The capability, resulting from a partnership with Image Processing Systems (IPS), makes it possible for the first time ever for users to issue secure XML-based EDI vendor invoices for interactive media transactions.
IPS is a leader in document scanning, indexing, business process digitization and archiving services for organizations in a wide variety of industries, including the communications and media field. Working closely with MediaBank, IPS has tightly integrated its business process digitization service into MediaBank's O|X and V|P platforms to make the EDI capability a secure and seamless part of the platforms' functionality.
"Interactive vendor invoice EDI from MediaBank will eliminate invoice data entry and greatly improve discrepancy resolution for our clients," said Cordie DePascale, VP of Product Management for MediaBank.
"We believe this development will transform a key element of interactive advertising, making it more convenient for advertisers and far more profitable for agencies."
MediaBank's O|X and V|P products are uniquely positioned to deliver the new EDI invoice capability. MediaBank O|X helps manage every aspect of the media buying lifecycle, covering the interactive (digital/Web/emerging media) segment as well as print, out of home, spot/cable, network and direct response. The auditable platform includes planning, buying, traffic and accounting functions, and supports flexible report delivery through multiple avenues. What's more, O|X is the only open architecture procurement system that easily integrates with any number of third party systems and data providers.
MediaBank V|P is a robust, real-time platform that enables publishers and media properties to efficiently sell and advertisers and agencies to effectively buy media. Additionally, the solution is inclusive of value added modules that provides extended visibility into media transactions and increases ROI such as performance measuring and inventory management. The architecture is a clustered, redundant environment adhering to world-class financial exchange technical best practices.
"MediaBank is the first to provide the industry with a solution to a problem that will likely grow uncontrolled as budgets shift toward interactive media," said Greg Bartels, CEO and president of IPS.
"Interactive media is a uniquely challenging field, with many thousands of parties buying and selling and no solution for expediting workflows that depend on accurate and timely information. By facilitating a completely electronic interchange capability, MediaBank and IPS are transforming a manual and labor intensive process to a purely digital process."
MediaBank's new EDI interactive media invoice capability meets the early XML standards set forth by the Interactive Advertising Bureau (IAB) Ad Operations Council, ensuring its forward compatibility. The electronic invoicing format supports all critical placement-level IDs including name, month of service, and cost/rate, and is anticipated to result in a 40% to 60% reduction in processing cost over paper invoicing.
This news message is supported by The Bazaar, a marketplace to buy and sell creative objects. Earn more revenue by selling your prints, downloadable images, or custom products. Set up your store today and stand a chance to have your products featured on DesignTAXI, towards millions of lovers of creative content!
