Paymetric Extends Purchasing Card Transaction Management in SAP with New XiBuy™ 1.0
The only purchasing card management solution that works within SAP, XiBuy enables corporate financial managers to maximize potential of high-value purchasing card programs.
San Antonio, from the Association for Financial Professionals (AFP) Annual Conference – October 10, 2005 – Paymetric™, Inc., the leading provider of enterprise payment card solutions, announces the general availability of XiBuy™ 1.0, the only procurement solution that integrates purchasing card transactions into SAP for reconciliation and visibility across the SAP enterprise.
Paymetric added purchasing card transaction management to its solutions suite with the October 2004 acquisition of Riverside Software and its MasterCard SmartLink™ solution. Paymetric since has dedicated significant resources to develop XiBuy, which supports MasterCard, Visa and American Express transactions.
Drawing from Paymetric’s extensive repository of payment integration best practices and experience as an SAP Software Development Partner, XiBuy transforms the procure-to-pay process with benefits that deliver efficiency and visibility:
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Line Item allocations
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Real-time accounting validation
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Pre-approved card transactions via Purchase Order
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Detailed month-end Reconciliation
XiBuy makes the transaction detail received from suppliers available in SAP soon after each card transaction, providing timely visibility to identify unusual expenses and trace transaction activity, analyze procurement spending patterns, and resolve supplier payment issues quickly and accurately.
“Increased purchasing card use can reduce the overall cost – and XiBuy can dramatically increase the efficiency – of almost any procurement program. Yet, most organizations continue to manage card transactions outside of SAP, not allowing them to broaden their card program beyond conventional boundaries,” says Kathleen Nugent, Vice President of Product Management for Paymetric. “XiBuy bridges this gap with an SAP-Certified Application, adding value across the procure-to-pay process.”
With XiBuy, transaction data is imported directly from a data repository, enabling users to review and approve transactions within SAP. XiBuy assigns general ledger account codes and creates a detailed audit trail back to each transaction. Real-time validation within the SAP FI module reduces errors during posting. Transaction and line item details received from suppliers can be augmented to meet an organization’s approval, reporting and accounting requirements. XiBuy automatically reconciles the Daily Transaction Files with the Statement Billing File.
About Paymetric, Inc.
Paymetric, Inc. provides financial supply automation solutions for credit card and payment card transactions, enabling organizations to integrate buying and selling functions into their ERP-enabled business operations. For businesses accepting cards, Paymetric seamlessly integrates card transactions across the enterprise and through financial institutions to enhance cash flow, reduce days outstanding and increase compliance with processors. For organizations with purchasing card programs, Paymetric integrates card activity into the procure-to-pay process for greater expense control, increased financial visibility, and consolidated procurement records. An Austin Ventures portfolio company, Paymetric is an award-winning SAP partner and a certified SAP developer. Additional information can be found on the company’s web site, www.paymetric.com.
About Deloitte
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Contact
Wayne Wilson, (713) 895-2007, wwilson@paymetric.com
