Waterstone's Expands e-Finance Strategy With Bottomline Technologies
UK book retailer Waterstone’s has chosen Bottomline Technologies as their partner to deliver the next stage of their e-Finance strategy. Bottomline’s i-Pay BACS will be installed to migrate over 100,000 annual supplier cheques to BACS payments over the next few months, ‘saving on banking charges, stationery costs and dramatically reducing in-house resource requirements’. Robert Cocks, Financial Controller of Waterstone’s commented ‘The deployment of the i-Pay solution will deliver Waterstone’s significant improvements to our payment processes. The investment, based on net cost savings which will be achieved with the solution, will improve processes surrounding weekly and monthly core purchasing and expense ledger cheque runs. The efficiencies brought by eliminating manual processing alone will save our department roughly two man days a week.’ When the integration with Waterstone’s Coda Financials is complete, the next phase of the project will involve e-mailing and faxing 6,000 customer statements monthly – introducing resource and cost efficiencies into other areas of Waterstone’s finance function.