FT. LAUDERDALE, Fla., June 26, 2012 /PRNewswire/ -- Direct Insite Corp. (OTC BB: DIRI), a leading provider of cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable, and Payments Automation, today announced that it has signed a major customer contract for an American multinational confectionery, food and beverage conglomerate. The three-year deal is valued at approximately $2 million USD.
The customer will deploy Direct Insite's Invoices On-Line (IOL) suite of AP automation processing capabilities in its global shared services environment and integrate directly with both the customer's SAP and other financial systems. The Invoices On-Line AP portal, with its flexible workflows and business rules, will enable the customer's automation of processes such as: electronic invoice receipt, validation and inquiry, electronic invoice processing, workflow with compliance/dispute management, and reporting.
"This announcement further validates Invoices On-Line's unmatched value in complex financial environments which require reporting and compliance with real-time visibility," said Direct Insite President, Chief Executive Officer and Director, Matthew E. Oakes. "Adding this multinational conglomerate to our expanding customer base increases the footprint of our Global Supplier Network while providing us the opportunity to refine and enhance our AP automation portfolio offering."
Electronically receiving and posting supplier invoices using the cloud-based Invoices On-Line AP portal enables the customer to significantly reduce average invoice processing costs and supplier inquiries while accelerating invoice-processing turnaround. Invoices On-Line enables the electronic receipt of invoices; provides online Web-form entry, "flipping" of purchase orders into invoices and uploading of invoice information from within a spreadsheet or uploading of electronic invoices directly from a supplier's billing system through the industry standard EDI or XML formats.
About Direct Insite Corp.
Direct Insite delivers cloud-based on-demand AP, and AR and Payment solutions that are deployed fast, with minimal cost and operational impact, and provide significant benefits across the financial supply chain. Since 2001, Direct Insite has built its business by automating the most demanding financial environments of some of the world's largest companies. Today, more than 230,000 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 and Payments 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 Corp.
All other product and service names mentioned herein are the trademarks of their respective owners.
Matthew E. Oakes
President and Chief Executive Officer
Direct Insite Corp.
SOURCE Direct Insite Corp.