Arkema Inc. Relies on Harbor Payments to Automate Accounts Payable.ATLANTA -- Harbor Payments, the leading provider of next-generation electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. accounts payable processing. Arkema Inc. is the U.S. subsidiary of Paris-based Arkema, which has annual worldwide revenues of $7 billion generated through 90 industrial sites operating in more than 40 countries. In the U.S., Arkema Inc. processes more than 12,000 invoices per month, 90 percent of which are paper based. The vast majority of the associated payments, roughly nine out of 10, also are issued via paper check. Initially, Arkema Inc. will leverage Harbor Payments' Invoice Harbor solution to begin receiving U.S. invoices electronically from day one, regardless of origin. The system also will enable Arkema Inc. to provide its vendors with a free, easy-to-use supplier portal, allowing them to simplify their accounts receivables accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying (AR) processes by converting to electronic invoice origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , payments tracking and reconciliation. In addition to offering on-demand access to detailed payment information, the supplier portal will allow Arkema Inc. to offer its suppliers a variety of payment methods, including e-payments via ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to . And because the Invoice Harbor solution provides transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. between buyer and supplier, disputes also can be handled more quickly and easily, further expediting both the buyer's AP process and the supplier's AR process. "We are excited about our partnership with Harbor Payments," said Joseph Urbani, director of shared services shared services, n.pl the administrative, clinical, or other service functions that are common to two or more hospitals or their health care facilities and used jointly or cooperatively by them. at Arkema Inc. "The Harbor Payments solution will provide Arkema Inc. with a pathway to future savings, the most tangible being their program to assist our suppliers with migration to electronic invoicing. The partnership provides a 'continuous improvement' environment, capitalizing on Harbor Payments' technical development capabilities and the best practices learned from other clients in the Harbor Payments network." About Arkema Inc. A global chemical concern, Arkema consists of three strategically related businesses: Vinyl vinyl /vi·nyl/ (vi´nil) the univalent group CH2dbondCH—. vinyl chloride a vinyl group to which an atom of chlorine is attached; the monomer which polymerizes to polyvinyl chloride; it is toxic Products, Industrial Chemicals, and Performance Products. Present in over 40 countries with 18,400 employees, Arkema achieves sales of e1/45.7 billion ($6.7 billion). With its six research centers in France, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Japan, and internationally recognized brands, Arkema holds leadership positions in its principal markets. Arkema is present in the United States through its subsidiary Arkema Inc., headquartered in Philadelphia, PA. Arkema Inc. employs 2,500 people, operates 16 production facilities, and accounts for 25% of global revenues. For more information, please visit www.arkema-inc.com About Harbor Payments Harbor Payments is the leading provider of outsourced electronic invoicing, billing and disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. solutions for the Global 1000. The company's products, services and insight enable organizations to manage cash flow more effectively by efficiently sending and receiving invoices, making and collecting payments, and managing all associated internal workflows. While transforming and streamlining the client organization's operational and financial processes, Harbor Payments products and services adapt to and complement each client's existing information systems and accounting applications. Harbor Payments solutions are marketed under the brands of Invoice Harbor, Billing Harbor and Payment Harbor. For more information, please visit the company's web site at www.harborpayments.com |
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