Source: Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY), a leading global technology provider of financial Business Process Management (fBPM) software and managed services, today announced the release of WebSeries Version 4.
Based on patented technology, WebSeries is the industry's leading payment lifecycle management platform, providing electronic payment processing, check issuance and fraud prevention capabilities. WebSeries 4 introduces important new features and enhancements, including Vendor and Employee e-Payment Portal capabilities, as well as extended compliance and check fraud protection.
"This latest WebSeries release features substantial enhancements to benefit Bottomline's customers, including the first out-of-the-box Electronic Payment Management Portal," said Chip Martin, Vice President of Product Management for Bottomline Technologies. "This capability addresses the roadblocks in converting vendors and employees to electronic payments by enabling payees to manage their own payment preferences and remittance delivery methods online. The result is a secure solution that benefits our customers' payees and encourages the transition from paper to electronic payments."
Acting as a central gateway between ERP systems, such as Oracle and SAP, legacy systems and banks, WebSeries 4 also features a new Payment Risk Management module that enables organizations to detect and withhold suspect payments. This new module provides enhanced Office of Foreign Assets Control (OFAC) verification as well as a host of other suspect payment detection methods. For OFAC, WebSeries 4 employs advanced algorithms to match payee information against the U.S. Treasury Department's current list of specially designated foreign nationals who are forbidden to receive payments. Beyond OFAC compliance, the new Risk Management module also detects many other fraudulent or suspect payment activities, such as duplicate payments, unapproved payments to employee addresses or accounts, and low value, repetitious payments to the same account.
"Through continuous product innovation, Bottomline Technologies keeps us on a path toward end-to-end financial process automation, and helps Fiserv Investment Support Services fulfill its broader business responsibilities for security and compliance," said David Techmanski, Assistant Treasurer, Fiserv Investment Support Services. "WebSeries 4 will further enhance our ability to identify payment risk and prevent loss before it occurs."
Further enhancements to the existing WebSeries Check Management module in Version 4 deliver added value to both current and potential customers, and represent some of the most advanced features today for comprehensive payment lifecycle management. The WebSeries 4 Check Management module provides authorised users the ability to initiate, void or stop payment requests, review check reconciliation status and access bank payment activity logs via a secure Web browser. Benefits of these new features include real-time access to payment status information, streamlined payment reconciliation processes and reduced risk of payment fraud.