U.S. Bank has launched a new accounts receivable (AR) platform designed to help suppliers to expedite cash flow, reduce costs through automation, and enhance payment experiences.
Developed in collaboration with Billtrust, U.S. Bank Advanced Receivables integrates the bank’s payment and risk management capabilities with Billtrust’s AR technology, streamlining the business-to-business (B2B) receivables process.
The platform’s launch aligns with the increased focus on operational efficiency among finance leaders, said U.S. Bank.
U.S. Bank Advanced Receivables includes five core solutions to transform the entire receivables process. The invoicing feature will offer treasury teams and their buyers flexible and automated invoice delivery options that boost digital payments.
The payments feature will offer buyers flexible, secure, and convenient payment options, including virtual credit cards and ACH.
Besides, the platform consists of cash application, collections and credit solutions.
Building upon U.S. Bank’s complementary digital payment solutions, Advanced Receivables enhances efficiencies for corporate finance functions.
Companies have used U.S. Bank AP Optimizer to automate their accounts payable processes from invoice receipt to payment disbursement since 2021.
Together, Advanced Receivables and AP Optimizer enable companies to digitise and automate their end-to-end B2B payment processes, said the bank.
U.S. Bank global treasury management product head Alberto Casas said: “Suppliers face many challenges from the time they receive an order until the cash is in their account. This includes numerous manual and paper-based steps, a cumbersome credit process, billing errors and payment delays.
“With U.S. Bank Advanced Receivables, businesses can transform their entire receivables process to drive down costs and gain real-time visibility into their financial position and cash flow.”
