News from the Wire

Citizens Bank launches integrated payables

Wednesday, September 15, 2021 — 10:29:53 (EDT)

September 15, 2021 - PROVIDENCE, R.I. – Corporate clients can make their payments process more simple, fast and secure with a new integrated payables solution including invoice automation launched by Citizens today.

The new solution enables companies to automate the entire invoice-to-pay process via a single platform while choosing from a range of settlement options and earning rebates on virtual card and ACH payments.

“Payment options are changing rapidly, which creates new challenges as well as new opportunities, so we developed our new integrated payables solution to leverage the latest technology to improve the payments process for our corporate clients,” said Matt Richardson, head of treasury product solutions at Citizens. “With our Integrated Payables solution, the entire invoice-to-pay process can be automated using digital tools to improve speed and control while reducing risk."

“Our new solution can help clients improve working capital while also generating financial benefits for their businesses, including providing card and Paymode-X rebates,” said Rodrigo Sanchez, head of commercial card solutions at Citizens.

Key benefits of the new integrated payables solutions for clients include:

• Reducing the time accounts payable (AP) staff spends on manual tasks by achieving automation across the entire invoice-to-pay process.
• Improving control over payment timing, so clients can hold onto cash longer and reduce payment processing costs.
• Minimizing unnecessary complexity by integrating with any enterprise resource planning (ERP) system.
• Improving vendor relationships with faster invoice and remittance processing with full transparency.
• Mitigating risk with vendor bank authentication, multi-factor authentication and payment risk scoring.
• Generating incremental revenue by turning the AP department into a revenue generator by monetizing a greater portion of virtual card and ACH spend.

This online payment application leverages the broad reach of Bottomline Technologies’ Paymode-X® electronic payment network, with more than 450,000 participating business members.

To learn more about Citizens’ Integrated Payables solution, visit www.CitizensBank.com/IntegratedPayables .

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Source: Company press release.