Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, recently announced that it has expanded its Business Payments Network (BPN) provider relationship “with KeyBank to include B2B invoice delivery in addition to capturing payments and processing remittance data through its first-of-its-kind digital lockbox.”
In reselling BPN to business clients, KeyBank will now “enable them to automatically deliver invoices to more than 170 leading accounts payable portals.”
The recent proliferation of accounts payable portals used by buyers “has created additional manual work for suppliers’ accounts receivable teams.”
According to recent research conducted by Billtrust, “the average accounts receivable team is uploading invoices into 11-20 accounts payable portals each month.”
With the ability to automatically deliver invoices into these portals, KeyBank clients “can dramatically boost efficiency and productivity while speeding cash flow.”
Megan Kakani, Head of Emerging Products, KeyBank Enterprise Payments, stated:
“BPN has given our clients the ability to quickly convert checks to digital payments. KeyBank is excited to take an active role in adding new suppliers that will benefit from increased electronic acceptance and reconciliation capabilities.”
Nick Babinsky, Senior Vice President & General Manager, Business Payments Network, Billtrust, remarked:
“I’m pleased to build on our already strong relationship with KeyBank, and I appreciate their confidence in BPN’s ability to accelerate their clients’ digital transformation at a time where all businesses can benefit from these types of innovations.”
As covered, Billtrust claims to be “a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce.”
Accounts receivable “is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based.”
Billtrust claims to be “at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections.”