NEW YORK, NY--(Marketwire - May 5, 2010) - Yeshiva University, an internationally distinguished college and major national research institution based in New York, has selected Information Builders' iWay Service Manager to integrate an electronic payment service with its financial systems and streamline a procure-to-pay requisition workflow process. As the central component of the iWay Business Process Automation (BPA) Suite, iWay Service Manager will help the university automate critical financial and procurement processes and create highly sophisticated workflows that reduce costs and minimize manual effort for the administrative staff.
With four campuses in New York City and one in Israel, Yeshiva combines the best of contemporary civilization and knowledge with the ancient traditions of Jewish law and life in both undergraduate and graduate-level curricula.
According to Jack Zencheck, chief procurement officer at Yeshiva, the university selected iWay Service Manager to simplify its IT environment because of the software's breadth and flexibility, especially its ability to connect to both relational and nonrelational data sources. iWay Service Manager is an Enterprise Service Bus (ESB) that enables the school to create, compose, and manage services -- whether invoked as Web services or through other interfaces. iWay accelerates the deployment and reduces the risk of all types of data integration projects -- including extract, transform, and load (ETL), enterprise information integration (EII) initiatives, and Web services deployments.
Supplied by JPMorgan Chase, Yeshiva's electronic payment system is called ExacTrac, a single-use accounts (SUA) business service that automates payment, reporting, and reconciliation processes. The university engaged iWay Professional Services to build the requisite integration interfaces based on its extensive experience with similar projects. Yeshiva plans to use the SUA business service to streamline payment processing, earn rebates, and increase the float on its accounts payable spending.
"Our objective is to automate as much of the integration work as possible, lessening the need for manual intervention," said Zencheck. "More margin means more mission. In other words, the more money we save as a result of these new financial processes, the more we can invest into the needs of the university. By simplifying interface development and forging system-to-system connections, iWay will shorten our reconciliation periods while improving accuracy," he added.
The integration technology from Information Builders will also play a crucial role in the implementation of a third-party solution from SciQuest that streamlines requisition workflow processes. The SciQuest strategic procurement and supplier enablement solution will integrate the university's information systems with those of its suppliers to streamline the procurement of indirect goods and services. The solution will solidify contracts with preferred suppliers, drive spending to those contracts, and promote process efficiencies through electronic transactions. iWay Service Manager will integrate SciQuest with the university's outbound payment and invoice generation systems, improving cash flow and reducing costs.
"Today's colleges and universities face many of the same pressures as any business, and the appropriate use of technology is key to realizing their charter," said Dave Watson, chief operating officer, iWay Software. "Yeshiva University has learned that fiscal responsibility is crucial to attaining its mission. The more efficient its information systems, the more capably it can pursue its goals. iWay's rapid integration solutions will enable Yeshiva to make the most of its existing IT assets while adopting new financial and procurement technologies."
About Yeshiva University
Yeshiva University is a private university with four campuses in New York City and one in Israel. Founded in 1886, it is a major national research institution ranked 50th in the country among national universities by U.S. News & World Report in 2008 and in the top 400 in the world by THE - QS World University Rankings. Yeshiva University combines the finest contemporary academic education with the timeless teachings of Torah.
Yeshiva combines the best of contemporary civilization and knowledge with the ancient traditions of Jewish law and life. On the undergraduate level this is embodied in a dual curriculum under which students pursue a full program of liberal arts, the sciences, and business while taking a full course of Jewish studies. On the graduate level the University's mission is embodied in the emphasis on the moral dimensions of the search for knowledge and the Jewish ethical values and principles that govern professional practitioners.
About Information Builders
Information Builders' award-winning combination of business intelligence (BI) and enterprise integration software has been providing innovative solutions to more than 12,000 customers for the past 35 years. WebFOCUS is the world's most widely utilized business intelligence platform. It provides the security, scalability, and flexibility needed at every level of global extended enterprises. Its simplicity helps create executive, analytical, and operational applications that reach dozens to millions of users. Information Builders' iWay Software suite provides state of the art, multi-purpose, pre-built integration components that address all SOA, application, data, and information management requirements. Its integration adapters have been adopted by the leading software platform providers. Information Builders also offers solutions in the performance management, business activity monitoring, and enterprise search markets. The company's comprehensive enterprise product offerings give Information Builders' customers the ability to grow and innovate according to their needs.
Information Builders' customers include most of the Fortune 100 and U.S. federal government agencies. Headquartered in New York City with 90 offices worldwide, the company employs 1,450 people and has more than 350 business partners.
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