From Manual to Automatedĭigitizing accounts payable processes has been a challenge for many organizations. The use of virtual card numbers also enables treasury to keep funding accounts confidential, further mitigating the risk of fraudulent transactions. In addition, this electronic payment solution lets treasury customize payment details such as payment numbers and invoice data, dramatically improving the efficiency around reporting and reconciliation.Īnd with security top-of-mind for most companies, ePay offers better control of AP processes, enabling treasury to restrict access to data and payment activities as warranted. ePay enables treasury personnel to make payments immediately, or set them up days, weeks, or even months in advance. Treasury also gains greater control with the ability to schedule payments to meet business needs. The Virtues of a Complete Cash Management PlatformĪmongst the many benefits of using a robust and complete management platform such as ePay, treasury is able to issue supplier payments in real-time, which gives them greater flexibility to manage working capital and cash flow. Equally important, ePay provides vitally important security features that enable program controls for fraud and risk mitigation. The ePay solution adds cash management capabilities to the bank’s electronic AP tool, offering real-time visibility into account and payment status, payment scheduling capabilities, spend data analytics and reporting. For example, Fifth Third Bank, National Association offers a comprehensive electronic card payables solution that can help treasury electronify its AP process.įifth Third’s ePay helps businesses transition to a greater volume of electronic payments by supporting supplier payments using commercial cards or by generating a one-time-use virtual card number for business-to-business (B2B) transactions. Innovative new electronic payment tools are allowing treasury to automate and digitize payables, creating a more effective and efficient payables function.
Automating and Digitizing Payables: ePay to the Rescue While many have moved in this direction, there’s still tremendous opportunity for businesses to electronify Accounts Payable (AP) files and implement electronic payment systems, and reap the treasury rewards. The survey found that 72% of respondents expect EAP spend to increase over the next five years. In fact, according to the RPMG Research Corporation’s 2015 Electronic Accounts Payable (EAP) Survey, EAP spending grew by 33% between 20. In the never-ending quest to create greater efficiency and security in the payables function, treasury organizations are rapidly automating payables by moving from paper-based functions to electronic processes. Financial Insights About Us Customer Service Online Banking Login Branch & ATM Locator Search.Additional Sources of Capital for Small Businesses.
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