Regions Bank and financial operations platform BILL have introduced a digital solution, dubbed CashFlowIQ, to support business clients in managing money better.
The new solution is expected to streamline payments and simplify cash-management processes for the commercial clients of Regions Bank.
Supported by BILL, CashFlowIQ will deliver advanced accounts payable (AP) and accounts receivable (AR) capabilities. This will support businesses to securely pay bills, invoice customers as well as receive payments rapidly.
BILL chief product officer Irana Wasti said: “Businesses need flexible and efficient ways to manage their finances and to enable their long-term success. They rely on trusted providers to help them manage and automate payments quickly and securely.
“With BILL’s payments engine, large network, and ongoing innovation in helping businesses modernise and automate their financial operations, we are excited to work with Regions Bank to power a new digital solution for their business clients.”
By utilising BILL’s flexible payment offerings, the new digital solution will also offer more choices and capabilities for domestic and international payments.
CashFlowIQ will also allow businesses to initiate bill payments, generate and send customised invoices and track payment information.
It will also optimise workflow approvals required to approve payments and automate payments all within Regions Bank’s OnePass portal.
Besides, the automatic sync and payments reconciliation feature of the solution will help clients in reconciling their financial books by automatically syncing with accounting software.
Furthermore, clients can utilise leverage multiple payment options from BILL, including credit or debit card, virtual card, ACH, check, and international wires to complete transactions with CashFlowIQ.
Regions Bank treasury management head Bryan Ford said: “Regions CashFlowIQ helps clients digitally transform, automate, and consolidate their payment processes. This results in smoother business operations.
“It helps the client focus more time and resources on their own products and services while we make managing money easier, more intuitive, and more productive.”
