Reduce invoice and contract costs, mitigate fraud and improve controls for internal and external audits with MatchPoint® from Fiserv, the end-to-end enterprise invoice reconciliation and contract management solution.
Your financial institution must process a vast amount of invoices, from armored truck carriers to corporate office supply vendors to correspondent banks charging for ACH processing, check clearing, wire transfers and account management services. Without invoice matching software, it's impossible to ensure that the money your bank spends each year on goods and services is actually the same as the prices negotiated in each vendor contract.
MatchPoint is a Web-based, automated invoice reconciliation and invoice validation system that matches vendor or service provider invoices with the agreed contract rates and the actual goods and services you receive. It quickly validates invoice details, matches invoiced amounts and verifies contractually negotiated rates to reduce costs, mitigate fraud and improve compliance across the enterprise. MatchPoint is a scalable solution that provides invoice validation and matching across your enterprise, regardless of the number of vendors you employ, the complexity of your contract terms or the number of invoices submitted.
MatchPoint users can import invoices from vendors electronically or manually key invoice data into the system. You can quickly track complete audit trails and comprehensive reporting of matching and exception activity, making detailed information readily available as an adjustment export to the general ledger or status update to the accounts payable system.
As a fully integrated component of the Fiserv Cash and Logistics product suite, MatchPoint provides powerful, scalable vendor invoice reconciliation for comprehensive vendor management across the enterprise.
MatchPoint is a practical invoice validation solution that ensures both vendor accountability and invoice accuracy. It uses automated invoice matching and invoice reconciliation, which compares invoices with actual goods and services orders, to eliminate overpayment to vendors, improve audit trails and guard against fraudulent billing schemes. It includes the following features:
- Automatic matching capabilities that speed invoice analysis, research and resolution so that your financial institution can leverage vendors' early payment discounts and avoid late payment penalties
- Robust contract storage and analysis capabilities that create a centralized repository for all negotiated contract prices to improve vendor management and enhance the ability to negotiate more favorable pricing
- Advanced contract pricing functionality so your bank can easily calculate costs for even the most complex pricing agreements
- Enterprise reporting that provides real-time information on the current status of invoices, plus historical information to facilitate setting budgets and performing quality analysis per vendor
- Comprehensive audit trail that provides a processing record of accounts payable and vendor invoice reconciliation to create internal and external accountability
- Support for any currency, language or industry around the world to accommodate geographic expansion and international operations