Financial service software provider S1 Corp. announced Monday a new system to help financial institutions automate their order processing.
The S1 Trade Finance Purchase Order Processing System—or POPS—is jointly developed with Bank of America, which is also installing the system.
What POPS provides is a single system that performs global trade-related purchase order processing and tracking for a banks trade finance customer base.
The POPS system is for both smaller customers that use S1s trade finance client-access system and large customers that interact with the bank via EDI (electronic data interchange).
POPS is also designed to enhance the capability for straight-through processing under purchase order discrepancy handling, according to S1 officials in Atlanta.
The system accelerates the document payment process by performing automated examinations of shipping documents against the original purchase orders from the buyer, or bank client, for letters of credit and open account transactions.
POPS reports payment and shipment information, as well as any discrepancies, back to the banks corporate customer.
Additional features to the system include automated and custom reporting, automated compliance checking of invoice date against purchase order line items, and rapid data entry capabilities.
