U.S. Bank Electronic Invoice Presentment and Payment (EIPP) will now process invoices and manage payments for Order Express as part of a new partnership announced earlier today. Order Express, a money transfer service provider between U.S. and Latin America, said in a statement that the new deal will allow it to receive and pay invoices over a secure and efficient B2B network, eliminating the cost of paper invoices and providing better visibility across the payment chain.
Both partners will also be able to check the status of an invoice and resolve issues quickly with little further investment from IT, Order Express added in the statement.
Order Express cited a report by Paystream Advisors, a research group, that said that about 20 percent of organizations in the U.S. have adopted EIPP services, and another 50 percent are either evaluating or implementing them. Studies have indicated that electronic tools like U.S. Bank EIPP can save $5-20 per invoice in processing costs, Order Express said.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio