Bank gets acquistive for eInvoicing
As this blog has reported before the big players in
eInvoicing will become the banks.
Well, JP Morgan Chase has announced they will acquire
Xign Corp an
eInvoicing company. They already had an alliance so I figure the bank sees an earnings opportunity to have them in the fold.
This is a hot space and there will be more consolidation as the products and domain expertise of the
eInvoicing infrastructure providers alike
Xign are merged into the mainstream of banking services to corporates.
Does the timing of the acquisition suggest that
eInvoicing is about to ramp? You can bet your bottom dollar that JP Morgan Chase has been asking the question among their clients before making the decision.
Click here for the news release
Labels: banks, einvoicing, JP Morgan Chase
Heavens above – banks are talking XML
Banks make money, lots of money and they are very good at implementing systems that are capable of the flawless processing of mind boggling numbers of transactions daily.
The systems they implement are designed to deliver straight through processing (STP) that support a 24x7 business and use computers not people to do the grunt work and keep costs low.
With the growing interest of their customers to automate their payments/receivables, then as the Americans would say: “we're on the same page."
So, the banks are developing a fervent interest in XML – and you thought bankers were boring?
As we move our transactions off paper and onto the electronic wires (Internet) that connect us all then banks see an opportunity to deliver new services to customers and this is a really important development.
For example:
banks want to unlock funds and make better use of working capital opportunities that are currently not possible as a result of inefficiencies in the reconciliation process. This is the kind of talk that treasurers and financial controllers take notice of.
Sherry anyone?
Click here to catch up on what is going on behind the scenes at your bank.
Labels: banks, Internet, payments, receivables, STP, XML
eInvoicing – it’s only money
Exactly, it is only money and that matters to both buyers and suppliers.
As we concern ourselves with speeding up how we can process invoices behind the scenes the real conversation is about money:
- a buyer managing its payables and meeting its payment terms with suppliers while managing cash
- a supplier needing to be paid for goods/services that have been invoiced
What is going on behind the scenes that concerns treasurers and accountants?
Click here to learn more about ways that buyers and suppliers are managing their money.
Labels: accountants, banks, cash, cash flow, einvoicing, payment terms, treasurers
