Synovus launches integrated accounts receivable platform
With businesses still relying on manual work for invoicing and payments, the expense management platform sector has seen a trend of integrating payments channels and automating invoices with payments to speed up the process and improve working capital.
This week, Georgia based commercial bank, Synovus has launched Synovus Accelerate AR which according to the bank is an integrated receivables suite enabling businesses to access working capital and reduce exceptions with straight-through processing across all payment channels.
The solution will be provided with Deluxe which is a payments technology company. The company helps businesses to pay and get paid and according to the press note, the platform processes more than $2.8 trillion in annual payment volume.
“The proliferation of payment channels, and the constant change in preferences by the businesses and consumers who use them, have increased the challenge of effectively processing and posting payment deployment options,” said Katherine Weislogel, Synovus Head of Treasury & Payment Solutions.
Weislogel also noted that the platform anticipates the requirement of ‘organizations to accelerate the capture of payments, improve the cash conversion cycle, and make better business decisions’.
The Synovus Accelerate AR would include Synovus Accelerate AR Console which displays all accounts receivable activity. Synovus Accelerate AR Match, a STP service that matches incoming electronic and paper payments to open invoice remittance details. Other services are Synovus Accelerate AR Biller and Synovus Accelerate AR Aggregator which lets businesses to quickly and securely view bills and make payments from a web browser or mobile device and consolidate payments respectively.