PNC treasury management launches automated real-time payment solution
PNC treasury management, which is a division of Pittsburgh-based PNC Bank, has launched automated Request for Payment (RFP) capabilities as part of the PNC bill distribution and payment platform, PayerExpress.
This generates automated RFPs which allows payers to pay and settle payments in real-time. PNC had collaborated with Transactis, a Mastercard company which was acquired back in May 2019 to develop this capability. Automated REP provides suppliers and buyers with a streamlined process and allows reconciling of payments. REP enables the manual task to be automated and allows both buyer and seller to improve efficiency and eliminate risk.
“Business-to-business payments have long been a pain point for our clients due to inefficiencies associated with manually researching and applying payments. This automated request-for-payment capability will provide speed, transparency and efficiency to our customers’ accounts receivables process,” said Executive Vice President of PNC Treasury Management Chris Ward.