BONITA SPRINGS, Fla., Feb. 10, 2021 /PRNewswire-PRWeb/ -- Corporate Spending Innovations (CSI), a leader in electronic B2B payment solutions, announced today that they have teamed up with Bank of the West, a subsidiary of BNP Paribas, to launch V-PAYO, an evolution of their ePayables products and services that provides a unique payment experience for commercial customers and their vendors. This product offers clients greater automation, process efficiency, and digitization through an integrated payables experience utilizing a virtual card optimization process for B2B payments.
Virtual cards streamline operations enabling corporate clients to work more efficiently. They replace paper checks with digitized B2B payments, making them more effective than traditional ACH. Expenses are greatly reduced, and the buyer and supplier portals provide payment visibility and status with faster and more comprehensive reconciliation. In addition, virtual cards allow for an increased float period, up to 55 days, which can help improve cash flow.
- Single file for all payment methods including virtual card, ACH or check print and delivery
- File Transfer Protocol (FTP) with flexible file formats and Application Programming Interface (API) capabilities
- Card payment optimization, increasing usage from the industry average of 15% to 25%+ of total payments
- Buyer and supplier portals providing full visibility of payment status and automated reconciliation capabilities
- Centralized database with comprehensive vendor information and high success rate of vendor on-boarding
The integration with the state-of-the-art software will mostly be through an API into a company's Enterprise Resource Planning (ERP) – system – making the accounts payable process automated, efficient, and easy to reconcile.
"Applying a unique method to each payment based on an algorithm that optimizes for cards or ACH, is the next generation of ePayables," said Dominique Fracchia, Head of Commercial Card and Managing Director at Bank of the West. "V-PAYO will help our customers save money, increase controls, provide greater fraud protection, and allow for extended float and rebates."
"The challenges created by the pandemic have accelerated the market need for corporate AP automation and invoice payment digitization and Bank of the West recognized this early on," said Jim Foster, EVP Payment Partners & Financial Institutions at CSI. "We are excited about the opportunity to bring our CSI Paysystems technology assets and B2B payments expertise to bear in collaboration with Bank of the West to create the V-PAYO integrated payables solution and provide efficiency and cost savings to the bank's commercial customers."
Corporate Spending Innovations (CSI) provides cloud-based payment solutions to world-leading brands with our highly secure corporate payment solutions that include CSI Paysystems, CSI Travel, and global-fleet fuel cards. CSI customers can automate 100% of B2B payables including virtual credit card, proprietary network, ACH, check, or foreign exchange with cross-border payments settled in local currency. CSI is a certified Mastercard processor and has obtained Visa Ready for Business Solutions approval. CSI is part of Edenred, the global leader in payment solutions for the working world, EDEN:PA
About Bank of the West
At Bank of the West, we know money deposited in a bank has the power to finance positive change. So we are taking action to ensure our activities help protect the planet, improve people's lives, and strengthen communities. We are redefining banking for a better future by focusing on areas where we believe we can have a real impact: supporting energy transition, helping enable women entrepreneurs, and financing innovative start-ups. As the bank for a changing world, Bank of the West is committed to sustainable finance along with our parent company BNP Paribas. Through Digital Channels and offices across the U.S., Bank of the West provides financial tools and resources to more than 2 million individuals, families and businesses.
© 2021 Bank of the West. Member FDIC. Equal Housing Lender. Doing business in South Dakota as Bank of the West California.
Mary Brandon, Corporate Spending Innovations, 239-595-0977, [email protected]
SOURCE Corporate Spending Innovations