Software giants Kofax have revealed that a major European engineering firm has invested over USD 700,000 in the installation of its invoicing applications, in order to cut costs and speed up the capture and processing of payments.
The Kofax solution means that the firm can now process invoices in-house instead of outsourcing, saving an estimated 25% on invoicing costs. The sale consisted of more than USD 500,000 in software licenses and almost $200,000 in fees for maintenance and professional services.
The firm has rolled out four Kofax applications in total: Capture, Transformation Modules, e-Transactions and Analytics for Capture. Used together, these will provide the company with scan-to-archive capabilities and optimised dashboards, allowing them to scan in documents, transform the information into different types of electronic information and archive this automatically to be retrieved and used as needed in the future.
“Outsourcing business processes such as accounts payable can be cost effective if the outsourcer is using a highly scalable, accurate and automated solution like we provide,” said Howard Dratler, Executive Vice President of Field Operations at Kofax. “In this case, the customer found the benefits of using Kofax in-house far outweighed those of the outsourced service. The engineering firm, which has over 100,000 employees, is now looking to expand its Kofax solution with mobile expense claims capabilities.”
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.