S1 Corporation Unveils S1 Trade Finance Purchase Order Processing System; Solution Deployed at Bank of America.Business Editors
ATLANTA--(BUSINESS WIRE)--Jan. 6, 2003
Automated solution offers single web-based system
for processing purchase order data for
trade finance corporate customers
S1 Corporation (Nasdaq: SONE), a leading global provider of Enterprise solutions to the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. industry, today announced the introduction of the S1 Trade Finance Purchase Order Processing System (S1 POPS). The system was jointly developed with Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and has been implemented by that financial institution. With this solution, S1 offers a single system that performs global trade-related purchase order processing and tracking for a bank's entire trade finance customer base -- from smaller customers that use its trade finance client-access system to its large volume customers that interact with the bank via electronic data interchange See EDI.
(application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. (EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. ). This provides financial institutions with tremendous flexibility and enhances the capability for straight-through processing straight-through processing
The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. under purchase order (PO) discrepancy DISCREPANCY. A difference between one thing and another, between one writing and another; a variance. (q.v.)
2. Discrepancies are material and immaterial. handling.
S1 POPS accelerates the document payment process by performing automated examination of shipping documents against the original Purchase Orders from the buyer/bankclient for letters of credit and open account transactions. The S1 POPS compliance engine performs automated discrepancy and variance checking by comparing the purchase order data supplied by the bank's corporate customer with the shipment data entered by the bank's staff. S1 POPS then reports payment and shipment information, as well as any discrepancies, back to the bank's corporate customer. S1 POPS features include: automated and custom reporting; automated compliance checking of invoice date Invoice date
Usually the date when goods are shipped. Payment dates are set relative to the invoice date. against purchase order line items; rapid data entry capabilities for bank staff with easy-to-use grids; and control of data at the PO level, PO line or sub-line level.
S1 POPS can run in parallel, or independently, with S1 Trade Finance, the S1 integrated system that delivers the ability to create and report on trade documents from Letter of Credit applications, direct collections and all other trade instruments. Export customers of financial institutions that use the S1 Trade Finance product along with S1 POPS further benefit by receiving their advices and transmittals with the PO and shipment terms. Once they ship, they can present the documents/invoices to the bank for payment.
"By releasing this comprehensive solution for purchase order processing and tracking, S1 again raises the standard for innovation in financial services," said Steve Ely, senior vice president worldwide marketing at S1 Corporation. "S1 POPS enables financial institutions to maximize revenue-generating relationships by streamlining the number of applications they need to serve all of their corporate customers."
"S1 POPS has fulfilled our need for a single, worldwide system for processing purchase order data for all of our trade finance customers," said Dan Scanlan, head of Trade Product Management at Bank of America. "By implementing S1 POPS, we are able to provide our customers with end-to-end processing along the financial supply chain. It is a completely open system that allows customers and their trading partners to link with the bank using the method and formats that they want to use, instead of the other way around."
About S1 Corporation
S1 (Nasdaq: SONE) is a leading global provider to approximately 4,000 banks, credit unions, insurance providers, and investment firms of enterprise software solutions that create one view of customers across multiple channels, applications and segments. S1's Enterprise software solutions uniquely combine customer interaction and financial transaction capabilities, resulting in a more compelling experience for the customers and a more profitable relationship for the financial institution. S1 is the only provider with the proven experience, breadth of products, and financial strength to empower financial services companies' enterprise strategies. Additional information about S1 is available at www.s1.com.
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.
This press release contains forward-looking statements relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc results of operations; product features and benefits; market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market
penetration - the act of entering into or through something; "the penetration of upper management by women" and market strategies. Such statements are made based on management's beliefs as well as assumptions made by, and information currently available to, management, pursuant to "safe-harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these statements reflect our best judgment, they are subject to risks and uncertainties that could cause a change in focus and direction. A discussion of certain risk factors that may cause actual results to differ from these forward-looking statements can be found in S1's Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the period ended December 31, 2001, on file with the SEC.