PeopleSoft Delivers MarketPay
B2B Extension of PeopleSoft 8 Financials Offers Global Invoicing and Payment Capabilities
PeopleSoft today announced general availability of PeopleSoft MarketPay, the first internet-based global financial settlement solution designed for B2B marketplaces.
PeopleSoft MarketPay addresses a critical need for traditional electronic marketplaces by automating the invoice reconciliation and payment process. The solution enables companies to manage invoice approvals and disputes online.
By leveraging the global architecture of PeopleSoft 8 Financials which offers multi-currency, multi-lingual, and multi-tax processing functionality, PeopleSoft MarketPay allows buyers and sellers of goods and services to collaborate directly in the settlement process from anywhere in the world.
“PeopleSoft has delivered the industry’s first product to automate and integrate B2B payment and processing. Because PeopleSoft MarketPay Internet-based, it is built on technology which creates a collaborative environment and fosters the ability for traders across the globe to interact, share data and align processes without the need for costly electronic data interface solutions,” commented Andrew Barkla, Vice President PeopleSoft Asia Pacific.
“PeopleSoft MarketPay provides a complete procure-to-pay financial settlement process that allows buyers and sellers to collaborate directly in the settlement process,” said Dominique Engasser, chief executive officer of answork, a newly formed joint venture of BNP Paribas, Cap Gemini Ernst and Young, Crédit Agricole, Société Générale and France Telecom, and a MarketPay customer. “No other B2B company or technology in the market today comes close to offering such a range of functionality. Thanks to PeopleSoft, answork now provides a unique, fully integrated and collaborative B2B solution.”
“With answork, PeopleSoft becomes the first enterprise resource planning software vendor to formally recognise the opportunity [in electronic settlement services] by delivering an order-to-cash financial settlement process built specifically for internet-based B2B trading exchanges,” said Avivah Litan, vice president and research director of Financial Services Payment Systems at Gartner Group.
According to Litan, the cost of presenting a bill online is 58 percent of the cost of delivering a paper-based bill. As electronic bill volumes increase, the Federal Reserve predicts that this figure will fall to 36 percent.
In addition, the estimated cost of processing an electronic payment is 42 percent of the cost of processing a paper payment. eMarketplace owners, Litan says, should see the order-to-cash cycle, which includes electronic invoicing and payment, as a critical value-added service to buyers and sellers, as well as a significant revenue opportunity.
PeopleSoft MarketPay was launched in Asia Pacific in November 2000 at the PeopleSoft User Conference.
PeopleSoft is a world leader in providing eBusiness applications that enable people - customers, employees, and suppliers - to power the internet. PeopleSoft's pure internet Customer Relationship Management, Supply Chain Management, and Enterprise Management solutions provide the industry's most open and flexible e-commerce platform. PeopleSoft employs more than 8,000 people worldwide, including 2,400 eBusiness consultants. More than 4,700 organisations in 107 countries run on PeopleSoft eBusiness applications. Visit us at www.peoplesoft.co.nz