FT. LAUDERDALE, Fla., May 21, 2014 (GLOBE NEWSWIRE) -- Direct Insite (OTCQB:DIRI), a leading provider of cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable and Payments automation, today announced a strategic partnership with Global Edge, LLC, with whom they have co-developed and are currently deploying a cutting edge self-service procurement tool called "Vendor Lynx Express."
Vendor Lynx Express is an easy-to-use, self-service procurement tool which improves vendor master file analysis and clean-up, accuracy and control – all in a secure cloud-based environment. It facilitates the vendor set-up process through a self-service portal, focusing on the ease of vendor registration and maintenance for Procurement and Shared Services divisions of corporate enterprises. It provides clients with robust authentication and onboarding capabilities, including the upload of corporate information and tax documents, such as W-8s and W-9s, reducing supplier onboarding and compliance costs, mitigating risks, and enhancing supplier relationships.
Global Edge, LLC, a software solutions provider, developed the original Vendor Lynx product as a tool to protect organizations against risks within their vendor master file by authenticating vendors and identifying key areas of exposure. The tool is currently deployed by a large health system in the Midwest, and offers features including: vendor evaluation against 250+ risk factors, IRS tax identification matching, federal sanction list scrubs, electronic document capture, and maintenance of vendor banking details.
"Enterprise corporations are constantly looking to better align Procurement, Shared Services and Treasury in an effort to reduce operational costs, ensure contract compliance and improve financial visibility," said Direct Insite President and CEO, Matthew E. Oakes. "Extending Direct Insite's Invoices On-Line™ platform to include this procurement capability enables organizations to onboard, register and authenticate suppliers in a self-service, automated and secure environment. Vendor Lynx Express mitigates potential information risks by securely acquiring, storing and managing critical supplier data, making it readily available to organizations."
About Direct Insite
Direct Insite delivers cloud-based e-invoicing and working capital management solutions for Accounts Payable and Accounts Receivable automation. Since 2001, Direct Insite has built a track record in automating some of the most demanding financial environments. Today, more than 450,000 suppliers and customers use Direct Insite's e-invoicing network across over 100 countries, representing more than 35 currencies and 17 languages. Direct Insite's Invoices On-Line™ platform provides critical procurement, shared services and treasury functionality, which includes: company profile management, e-invoicing, workflow management, payment processing, spend management and business intelligence, dynamic discounting and supply chain financing. To learn more, visit www.directinsite.com.
About Vendor Lynx and Global Edge
Vendor Lynx is part of Global EDGE's Supply Chain Optimization Suite. As a Business-to-Business organization, Global EDGE develops web-based solutions to identify and control potential supplier risks from procure to payment. The Global EDGE Risk Management Platform provides clients with a complete suite of risk management tools including: Recovery Audit, Vendor Authentication, Vendor Master File Management, Fraud Prevention, eBusiness Services, and many more. The Vendor Lynx platform incorporates best practices for vendor management: standardized data gathering; IRS/TIN matching; supplier authentication; and electronic remittance. Global EDGE focuses on increasing efficiencies within Supply Chain while focusing on reducing internal and external financial risk. Global EDGE platforms offer quick Return on Investment, through intuitive software as a service solution.