Bottomline Technologies upgrades WebSeries capabilities for SEPA and PEACH

Source: Bottomline Technologies

Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today at EuroFinance 2005 announced new Pan-European payments and reporting capabilities for its WebSeries platform.

These capabilities enable European corporate customers to consolidate multiple banking connections and prepare for the advent of the new Single European Payments Area (SEPA) standard.

With widespread changes to global payment standards and the pending introduction of multiple Pan-European Automated Clearing Houses (PEACH), complex and proprietary corporate payment solutions will quickly lack the flexibility to provide organisations with an efficient and cost-effective payments platform. Based on patented technology, WebSeries allows Bottomline customers to comply with emerging payment standards such as SEPA, improve straight through processing capabilities and provide secure distribution of banking information across multiple banks and payment networks.

"Across Europe, organisations are faced with the costly and time-consuming task of trying to maintain outdated links to their banks and trading partners, which prevents the real-time exchange of information and prohibits centralised visibility into payments-related activities," said Peter Fortune, President of Bottomline Technologies Europe. "These connectivity challenges are further exacerbated by the need for corporate treasurers to manage the cash management function across multiple business units, divisions and locations."

By providing enterprise-wide visibility of organizational payment and balance information, WebSeries enables corporate users to eliminate multiple bank workstations and the labour-intensive manual data entry processes between payment systems. Through centralised control and standardisation of global payment processes, corporate treasurers are able to increase process efficiency, reduce costs and limit exposure to risk.

"The new Pan-European payments and reporting capabilities of WebSeries provide Bottomline customers with an innovative payments platform capable of processing payments and information regardless of bank, payment type or destination country," added Fortune. "At the same time, WebSeries' scalability ensures that customers will be prepared to accommodate future standards-based payment systems such as Euro Step 2."

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