U.S. Bank introduces automated, end-to-end supplier accounts receivable platform

Created in partnership with Billtrust, U.S. Bank Advanced Receivables brings together the bank’s payment and risk management capabilities with Billtrust’s top AR technology to improve the intricate business-to-business (B2B) receivables process.

Suppliers face many challenges from the time they receive an order until the cash is in their account. This includes numerous manual and paper-based steps, a cumbersome credit process, billing errors and payment delays stated officials from U.S. Bank. With U.S. Bank Advanced Receivables, businesses can transform their entire receivables process to drive down costs and gain real-time visibility into their financial position and cash flow.

The introduction of U.S. Bank Advanced Receivables aligns with the heightened focus on operational efficiency among senior finance leaders. According to the recent U.S. Bank CFO Insights Report, the main priority for corporate finance leaders in the U.S. is reducing costs within the finance department. A survey of over 2,000 finance leaders revealed they are turning to technology investments as the key strategy for cost reduction.

Five core solutions to modernise the entire receivables process:

Invoicing: provides treasury teams and their buyers flexible and automated invoice delivery options that increase digital payments;
Payments: after a company’s terms are established, buyers are offered flexible, secure and convenient payment options, including payments via virtual credit cards and ACH;
Cash Application: with a seamless remittance process, suppliers achieve higher match rates and easier exception handling;
Collections: optimises collections with customized outreach approaches, automation of repetitive tasks and better cash forecasting;
Credit: the platform is designed for a more efficient way of extending credit to buyers. A customised, secure credit application process eliminates slow manual exchange of information and improves risk management.

U.S. Bank Advanced Receivables enhances the bank's suite of digital payment solutions aimed at improving efficiency within corporate finance functions. Since 2021, businesses have been using U.S. Bank AP Optimizer to automate their accounts payable processes, covering everything from invoice receipt to payment disbursement. With the addition of Advanced Receivables, U.S. Bank now offers companies a comprehensive solution to digitise and automate their entire B2B payment processes.

Billtrust assists companies in managing their order-to-cash operations. Billtrust’s integrated AR system streamlines tasks such as invoicing, payment processing, cash application, and collections, while also offering valuable insights into cash flow to enhance profitability.