DataCert Equips Barclays with Legal Spend Technology Solution
DataCert, Inc., the leading provider of electronic invoicing and
legal spend management solutions, today announced that it has
contracted with Barclays Bank to provide a new legal technology
initiative that will enhance Barclays' ability to manage its legal
spend. At this stage, the initiative will be implemented within
Barclays' central legal team.
"Barclays selected DataCert's Advanced Invoice Management System
(AIMS) after undertaking a detailed proof of concept with DataCert
which involved some of our largest legal suppliers in the UK," said
Mark Harding, Group General Counsel. "This is a strategic investment
by the legal function, and will provide better control over the
processes for originating legal spend, ensuring our law firm panel
guidelines are complied with. Above all, it will supply greatly
enhanced management information on the nature of our spend in this
important area of our cost base."
AIMS, the most advanced and widely implemented product of its kind
among the Fortune(R) Global 500, will process electronic invoices from
law firms and deliver them to the Barclays legal department for
automated workflow handling, spend analysis and reporting. Barclays
adopted DataCert's AIMS technology to provide additional customization
and line-item detail in parallel with its existing electronic sourcing
and invoicing applications.
"Unlike other e-billing platforms currently deployed within the
European legal market, AIMS allows law firms and other legal providers
to transmit detailed, standardized invoice data for every time and
expense entry rather than delivering the static, simple image of the
invoice or header-level information," said Richard Daniel, chief
operating officer, Barclays Legal & Compliance. "This additional
information will give Barclays access to richer information at both a
matter-specific and an overall portfolio level. This will allow us to
better manage and leverage our legal spend."
Using AIMS, Barclays will accumulate a detailed history of its
legal spend allowing lawyers and the Operations team to easily report
on spend in relation to budgets, identify spending trends and evaluate
providers. In addition to accelerating the approval process and
payment of law firm invoices, the legal function will also be able to
identify and explore alternative billing arrangements based on the
detailed data provided by DataCert.
The adoption of this initiative marks a steady progression of
thought leadership from the Barclays legal function, which took the
Legal Week Corporate Legal Department of the year award in 2005, won
awards at last year's Global Legal IT Forum, and has a long and
distinguished history of leadership in global financial services.
"DataCert is pleased to welcome such a forward-thinking
corporation as Barclays to our list of prestigious clientele. While
AIMS is a widely accepted legal spend technology solution in the
United States, the market in Europe is still developing.
Implementations by thought-leaders such as Barclays will encourage
other corporate law departments to step forward and take control of
their legal spend," commented Jeff Hodge, senior director, Europe,
Middle East and Africa (EMEA).
Andrew Dey, Head of Operations at Barclays Legal, emphasized the
importance of DataCert's ability to work with established standardized
billing formats. "We realized early on that in order to use this
technology successfully, the legal IT community needed standards for
electronic invoicing. By working with fellow legal innovators,
including DataCert and the Legal IT Innovators Group (LITIG), we
helped drive a single legal invoice file format and a task-based
billing standard for international use. We believe Barclays is the
first legal department in the world to work closely with law firms to
move an invoice in the international, VAT-compliant format of the
Legal Electronic Data Exchange Standard (LEDES)."
For more information on electronic invoicing standards, please
visit www.ledes.org.
About AIMS
Advanced Invoice Management System (AIMS) is DataCert's web-based
application that facilitates the approval and payment of electronic
invoices between law firms and vendors and corporate law departments.
Its primary purpose is to help managers control and manage internal
work as well as proactively analyze corporate legal spend. Using AIMS,
legal invoices are validated against established matter or project
guidelines and routed, adjusted and approved for payment. Upon
completion, invoices are posted in an internal or accounts payable
system.
About Barclays
Barclays is a UK-based financial services group, with a large
international presence in Europe, the USA, Africa and Asia. It is
engaged primarily in banking, investment banking and investment
management. In terms of market capitalisation, Barclays is one of the
largest financial services companies in the world. It has been
operating for more than 300 years with 25 million customers and
118,000 employees in over 60 countries.
About DataCert
DataCert, Inc. is the largest and fastest-growing supplier of
electronic invoicing and corporate legal spend management solutions.
DataCert's products and services provide a substantial return on
investment to corporations looking to better manage internal work and
reduce outside legal spend. Headquartered in Houston, Texas, with
European offices in London and Paris, DataCert has more than 7,300
customers in 110 countries including 47 of the Fortune(R) Global 500.
DataCert processes in excess of USD 9 billion of electronic invoicing
data on an annualized basis. Visit DataCert at www.datacerteurope.com
for more information.