Bill.com, maker of the popular AP and AR app, has released a new product for wealth management and accounting firms supporting high-net-worth clients.
The offering for wealth management firms adds two features to Bill.com’s standard automated platform: automated bill payments, and multiple flexible and rapid payment options. Bill.com auto-enters invoice details for review, and bills and review notes can be routed through pre-determined approval workflows. Payment options include ACH, check, cards and international wire transfers for business payments with the ability to make same-day or next-day payments for urgent bills.
As far as security of the product goes, which is particularly of concern to high-net-worth clients, the Bill.com platform keeps all bank account information private from vendors by making digital payments through the Bill.com account only. Clients can access the platform from any device or location with 2-step verification where data in transit is securely encrypted.
Bill.com for wealth management also has a single integrated dashboard showing outstanding to-do lists, and gives the ability to retrieve any document or vendor records and see time-stamped audit-ready trails for every transaction.
“We understand that trust is especially crucial for high-net-worth families and individuals, which is why we are excited to announce a tailored offering for assisting family offices and wealth management firms as they oversee high volumes of vital assets, cash flows, investments and more,” said Tom Clayton, Bill.com chief revenue officer, in a statement. “Our solution offers the ease-of-use, transparency and security needed for effectively handling the money management of these valuable clients.”
To learn more about Bill.com’s wealth management offering,
