SUNRISE, Fla., June 14, 2012 /PRNewswire/ -- Direct Insite (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 deployed its Invoices On-Line (IOL) suite of AP automation processing capabilities in the shared services environment of the world's largest building materials company. The three-year deal is valued at more than $1 million USD. Additionally, Direct Insite is enabling more than 100,000 new suppliers on its network.
More than 22 business units of the client use Direct Insite's Invoices On-Line portal to electronically receive invoices from more than 105,000 suppliers worldwide. Direct Insite's Invoices On-Line AP automation portal, with its flexible workflows and business rules, enabled the client to automate processes such as: electronic invoice receipt, invoice scanning and capture, supplier registration and inquiry, electronic invoice processing, enterprise workflow and compliance/dispute management, and reporting.
Invoices On-Line is integrated with the multiple enterprise resource planning (ERP) systems used by the client, providing clear visibility and common invoicing processes across all of its business units. The fact that Invoices On-Line is agnostic to all ERP systems was a critical factor in the company's decision to select Direct Insite. Direct Insite's proven track record in global shared services environments, the breadth of its supplier network, and its effective supplier on-boarding program were additional selling points for the company.
"This important new customer further validates Invoices On-Line's value in complex financial environments with multiple ERP systems across multiple business units," said Direct Insite President and CEO Matthew E. Oakes. "Invoices On-Line provides a single platform across all legacy systems and procedures, allowing companies to reduce costs, streamline processes, and improve visibility."
Receiving and posting supplier invoices electronically using the cloud-based Invoices On-Line portal will enable the world's largest building materials company to significantly reduce average invoice processing costs and supplier inquiries while accelerating invoice processing turnaround. Invoices On-Line enables the electronic receipt of invoices utilizing Webform entry, "flipping" purchase orders into invoices and uploading invoice data from within a spreadsheet or electronic invoices directly from the suppliers' billing system through the industry standard EDI or XML formats.
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.
Matthew E. Oakes
President and Chief Executive Officer
Direct Insite Corp.
SOURCE Direct Insite