Corporate clients can make their payments process more simple, fast and secure with a new Integrated Payables solution including invoice automation launched by Citizens.
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 solution 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 CitizensBank.com/IntegratedPayables.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.