MINNEAPOLIS (Dec. 5, 2008) – PowerTrack, the automated payment network from U.S. Bank, recently hosted the world premier of the webinar “E-Payables: A/P Strategies for Success” presented by the AberdeenGroup’s Andrew Bartolini and Amit Gupta. The webinar covered Aberdeen’s most recent findings on the current state of accounts payable and the newest trends in payables processing.

Aberdeen surveyed more than 450 professionals between August and September of 2008 to examine current trends and best practices for accounts payable performance. The research shows that the accounts payable (A/P) function has become increasingly more strategic over the past few years, and A/P automation provided by solutions such as PowerTrack Payables, has a significant impact on processing and payment costs.

Confirming what PowerTrack has found with its customers, Aberdeen’s research revealed that companies that adopt A/P automation can significantly reduce processing costs (by up to 94%) while significantly reducing invoice processing time (by up to 88%). Renowned analyst, Andrew Bartolini, Aberdeen’s research director of Global Supply Management, presented these findings as well as provided a comprehensive framework for executives to measure the effectiveness of their current A/P operations, quantify their impact, and apply actionable strategies for improvement.

Aberdeen concluded that best-in-class organizations reap additional benefits over the industry average and laggard categories, due to their adoption of accounts payable automation solutions. Best-in-class organizations:

• Reported an average 2.8 days to process an invoice compared to 35.1 days for Laggard organizations.
• Had exception rates 85% lower than all others.
• Employed robust audit controls 46% more often than all others.
• Reduced processing costs to $2.18 per invoice – well below the processing costs for industry average and laggard organizations, at $9.38 and $34.11 respectively.

“This research reinforces our assertion that payment automation improves an organization’s bottom line. By automating the entire accounts payable process, from invoice handling to payment processing to financial reconciliation, organizations can better manage cash flow, improve use of human capital, and improve supplier relationships,” said Richard G. Langer, general manager of PowerTrack. "Automated payment networks, such as PowerTrack, will become essential to organizations as they attempt to manage cash flow in the current economic conditions and work to optimize their financial supply chain.“

PowerTrack helps organizations automate the accounts payable process. Developed by U.S. Bank, PowerTrack Payables allows enterprises to reduce processing and payment costs while increasing financial control. PowerTrack provides trusted commercial payment solutions for payables, receivables, freight, telecom, utilities, and global trade payments. Global companies seeking to eliminate expenses while increasing fiscal control and business intelligence rely upon PowerTrack to make millions of electronic business-to-business payments each year in currencies around the world. Efficient invoice delivery and receipt, pre-payment audits, automated approvals, electronic settlement, and integrated trade financing make PowerTrack the leading choice in commercial payment solutions.

To learn more about PowerTrack business-to-business payments and the ability to apply technology to the accounts payable process, contact us at 800-925-4324 or visit  www.powertrack.com.

U.S. Bancorp, with $247 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States as of Sept. 30, 2008. The company operates 2,556 banking offices and 4,903 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com .

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