PNC Bank, OB10 to provide e-invoicing technology for commercial customers
PITTSBURGH--PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. announced 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.
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 is the global e-Invoicing network at the core of Tungsten
Corporation 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.