Citizens Bank launch Integrated Payables Solution for Corporate Clients
With the post-pandemic economic recovery, digital invoicing would drive the next trend and with integrated payments options, this would reduce the manual work for businesses.
In such, US-based bank, Citizen Bank has announced the launch of Integrated Payables solution including invoice automation with which corporate clients can process their payments more ‘simple, fast and secure’.
As per the press note, this new solution would enable companies to automate their entire invoice-to-pay process via a single platform while also having an option to choose a range of settlement options and earning rebates on the virtual card and ACH payments.
This year, Silicon Valley Bank and Kantox expanded their partnership to provide currency risk management technology to US clients while B4B Payments and Banking Circle partnered for corporate payments service.
“Payment options are changing rapidly, which creates new challenges as well as new opportunities, so we developed our new Integrated Payables solution to leverage the latest technology to improve the payments process for our corporate clients,” said Matt Richardson, head of treasury product solutions at Citizens.
Adding further, “With our Integrated Payables solution, the entire invoice-to-pay process can be automated using digital tools to improve speed and control while reducing risk”.
The benefits which the bank noted on the press release stated the reducing the time accounts payable (AP), improving control over payment timing, minimising complexity by integrating with any enterprise resource planning (ERP) system, faster invoice and remittance processing and mitigating risk with vendor bank authentication, multi-factor authentication and payment risk scoring.