Billtrust acquires Open Scan Technologies

Billtrust has announced it has acquired cash application software development company Open Scan Technologies.

The two companies have already worked together under an alliance which represented the first end-to-end Invoice-to-Cash infrastructure for B2B billers, increasing efficiency in the billing and payment ecosystem.

“From our inception, Billtrust has led the development of solutions that reduce the cost and complexity of presenting and paying bills electronically. As part of that commitment, we’re continually searching for technologies to improve the full Invoice-to-Cash process,” said Flint Lane, Founder and CEO of Billtrust. “Cash application is a major challenge for most businesses, and it’s getting more complex with the continued growth in new forms of payment. Our acquisition of Open Scan, provider of the industry’s leading remittance processing platform, will help our clients complete the Invoice-to-Cash ‘round trip’ that culminates with the accurate, speedy application of cash.”

“Despite the substantial advances in billing and payment technologies, most businesses struggle with the problem of ‘naked payments,’ in which electronic payments are decoupled from postable remittance details,” said Henry Ijams, Managing Director at PayStream Advisors, a payment industry research and consulting firm. “A full-spectrum solution which brings together presentment, payment and receivables posting increases cash application accuracy while reducing the manual effort needed to research and apply remittances.”

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