| FOR IMMEDIATE RELEASE |
10 July 2008 |
Aberdeen Group Releases New Benchmark Study Highlighting Benefits of Electronic Payments
Results Validate Electronic Payments as Best Method for Reducing Transaction Costs and Exposure to Risk
PORTSMOUTH, NH – July 10, 2008 - Bottomline Technologies (NASDAQ: EPAY), a leading provider of collaborative payment, invoice and document automation solutions, today announced support for the findings of a new benchmark study from Aberdeen Group, a Harte-Hanks Company and leading research advisory firm, on Best-in-Class use of electronic payment methods among corporate finance departments.
Published earlier this month, E-Payables Benchmark Series: Electronic Payments and Fraud Prevention, explores the benefits of electronic payments and the importance of integrating electronic delivery methods into the accounts payable process.
“Integration of electronic payment methods with existing accounting systems not only reduces costs, but also accelerates payment processing, which in turn allows organizations to capture early payment discounts,” said Amit Gupta, Research Analyst, Aberdeen Group. “Other benefits of electronic payments include removal of paper from the accounts payable department and implementation of better fraud prevention capabilities.”
Based on the survey results of more than 300 global finance professionals, the study revealed that Best-in-Class companies:
- Leverage electronic payment methods to process 80% of their overall payments;
- Realize a 38% savings on transaction processing costs using electronic payment methods over paper checks;
- Have standardized payment processes 67% more frequently than all other organizations; and
- Are more likely to initiate the process of identifying fraudulent payments before payments are made – as opposed to after payments are processed.
“The findings of this study validate the significant opportunities that exist for organizations that have yet to make the transition from paper to electronic,” said Chip Martin, Vice President of Bottomline Technologies. “As we have seen for years within our own customer base, the ability to initiate and process payments electronically can have a positive impact on a corporation’s ability to operate efficiently, profitably and securely in the global marketplace.”
Bottomline Technologies’ award-winning portfolio of payment solutions enables organizations to streamline the processing and reporting associated with a wide variety of payment types, including payroll and vendor payments. Deployed around the world, the company’s products and services are used by 65 of the Fortune 100 and 80 of the FTSE (Financial Times) 100 organizations.
For a limited time, a complimentary copy of the benchmark report is available at: http://www.aberdeen.com/link/sponsor.asp?spid=30410680&cid=4899.
Additional information on Bottomline’s solutions for corporate payments can be found at: http://www.bottomline.com/corporate_payments.html.
About Bottomline Technologies
Bottomline Technologies (NASDAQ: EPAY) provides collaborative payment, invoice and document automation solutions to corporations, financial institutions and banks around the world. The company’s solutions are used to streamline, automate and manage processes and transactions involving global payments, invoice approval, purchase-to-pay, collections, cash management and document process automation. Organizations trust these solutions to meet their needs for cost reduction, competitive differentiation and optimization of working capital. Headquartered in the United States, Bottomline also maintains offices in Europe and Asia-Pacific. For more information, visit www.bottomline.com.
Media Contact
Billy Balfour
Bottomline Technologies
bbalfour@bottomline.com
603-501-5219
