Bill.com has launched Connect, a digital payments solution for banks that serve small and midsize businesses.
Connect offers end-to-end bill pay and invoicing processes with electronic documents, approval workflows, network-based collaboration with vendors and customers, and synchronization with accounting systems. There is an app version that offers all the same functions as the Web portal.
A recent survey conducted by SourceMedia Research (which is owned by the same company as Accounting Today) and Bill.com found that 91 percent of banking industry decision-makers say new technologies are “dramatically changing the way their bank engages with customers.” However, 46 percent of these same decision-makers still reply on in-person branch interactions as their primary method of engagement with CMB clients. Connect is meant to provide a solution that SMB customers feel comfortable enough using that it will necessitate less in-person interactions with their bank.
“Small and medium businesses have been caught between consumer and commercial banking solutions for far too long,” said René Lacerte, CEO and founder of Bill.com, in a statement. “Bill.com Connect closes the gap. Now, banks can finally deliver a single platform for business payments that scales alongside their small and medium business customers as they grow. It’s an absolute game changer for business banking.”
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