions Offer E-Billing and Bill Pay to Health Care Industry
July 6, 2005 - Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced an agreement establishing Siemens Medical Solutions as a reseller for its electronic bill publishing and Just Pay It online bill pay products. With approximately 5,000 customers worldwide, Siemens Medical Solutions is a key business unit of Siemens AG (Munich, Germany, NYSE: SI), one of the largest global electronics and engineering companies, and ranks among the top health care industry suppliers worldwide.
"Improving accounts receivables efficiencies for our health care information technology (IT) customers has long been a top priority at Siemens Medical Solutions," said Mitchell Icenhower, senior director, Revenue Cycle Solutions, Siemens Medical Solutions, IT division. "Opening the door to Metavante's e-billing and Just Pay It products enables our customers to accept payments electronically and support multiple channels for revenue collection. Metavante's application service provider (ASP) model complements the strength of Siemens' experience in that delivery environment."
Metavante online bill publishing uses clients' existing systems to create e-bills and other electronic customer or patient documents. While Metavante data centers host the e-bills which health systems and patients access on the internet, the health care provider retains control of the information, branding, and patient relationships, and can make the electronic statements available on their website of choice.
Siemens Medical Solutions is marketing the Metavante solution as the "ePayments Service," a value-added, patient friendly payment option that supports the revenue cycle solution for health systems. As more consumers look to manage their health care finances online, the ePayments Service will offer Siemens customers a competitive advantage that enables patients to make an online payment without sharing detailed personal information.
"Metavante's solution streamlines the accounts receivables process for Siemens Medical Solutions' customers choosing our products," said Frank D'Angelo, president and chief operating officer, Metavante Payment Solutions Group. "Consumers have such a positive experience while using Metavante's single payment solution that many choose to sign up for full-time electronic billing. As a result, billers see increased electronic payment adoption rates, receive timely payments and reap the benefits of eliminating costly printing and postage."
Metavante Electronic Presentment and Payment (EPP) is an industry technology leader providing a complete end-to-end solution supporting the entire life of the bill. Metavante provides innovative bill publishing and bill consolidation technology that generates millions of monthly payments and serves both biller and financial markets. Serving over 3,000 clients, the reliable and scalable Metavante presentment and payment engines enable businesses and consumers to present everything and pay anyone, anywhere, anytime.
Source: [Metavante]
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