Press Release
October
10, 2005
For Immediate Release
Coastal Software & Consulting, Inc. Adopts EPN STP
820 Standard For Straight-Through Processing
EZ Electronic Accounts Payable
Leverages Remittance Standard to Automate and Integrate Accounts Payable
Activities For Small- To Mid-Tier Firms
Vancouver, WA, Oct. 10, 2005 – Coastal Software &
Consulting Inc. announced today that it will incorporate the EPN STP 820
Standard into its EZ Electronic Accounts Payable software to meet the growing
demands from small- to medium-sized businesses to more efficiently manage their
business-to-business accounts payable activities.
EPN STP
820 was developed by EPN, the ACH payments business of The Clearing House
Payments Company L.L.C., and industry groups, software providers, banks and
businesses to facilitate
straight-through-processing for B-to-B electronic payments.
The standard enables corporate trading partners to transmit detailed
remittance information within their electronic ACH payment and allows recipients
to automatically post the transactions to their internal accounting systems.
The
EPN STP 820 standard is supported by NACHA and the Association of Financial
Professionals (AFP).
With the adoption of the EPN STP 820, EZ Electronic Accounts
Payable will enable businesses to integrate electronic payments into popular
accounting and financial management applications such as QuickBooks, Peachtree
Accounting, and NetSuite.
The new straight-through-processing capabilities in EZ
Electronic Accounts Payable will also allow firms to execute transactions from
their own accounts payable applications which can now be directly posted by the
accounts receivable applications of their trading partners.
"Electronic transaction processing has created many
benefits for businesses of all sizes in today’s digital economy,” said Deryk
Marien, President and CEO of Coastal Software and Consulting, Inc. “Yet many
companies – especially those in the middle market – have wrestled with how
to reconcile electronic invoices, purchase orders and shipping notices with
incoming and outgoing funds in their bank accounts. The EPN STP 820 standard is a major step forward in enabling
the reconciliation of electronic payments without investing millions in
professional services.”
The EZ Electronic
Accounts Payable software based on the EPN STP 820 standard creates an
opportunity for small- to medium-sized businesses to eliminate paper-based
payments methods and realize the same cost savings and improved efficiencies
that multinational organizations have traditionally enjoyed from
straight-through-processing.
“We’re very pleased that Coastal Software has adopted the EPN STP 820 standard to facilitate straight-through-processing for small- to medium-sized businesses,” said Rossana Salaris, Senior Vice President of Electronic Payments Network. “The EPN STP 820 standard is helping to create a new era of B-to-B electronic payments that will deliver significant financial benefits to every industry.”
About
Coastal Software and Consulting, Inc.
Based in Vancouver, WA, Coastal Software & Consulting,
Inc., (www.coastalsoftware.com) provides technology solutions to electronic
financial management challenges faced by organizations of all sizes.
In addition to its EZ Electronic Accounts Payable offering, the company has developed
and brought to market EZ-Direct
Deposit® and EZ-EFT®
to make payroll, billing, bill payment and accounting more simple and effective.
The applications work with the most popular accounting software packages
and follow the standards developed by the National Automated Clearinghouse
Association (NACHA) to implement automatic bank drafts, electronic fund
transfers and direct deposits, and other electronic financial transactions. For
more information, visit www.coastalsoftware.com.
About
EPN STP 820
EPN STP 820 was developed by the Electronic Payments Network
(www.epaynetwork.com), an operating unit of The Clearing House Payments Company.
EPN is the only national private sector ACH operator in the United States. Its
membership consists of over 1,600 commercial banks, credit unions and savings
banks. EPN flawlessly processed over 3.4 billion payments in 2004.
The organization worked with industry groups, software providers, banks
and businesses, to develop the EPN STP 820 remittance standard. The standard is
designed to facilitate cost-effective electronic payments by rationalizing the
complexity of the existing ANSI 820 electronic payments standard.
About
EPN and
The Clearing House Payments Company
The Electronic Payments Network (www.epaynetwork.com), a payments business of
The Clearing House Payments Company, is the only national private-sector ACH
operator in the United States. Its membership consists of over 1,600 commercial
banks, credit unions and savings banks. EPN
processed more than 3.4 billion payments in 2004.
The Clearing House Payments Company (www.theclearinghouse.org)
is a private-sector, global payment systems infrastructure that clears and
settles more than 20 million payments for $1.5 trillion per day.
The Clearing House manages payment services that span the entire spectrum
of paper, paper-to-electronic and electronic payments.
For
more information on The Clearing House, contact Chip Savidge, chip.savidge@theclearinghouse.org,
212.613.9896,
or Greg Berardi, greg@bluemarlinpartners.com,
415.239.7826.
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