Who's Bought What - March 09
Hertz opts to roll out fully with Invapay
Hertz (UK) Ltd and Cheshire Constabulary have completed a successful pilot with Invapay (in collaboration with Visa and Cardnet) to allow car rental order, billing and payment processes to be transacted.
Hertz (UK) Ltd stated that the pilot delivered a number of benefits:
- The delivery of Level 3 Line Item Detail (previously only Level 1 capable)
- Improved cash flow as payment within in 5 days
- Reduced receivables cost as Days Sales Outstanding, Cash Conversion Cycles are reduced and Return on Equity improved
- Eliminated the need to print and post paper invoices
The Invapay solution invigorates customers Purchase Card Programs engaging with Non-Merchants and helps with the challenges caused by trading with the long tail of Ad Hoc and One Time Only Vendors.
The pilot was considered a major success and all parties agreed to continue to use the Invapay platform for transactions to maximise the benefits.
Siemens buys Direct Insite solution
Siemens has signed up with Direct Insite, an accounts payable solutions focusing on on-boarding suppliers with the goal of significantly reducing manual paper invoicing processes. Suppliers invoicing Siemens 26 operating companies will be able to submit electronic invoices through web form entry, copying a purchase order into an electronic invoice or uploading invoice data from within a spreadsheet. Suppliers can also submit electronic invoices directly from their billing system through EDI and XML industry standard formats.
“Direct Insite’s IOL Portal is our single point of entry for supplier invoice processing and self-service invoice/payment status lookup. With over 1.2 million invoices per year, we needed a solution provider who would work closely with our suppliers to accelerate electronic invoicing and reduce paper invoice handling,” said David Hester, Vice President of Accounting and Finance for Siemens Shared Services, LLC.
Direct Insite Chairman and CEO James Cannavino said, “Siemens is at the head of their industry leveraging innovative supplier electronic invoicing tools that accelerate Accounts Payable approval cycles and reduce processing costs. Expanding our partnership with Siemens further validates the operational efficiencies provided by Direct Insite.”
