Commercial Payments International

Commercial payment companies are incorporating their platforms with retail and commercial banks in a bid to increase their user base and market share.

US-based B2B accounts receivable automation company Billtrust announced that it has partnered with KeyBank to expand its Business Payments Network to include B2B invoice delivery in addition to capturing payments and processing remittance data through its digital lockbox.

Under this, KeyBank would be able to deliver invoices to more than 170 accounts payable portals. The company noted that in the recent expansion of accounts payable portals being used by businesses has resulted in additional ‘manual work for suppliers accounts receivable teams’.

Last year, the company acquired iController, a Belgium-based B2B collections software provider and also Repay integrated its payment system with Billtrust.

While the company claims that with the ‘ability to automatically deliver invoices into these portals’, bank’s clients can boost efficiency and productivity while speeding cash flow with the use of the service.

“BPN has given our clients the ability to quickly convert checks to digital payments,” said Megan Kakani, Head of Emerging Products, KeyBank Enterprise Payments.