WeFi selects OpenText Email2EDI solution to launch innovative financial technology platform, IZZI
Financial technology company automates data exchange with OpenText Email2EDI for faster and more efficient processing, reduced risk, and improved customer experience
WATERLOO, ON, Oct. 6, 2021 /CNW/ -- OpenText™ (NASDAQ: OTEX, TSX: OTEX), today announced that WeFi Technology Group LLC (WeFi), a financial technology company providing supply chain finance solutions to the IT industry, has selected OpenText Email2EDI to help process thousands of transactions on WeFi's new advanced technology platform, 'IZZI'.
WeFi has created a digital platform called 'IZZI' to strengthen its financing solutions through efficient transaction processing, enhanced data security and privacy, as well as data analytics and reporting. In need of a solution to exchange business documents from non-EDI vendors within the new platform, WeFi selected OpenText Email2EDI to automatically convert documents received via email into structured EDI data for internal applications.
"For WeFi, a typical transaction sees orders, approvals, and invoices moving quickly between vendors, resellers, partners, and their company," said Armand Brunelle, Managing Director, Technology at WeFi. "All of those interactions need to be automated to be efficient, and OpenText Email2EDI is extremely efficient. In the finance business, we can't make mistakes, and this solution makes our transaction processing that much cleaner and error-free."
OpenText Email2EDI utilizes machine learning and one of the most advanced document and character recognition systems to capture paper-based data and populate procurement and order management applications. This solution can support the processing of tens of thousands of transactions per second, giving it the power to keep up with WeFi's long term growth and business goals.
"WeFi is committed to delivering results, and OpenText Email2EDI provides the innovation, flexibility, efficiency and speed necessary for success," said Muhi Majzoub, Executive Vice President & Chief Product Officer at OpenText. "Email2EDI quickly converts emailed documents into organized EDI data, delivering speed and savings, while reducing risk and loss of customers to complicated processes."
For WeFi customers and partners who do not have EDI experience, Email2EDI offers a simplified onboarding that allows WeFi to quickly get new vendors operational. There is no need to provide complicated instructions or ask them to set up an EDI relationship - they simply send an invoice via email, the same way they would to anybody.
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About OpenText
OpenText, The Information Company™, enables organizations to gain insight through market leading information management solutions, powered by OpenText Cloud Editions. For more information about OpenText (NASDAQ: OTEX, TSX: OTEX) visit opentext.com.
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Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on OpenText's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. OpenText's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see OpenText's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, OpenText disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Open Text Corporation
Amber Mulder, OpenText, 416-576-5663, [email protected], http://www.OpenText.com
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