PNC Bank said that it is enhancing its invoice automation technology solution for mid-size and large US businesses. It now offers expanded automation of the procure-to-pay (P2P) process through electronic invoicing capabilities powered by OB10, the global e-invoicing network that is part of Tungsten Corporation.
PNC added that it is the first commercial bank in the US to integrate OB10 with its invoice automation platform and that the benefits of the combination will include:
- One provider to receive and process both paper and electronic invoices.
- Higher quality data that reduces exceptions and error-prone manual processing.
- Streamlined invoice processing through automated receipt of invoices and online workflow approval.
- Faster, more cost-effective payment process.
- The ability to capture more early payment discounts
“Our strategic partnership with PNC will allow more organisations to improve their global trading capabilities, so bringing greater efficiency to their supply chains, and optimising their working capital,” said Edmund Truell, group chief executive (CEO) at Tungsten Corporation. “We look forward to working closely with PNC to develop a comprehensive invoice-to-pay service.
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