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TEOCO Announces Issuing Of XTrak Patent
Tuesday, May 18, 2010
Fairfax, VA -- TEOCO, the leading provider of network cost optimization solutions to communications service providers worldwide, is proud to announce that the United States Patent and Trademark Office has issued TEOCO a patent for their XTrak technology.
XTrak is TEOCO’s digital invoice solution which has revolutionized invoice automation for communication service providers. “We recognized early on that using Optical Character Recognition (OCR) for the automation of paper invoices was a failed strategy since human intervention was required for handling the paper, scanning it and cleaning up the results. We knew we could do better,” said TEOCO’s Vice President and General Manager, John Devolites.
The result was TEOCO’s XTrak technology (US Patent 7,720,206). XTrak “mines” data files that produce paper invoices, making it unnecessary for service providers to produce bills in CABS, SECABS or EDI formats which are expensive to maintain and support. TEOCO’s XTrak Interface Format (XIF) is not only a more flexible format than CABS and SECABS, it also significantly simplifies the application development process by providing a single invoice format for use across multiple systems. XIF accommodates virtually any invoice type including the next generation of IP centric and content related invoices.
XTrak supports over 2,500 domestic and international invoice billing formats that include carrier to-carrier costs, content invoices, electric power, gas, other utility formats and emerging 3rd party bills. This accounts for over $3 billion in invoices each month. “Our clients expect us to innovate, solve complex problems and create lasting value with the intelligent application of technology,” said Devolites. “XTrak does that. Having the Patent Office grant us a patent on XTrak affirms TEOCO’s ability to create unique solutions and clearly separates us from our competition.”
TEOCO is the market leader in providing cost, routing, and revenue management solutions to leading communications service providers worldwide. Over 50 of the industry’s leading providers trust TEOCO to deliver unparalleled visibility and control over their operations. Fueled by industry leading expertise and innovative technologies, TEOCO saved its customers several hundred million dollars last year alone.
Founded in 1995, TEOCO (The Employee Owned Company) has been ranked one of the fastest growing companies by Inc. Magazine on three occasions. TEOCO is widely recognized for its commitment to principled entrepreneurship, business ethics and employee ownership with a particular emphasis on its core values of alignment with employees, clients and community. See more at www.teoco.com.
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