LAGUNA HILLS, California – November 1, 2001 - iPayables announced today that they have signed a contract with American Airlines to provide Internet invoicing services for the airline. Under this agreement, iPayables will automate thousands of the manual paper invoices currently processed by American each month. While the vast majority of the invoices and bills are already processed electronically by the airline through a process called Electronic Data Interchange (EDI), approximately 20% must be processed manually. Manual processing may be required because of a complex approval process or because the vendors are too small to implement EDI.
“This agreement with American Airlines proves that the need exists for an Accounts Payable solution beyond the current EDI methods,” commented Ken Virgin, CEO, iPayables.
Through a patent-pending process, developed by iPayables, the airline’s vendors will submit their invoices through iPayables Internet web site rather than mailing a paper bill. This enables American to process the invoices for approval and payment more efficiently, resulting in a substantial cost savings compared to the current manual process.
Additionally, vendors have more accurate, up-to-date information on the status of their invoices through information provided by the iPayables web site. American Airlines is able to provide better service to the vendors while at the same time achieving a substantial cost savings.
About American Airlines
American Airlines is the world’s #1 air carrier based on revenue passenger miles. With a fleet of over 800 jetliners and hubs in Chicago, Dallas/Fort Worth, Miami, and San Juan, Puerto Rico, American Airlines serves about 170 destinations in the Caribbean, the Pacific Rim, Europe, and the Americas. For more information visit www.amrcorp.com.
About iPayables
iPayables is an Orange County, California based technology company that offers Internet based business-to-business solutions for Accounts Payable departments. These solutions dramatically reduce the costs of receiving, routing and approving invoices from all vendors, regardless of vendor size. For more information visit www.ipayables.com.
