Priority teams up with Century Bank on B2B payment solutions
As commercial banks bid to upgrade their infrastructure in terms of payments and allied services, they are looking towards outsourcing these activities to fintechs that have established themselves. This not only saves costs for banks but also allows them to have an edge in the market.
This week, US-based non-bank payments company, Priority Technology Holdings, has announced a partnership with Century Bank which is a New Mexico based commercial bank.
Under this partnership, clients of Century Bank would be able to use the Priority Payments in-house accounts payable (AP) solution, CPX.
This solution eliminates the manual processes and claims as per the statement to optimize revenue share from virtual cards for buyers while accelerating payments and managing transaction costs for suppliers.
Last month, Priority integrated Mastercard Track Business Payment Service for business payments data.
As per SVP and Director of Treasury and Digital Banking for Century, Tyler Sisneros, companies are “focused on optimizing their AP process and desire to partner with a community bank” that are building both for their clients while also noting that many community banks are “technology challenged, and the payables optimization vision evangelized by larger FI’s precludes most companies due to cumbersome IT requirements of their payables tools”.
Last year, U.S. Century Bank had taped NCR to transform digital banking.
Priority payments is a platform that stores, collects and sends money on scales using a single platform. It operates a payment platform for clients which works on a single platform to embed payments and banking services into clients’ business platforms.
While Century Bank is a state-chartered and locally owned, full-service community bank based in New Mexico.