Power of PAYBOX®
Siemens Shared Services Signed Multi-Year Contract with Direct Insite
Direct Insite Corp. (OTCBB:DIRI), a global provider of Accounts Payable and Accounts Receivable automation services, today announced Siemens has signed a new multi-year contract with Direct Insite to enable supplier electronic invoice processing.
Direct Insite's supplier on-boarding and enablement services promote awareness and training to Siemens 60,000 suppliers with the goal of significantly reducing manual paper invoicing processes. Suppliers invoicing Siemens 26 operating companies can 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 further provides 'rules-driven' invoice validation, ensuring invoices are 100% compliant and routed for efficient approval and settlement.
"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."
About Direct Insite
Direct Insite Corp. provides e-Invoicing and workflow solutions that streamline processes and reduce costs within Accounts Payable and Accounts Receivable operations. The Company's e-Invoice management services automate Procure-to-Pay and Order-to-Cash activities such as invoice validation, order matching, dispute handling, and e-payment. Direct Insite Corp. solutions are used by 7,000 corporations across 62 countries, 15 languages and multiple currencies. For more information about Direct Insite Corp. (OTC BB:DIRI.OB), visit http://www.directinsite.com.
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 430,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2008, Siemens had revenue of €77.3 billion and a net income of €5.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.
FORWARD-LOOKING STATEMENTS. All statements other than statements of historical fact included in this release, including without limitation statements regarding the company's financial position, business strategy, and the plans and objectives of the company's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the company's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business and economic conditions, competitive factors and pricing pressures, capacity and supply constraints. Such statements reflect the views of the company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the company. Readers are cautioned not to place undue reliance on these forward-looking statements. The company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
Direct Insite Corp.
Matthew E. Oakes, 954-510-3750
EVP and Chief Operating Officer