NACHA has published guidelines that define the benefits to businesses of integrating accounts payable operations with electronic invoice presentment and payment (EIPP) systems.
"The number one barrier to the increased use of electronic payments in business-to-business commerce is the lack of integration between corporate accounting and electronic payment systems," said Mike Taipale,ACH business manager at the Federal Reserve Bank of Cleveland and chairman of NACHA's Council for Electronic Billing and Payment. "The Council has created a tool that will help those who seek to articulate the benefits of accounts payable integration as part of an electronic invoice presentment and payment strategy."
The benefits of accounts payable integration are defined by NACHA as cost reduction, streamlining the accounts payable process, improving control and risk management, improving strategic vendor relationship, and improving the accuracy and timeliness of information.
The Council defines accounts payable integration as the ability to electronically exchange information to the level of detail that business practices require between an accounts payable process and any EIPP solution. The goal is to streamline payables processing and improve the exchange of payment information.