Business payments company Bill.com announced the Bill.com Network to help companies pay and get paid quickly and securely via the cloud.

Bill.com announced the new network as the company passed one million members and $25 billion in annual transactions. The Bill.com Network will connect businesses and banks in the cloud to expedite the payment process and improve collaboration.

“The cloud has transformed virtually every industry, yet it’s had a lesser impact on the financial system, leaving business and banks without efficient means of moving money,” stated Bill.com CEO René Lacerte. “Most businesses today still rely on paper checks. Partnerships between financial institutions and tech companies like Bill.com are closing this gap. Our Network is replacing archaic and complex legacy payment processes with new cloud-based models.”

Bill.com Network businesses report getting paid two to three times faster, according to the company, and are able to collaborate in real time on payments-related questions. Members of the network are also vetted and approved to reduce security issues and have access to “search” and “discover” features to find vendors or complete payment transactions in one click. In the coming months, Bill.com will also be adding a status feed, a live payments dashboard providing real-time notifications and updates on the status of incoming and outgoing payment activity.

Businesses can join the Bill.com Network by visiting Bill.com.

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