22 Jan CloudTrade and OpusCapita partner on electronic invoicing
Last week, CloudTrade was named as one of OpusCapita’s worldwide e-invoicing partners and its proprietary, patent protected e-invoicing solution will be available to all OpusCapita purchase to pay and order to cash customers.
The new partnership was outlined in their press release a few days ago: “OpusCapita helps organizations buy, sell and pay more effectively by providing them with extended purchase-to-pay and order-to-cash solutions. With 600 million transactions processed annually by over 8,000 customers across more than 100 countries, Opus Capita has created a global ecosystem where buyers, suppliers, banks and other parties connect, transact and grow. Together with their customers, OpusCapita is transforming sales, procurement and financial processes for the digital age.
“Matts Ek, Product Manager Global Invoice Sending at OpusCapita, explains: “CloudTrade offers an e-invoicing service that removes the barriers typically associated with supplier adoption. Their solution allows us to mop up those suppliers who are not able to do the technical development to connect direct to our systems.”
Founded in 1984, OpusCapita is headquartered in Helsinki, Finland and is a fully owned subsidiary of Posti Group Corporation. CloudTrade’s e-invoicing solution integrates seamlessly with OpusCapita’s purchase-to-pay and order-to-cash solutions, and will ensure 100% accurate data is uploaded within minutes of a supplier submitting an invoice. Ensuring users see back office savings in the region of 60% and supplier adoption rates of over 80-90%.
In case you didn’t know, CloudTrade is one of the world’s fastest growing e-invoice and e-document networks, connecting hundreds of global organisations to thousands of their trading partners electronically across numerous sectors and regions.
Richard Manson, CloudTrade’s co-founder and Commercial Director, explained in the press release: “When it comes to managing spend, OpusCapita is the platform of choice for many organisations in Germany and Northern Europe. With so many buyers and sellers on its network, and more joining all the time, bringing CloudTrade to the network is fantastically exciting.
“When you’re doing business internationally and interacting with thousands of suppliers every day, your P2P process and O2C systems rely on accurate data to be highly efficient, easy to use and most importantly, operate on a global scale. Our solution encourages as many suppliers as possible to move away from paper and onto electronic document submission methods and because CloudTrade is incredibly cost effective and easy to use, we enable OpusCapita’s customers to maximise efficiencies and transform their back-office functions.”
How CloudTrade’s solution works
CloudTrade’s patent-protected software uses unique rules-based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from documents of any type. So, whether its invoices, sales and purchase orders and advanced shipping notices, CloudTrade processes them automatically and cost effectively, with unprecedented accuracy.
Although CloudTrade offers suppliers a number of ways to send their electronic invoice (including direct XML / EDI), by far the most popular approach is for a supplier to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF without the use of OCR – which guarantees 100% quality. PDF invoicing is easy to use and out-of-the-box with most accounting packages. As a result, typically >90% of suppliers (irrespective of shape or size!) when asked will send PDF invoices.