Oildex Releases Updates for OpenInvoice™ and Spendworks™ Supplier Engagement and Functionality Addressed

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The releases are the first updates to the products since Oildex acquired the Procure-to-Pay (P2P) business.

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“These releases are validation of our promise to customers that we are moving forward with business as usual as a combined company, continuing to develop and advance our AP product lines,” said Mike Weiss, senior vice president, products and technology.

Oildex, a service of Transzap, Inc., (“Oildex”) the largest cloud-based financial supply chain automation solution in the oil and gas industry, today announced product releases for both OpenInvoice™ and Spendworks™. The releases are the first updates to the products since Oildex acquired the Procure-to-Pay (P2P) business and the OpenInvoice™ product from Automatic Data Processing (ADP) on June 29, 2015.

“These releases are validation of our promise to customers that we are moving forward with business as usual as a combined company, continuing to develop and advance our AP product lines,” said Mike Weiss, senior vice president, products and technology at Oildex. “We think our customers will be very pleased with these new benefits.”

The OpenInvoice™ release (15.2) is designed to enhance supplier engagement with the OpenInvoice™ platform, removing barriers to submission, improving collaboration and communication with buyers and eventually increasing the size of the supplier network. Specifically, for suppliers who submit paper invoices to buyers using OpenInvoice™, it will provide the benefit of real-time visibility into the invoice processing cycle.

With this enhancement, OpenInvoice™ will automatically send an email to the supplier to alert them when a paper invoice is received by a buyer. The supplier can then simply click on a link to see the status of the invoice, whether it has been submitted, processed, approved and/or paid. Those suppliers who go on to register with the platform will be able to access an invoice processing summary — a way to check on the current status of any of their invoices that have been submitted into the buyer’s system. Suppliers who submit electronic invoices to buyers on the OpenInvoice™ platform already enjoy these benefits.

Additionally the new feature is mobile friendly, so suppliers can get updates on invoices from virtually anywhere. This enhancement provides suppliers with tremendous benefits in terms of saving time following up on invoices and gaining greater visibility into the payment progression of their invoices.

The second benefit featured in the new release targets mobile functionality. Registered suppliers enabled for scanning invoices can create and submit invoices directly from their mobile device. By taking a picture of the invoice on a smartphone, the supplier can scan the invoice from his/her phone and submit it into the system.

For Spendworks™ customers, Oildex released Spendworks™ version 4.11.1 earlier this month. This release included the addition of performance enhancements, data security and other work specific to customer engagement. Current customer invoice workflow is business as usual and users will see only minor application changes related to this release.

“Initial feedback from Oildex’s user community related to both releases has been positive,” said Weiss. “We continually strive to meet and exceed our customers’ requirements while providing excellent support and maintenance. We are working hard to continually update these products and others to meet our customers’ changing needs both in the field and the back office.”

Oildex is a leader in the accounts payable (AP) and business-to-business (B2B) automation segment within the broader financial supply chain automation sector, with over 1,100 customers, a network of more than 50,000 suppliers and key operation centers in the United States and Canada. It supports a product portfolio that is uniquely positioned to meet the advancing needs of enterprises to manage complex financial supply chains, particularly in the oil and gas industry, where companies have a long and successful track record of partnering with leading operators, suppliers, service providers and mineral rights owners.

About Oildex
Oildex provides a complete, broad B2B automation offering for oil and gas companies. Services include: digital and scanned invoice processing (Spendworks™ and OpenInvoice™), owner relations web portals (Owner Relations Connect™), royalty check stub detail and reporting (CDEX), joint interest bill processing (JIB), crude oil data exchange (CODE), gas plant document exchange (GPEX), production and sales volume reporting and much more. Oildex is a privately held company backed by Accel-KKR and is headquartered in Denver, Colorado with offices in Houston, TX and Calgary, Canada. For a full view of Oildex offerings visit http://www.oildex.com.

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Julie Croce
@Oildex
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