Detroit Diesel Finds Solution With Bottomline Technologies' PayBase
PORTSMOUTH, N.H.--Nov. 29, 2001--Bottomline Technologies(R) , a leading global technology provider of Financial Resource Management (FRM) software, today announced that Detroit Diesel Corporation (DDC) has gone live with PayBase(R), the payment component of Bottomline's Financial Resource Management solution offerings. PayBase was chosen by DDC to automate and re-engineer its Accounts Payable workflow.
DDC analyzed its payment processing operations to identify ways that it could both improve efficiencies and reduce costs associated with managing its payments. Through its analysis, DDC determined that by employing a payment automation platform, it could eliminate current payment outsourcing and a problematic, labor-intensive post processing operation.
"The economy is challenging businesses to become more efficient, reduce operating costs and as always, stay ahead of competition. DDC is among the forward-looking companies within the automotive industry that are integrating software technology to affect positive change through a more streamlined financial operation," said Dan McGurl, chairman and CEO for Bottomline Technologies. "PayBase delivers on our commitment to helping companies better manage their liabilities and provides a highly secure infrastructure to ensure their ability to get payments where they need them, when they need them there."
Prior to integrating PayBase with its DIBS host system, DDC relied on a payment outsourcing service to generate its disbursements. Once delivered, all payments went through a rigorous post processing operation that involved the use of antiquated hardware and equipment. Workflow required that A/P staff oversee the preparation of payments for mailing and distribution. With PayBase, DDC has eliminated manual processing steps, and through the system's scalable architecture, is positioned to seamlessly transition to electronic payments and remittance.
"Bringing our payables operation in-house has resulted in considerable improvements to our overall processes," remarked Spencer Stanfield, director of accounting for Detroit Diesel Corporation. "Our A/P organization is extremely satisfied with the outcome of our payables re-engineering initiative and the integration of PayBase. Moving to Bottomline has helped us to more effectively manage and control our critical payment processes and has enabled us to cut our annual accounts payable operating costs in half. The system also offers advanced capabilities for paying vendors electronically, which we will be leveraging in the future."
About Detroit Diesel Corporation
Detroit Diesel Corporation, headquartered in Detroit, Michigan, is engaged in the design, manufacture, sale and service of heavy-duty diesel and alternative fuel engines, automotive diesel engines and engine-related products. The company offers a complete line of engines from 22 to 10,000 horsepower for the on-highway, off-road and automotive markets and is a QS-9000 certified company. Detroit Diesel services these markets directly and through a worldwide network of more than 2,700 authorized distributor and dealer locations. Detroit Diesel is a subsidiary of DaimlerChrysler AG, the world's leading manufacturer of heavy-duty diesel truck engines. Within DaimlerChrysler AG, DDC is part of the Powersystems Business Unit.
About Bottomline Technologies
Bottomline Technologies(R) is a leading global technology provider of Financial Resource Management (FRM) software. Bottomline's comprehensive Suite of FRM offerings enable businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the web. FRM Applications include Electronic Payments and Cash Management, Electronic Invoice Receipt and Management, Electronic Invoice Presentment and Payment (EIPP) and Electronic Banking. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the web at www.bottomline.com, or dial (800) 243-2528 or (603) 436-0700.
Cautionary Language
This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10K filed September 2001 and Form 10Q filed May 2001.