FOR IMMEDIATE RELEASE:
Proprietary Three-Way Matching Functionality Completely Processes Invoices
Fairfield, NJ (March 25, 2008) - Archive Systems, Inc., a leading provider of accounts payable automation, announced the availability of Straight Through Processing for ASPEN 360 Accounts Payable Edition. ASPEN 360 is a subscription–based service that enhances purchase-to-pay processing using advanced AP imaging and workflow technology.
ASPEN 360's Straight Through Processing automatically matches invoice details to line item PO and Receipt data details. Invoices are processed programmatically without AP processor involvement. When exact matches or matches within predefined tolerances are met, ASPEN 360 auto matches the PO, Receipt and Invoice, then completes the transaction by passing the data directly to the ERP system. AP processors only need to work invoices that fail the matching criteria. This enhances the purchase-to-pay process, increases efficiencies, drives out costs and lets AP departments handle increasing volumes without adding people.
If an invoice fails to be matched initially, ASPEN 360 will continue to monitor and attempt to complete the Straight Through Processing when new receipt data is received. Some invoices will inevitably require exception process. ASPEN 360 assists by providing automated exception handling support to analyze all open receipts and narrow down receipt lines to be matched. The advanced receipt filtering makes it easy to find receipts that cover multiple POs or for invoices where the vendor listed the wrong PO number.
"We're very excited about Straight Through Processing. Several of our clients are using it already and have achieved dramatic results. ASPEN 360 AP Edition's advanced imaging and workflow has been delivering ZeroTouch™, invoice processing for years. But now with Straight Through Processing (STP), they don't even have to look at the invoice. The AP Edition's STP-Matching Algorithm determines that the receipt line items of the PO match the invoice details," stated Dave Craig, President of Archive Systems. "The invoice is matched and processed automatically. AP Managers have traditionally used a calendar to compute the time to process an invoice. Now they will need a stop watch!"
About Archive Systems, Inc.
Archive Systems, Inc. flagship solution, ASPEN 360 Accounts Payable Edition, combines best practices AP Automation with ZeroTouch AP imaging and workflow. The product increases efficiencies and reduces costs with features such as straight through processing, which uses automated three-way matching to auto match invoices to PO and receipt line items without AP processor intervention. It includes the ASPEN 360 Invoice Virtualization Center, which removes from the client all tasks associated with document imaging, data capture, document classification, indexing, and OCR. The company also provides physical records management services such as business records storage, document shredding, and offsite data storage, through a number of Record Center locations. For more information, please visit www.archivesystems.com.
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