Fidelity Bank Implements API Outsourcing's Accounts Payables Solution

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API's Accounts Payable Services provides an End to End Solution to streamline processes and improve financial controls.

We are very pleased with the implementation, increased control and cost benefits we derive from using the API's AP workflow solution.

API Outsourcing, Inc. (API http://www.apifao.com) a leading provider of Finance and Accounting Outsourcing services (FAO), and Fidelity Bank, a leading financial banking institution specializing in providing financing to privately held businesses has implemented API's Accounts Payable (AP) Solution. This service eliminates the back office paper and allows electronic routing of invoices to be approved and capture early payment discounts.

"We are very pleased with the new processes and procedures that have been implemented with API. Their AP workflow solution has simplified and accelerated the invoice approval process for our staff, eliminating the paper shuffle of invoices from office to office for approval. We also have greater visibility regarding the invoices that are pending approval," said Teresa Keegan, Senior Vice President and Chief Financial Officer. "We are very pleased with the implementation, increased control and cost benefits we derive from using the API's AP workflow solution."

Fidelity Bank required a solution that not only delivered financial and control results but was implemented with the highest security available. "Fidelity Bank had very high standards for security and control and we are pleased that API could not only meet them but exceed them," stated Richard Yee, Executive Vice President for API.

About API Outsourcing
API Outsourcing, Inc., is a leading onshore Finance and Accounting Outsourcing (FAO) provider of innovative state-of-the-art document management, accounts payable, accounts receivable and accounting services headquartered in St. Paul, MN. API is ranked as the #1 global accounts payable service provider in the Black Book of Outsourcing's State of the Global Finance and Accounting Outsourcing Industry published in December 2010. API transforms manual paper-dependent payables and billing processes through its imaging, bill delivery and workflow systems to minimize the labor intensive work associated with back-office processing and enable customers to focus on their core business. Outsourcing benefits include improved cash flow through improved DSO and controlled DPO. This combined with reduced processing costs, increased business intelligence and improved customer/vendor relationships provides the ultimate value proposition. API currently processes over one hundred million transactions annually, delivers world-class quality, provides exceptional customer satisfaction, utilizes Six Sigma practices and performs a SAS 70 Type II Audit annually.

About Fidelity Bank
Fidelity Bank is an independent, privately owned business bank founded in 1970. At Fidelity Bank, our goal is to provide the finest banking services and solutions for our clients. But it's the Intellectual Capitalâ„¢ that truly sets us apart.

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Rebecca Johnson
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