PAYBOX™ is Providing White-Label Accounts Receivable and Payments Automation to Leading Consumer Goods Provider
FORT LAUDERDALE, Fla., Nov. 10, 2014 (GLOBE NEWSWIRE) -- Direct Insite™ (OTCQB:DIRI), announced today that a global bank has begun live production with Direct Insite's PAYBOX™ working capital management platform. The bank is using PAYBOX™ to provide white-label accounts receivable automation to a leading consumer goods provider. PAYBOX™ will enable the bank's customer to accelerate Days Sales Outstanding (DSO), reduce invoice presentment and collection costs, and increase accounts receivables straight - through posting.
The bank selected PAYBOX™ after an extensive evaluation of available receivables solutions. PAYBOX™ stood apart for its end-to-end order-to-cash capabilities, ability to integrate with any legacy enterprise resource planning (ERP), accounts receivable or lockbox system, multi-language and multi-currency capabilities, and track record in global financial shared services environments.
"PAYBOX™ uniquely positions banks to address an increasingly common treasury requirement, while strengthening customer relationships and driving non-interest fee income," said Direct Insite Chairman and CEO Matthew E. Oakes. "The strong response that PAYBOX™ has received from customers of this global bank validates the compelling value proposition of PAYBOX™ and has provided the bank with the confidence to accelerate the roll-out of the product to its corporate clients."
PAYBOX™ was developed to be white-labeled by banks as part of an integrated receivables or electronic lockbox strategy. PAYBOX™ combines flexible capabilities for electronic invoicing, online approvals and adjustments, electronic payments and integration with any legacy receivables or lockbox system. PAYBOX™ enables banks to extend their lockbox and treasury services to meet integrated receivables demand, strengthen customer relationships, generate new revenue streams, drive electronic payments adoption, and create opportunities for supply chain financing.
To see a demonstration of PAYBOX™, e-mail Jim McShea, Direct Insite's executive vice president of sales (jim.mcshea@directinsite.com).
About Direct Insite™
Direct Insite provides the powerful PAYBOX™ platform for unified working capital management. Direct Insite's unified working capital management platform facilitates $160 billion worth of transactions annually between more than 375,000 companies worldwide. The flagship component of this platform is an innovative receivables and payments automation solution that combines electronic invoicing, online approvals and adjustments, electronic payments, and integration with any legacy accounting, enterprise resource planning (ERP) or lockbox system. Banks and corporations use PAYBOX™ to reduce Days Sales Outstanding (DSO), lower costs, and improve straight-through accounts receivable posting. To learn more about Direct Insite, visit www.directinsite.com.