SUNRISE, Fla., April 23, 2012 /PRNewswire/ -- Direct Insite (OTC BB: DIRI.OB), a leading provider of cloud-based e-invoicing solutions for accounts payable, accounts receivable, and payments automation, today announced that Siemens Global Shared Services North America (GSS NA) has signed a three-year contract renewing its use of Direct Insite's Invoices On-Line (IOL) supplier e-invoicing portal. More than 50 business units of Siemens Corporation currently use Direct Insite's Invoices On-Line portal to electronically receive over 2 million invoices per year from nearly 100,000 suppliers worldwide.
Receiving and posting supplier invoices electronically using the cloud-based Invoices On-Line portal has enabled GSS NA to significantly reduce its average invoice processing costs and supplier inquiries while accelerating invoice processing turnaround. GSS NA receives the majority of its supplier invoices electronically, utilizing Webform entry, "flipping" purchase orders into invoices, uploading invoice data from within a spreadsheet or electronic invoices directly from the Suppliers' billing system through the industry standard EDI or XML formats and posts them without operator intervention ("touch-less") through the Invoices On-Line.
"Invoices On-Line has proven to be an effective tool in the transformation of our Accounts Payable automation initiatives with a goal of reducing paper handling, invoicing costs and supplier inquiries," stated Roderick Fields, GSS NA Director of Disbursement Services. "At Siemens we look to always incorporate efficient tools and methods into our processes and stay ahead of the curve. Direct Insite Corp. has proven to be a great partner in that pursuit."
"Siemens is not only the leader in the various industries it serves, it's also a leading innovator in supplier invoicing. Through its use of the Invoices On-Line portal, Siemens has achieved significant cost savings, improved invoice processing turnaround and quality, and transformed supplier invoicing into a strategic, value-added function," said Direct Insite President and CEO Matthew Oakes. "Direct Insite looks forward to working with Siemens in the years ahead and continuing to build on these exceptional results."
About Siemens Corporation
Siemens Corporation is a U.S. subsidiary of Siemens AG SI +0.81%, a global powerhouse in electronics and electrical engineering, operating in the industry, energy, healthcare, infrastructure and cities sectors. For more than 160 years, Siemens has built a reputation for leading-edge innovation and the quality of its products, services and solutions. Siemens in the USA reported revenue of around $20 billion and employs approximately 60,000 people throughout all 50 states and Puerto Rico. For more information on Siemens in the United States, visit www.usa.siemens.com.
About Direct Insite
Direct Insite delivers on-demand AP and AR solutions that are deployed fast, with minimal cost and operational impact, and provide significant benefits across the financial supply chain. Since it was founded in 1987, Direct Insite has built a track record in automating some of the most demanding financial environments. Today, more than 100,000 corporations use our solutions across 100 countries (representing more than 35 currencies and 17 languages). Direct Insite's Invoices On-Line (IOL) suite simplifies AP and AR processes such as: electronic invoice distribution/submission, purchase order submission/distribution/acknowledgement, invoice processing/validation, line-item matching, approval routing, invoice consolidation, dispute management, payment portal/processing, and reporting and analysis. For more information on Direct Insite, visit www.directinsite.com.
Invoices On-Line is a trademark of Direct Insite.
All other product and service names mentioned herein are the trademarks of their respective owners.
FORWARD-LOOKING STATEMENTS. All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Matthew E. Oakes
President and Chief Executive Officer
Direct Insite Corp.
SOURCE Direct Insite