The Florida-based firm, a provider of cloud-based e-invoicing solutions for accounts payable, accounts receivable, and payments automation, said the deal was with a “multinational confectionery, food and beverage conglomerate.”
They added the single platform system would reduce processing costs, streamline processes and speed up invoice-processing by improving visibility.
Three year deal
The three-year deal will see the firm’s e-invoicing platform integrate with the customer's SAP and other financial systems.
Direct Insite said its Invoices On-Line (IOL) suite of accounts payable (AP) automation processing capabilities will enable the automation of electronic invoice receipt, validation and inquiry, electronic invoice processing, workflow with compliance/dispute management, and reporting.
The firm said electronically receiving and posting supplier invoices using the cloud-based IOL AP portal enables the reduction of invoice processing costs and supplier inquiries while accelerating invoice-processing turnaround.
IOL enables the electronic receipt of invoices, provides online Web-form entry, turning purchase orders into invoices and uploading of invoice information from within a spreadsheet or uploading of electronic invoices from a supplier's billing system through EDI or XML formats, the company said.
"This announcement further validates Invoices On-Line's unmatched value in complex financial environments which require reporting and compliance with real-time visibility," said Direct Insite president, chief executive officer and director, Matthew E. Oakes.
"Adding this multinational conglomerate to our expanding customer base increases the footprint of our global supplier network while providing us the opportunity to refine and enhance our AP automation portfolio offering."
The firm provides solutions to around 230,000 corporations across 100 countries, representing more than 17 languages.