FT. LAUDERDALE, Fla., April 22, 2014 (GLOBE NEWSWIRE) -- Direct Insite Corp. (OTCQB:DIRI), a leading provider of e-invoicing solutions for Accounts Payable and Accounts Receivable, today announced that the company has developed and deployed a first-of-its-kind electronic 'Reverse Lockbox' solution. Direct Insite's cloud-based PAYBOX™ solution was developed to be private-labeled by bank lockbox providers as part of an electronic lockbox or integrated receivables strategy.
Banks use PAYBOX™ to extend their lockbox and treasury management services to play a larger role in their clients' financial supply chain, strengthen customer relationships, generate new revenue streams, drive e-payments adoption, and create opportunities for supply chain financing. PAYBOX™ enables bank lockbox clients to dramatically accelerate Days Sales Outstanding, significantly reduce invoice presentment and collection costs, and rapidly increase receivables straight-through posting.
"Each and every day, declining check volumes and the growth of electronic invoicing and payments chip away at the trillion-dollar business that banks have built in lockbox processing," stated Direct Insite President and CEO, Matthew E. Oakes. "Direct Insite's PAYBOX™ reverses the tide of eroding lockbox volumes and helps banks evolve and grow, not just preserve, their lockbox franchises."
Direct Insite's PAYBOX™ combines:
- Invoice presentment: enabling billers to post invoices to a secure website. Payers then access their invoices via a password-protected mailbox.
- Adjustments and approvals: PAYBOX™ replicates a payer's workflow to allow for online review, adjustment and approval of invoices. Billers receive real-time updates on adjusted invoices for faster resolution.
- E-Payments: PAYBOX™ enables payers to control the amount they pay, the payment type, and the settlement date. Combining invoice presentment and approval and payment in a single platform can drive p-card issuance and utilization – a key benefit for banks.
- AR integration: PAYBOX™ provides a remittance file for reconciliation and posting.
Direct Insite complements PAYBOX™ with a best-in-class payables e-invoicing solution. To see a demonstration of PAYBOX, e-mail jim.mcshea@directinsite.com . To learn more about Direct Insite, visit www.directinsite.com .
About Direct Insite
Direct Insite delivers cloud-based e-invoicing solutions for Accounts Payable, Accounts Receivable and Payments 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 .
Jim McShea EVP of Sales, Direct Insite 631-873-2900
