Burlington, MA and Stockholm, Sweden – November 7, 2014 – Nipendo, a leading provider of cloud-based buyer-supplier collaboration platform, announced its partnership with TrustWeaver, a leading provider of cloud-based global compliance service for electronic invoicing and other legally critical documents.
The combination of Nipendo’s advanced process automation and TrustWeaver’s on-demand compliance capabilities offers a one-stop solution for streamlining buyer-supplier collaboration along the entire procure-to-pay process, including fully reconciled and compliant electronic invoicing around the globe.
Supplier collaboration through Nipendo Supplier Cloud goes beyond simple transaction exchange, allowing organizations to reconcile discrepancies in the cloud and keeps bad data outside the enterprise firewall.
Any transaction that goes through Nipendo Supplier Cloud is subject to an extensive set of validations based on business rules that can be configured by each customer. Customers can use pre-defined business rule templates for specific business processes (e.g. direct vs. indirect purchases) and modify them to match their unique requirements.
TrustWeaver’s localized compliance verification is now seamlessly integrated into Nipendo’s robust validation engine. It is mostly transparent to end users, becoming visible only when tax authorities require proof of compliance.
Transacations that do not pass validation are blocked from the buyer’s ERP, ensuring only valid transactions enter the system. Nipendo provides suppliers with real-time feedback if any errors or mismatches are found, allowing them to take immediate corrective action. This self-correcting process ensures that only a small fraction of the transactions are flagged as exceptions.
“While electronic invoicing is a commendable first step, it merely substitutes the paper bottleneck with email and pdf documents that still require manual processing,” said Nipendo CEO and Co-founder Eyal Rosenberg. “Organizations start realizing meaningful benefits when they take procure-to-pay to the next level of automation that enables governance and compliance of strategic manufacturing and direct spend processes. Our partnership with TrustWeaver provides a quick and seamless extension of our best-in-class procurement governance and compliance capabilities to a growing list of countries around the globe.”
Said Per Norling, CEO of TrustWeaver: “We’re impressed with Nipendo’s vision and ability to execute in a rapidly evolving global market. The addition of Nipendo to our partner network is a win-win not only for the two companies but for any company that is looking to automate compliant electronic invoicing and other procure-to-pay processes.”
Nipendo Supplier Cloud enables a new level of buyer-supplier collaboration, empowering organizations around the world to achieve best-in-class procure-to-pay automation and compliance across all spend categories.
Supporting rapid onboarding of thousands of suppliers, Nipendo allows buyer organizations to streamline procure-to-pay processes across their entire supplier ecosystem, lowering the cost of doing business while increasing supply chain efficiency.
Utilizing Nipendo’s real-time invoice approval and reconciliation capabilities, organizations are able to optimize their working capital positions, accelerate cash conversion cycles, capture a greater portion of available early payment discounts, and provide suppliers with a range of supplier financing options.
For more information visit nipendo.com.
TrustWeaver provides a comprehensive Cloud-based compliance service for electronic invoicing and other legally critical documents for more than 50 countries. From a single technical interface and through our unique Compliance Map™ concept, some 60 world-leading B2B vendors in our partner network automatically provide interoperable legal certainty to trading partners that use their solutions, regardless of changes in legislation. TrustWeaver’s unique blend of legal and technical components allows modern organizations to execute their ERP, workflow, archiving and B2B consolidation strategies with guaranteed respect for the multiple national and sectoral laws governing such B2B transactions as well as their long-term retention and auditability. In business since 2001, TrustWeaver is headquartered in Stockholm, Sweden.
For more information visit www.trustweaver.com
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