Integrates GE's vPayment eSettlement solution into suite
Research Triangle Park, NC, and Salt Lake City — June 9, 2004 — SciQuest,
Inc. announced today that it plans to integrate vPayment, an electronic settlement tool from GE Corporate Payment Services, with its procurement automation solution.
As a standard feature of SciQuest's procurement process, SciQuest said it customers can use the vPayment technology for faster, more streamlined transactions.
vPayment uses patented technology to pay suppliers via a MasterCard account number that has specific dollar- and date-range controls.
When integrated with an online buying tool such as SciQuest's, vPayment automatically appends accounting information to the MasterCard transaction record.
"vPayment's transaction controls and automated accounting features make it a good fit with our procurement automation solutions," Stephen Wiehe, president and CEO of SciQuest, said. "Its streamlined approach to reconciliation will save our customers time and money."
"Our mutual customers in the pharmaceutical and university markets prompted us to work with SciQuest," said Jeffery Dye, president and CEO of GE Corporate Payment Services. "We look forward to pursuing joint business in those key verticals as well as others."