MINNEAPOLIS and Falls Church, VA – U.S. Bank and Nexus Systems are entering into a strategic agreement to establish a new standard for end-to-end electronic invoice processing and payment. Combining Nexus’ invoicing software expertise with U.S. Bank’s market-leading payment processing capabilities, the collaboration will produce completely automated accounts payable management solutions.
“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 IT systems and Nexus technology for a smooth, end-to-end work stream that produces greater accuracy, fewer exceptions and fewer calls from suppliers.”
Organizations that combine U.S. Bank’s Payables solutions with the Nexus invoice automation network can expect cloud-based paperless processing to lower their operating costs, increase their early payment discounts, maximize their working capital, enhance their audit controls and allow them to redeploy staff to more strategic activities.
Surveys show about one in four organizations in the United States had electronic invoicing tools in 2013, up from one in five the previous yeari. While much of the early adoption was among Fortune 1000 companies, electronic invoicing by small and medium enterprises is acceleratingii. Organizations that process high volumes of paper invoices at multiple locations benefit most from converting.
“This joint effort will enable organizations to save significant amounts of time and money when processing invoices,” said Nexus Systems CEO and Founder Thomas Coolidge. “By combining U.S. Bank’s market-leading corporate payments offering with Nexus’ procurement, purchase order, and invoice offering, we have created a new industry standard. We’re thrilled to be collaborating with U.S. Bank in this endeavor and are eager to get started.”
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $364 billion in assets as of Dec. 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,081 banking offices in 25 states and 4,906 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
About Nexus Systems, LLC.
Nexus Systems is the leading provider of web-based applications that drive business process efficiencies and business process accountability, focusing on the accounts payable realm. From its inception in 1999, the team at Nexus Systems, LLC. has worked diligently to maintain its reputation as a highly responsive, innovative, and dynamic software company. Nexus Systems is a privately held company headquartered in the Washington, DC Metropolitan Area in Falls Church, Virginia. Its staff is comprised of technically savvy, hand-picked professionals with a dedication to satisfying each customer. Its flagship product, NexusPayables, automates the traditionally paper intensive accounts payable procure-to-pay process and is recognized as the best-in-class paperless solution. The NexusPayables application enjoys continued success as a result of its mature and robust functionality, intuitive interface, flexibility, compatibility with other systems, and overall ease of use.
iPaystream Advisors 2012 and 2013 Electronic Invoice Adoption Benchmark Reports
iiPaystream Advisors, Electronic Invoice Management: A Move to the Middle, Q1 2014
For Immediate Release
Contact: Nicole Garrison-Sprenger, U.S. Bank
Contact: Lauren Cohen, Nexus Systems