Wells Fargo and Bill.com introduce AP automation for commercial clients
Non-bank payment companies have been integrating their services into business automation platforms to broaden their B2B client appeal. Traditional banks, which have plenty of clients but lag in digital transformation, are now partnering with fintechs to keep up with this trend.
The latest example: Banking giant Wells Fargo and Bill.com have announced a Bill Manager platform which will help automate and simplify the accounts payable and receivable process for small and medium businesses.
Wells Fargo’s US rival Bank of America had recently launched its API suite solution.
Under this platform, it integrates cloud-based financial operations software from Bill.com into Wells Fargo’s digital banking service ‘Commercial Electronic Office’. This will create a paperless way of getting paid and to pay with ‘simplicity, visibility and control’, the press release noted.
“Collaborating with a fintech like Bill.com solves a critical customer need – managing and paying bills in a consistent way,” said Chris Noe, senior vice president and head of Treasury Management Product Innovation and Partnerships at Wells Fargo.
Clients using Bill Manager would be able to electronically capture incoming bills, which are routed through the workflow for review and approval. Other features include tracking of invoices in real-time insight, review and approve invoices from any device, automatic sync transactions with accounting software.
Clients also have access to Intelligent Virtual Assistant, which allows businesses to “automatically capture and enter all the required data from any type of invoice to start the bill creation process”. It can also request payments through Bill Manager with payment reminders.
In separate news, last month, Wells Fargo launched its virtual card payment service.