U.S. Bank, Nexus partner on paperless invoice-payment options

   U.S. Bank and Nexus Systems on Monday said that they are entering into a strategic agreement to establish a new standard for end-to-end electronic invoice processing and payment.
   The partnership will seek to combine Nexus’ invoicing software expertise with U.S. Bank’s payment-processing capabilities to create completely automated accounts-payable management solutions.
   Among U.S. Bank’s solutions are tools aimed at freight payment.
   “Having seen the efficiency and cost-savings of payment automation, our customers now seek to extend those benefits to the front of the procurement cycle by shifting to paperless invoicing,” said Jeff Pape, payables product manager for U.S. Bank Corporate Payment Systems. “Teaming up with Nexus will enable us to address those customer needs efficiently. U.S. Bank’s payment tools can seamlessly integrate with the customer’s own systems and Nexus technology for a smooth, end-to-end work stream that produces greater accuracy, fewer exceptions and fewer calls from suppliers.”
   The companies said that users leveraging the combined U.S. Bank’s payables solutions and Nexus invoice automation network can lower their operating costs, increase early payment discounts, maximize working capital, enhance audit controls and redeploy staff to more strategic activities.
   U.S. Bank and Nexus noted that roughly one in four organizations in the United States had electronic invoicing tools in 2013, up from one in five the previous year.
   “While much of the early adoption was among Fortune 1000 companies, electronic invoicing by small and medium enterprises is accelerating,” they said. “Organizations that process high volumes of paper invoices at multiple locations benefit most from converting.”