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CloudTrade Named as IBM Business Partner for e-Invoicing

Leading provider of cloud-based e-Invoicing services to deliver cost-effective, high adoption solution to IBM’s business process service users.

LONDON, ENGLAND, 26 September 2017 – CloudTrade, the leading provider of cloud-based e-invoicing services, was today named as one of IBM’s worldwide e-invoicing partners.

The partnership means that IBM’S Business Process Service (BPS) customers will be able to incorporate CloudTrade’s proprietary e-invoicing software into their solution, significantly reducing their back-office costs and the time associated with handling and processing invoices.

Shelley Davies, Global Offerings Lead – Accounts Payable and Cloud ERPs, says: “E-invoicing is a win-win for our users and their suppliers. Our users benefit from increased visibility, efficiencies and control over invoices, while their suppliers benefit from quicker invoice processing and potentially faster payment and improved cash flow.

“CloudTrade’s offer is unique in that it offers unprecedented accuracy and it is extremely simple to use, which helps drive high adoption rates amongst suppliers. That means my team can maximise the opportunities to automate and ultimately boost the savings our end-users see when they use our ERP platform.”

CloudTrade’s e-invoicing solution integrates seamlessly with all enterprise resource planning (ERP) platforms, and ensures 100% accurate data is uploaded into a system 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%.

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, co-founder and Commercial Director of CloudTrade, says: “When you’re doing business internationally and interacting with thousands of suppliers every day, your P2P process and ERP systems rely on accurate data to be highly efficient, easy to use and, most importantly operate on a global scale.

“Our solution solves a problem which has plagued e-invoicing and EDI projects for decades: namely how to encourage as many suppliers as possible to move away from paper and onto electronic document submission methods. Because CloudTrade is incredibly cost effective and easy to use, we enable IBM’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 or advanced shipping notices, CloudTrade processes them automatically and cost effectively.

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.

About CloudTrade

CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 120 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com/ or contact Nick Jones; 07832 115362, nick.jones@cloud-trade.com

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