Outsourced billing services provider Billtrust and Open Scan Technologies, Inc. have announced an alliance to link their Order-to-Cash (O2C) solutions. By linking Billtrust’s EIPP service (Electronic Invoice Presentment and Payment) with Open Scan’s Dynamic Receivables cash flow processing platform, the two firms offer companies greater value as data feeds and remittance data are seamlessly consolidated.
The integration of Open Scan and Billtrust technologies not only facilitates transfer of billing and remittance data, but also creates an end-to-end O2C infrastructure for billers operating in the B2B (business-to-business) space. The combined services offer features that benefit billers and their customers including account linking, rules-based payment routing, short-pay capability, decoupled payment correlation, payment importing from lockbox/scanned/electronic sources, and much more.
Billtrust’s services provide a fully integrated paper and electronic Web delivery platform for invoicing. The hosted SaaS solution, easy to implement and easy for customers to access and use, allows bills to be viewed online in standard PDF format, downloaded into leading accounting packages, and paid electronically. Billtrust is PCI Level 1 Compliant and SSAE16 Audited to ensure the highest levels of security.
Open Scan’s A/R solution suite significantly reduces operational costs and improves efficiency for those businesses that receive complex B2B wholesale payments. Its Dynamic Receivables cash flow processing platform imports payment information from lockbox, scanned and electronic sources, and then reconciles that data using sophisticated processing engines. Finally, it exports validated data to ERP systems, financial institutions and receivables archives.
“The Order-to-Cash process is one of the most important yet time- and labor-intensive practices for most businesses. The integration of Billtrust payment remittance information with Open Scan’s Dynamic Receivables will create huge efficiencies and cost savings for our joint customers,” said Nadine Lange, Open Scan Technologies President and CEO.
“Open Scan Technologies shares our deep commitment to helping billers lower their operational costs, reduce processing errors, improve cash flow, and raise customer service levels,” commented Flint Lane, Billtrust CEO and President. “This partnership further extends that commitment, providing an end-to-end and highly reliable platform that far outperforms in-house alternatives.”