US Bank and Nexus Systems have entered into a strategic agreement to establish a new standard for end-to-end electronic invoice (e-invoice) processing and payment. The collaboration will produce completely automated accounts payable (AP) management solutions.
“Having seen the efficiency and cost-savings of payment automation, our customers now seek to extend those benefits to the front of the procurement cycle by shifting to paperless invoicing,” said Jeff Pape, payables product manager for US Bank Corporate Payment Systems.
“Teaming up with Nexus will enable us to address those customer needs efficiently.” The collaboration would produce “a smooth, end-to-end work stream that produces greater accuracy, fewer exceptions and fewer calls from suppliers.”
Organisations that combine US Bank’s payables solutions with the Nexus invoice automation network are promised cloud-based paperless processing to lower their operating costs, increase early payment discounts, maximise working capital, enhance their audit controls and allow them to redeploy staff to more strategic activities.
Surveys show about one in four US organisations had e-invoicing tools last year, up from one in five in 2012. While much of the early adoption was among Fortune 1000 companies, e-invoicing by small and medium-sized enterprises (SMEs) is accelerating. Organisations that process high volumes of paper invoices at multiple locations benefit most from converting.
“This joint effort will enable organizations to save significant amounts of time and money when processing invoices,” said Nexus Systems chief executive (CEO) and founder Thomas Coolidge.
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