SOURCE: ReadSoft North America

March 10, 2008 11:00 ET

ReadSoft North America, OB10 Announce Technology Partnership, Integrated Solution Offering

NEW ORLEANS, LA--(Marketwire - March 10, 2008) - Document process automation provider ReadSoft North America and e-Invoicing leader OB10 announced today their technology partnership, along with the integration of electronic invoicing technology into the ReadSoft workflow products for SAP and Oracle.

The relationship and technology integration mean that users of ReadSoft's SAP and Oracle-based capture and workflow products can now easily receive e-Invoices, thus supporting a best practices approach within the invoice receipt, entry, and workflow handling process.

OB10 operates the leading global e-Invoicing network. Its Any-to-Any Data Formatting(SM) means that a company's suppliers can submit invoices in any electronic format. The network performs all the data mapping in order to deliver the e-Invoice in the standard format used by the company's accounting system. OB10's ability to translate these invoices and present them in the client's preferred format, coupled with its superior supplier enrollment capabilities, is key to achieving high rates of supplier adoption.

ReadSoft creates software for document process automation including processes such as data entry, information verification, document workflows and e-Invoicing. Its solutions dramatically strengthen the four pillars of accounts payable optimization: efficiency, cycle time, control and visibility.

As organizations strive to achieve a 100 percent paperless invoice environment, this relationship allows companies to leverage the powerful benefits of e-Invoice receipt while handling residual paper invoices through ReadSoft's DOCUMENTS for Invoices, a proven solution for invoice automation. Solving the paper invoice problem allows accounts payable organizations to focus on processing, approval, and payment of invoices through ReadSoft's SAP and Oracle product suite. A single point of entry for invoice data significantly streamlines the approval and payment cycles.

"We're very excited about this partnership," said Peter Watson, senior vice president of sales for OB10. "As we deliver increasing e-Invoice volumes to customers through the OB10 network, our partnership with ReadSoft allows a comprehensive, end-to-end solution which is 100% paperless."

According to Bob Fresneda, President of ReadSoft North America, the integration with OB10's network was a natural choice. "OB10's intelligent network approach opens e-Invoicing to all companies and their suppliers," Fresneda stated. "Our solutions in accounts payable leverage a best practices approach to invoice processing as we believe customers want a solution that provides a transaction-based model for OCR. In today's economy, any vendor vying for your business needs to offer cost-effective solutions that work. We believe our relationship with OB10, along with our core strengths, provide an unbeatable solution for a best-of-all-worlds offering."

More than ten years of experience with electronic invoice processing has produced the most powerful and popular (over 3,000 accounts payable clients), system on the market. ReadSoft DOCUMENTS for Invoices is a highly profitable investment for enterprises around the globe. Fully implemented, electronic invoice processing lowers costs by 25-50%. Meanwhile, the invoicing process speeds up and employees can devote more time to tasks for maximizing productivity. ReadSoft DOCUMENTS for Invoices captures, reads and classifies all incoming formats, whether paper or electronic. The solution, which is customized for discrepancy resolution and approvals, is certified for both SAP and Oracle.

The OB10 global e-Invoicing network, which has members in 93 countries and across six continents, is distinguished by the fact that it allows suppliers to submit invoices in any electronic format, from sophisticated ERP systems such as SAP and Oracle all the way down to small-business QuickBooks-generated invoices. Its ability to translate these invoices and present them to the buyer company in its preferred format is key to achieving high rates of supplier adoption.

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