Welcome!

News Feed Item

PNC Bank And OB10 To Provide Comprehensive E-Invoicing Technology For Commercial Customers

- Network extends straight-through invoice processing from purchase order to payment -

PITTSBURGH, Jan. 29, 2014 /PRNewswire/ -- PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE: PNC), announced today an enhancement to its invoice automation technology solution for mid-size and large businesses. PNC now offers expanded automation of the procure-to-pay process through electronic invoicing capabilities powered by OB10, the global e-invoicing network that is part of Tungsten Corporation plc (LSE:TUNG). PNC is the first commercial bank in the United States to integrate OB10 with its invoice automation platform.

PNC helps customers to achieve straight-through invoice processing from invoice receipt to payment utilizing both workflow-based or automated approval processes. PNC's integrated solution enables invoice data to be submitted in any format, including paper, e-mail, fax and file transfer or by originating an invoice electronically through the OB10 online portal.  

Benefits of combining PNC's accounts payables solutions for commercial customers with the OB10 e-invoicing network include:

  • One provider to receive and process both paper and electronic invoices.
  • Higher quality data that reduces exceptions and error-prone manual processing.
  • Streamlined invoice processing through automated receipt of invoices and online workflow approval.
  • Faster, more cost-effective payment process.
  • 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.  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," said Chris Ward, head of Treasury Management product management at PNC Bank.

"Our strategic partnership with PNC will allow more organizations to improve their global trading capabilities, so bringing greater efficiency to their supply chains, and optimizing their working capital," said Edmund Truell, group CEO at Tungsten Corporation plc. "We look forward to working closely with PNC to develop a comprehensive invoice-to-pay service."

PNC commercial customers selecting this new technology will invite their suppliers to submit invoices through the OB10 network, a technology already in use by major U.S. trading partners.  No hardware or software installations are required by suppliers. For invoices that continue to be sent by paper during and after the OB10 enablement period, PNC's imaging platform may be utilized to digitize all of the invoice data.

OB10 (www.OB10.com) is the global e-invoicing network at the core of Tungsten Corporation plc (www.tungstencorporationplc.com) that simplifies and streamlines the complex invoice-to-pay process to enable prompt payment. Compliant in 43 countries across Europe, the Americas and Asia, OB10 can reduce invoice-processing costs by 60% and deliver an ROI in less than a year.  Tungsten Corporation's OB10 network connects some of the world's largest companies and government agencies to their thousands of suppliers around the globe. It processes transactions worth over $180 billion per year for organizations such as Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, IBM, Kellogg's, US Federal Government, Tesco and Whirlpool. Tungsten Corporation offers supply chain financing to suppliers on the OB10 network and will help organizations profit by applying innovative spend analytics to its vast repository of invoice data.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the United States' largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

CONTACTS:


PNC

OB10

Amy Vargo

Sandra Higgison 

(412) 762-1535

+44 20 7406 5772

[email protected]  

[email protected]

SOURCE PNC Bank

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, discussed how data centers of the future will be managed, how the p...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
Wooed by the promise of faster innovation, lower TCO, and greater agility, businesses of every shape and size have embraced the cloud at every layer of the IT stack – from apps to file sharing to infrastructure. The typical organization currently uses more than a dozen sanctioned cloud apps and will shift more than half of all workloads to the cloud by 2018. Such cloud investments have delivered measurable benefits. But they’ve also resulted in some unintended side-effects: complexity and risk. ...
Machine learning provides predictive models which a business can apply in countless ways to better understand its customers and operations. Since machine learning was first developed with flat, tabular data in mind, it is still not widely understood: when does it make sense to use graph databases and machine learning in combination? This talk tackles the question from two ends: classifying predictive analytics methods and assessing graph database attributes. It also examines the ongoing lifecycl...
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
When applications are hosted on servers, they produce immense quantities of logging data. Quality engineers should verify that apps are producing log data that is existent, correct, consumable, and complete. Otherwise, apps in production are not easily monitored, have issues that are difficult to detect, and cannot be corrected quickly. Tom Chavez presents the four steps that quality engineers should include in every test plan for apps that produce log output or other machine data. Learn the ste...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...