FT. LAUDERDALE, Fla., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Direct Insite Corp. (OTCQB:DIRI), provider of the powerful PAYBOX™ unified working capital management platform for accounts receivable and accounts payable automation, announced today that the company renewed eight customer contracts during 2014 with an average duration of four years and a total average annual recurring revenue run rate of nearly $5.5 million.
More than 375,000 global companies use Direct Insite's business-to-business solutions deployed by IBM, Siemens, HP and other large corporations. Direct Insite also offers a white-label receivables solution being deployed at a Tier 1 global bank for their largest customers. The PAYBOX™ platform currently facilitates over seven million business-to-business transactions worth more than $160 billion on an annual basis.
"We are very pleased to announce the renewals, validating the significant operational and business impact our customers are currently receiving and will continue to for years to come," said Direct Insite CEO and Chairman Matthew E. Oakes. "Our PAYBOX™ platform is just getting started, and we are very optimistic about our expansion via our bank partner relationship to increase our corporate customer base as we enter 2015."
About Direct Insite
Direct Insite provides the world's most powerful platform for unified working capital management. Each year, Direct Insite's platform facilitates over 7 million business-to-business transactions worth $160 billion between more than 375,000 companies worldwide. The flagship component of this platform is PAYBOX™, an innovative receivables and payments automation solution that combines electronic invoicing, online approvals and adjustments, electronic payments, and integration with any legacy accounting, ERP or lockbox system. Banks and corporations use PAYBOX™ to reduce DSO, lower costs, and improve straight-through AR posting. To learn more, visit www.directinsite.com.