New version provides the first multi-lingual, multi-currency bill handling capabilities, as well as enhanced online dispute resolution and buyer-controlled rules for streamlined payments
At a time when it costs U.S. companies more than $180 billion annually to process paper bills and invoices, Bottomline Technologies(R) (Nasdaq: EPAY) today announced a new version of its NetTransact(R) B2B electronic invoice presentment and payment (EIPP) system that eliminates paper and slashes the cost, time and headaches involved in processing financial transactions. Bottomline, a leading global technology provider of Financial Resource Management (FRM) software, added new features to NetTransact that let users resolve invoice disputes online, handle billing in multiple languages and currencies, and streamline payments via automated buyer-controlled rules. Industry analysts estimate that it costs companies between $7 and $15 to process each paper-based invoice that comes through the door. NetTransact eliminates those exorbitant costs by accelerating cash receipts, automating and accelerating dispute resolution and improving cash flow and application, all in a single, comprehensive package. The system provides increased cash collection for suppliers and greater control over payments for purchasers. New reporting improves service levels with the business down the street or across the globe.
Habla “Payment due”?
NetTransact 4.0 is the first automated payments system on the market to incorporate multi-lingual and multi-currency functionality. Using one common platform, billers in one country can present invoices and accept payments from payers in other countries around the world, tearing down the cumbersome language barriers that have traditionally slowed international bookkeeping. The user interface enables trading partners to review invoices in the language of their choice, enhancing communications and leveraging existing bank accounts local to the country of origin. “The challenging economy, world events and the growing fear of mail security are moving organizations to take a closer look at their current paper-based billing, collections and customer-facing systems,” remarked Jeetu Patel, executive vice president of research for Doculabs, a respected industry analyst and consulting firm specializing in e-business technology. “When evaluating e-commerce strategies, large billers or financial institutions can consider an in-house software solution for B2B invoicing such as NetTransact. Leveraging the Web, EIPP systems automate workflow to effectively manage the order-to-cash process.”
Streamlined online dispute resolution
NetTransact 4.0 is also the first EIPP system to deliver interim messaging, which automatically ensures that a supplier’s enterprise resource planning (ERP) or customer relationship management (CRM) system acknowledges the results of an online payment dispute resolution. By managing the results of online dispute resolution, this feature effectively synchronizes adjusted invoice detail that can be posted to a supplier’s ERP and/or CRM system.
To streamline settlement, NetTransact version 4.0 adds a template-driven format that buyers can use to streamline how they process purchases. For example, a buyer receiving the same amount of product at the same price every month must usually manually track each invoice to make sure the vendor has shipped the right volume at the right price. NetTransact’s rules-based logic lets the buyer create a set of guidelines for each vendor. If an order arrives and the volume, price or some other element is off, the system will automatically notify the buyer of the discrepancy. If not, the system automatically routes the bill to payment, so the buyer’s accountants don’t have to pore over every bill. Buyers can automatically schedule payments based on previously defined criteria and through the system’s Web interface, can view status of invoices paid through another source, such as an ERP system. Providing payment status via the browser eliminates vendor inquiry phone calls and associated accounts payable resource demands. Added payment flexibility, including the option of credit card payments and the ability to originate online requests for credit, reduces payment and credit issuance costs.
In addition, version 4.0 supports restatement of taxes based on individual line item adjustments. This can provide added business benefits to supplier organizations whose invoices reflect products and services as well as appropriate state, local and federal taxes. NetTransact facilitates electronic invoice routing and approval procedures. It also optimizes a payer’s ability to take advantage of discount payment terms, while eliminating the need to generate and process paper payments.
“By automating the invoice-to-pay process with a secure, Web-enabled EIPP solution, suppliers can turn bills and invoices into cash, which is crucial in today’s business climate,” said Dan McGurl, chairman and CEO of Bottomline Technologies. “The buyer-focused developments within version 4.0, including payment flexibility and the integration of rules-based logic to reduce manual exception processing, provide additional value to payer organizations. The ability to interact more quickly and efficiently with their customers, combined with a reduction in resources required for paper-based invoice handling, and the costs and delays associated with mailing invoices, all justify the business case for moving to EIPP.”
Bottomline’s NetTransact 4.0 is an end-to-end system for B2B e-billing, including invoice presentment and payment software, enrollment, invoice and receivables data integration, invoice design and customer care. Channel partners for NetTransact include Citibank, FleetBoston Financial, UPS and Northern Trust. Hosting partners for NetTransact include Princeton e-Com and Magnet Communications, leading providers of electronic billing services.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) is a leading global technology provider of Financial Resource Management (FRM) software and services. Bottomline’s comprehensive Suite of FRM offerings enable businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. FRM Applications include Electronic Payments and Cash Management, Electronic Invoice Receipt and Management, Electronic Invoice Presentment and Payment (EIPP), Electronic Banking and Information Reporting. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the Web at [http://www.bottomline.com], or dial (800) 243-2528 or (603) 436-0700.