Leading cloud payment processing solutions provider US Dataworks has announced a partnership with Revo Payments to expand US Dataworks' Clearingworks cloud lockbox solution to include electronic invoicing. The combined product will deliver an end-to-end e-invoicing and payment solution utilizing private cloud technologies - making it easy for businesses of all sizes to implement the solution.
Now, banks can serve their middle market customers with the advanced electronic lockbox technology and receivables automation that were previously available only to large corporations using highly customized solutions. Clearingworks additionally images all paper invoices, remittance documents, and checks for a total invoicing and receivables solution.
"Revo Payments brings the same level of innovation and simplicity to the e-invoicing process that Clearingworks brings to lockbox and consolidated receivables processing," said Marc Palombo, senior vice president of sales and channel partners for US Dataworks. "Our partnership lays the foundation for the next generation in lockbox and receivables processing and will provide banks with a powerful strategic selling tool for acquiring new customers."
Though most businesses desire to move to processing that is fully electronic, in reality, almost 70% of all business-to-business payments are still made through the old-fashioned methods of printing invoices and mailing checks. This combined solution from US Dataworks and Revo breaks down barriers to achieving fully electronic invoice presentment and payments.
The combined solution from US Dataworks and Revo will be provided as a cloud-based treasury management service that is delivered chiefly through financial institutions. It is anticipated that banks will utilize the solution as an attraction for new customers and to create stronger relationships with existing customers. The benefits of the solution include: expedited and simplified cash application, ability to accept all payment types from all payment channels, dashboards that are tailored to the user, industry segment configurations, consolidated reporting of all receivables, simple implementation, and simple to support.
The solution will be showcased in US Dataworks booth No. 705 and in the Payments 3-D Pavilion at Payments 2013, which is an annual conference of the National Automated Clearing House Association.
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