News from the Wire

Yooz and Nvoicepay partner on cloud-based AP automation

Friday, January 23, 2015 — 11:09:47 (EST)

Dallas and Fort Worth, Texas, Jan. 23, 2015 - Yooz, the cloud service that lets businesses instantly streamline their accounts payable (AP) workflow, today announced a seamless integration with Nvoicepay, Inc, which is bringing the simplicity of consumer payments to business payments. The partnership gives businesses a cost-effective and efficient way to capture all documents and relevant information, including purchase orders and paper invoices. This creates an end-to-end workflow from purchase to payment in a portal that carries a company's own branding and corporate identity.

Yooz brings "accounts payable intelligence" to every business with three easy steps: capture, approve and pay. Unlike traditional solutions, it is a pure cloud solution and volume-based, meaning it requires no investments in hardware, software or IT staff. Yooz is already modernizing a market ripe for disruption, since fewer than one in three U.S. companies have automated their AP workflow, with most still relying on manual, paper-based processes.

"Yooz creates a streamlined, intelligent workflow for financial documents, whether they are on paper or electronic. Our partnership with Nvoicepay makes AP automation even more transparent and convenient so mid-to large-size enterprises save time and money," said Matt Williams, CEO of Yooz North America. "Our customers can be up and running in no time. Once they go paperless, they can cut their cycle times from weeks to days and reduce their invoice processing costs by 70 percent, not to mention they're able to capture all discounts as a crucial but often overlooked revenue source."

Businesses and their vendors or other external partners feed electronic or paper documents into the Yooz portal, facilitated by a dedicated YoozBox direct to a cloud scanner, email, or even an iPhone. Working in a browser, they can then process, approve and initiate payments.

Nvoicepay delivers strategic payment solutions to automate accounts payable, enabling customers to pay 100% of their invoices electronically and reduce cost, increase efficiency and maximize card rebates all with minimal effort.

"It's common to find enterprises with an ad-hoc, piecemeal approach to AP automation," said Karla Friede, CEO of Nvoicepay. "With our partner Yooz, we are excited to bring streamlined end-to-end AP processing to businesses. We are aligned in our commitment to providing solutions that help companies save hundreds of thousands of dollars a year."

Built on 30 years of expertise by ITESOFT (PARIS: ITE), one of the world's leaders in intelligent document capture and management, Yooz puts high-performance AP workflow automation within reach of every business. It understands incoming documents, no matter whether they are received as an email attachment, scanned to the cloud or uploaded via smartphone camera. End-to-end processing means automatic GL coding of documents for proper accounting and approval, as well as indexing to provide Google-like keyword and search and preventing duplicate billing. Yooz connects to more than 50 types of the most popular ERP and financial software solutions.

Since its European launch in 2011, more than 1,000 enterprises are already streamlining their AP workflow with Yooz, among them Ernst & Young, PricewaterhouseCoopers and Toshiba.

About Yooz: Yooz brings intelligence to AP automation. It is designed and built for the era of cloud computing, empowering SMEs to streamline their financial workflow in order to save time and money. Yooz was developed by ITESOFT (PARIS: ITE), a European company that has for more than 30 years been a leader in intelligent document capture and process automation. Yooz has more than 1,000 customers. For more information, visit www.justyoozit.com .

About Nvoicepay: Nvoicepay delivers strategic payment solutions to automate account payable, enabling customers to pay 100% of their invoices electronically, while realizing the financial benefits of payment optimization. Nvoicepay's cloud based products and vendor payment services reduce costs, increase efficiencies and maximize rebates, all with minimal effort. Nvoicepay serves thousands of customers paying hundreds of thousands of suppliers across multiple industries including healthcare, retail and financial services. More information about Nvoicepay is available at www.nvoicepay.com .

The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information: bankcardlife.com?orid=33533&opid=1 .

Source: Company press release.