Secaucus, NJ – January 18, 2018 – IPS announced today the completion of full integration of its Productivity WrxSM automated Invoice Processing Solution for the MutualPaySM Vendor Invoice Pay (VIP) service that Mutual of Omaha Bank provides to community associations across the United States.
MutualPay VIP eliminates the manual work involved in processing vendor invoices and creates an easy-to-use automated workflow for approving payments, posting them to accounting systems and making payment. It is designed to serve America's 330,000 homeowners associations, condominium communities, cooperatives and other planned communities, which work to preserve the nature and character of the place called home, and to provide valuable services and amenities to residents. The typical community is governed by homeowner volunteers elected by their fellow owners, who appoint a property management organization to handle day-to-day operations. Mutual of Omaha Bank provides MutualPay VIP as a service that drastically reduces the cost and time required to receive, review, approve and pay invoices from the many vendors serving the community.
IPS was selected by Mutual of Omaha Bank to provide invoice automation and approval workflow for the MutualPay VIP platform. The IPS Digital Mailroom streamlines the receipt of incoming invoices on paper, email or fax, or digital uploads to the MutualPay online portal, which was developed by IPS. Whatever the incoming format, IPS automatically identifies the invoice and converts it into a standard digital document.
An Intelligent Capture process automatically extracts key information from the digital document and populates the file with invoice and payment data, which is then quality-checked and validated for missing or incorrect information. The IPS Invoice Approval Workflow intelligently applies the appropriate general ledger account number and routes invoices to designated individuals for approval. The Workflow monitors the process to keep approvals on track, and posts approved invoices to the property manager's accounting system. The MutualPay VIP system then pays the vendors.
The invoice automation systems of IPS sharply reduce the cost and the time to pay an invoice, which enables community associations to take advantage of prompt payment discounts, avoid late fees and prevent service disruptions. They provide 99.95% accuracy that dramatically reduces re-work and invoice exceptions, which create unnecessary labor. The IPS platform integration also offers end-to-end transparency of the process from invoice receipt to payment through the MutualPay VIP portal.
“We are pleased to offer our clients MutualPaySM Vendor Invoice Pay (VIP) through our partnership with IPS,” said Matt Minchow, Chief Payments and Deposits Officer at Mutual of Omaha Bank. “Our corporate and property management company clients need solutions that reduce manual processes. This automated, end-to-end payment platform offers our clients those efficiencies, so they can focus on running and growing their business.”
"IPS is honored to count Mutual of Omaha Bank among its clients in the financial services industry," said President and CEO Greg Bartels. "Our work on MutualPay VIP is in the proud tradition of that company – delivering financial services that improve the lives of Americans every day."
Twenty-five years ago, IPS pioneered the idea that documents could enter the organization as paper, email or electronic files, and become digital assets powering a digital process. The IPS accounts payable practice has processed well over one billion digital documents for clients including the world's top advertising agencies, financial firms, property managers, pharmaceutical manufacturers, insurers and information technology companies. Its services merge document-based information seamlessly and productively into the digital processes that run the organization, and deliver lower costs, faster turnaround, reduced risk and better customer relationships.
About Mutual of Omaha Bank
Mutual of Omaha Bank is a full-service bank, providing financial solutions to individuals and businesses across the United States. With $8 billion in assets, Mutual of Omaha Bank is a subsidiary of Mutual of Omaha, a highly rated Fortune 500 insurance and financial services company founded in 1909. To learn more about Mutual of Omaha Bank, visit http://www.mutualofomahabank.com.