Bank of the West and CSI team up to launch integrated payables platform
With the growing digitization of card payments, banks are on the lookout for fintech partners in order to provide competitive services.
In its second such initiative this month, Bank of the West, a subsidiary of BNP Paribas, has partnered with Corporate Spending Innovation (CSI), a Florida-based B2B payments company to launch V-PAYO, an e-Payable product and service.
Last week, Bank of the West incorporated Zelle from Fiserv which would enable Bank of the West’s small business customers to send and receive money ‘quickly and easily’.
The e-payable platform would provide automation, process efficiency and digitization through integrated payables utilizing virtual card optimization process for B2B payments.
According to the press release, virtual cards streamline operations, enabling corporate clients to work efficiently, and they replace checks with digitized B2B payments making these payments more efficient than ACH.
“The challenges created by the pandemic have accelerated the market need for corporate AP automation and invoice payment digitization,” said Jim Foster, EVP Payment Partners & Financial Institutions at CSI.
The platform also claims to reduce expenses and allow greater visibility of payments for both buyers and suppliers along with reconciliation. The virtual cards also allow for increased float periods of up to 55 days which will help businesses in cash flow.