Power of PAYBOX®
Direct Insite Sponsored Study Shows Opportunities for Banks in Corporate Receivables and Payments
FORT LAUDERDALE, Fla., Nov. 3, 2014 (GLOBE NEWSWIRE) -- Direct Insite (OTCQB:DIRI), provider of the PAYBOX® working capital management platform, today announced the results of a study showing that receivables automation is a top priority of corporations, and that banks are well-positioned to help their clients automate payments and remittance reconciliation and posting. Direct Insite released the results of the study, conducted by Blue Hill Research, at the AFP Annual Conference.
Corporations that responded to the survey noted a desire to accelerate Days Sales Outstanding, improve the efficiency of their receivables processing, and increase their customers' adoption of electronic invoicing. To achieve these goals, corporations are looking to technologies like electronic invoice presentment and payment (EIPP), electronic bill presentment and payment (EBPP), and customer portals to facilitate the reconciliation and posting of payments and remittances.
"The study confirms that traditional corporate receivables processes cost too much, take too long, and result in too many exceptions that prevent straight-through processing. Banks are in a unique position to help their corporate clients address these challenges by expanding their receivables services to include electronic invoicing, online approvals and adjustments, electronic payments, and integration with any legacy system," said Direct Insite CEO and Chairman Matthew E. Oakes.
"The study points to a great opportunity for banks to expand their relationships with their corporate clients," said Scott Pezza, principal analyst with Blue Hill Research. "Banks understand their clients' goals, as well as the obstacles they must overcome. The challenge for banks is to provide receivables services on-par with, or superior to, those offered by specialized software providers, who are thought of more often when corporations look for payments and remittance reconciliation solutions."
About Direct Insite
Direct Insite provides a powerful platform for unified working capital management. Direct Insite's unified working capital management platform facilitates $160 billion worth of transactions annually between more than 375,000 companies worldwide. The flagship component of this platform is PAYBOX, an innovative receivables and payments automation solution that combines electronic invoicing, online approvals and adjustments, electronic payments, and integration with any legacy accounting, ERP or lockbox system. Banks and corporations use PAYBOX to reduce DSO, lower costs, and improve straight-through AR posting. To learn more, visit www.directinsite.com.
About Blue Hill Research
Founded in 1993, Blue Hill Research, an NTA company, is the research arm of New Technologies, focused on providing end-users with a clear path to successful and profitable technology implementations, and ensuring that technology deployments align with a roadmap for success for the three key stakeholders: technological, financial, and line-of-business executives. Blue Hill's annual research agenda includes legal technologies, risk management, financial operations, the Internet of Things, enterprise mobility, analytics, business intelligence, and enterprise performance management.Learn more about Blue Hill's analysts at http://www.bluehillresearch.com/.