Yeshiva University Renews Its Technology Heritage With iWay

• Application Infrastructure & Middleware - API Integration & Management
• Application Infrastructure & Middleware - Data Exchange & Integration

• Education

• Procurement

• Remote Asset Management
• Supply Chain Visibility

• Software Design & Engineering Services
• System Integration

Yeshiva University, a distinguished institution of higher education, was facing challenges in improving cash flow, reducing procurement costs, and increasing the float on accounts payable spending. The university also wanted to create a real-time interface between researchers and equipment by obtaining data from legacy systems. Fiscal responsibility is crucial to the university’s mission of combining the best of contemporary civilization and knowledge with the ancient traditions of Jewish law and life. The more efficient Yeshiva can make its information systems, the more capably it can pursue its charter. This philosophy of fiscal responsibility motivated Yeshiva to purchase iWay integration technology from Information Builders.

Yeshiva University is a distinguished institution of higher education with five campuses in New York City and one in Israel. Its rigorous academic program receives consistent international acclaim, and contributes to the university’s ranking as one the top 50 schools in the U.S. The university is committed to fiscal responsibility and efficiency in its information systems to effectively pursue its charter. The university recently deployed a single-use accounts (SUA) business service from JPMorgan Chase that automates payment, reporting, and reconciliation processes. The solution drives spending to preferred suppliers and promotes process efficiencies through electronic transactions.

Yeshiva deployed iWay Service Manager to automate critical financial and procurement processes. iWay also connects researchers with facilities in a more expedient way by instantly using grant dollars. One key iWay interface streamlines a procure-to-pay workflow process and is expected to save the institution hundreds of thousands of dollars annually. Another interface helps the university to maximize the use of its research facilities by enabling both internal and external personnel to use grant dollars instantly when they reserve university equipment. iWay began by mapping all the payment information in the SUA system to the university’s general ledger. Then iWay set up the necessary interfaces to JPMorgan’s financial gateway. Now, when an invoice is submitted from a vendor that has previously registered to receive SUA payments, the invoice is placed in a database table and picked up by iWay. Once Yeshiva’s accounts payable personnel approve the invoice, iWay forwards the transaction to JPMorgan, which has a four-hour window to process the order and release funds to the vendor’s unique SUA identification number.

• iWay’s rapid integration solutions have enabled Yeshiva to maximize its research assets, simplify grant administration, control spending, automate accounts payable and procurement processes, and reduce manual effort for the administrative staff.
• iWay not only automates these transactions, it also monitors the workflow to make sure JPMorgan upholds its four-hour service-level agreement.
• Yeshiva University tested the SUA system with five vendors, and it worked perfectly. Since then, more than 150 vendors have signed up, a number that is expected to grow to several hundred and to drive $30 million in annual procurement spending through preferred SUA contracts.

• Expected to save hundreds of thousands of dollars annually through streamlined procure-to-pay workflow process.
• Expected to drive $30 million in annual procurement spending through preferred SUA contracts.
• Expected to allocate $300,000 worth of SUA rebates each year against its technology costs.