U.S. Financial institution launched its Accounts Payable platform, U.S. Financial institution Superior Receivables, in partnership with Billtrust.
U.S. Financial institution Superior Receivables will assist companies maintain prices low and profit from real-time visibility into money circulate and monetary place.
U.S. Financial institution most not too long ago demoed its know-how at FinovateFall 2021 in New York.
Courtesy of a partnership with Billtrust, U.S. Financial institution has launched its new complete accounts receivable (AR) platform. U.S. Financial institution Superior Receivables will assist suppliers speed up money circulate, decrease prices through automation, and supply higher fee experiences.
“Suppliers face many challenges from the time they obtain an order till the money is of their account. This consists of quite a few guide and paper-based steps, a cumbersome credit score course of, billing errors, and fee delays,” U.S. Financial institution International Treasury Administration Head of Product Alberto Casas defined. “With U.S. Financial institution Superior Receivables, companies can remodel their total receivables course of to drive down prices and acquire real-time visibility into their monetary place and money circulate.”
U.S. Financial institution Superior Receivables combines U.S. Financial institution’s fee and threat administration capabilities with Billtrust’s AR know-how. The brand new providing is comprised of 5 core options – invoicing, funds, money software, collections, and credit score – every of which reinforces the B2B receivables course of. U.S. Financial institution Superior Receivables builds on the financial institution’s complementary digital fee options, corresponding to U.S. Financial institution AP Optimizer, which automates accounts payable operations from bill receipt to fee disbursement. Collectively the 2 choices allow corporations to digitize and automate their end-to-end fee processes.
With $680 billion in belongings, U.S. Bancorp is the dad or mum firm of U.S. Financial institution Nationwide Affiliation. Primarily based in Minneapolis, Minnesota, the agency serves hundreds of thousands of consumers domestically, nationally, and around the globe with companies together with client banking, enterprise banking, industrial banking, institutional banking, funds, and wealth administration. Billtrust, which partnered with U.S. Financial institution to launch the financial institution’s new AR providing, is an built-in AR options supplier whose know-how is utilized by greater than 2,400 corporations worldwide. These shoppers vary from Coca-Cola and FedEx to Staples and United Leases.
Earlier this month, Billtrust introduced that it had prolonged its collaboration with Visa to assist its Enterprise Funds Community (BPN). Launched in partnership with Visa in 2018, BPN hyperlinks suppliers to patrons through connectivity to their most popular financial institution and payables suppliers. Headquartered in Hamilton Township, New Jersey, and based in 2001, Billtrust was acquired by EQT Personal Fairness for $1.7 billion in 2022.
U.S. Financial institution most not too long ago demoed its know-how at FinovateFall in 2021. On the convention, the financial institution demoed its U.S. Financial institution Card as a Service (CaaS) answer. The know-how allows fintechs and different companies to increase company credit score digitally, and to create a customized digital fee expertise for purchasers through API integration.
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