Retail Ventures, Inc., Embraces Efficiencies of Electronic Invoicing, Joins the OB10 Global Network.

Company Operates DSW, Filene's Basement, Value City Department Stores 

SAN FRANCISCO -- Retail Ventures, Inc. (NYSE:RVI), the parent company of three popular value-oriented retail chains, is streamlining its accounts payable processes by moving to electronic invoicing, and has joined the OB10 global e-Invoicing network, OB10 announced today.

Headquartered in Columbus, Ohio, RVI is the parent company of DSW, Filene's Basement, and Value City Department Stores. DSW, with more than 220 stores across the U.S., is one of the largest retailers of branded shoes in the country. Filene's Basement has 31 stores, primarily in the East and Midwest. Value City Department Stores has 113 stores in 30 markets in the Midwest, East, and South.

Under the terms of the agreement, OB10 will convert RVI's nearly 2,500 suppliers to its global e-Invoicing network. Once they join the network, suppliers will submit invoices electronically to RVI through OB10, enabling touch-free, straight-through invoice processing. This means RVI can eliminate virtually all the costs and delays involved in handling paper invoices.

OB10, the leading global business-to-business e-Invoicing network, simplifies and streamlines the complex invoice-to-pay processes between companies and their suppliers.

In contrast to traditional e-Invoicing approaches which require rigid file specifications, OB10's Any-to-Any Data Formatting(sm) capability allows organizations to send and receive invoices in any file format and file structure, thereby eliminating the technical and cost barriers to adoption. Furthermore, OB10 has assigned a dedicated team to work with RVI's suppliers in the migration to e-Invoicing.

Typically, an electronic invoice costs at least 60 percent less to handle than a paper invoice, and guarantees the accuracy of the billing data. With e-Invoicing, a company gains better control over its cash flow, and its suppliers are paid more promptly and accurately.

"Electronic invoicing is a perfect fit for a company like RVI, with its focus on value and efficiency," said Jamie Gunn, president of OB10. "Streamlining the accounts payable process will mean sizable savings for the company, especially with its large volume of invoices. We look forward to a successful partnership with RVI."

The OB10 global e-Invoicing network, which has members in 70 countries and across six continents, is distinguished by the fact that it allows suppliers to submit invoices in any electronic format, from sophisticated ERP systems such as SAP and Oracle all the way down to small-business QuickBooks-generated invoices. Its ability to translate these invoices and present them to the buyer company in its preferred format is key to achieving high rates of supplier compliance.

About OB10

OB10 (www.ob10.com) is the leading global B2B e-Invoicing network, which simplifies and streamlines the complex invoice-to-pay processes between companies and their suppliers. The network reduces the cost to manually process invoices by more than 50 percent and delivers ROI in less than a year. Operational across Europe, North America, and Asia, OB10 complies with local tax laws and supports local language requirements. To ensure unrivaled supplier adoption, each new customer's suppliers are supported by an implementation services team responsible for getting them up and running on the OB10 network.