Citizens Bank launched an integrated payment solution designed to make payment processing faster, easier and more secure for its business customers.
The bank announced the new tool on Thursday (September 16), which includes invoice automation, saying it allows businesses to automate their invoicing process from a single platform. It also allows customers to choose from a variety of payment options and earn discounts on virtual card and ACH payments.
âPayment options are changing rapidly, creating new challenges as well as new opportunities. We have therefore developed our new integrated accounts payable solution to take advantage of the latest technology to improve the payment process for our corporate clients, âMatt Richardson, head of treasury product solutions at Citizens, said in a statement. announcement.
âWith our Integrated Payables solution, the entire invoicing process can be automated using digital tools to improve speed and control while reducing risk. “
Citizens Bank says some of the key benefits of its payment solution include reducing the time Accounts Payable (AP) teams spend on manual tasks, better control of the payment schedule, and mitigating risk through the supplier bank authentication and payment risk rating.
The tool also enables customers to turn their services (APs) into a “revenue generator by monetizing a greater portion of virtual card and ACH spending.”
Citizens say the tool relies on Bottomline Technologies’ Paymode-XÂ® electronic payment network, which has more than 450,000 participating member companies.
Read more: New report shows 36% of businesses plan to upgrade expense management and expense control
The news comes at a time when the rise of companies that collect and pay their invoices digitally is expected to lead to another trend we talked about earlier this week: the boom in the point-of-sale automation market. access, a sector that could almost double over the next five years. to $ 4.5 billion.
That’s an increase reflected by PYMNTS research, which shows that 35% of businesses in America and the UK plan to upgrade their expense management and expense controls. Meanwhile, 46% of businesses say they hope to enable payments from digital invoices within the next three years.