Source: Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY), a leading provider of payments and invoice automation software and services, today announced it has been granted a patent by the United States Patent and Trademark Office for its payables automation technology.
Bottomline's innovative solution for payables automation enables customers to increase the efficiency of their complete purchase-to-pay cycle with end-to-end capabilities for requisitions, invoice receipt, workflow and approval. The company's patent addresses the inevitable compatibility issues between accounting systems and invoice data formats of vendors and payers by translating and reconciling data to be exchanged between parties. By significantly streamlining AP processes in this way, users create more efficient operations, enabling them to optimize working capital, capture vendor discounts and enhance ongoing compliance with regulatory mandates and emerging payments standards.
"With Bottomline's approach to payables automation, organizations can quickly and easily transform accounts payable operations to increase the availability of working capital and significantly reduce risk," said Eric Campbell, Chief Technology Officer, Bottomline Technologies. "By ensuring the intellectual property ownership rights through a patent, we have once again demonstrated our leading and innovative capabilities for payables automation and secured the opportunity to maximize our economic return for many years to come."