Regions Bank has launched a new digital payments solution designed to streamline payment and billing processes for its commercial clients.
Powered by BILL’s financial operations platform for small and medium-sized businesses (SMBs), the new Regions CashFlowIQ provides advanced accounts payable (AP) and accounts receivable (AR) capabilities and offers more choices for domestic and international payments, the companies said in a Wednesday (June 12) press release.
“Businesses are looking for banks that provide more than financing; they want practical solutions to better manage their cash flow. That’s what we’re delivering,” Bryan Ford, head of treasury management at Regions Bank, said in the release.
With Regions CashFlowIQ, businesses can use a single portal — the Regions OnePass portal — to initiate bill payments, create and send customized invoices, track payment information, streamline workflow approvals and automate payments, according to the release.
The platform also integrates with many accounting software options, enabling automatic syncing with that software and helping clients reconcile their financial books, the release said.
To provide clients with greater flexibility in making secure domestic or international payments, Regions CashFlowIQ enables the use of credit or debit card, virtual card, ACH, check and international wires, per the release.
“With BILL’s payments engine, large network and ongoing innovation in helping businesses modernize and automate their financial operations, we are excited to work with Regions Bank to power a new digital solution for their business clients,” Irana Wasti, chief product officer at BILL, said in the release.
BILL reported in May that the number of SMBs using its solutions to digitize their operations and adopt electronic payments increased by 10,000 over the past year, surpassing 450,000 during the quarter ended March 31.
“At BILL, we are energized by the fact that during the quarter, we helped more than 450,000 small businesses automate their financial operations so they could spend more time focused on their mission,” René Lacerte, CEO and founder of BILL, said May 2 during the company’s quarterly earnings call.
Regions Bank’s launch of Regions CashFlowIQ is the latest in a series of partnerships and product introductions that includes a commercial card solution from Visa, customer communications management software from Nordis Technologies, and money transfer and bill pay solutions from Western Union.
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