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
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 18th International CloudExpo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
SYS-CON Events announced today that EastBanc Technologies will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. EastBanc Technologies has been working at the frontier of technology since 1999. Today, the firm provides full-lifecycle software development delivering flexible technology solutions that seamlessly integrate with existing systems – whether on premise or cloud. EastBanc Technologies partners with p...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
SYS-CON Events announced today BZ Media LLC has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. BZ Media LLC is a high-tech media company that produces technical conferences and expositions, and publishes a magazine, newsletters and websites in the software development, SharePoint, mobile development and Commercial Drone markets.
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...