CloudTrade joins forces with Palette to enhance AP automation
Service providers must offer multi-channel e-invoicing to stay ahead of an increasingly competitive industry.
02 June 2015, London: Palette Group have become CloudTrade’s latest partner in a move that will strengthen Palette’s position as a market leader of AP automation and P2P payment software. CloudTrade’s patented e-invoicing technology will enable Palette to offer customers a paper-free alternative, meeting a growing demand for high adoption and fast delivery.
By further expanding their existing product offering, Palette has ensured that they remain innovative and lead the development of increasingly flexible solutions. With CloudTrade’s supplier adoption rate averaging an impressive 90%, Palette expect to see both an increase in new business and additional revenue from current customers.
Palette Group, established in 1993, has offices worldwide and a web of clients stretching throughout Europe, America, Asia and Australia. London based CloudTrade was founded in 2010 by a team with over 25 years experience in e-invoicing, aiming to remove all barriers to adoption and usage. This partnership marks the formalisation of a relationship spanning over 5 years, involving a network of shared end-users and channel partners.
Both CloudTrade and Palette have pre-existing ties with Converga, a leader in advanced information logistics and Echovera, who offer document automation solutions. Richard Manson, Commercial Director of CloudTrade described the latest developments; “CloudTrade has entered a period of exceptional growth, having doubled its revenue continuously for the past 3 years. This new endeavour with Palette is the latest in a series of partnerships for us and it’s great to see our technology continuously complement and enhance existing services and solutions”.
Palette have traditionally focused on a combination of OCR and EDI to support the delivery of their P2P suite of applications, which depend on e-invoice technology. However OCR involves scanning documents and converting into data, which can require constant quality control measures to ensure consistency.
CloudTrade’s solution has removed the reliance on OCR and provided a paper-free option that can accommodate any existing systems. Current economic and environmental factors have increased the desire for the removal of paper in favour of more cost-effective, cutting edge practices. Through this partnership Palette are set to widen their existing customer base and strengthen their position among the competition.
CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 100 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe.
Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and trade electronically with their suppliers, irrespective of size or technical maturity.
Possessing unique, patented technology CloudTrade can offer services not widely seen in the market, in a cost effective way.
Palette is a market leader in solutions for enterprise purchase-to-pay and automated processing of supplier invoices.
The company’s accounts payable product suite, PaletteArena, offers the most automated approach to supplier invoice matching and straight-through-processing. This helps customers achieve significant, measurable cost savings and efficiency gains across their accounting and business operations.
Palette was founded in Sweden in 1993, and has sales offices across Europe and in the US, with 1700 customers in 50 countries. Visit www.palettegroup.com