Bottomline Technologies Migrates Colony Gift Corporation to New BACS Standard.READING, England -- UK-Based Candle Maker Profits from Early Move to New Electronic Payments Standard Bottomline Technologies (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EPAY), a leading provider of payments and invoice An itemized statement or written account of goods sent to a purchaser or consignee by a vendor that indicates the quantity and price of each piece of merchandise shipped. A consular invoice is one used in foreign trade. automation software and services, today announced that Colony Gift Corporation has deployed WinBACS-IP, Bottomline's market-leading BACSTEL-IP solution. Colony's migration to this convenient hosted service ensures their compliance with a new BACS-mandated electronic payments standard, expected to take effect 1 January 2006. The largest scented candle manufacturer in Europe, Colony Gift Corporation has been using Bottomline's electronic payments solutions to manage payroll and purchase ledger A purchase ledger contains the personal accounts of suppliers from whom the business has bought on credit. (The creditors.) It records information such as invoices received, credit notes received and payments sent. needs since 1998. As the deadline for migration to the new BACSTEL-IP standard looms, Colony Gift realised that a planned company-wide operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. upgrade was an ideal opportunity to also migrate to the new electronic payments standard. "Completing our migration to the BACS BACS Bankers Automated Clearing System BACS Banks Automated Clearing System BACS British Association for Canadian Studies BACS British Association for Chemical Specialities BACS Bachelor of Arts Community Studies BACS Bachelor of Administrative and Commercial Studies standard as part of a larger IT initiative has proven to be a win-win for us. With that decision, we have already profited from months of process efficiency gains that we would have not have had with a delayed migration," said Pauline Mellors, Accounts Manager, Colony Gift Corporation. "As a Bottomline customer, we were accustomed to the enormous benefits of the company's products, and the support of its professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. group. The ease with which the migration occurred validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. our decision to expand our relationship with Bottomline for this important initiative." While some UK organisations are faced with the very real possibility of failing to migrate prior to the 31 December 2005 deadline, Colony Gift has been utilising the new standard for 16 months. Today, Colony Gift processes hundreds of payroll and batch payments quickly and efficiently without manual, time consuming and paper-laden steps that once defined their payroll and purchase ledger functions. "As evidenced by Colony Gift's business gains from implementing Bottomline solutions, the value in early compliance with the new BACS standard extends well beyond the ability to make an electronic payment," said Ben Clacy, BACSTEL-IP Operations Manager See datacenter manager. for Bottomline Technologies Europe. "Through migration, organisations also have an opportunity to transform their core financial processes. Those who have yet to migrate are failing to capitalise on these benefits." About Colony Gift Corporation Colony Gift Corporation Ltd was founded in 1979 as a small family business in the English Lake District, where its headquarters, production facility and two warehousing sites are still located. As the largest scented candle manufacturer in Europe, Colony aims to be at the forefront of home fragrance trends, reacting to and designing for consumer passions. In-house development, design and sourcing teams backed up with market research allow us to react quickly to important design trends. Over 1400 items are divided between our accessory accessory, in criminal law, a person who, though not present at the commission of a crime, becomes a participator in the crime either before or after the fact of commission. ranges, scented wax and home fragrance collections that are launched throughout the year. Colony Gift Corporation, Ltd is a member of the Blyth Inc. family of premium home fragrance and gift companies. About Bottomline Technologies Bottomline Technologies (NASDAQ: EPAY) is a leading provider of payments and invoice automation software and services. Bottomline's comprehensive set of offerings enables businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. Applications include Electronic Payments and Cash Management, Electronic Invoice Receipt Management, Electronic Invoice Presentment presentment: see indictment. and Payment (EIPP EIPP Electronic Invoice Payment and Presentment EIPP Electronic Invoice Presentment and Payment ), Electronic Banking, Information Reporting, and Document Output Management. Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the Web at www.bottomline.com, or dial + 1.603.436.0700 or + 44 118 925 8250. Bottomline Technologies and the BT logo are registered trademarks of Bottomline Technologies, Inc. which may be registered in certain jurisdictions. All other brand/product names are trademarks of their respective holders. Cautionary Language This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10K filed September 2004, Form 10Q filed May 2005 and any recently filed Form 8K's. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion