PNC Bank signs up to OB10 e-invoicing
PNC Bank claims to be able to reduce costs and risk using OB10
US bank PNC has linked its invoice automation platform to OB10, the global e-invoicing network run by specialist firm Tungsten Corporation, in a deal that the bank says will help its commercial customers by making payments faster and improving the quality of payments data.
PNC Bank is the first commercial bank in the US to use OB10. Under the deal, there will now be one provider to receive and process both paper and electronic invoices, while manual processing will be reduced. The increased level of automation should help cut risk and drive down costs, while speeding up the process. According to PNC, it will also provide the ability to capture more early payment discounts.
“PNC led the banking industry by combining high-speed imaging and data capture with accounts payable workflow to convert paper invoices to electronic data for processing and reporting,” said Chris Ward, head of treasury management . “Upon that foundation, we can now offer our customers a single, integrated solution for all types of invoices using technology that has been broadly adopted.”
Compliant in 43 countries across Europe, the Americas and Asia, Tungsten claims to be able to reduce invoice-processing costs by 60%. OB10’s network processes transactions worth £109 billion per year for organisations including Aviva, Cargill, General Motors, GSK, IBM, Kellogg’s, the US Federal Government and Tesco.
