Tempe, AZ January 21, 2003 Pantellos, a supply chain services company for the utility industry, is partnering with e-payments specialist Xign to offer utilities a new electronic invoice and payment service to automate financial settlement with suppliers.
Pantellos said its new eSettlement Network, based upon the ePayables solution from Xign, creates a network that links buyers and suppliers, allowing them to electronically exchange invoices, resolve disputes and make payments using standardized processes.
The provider asserted that the service offering can lower payables processing costs, improve utilities' ability to negotiate and capture supplier discounts, and strengthen supplier relationships by providing a closed-loop, fully automated procure-to-pay process.
Specific eSettlement Network capabilities include electronic invoice capturing, invoice validation and approval routing; electronic payment processing; invoice status and detailed remittance information; and online, collaborative dispute resolution. The network can be integrated with existing accounting systems or provide an optional workflow capability for managing the payment process.
According to industry estimates, the cost of B2B financial settlement including invoice receipt, invoice approval and processing, payment, remittance, reconciliation and dispute resolution ranges from $40 to $60 per transaction. Processing of paper invoices and paper checks drives most of these costs.
Because the eSettlement Network is Web-based and capable of integrating with a range of supplier and buyer systems, Pantellos said that customers can eliminate paper and reduce their payables processing costs by up to 50 percent. They can also process invoices faster to capture discounts often offered by suppliers in exchange for prompt payment.
Steve Newland, vice president of sales and marketing for Pantellos, said that while Pantellos has been working to identify, develop and deliver e-procurement tools for its customers, "a completely automated electronic settlement solution has been a missing ingredient."