CloudTrade, the leading provider of e-invoicing, e-order and complex data capture services, today announced that it will be launching a public cloud-based service to meet global demand for its unique document management solutions. The ongoing migration will help CloudTrade to meet growing demand for its services and leverage Microsoft’s cloud platform, Azure, taking advantage of a variety of benefits, such as secure geo location, geo replication and automatically scalable, server-less systems.
CloudTrade’s core platform, which is protected by lasting patents in Europe, the U.S. and Australia, uses unique rules-based technology with backward tracking search, to interpret, validate and extrapolate semantic meaning from documents of any type: including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.
Richard Develyn, CloudTrade’s CTO, says: “CloudTrade has been running private cloud solutions for several of our clients for a number of years. However, we have taken the decision to migrate to the public cloud, working with a functionally rich provider to support our continued global growth. Microsoft Azure’s public cloud maturity will enable our teams to quickly serve our global customer base with fast, reliable and secure services.”
CloudTrade enables companies to evolve past their reliance on paper, and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade is now one of the fastest growing e-invoice and e-document networks, connecting over 200 organisations to thousands of their trading partners, electronically, across numerous sectors and regions across the globe.
Over the last year, CloudTrade has grown the business through new partners, including IBM, DXC (formerly Hewlett Packard Enterprise), SAP Ariba, BT, Cegedim, Opus Capita and SupplyOn, and from an increase in projects through existing partners. This corresponds to a 20% increase in partners, and a 30% increase in end-customers using the service.
David Cocks, CloudTrade’s CEO, says: “CloudTrade’s move to the public cloud will enable more businesses of all sizes to adopt our unique rules-based technology and analytics capabilities, wherever and whenever they need it. It will also ensure our customers can have the highest confidence in CloudTrade’s data resilience and security, and ensure our users remain compliant with the latest national data sovereignty laws and access restriction requirements.
“The number of e-invoices and other documents being processed through and by CloudTrade’s platform have more than doubled over the last couple of years from 3 million documents in 2016, to a current run rate of in excess of 10 million. Transaction volumes are the key to growing our business and the fact that we have doubled these volumes over the last couple of years demonstrates our strong business growth. Our migration means we now have the tools at our disposal to deploy, monitor, scale and secure our solutions, while becoming an even more competitive, efficient and indispensable partner to our global client base.”
About CloudTrade CloudTrade is one of the fastest growing e-invoice and e-document networks, connecting over 200 organisations to thousands of their trading partners electronically across numerous sectors and regions across the globe. Founded in 2010 to offer a fresh approach to e-invoicing, CloudTrade enables companies to evolve past their reliance on paper and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s unique, patented technology, delivers services not widely seen in the market, in a cost-effective way. CloudTrade’s software is protected by lasting patents in Europe, the U.S. and Australia. For further information go to: http://www.cloudtradenetwork.com
How CloudTrade’s solution works CloudTrade’s patent-protected software uses unique rules-based technology with backward tracking search, to interpret, validate, and extrapolate semantic meaning from complex documents, of any type. So, whether its invoices, sales and purchase orders or advanced shipping notices, CloudTrade processes them automatically and cost effectively. Although CloudTrade offers organisations several ways to send complex business documents (including direct XML / EDI), by far the most popular approach is for an organisation to simply send an application generated PDF via email. When an application generates a PDF, in almost all instances it will be a text PDF. CloudTrade reads the document text straight from the PDF, without the use of OCR – which guarantees 100% quality. PDF documents are easy to use and out-of-the-box with most ERP and accounting packages. As a result, typically >90% of organisations (irrespective of shape or size!) when asked will send PDF documents – including invoices, sales and purchase orders, advanced shipping notices and other complex, data rich documents.
For more information, please contact:
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.