Courtesy of a partnership with Billtrust, U.S. Bank has launched its new comprehensive accounts receivable (AR) platform. U.S. Bank Advanced Receivables will help suppliers accelerate cash flow, lower costs via automation, and provide better payment experiences.
“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,” U.S. Bank Global Treasury Management Head of Product Alberto Casas explained. “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.”
U.S. Bank Advanced Receivables combines U.S. Bank’s payment and risk management capabilities with Billtrust’s AR technology. The new offering is comprised of five core solutions – invoicing, payments, cash application, collections, and credit – each of which enhances the B2B receivables process. U.S. Bank Advanced Receivables builds on the bank’s complementary digital payment solutions, such as U.S. Bank AP Optimizer, which automates accounts payable operations from invoice receipt to payment disbursement. Together the two offerings enable companies to digitize and automate their end-to-end payment processes.
With $680 billion in assets, U.S. Bancorp is the parent company of U.S. Bank National Association. Based in Minneapolis, Minnesota, the firm serves millions of customers locally, nationally, and around the world with services including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management. Billtrust, which partnered with U.S. Bank to launch the bank’s new AR offering, is an integrated AR solutions provider whose technology is used by more than 2,400 companies worldwide. These clients range from Coca-Cola and FedEx to Staples and United Rentals.
Earlier this month, Billtrust announced that it had extended its collaboration with Visa to support its Business Payments Network (BPN). Introduced in partnership with Visa in 2018, BPN links suppliers to buyers via connectivity to their preferred bank and payables providers. Headquartered in Hamilton Township, New Jersey, and founded in 2001, Billtrust was acquired by EQT Private Equity for $1.7 billion in 2022.
U.S. Bank most recently demoed its technology at FinovateFall in 2021. At the conference, the bank demoed its U.S. Bank Card as a Service (CaaS) solution. The technology enables fintechs and other businesses to extend corporate credit digitally, and to create a custom virtual payment experience for customers via API integration.
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Conclusion
In conclusion, the partnership between U.S. Bank and Billtrust has resulted in the launch of an innovative accounts receivable platform, U.S. Bank Advanced Receivables. This platform aims to revolutionize the way businesses manage their receivables processes, offering solutions that can accelerate cash flow, reduce costs, and provide enhanced payment experiences.
By combining U.S. Bank’s expertise in payment and risk management with Billtrust’s advanced AR technology, U.S. Bank Advanced Receivables offers a comprehensive suite of solutions that cover invoicing, payments, cash application, collections, and credit. These solutions are designed to streamline the B2B receivables process and enable businesses to achieve real-time visibility into their financial position and cash flow.
With U.S. Bancorp’s extensive assets and Billtrust’s proven track record as an AR solutions provider, this partnership is poised to make a significant impact on the industry. The extension of Billtrust’s collaboration with Visa further enhances the capabilities of its Business Payments Network, benefiting suppliers and buyers alike.
U.S. Bank’s recent demonstration of its technology at FinovateFall 2021 showcases the bank’s commitment to innovation and providing cutting-edge solutions to its customers. With offerings such as U.S. Bank Card as a Service, the bank continues to lead the way in digital payments and financial services.
Overall, the launch of U.S. Bank Advanced Receivables is a testament to the collaborative efforts of industry leaders in driving progress and empowering businesses to optimize their financial operations. As technology continues to evolve, partnerships like this will play a crucial role in shaping the future of finance and delivering value to businesses worldwide.
