GXS ePcard XML Electronic Settlement Tool
Global eXchange Services Adds E-settlement Capability for E-commerce Customers
Customer Reduces Invoice Rework by 75 Percent in Nine Months, Projects $900,000 Annual Cost Savings
Gaithersburg, MD, USA. October 28, 2002.
Global eXchange Services (GXS), a leader in business-to-business Internet commerce, today announced that it now offers advanced payment and expense management capabilities through its Electronic Commerce Service Center. GXS's integration of EC Service Center(sm) capabilities and the ePcard XML electronic settlement tool helps purchasing professionals simplify the purchasing process, reduce costs and speed payment.
"We are very excited to be able to offer ePcard XML as an added value to qualified GXS customers through our EC Service Center," said Nick Marchetti, general manager of Interchange Solutions for GXS. "This new service is an excellent example of how GXS helps buyers and suppliers significantly improve supply chain performance by making better use of the data they already exchange on a daily basis."
GXS's EC Service Center facilitates the entire process by enabling buyers and suppliers to interface with the ePcard XML service in virtually any data format, including eXtensible markup language (XML), electronic data interchange (EDI), proprietary formats or facsimile.
ePcard XML, developed by GE Capital Financial Inc., the corporate card unit of GE Consumer Finance, is an electronic settlement tool that digitizes the purchase order handling process. The tool allows suppliers to accept and process orders, while automatically reconciling transaction costs. Dollar- and date-range limits on the transaction reduce potential payment mistakes or abuse.
GE Transportation Systems - one of the world's leading suppliers to the railroad, transit, and mining industries - is the first customer to use the combined services, automating processes associated with the 100,000 invoices it processes annually. In just nine months using ePcard XML, the business has seen the amount of work associated with incorrect invoice reconciliation drop by 75 percent and projects an annual savings of $900,000. According to the customer, many of its suppliers are signing up for the new payment method, in part due to faster payment.
"ePcard forces us to validate prices with suppliers," said Ken Marshall, the business leader of indirect sourcing for GE Transportation Systems. "It locks the pricing with the supplier. If we agree on a dollar amount, that's all the supplier can charge when they get the account number."
The combined ePcard XML and EC Service Center solution enables companies to improve the purchasing process in the following five ways:
- lower purchase order processing costs by reducing the time that purchasing professionals spend on clerical tasks
- speed payment of vendor invoices through the elimination of manual processes - enabling buyers to take advantage of fast-payment vendor discounts
- control maverick purchases, which lead to companies paying more than necessary for goods and services
- broaden the base of suppliers able to participate in electronic trading through any-to-any data translation, thus reducing costs throughout the supply chain
- capture process savings quickly through ease of implementation
About GE Corporate Card
GE Capital Financial Inc. develops and markets corporate bank cards and e-settlement tools designed for medium- and large-sized multinational companies and organizations. For more information, visit www.gebusinessmarketplace.com.
About Global eXchange Services
Global eXchange Services (GXS) operates one of the largest business-to-business e-commerce networks in the world, with more than 100,000 trading partners. The network's 1 billion annual transactions account for $1 trillion in goods and services. With more than 35 years experience, GXS provides supply chain services and software to 60 percent of Fortune 500 companies. GXS is headquartered in Gaithersburg, Md. Call 800/560-4347 or visit our Web site at www.gxs.com.
Global eXchange Services
Tel: +1 301/340-5875
Prepared by Robin Cover for The XML Cover Pages archive.