B2B Payments

Image-Capture Firm Signs ‘Six-Figure’ Invoicing Deal

Top Image Systems says it has reached an agreement with an undisclosed European company, which plans to use its eFlow system to process and approve all incoming supplier invoices and order confirmations. The manufacture also is considering using the system eventually to manage the processing of all incoming documents across the enterprise.

A global player in the fuel, chemical and powder storage and transport market that also manufactures machinery and equipment for specialized industries has selected image-capture specialist Top Image Systems’ eFlow system to automatically process and approve all the group’s incoming supplier invoices and order confirmations.

Under the “six-figure deal,” Top Image Systems’ image-capture system will capture, extract and validate all relevant data, process the transactions through the embedded workflow. It also will transfer approved invoices automatically to the company’s existing Infor ERP system for payment and end-to-end invoice monitoring and visibility, according to the announcement of the deal with the undisclosed European manufacturer.

The eFLOW solution is designed to increase efficiency, reduce errors and shorten process-cycle time. It also was created to minimize manual data entry and enable automated digital capture, processing and approval of all incoming invoices and sales order confirmation notices in any file format, regardless of whether received via post, email or mobile, Top Image Systems said in the announcement.

As such, the manufacturer could reduce its expenses by being eligible for early-payment discounts and by avoiding late penalties. By eliminating time-consuming and tedious routine manual processing tasks, the employees in the accounts department also will be able to invest their time in more productive, value-added activities, Top Image Systems said.

The manufacturer also is considering expanding the eFLOW implementation from accounts-payable and sales-order automation to managing the processing of all incoming documents across the enterprise, according to Top Image Systems.

“We are very pleased that this important European manufacturing group has selected eFLOW Invoice to automate their accounts payable and sales order processes,” commented Egbert Fischer, Top Image Systems general manager for Central Europe, said in a statement. “As the digital economy expands, it is imperative for companies to maintain a competitive advantage and optimize business relations with their suppliers by streamlining their payment processes.”

In March, Top Image Systems launched MobiREMIT, a mobile application for automated remittance processing and payment via mobile device. The solution leverages Israel-based Top Image Systems’ mobile-imaging platform. eFlow is the company’s flagship multichannel capture and workflow solution.

Top Image Systems is one of various companies specializing in image-capture technology. Who owns the patent on that technology, however, is likely to be settled in the courts.

Mitek Systems Inc., which contends it developed the idea and invented the technology for mobile deposit, has outstanding lawsuits against both Top Image Systems and USAA Federal Credit Union for alleged infringement of the company’s mobile-imaging patents.

During a recent conference call with analysts, James DeBello, Mitek president and CEO, acknowledged the lawsuits, saying both were ongoing. The USAA trial is scheduled for early September, he said.

 

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