Electronic invoicing firm CloudTrade is integrating its service into procure-to-pay platform OpusCapita, the firms announced Tuesday (Jan. 19).
According to OpusCapita, its procure-to-pay and order-to-cash solution facilitates 600 million transactions a year with more than 8,000 customers across the globe. The integration of an eInvoicing solution can reduce friction, especially for suppliers, according to the company's Product Manager of Global Invoice Sending Matts Ek.
"CloudTrade offers an eInvoicing service that removes the barriers typically associated with supplier adoption," the executive said in a statement. "Their solution allows us to mop up those suppliers who are not able to do the technical development to connect direct to our systems."
The companies said CloudTrade's solution will ensure 100 percent accuracy in the data of supplier invoices and other documents sent between buyers and suppliers.
According to CloudTrade cofounder and Commercial Director Richard Manson, the partnership will roll out for joint customers across Germany and Northern Europe.
"When you're doing business internationally and interacting with thousands of suppliers every day, your P2P [purchase-to-pay] and O2D [order-to-cash] systems rely on accurate data to be highly efficient, easy to use and most importantly, operate on a global scale," said Manson. "Our solution encourages as many suppliers as possible to move away from paper and onto electronic document submission methods and because CloudTrade is incredibly cost-effective and easy to use — we enable OpusCapita's customers to maximize efficiencies and transform their back-office functions."
Last month CloudTrade announced the launch of Cloud Capture, a solution to facilitate 100 percent capture of information and data in human-readable documents, including eInvoices.
Around the same time, Wax Digital released a report highlighting challenges businesses face regarding the management of supplier invoices, finding 82 percent of executives say poor invoice management has a negative impact on their companies’ performance.