Following this announcement, the new solution is expected to optimise the manner in which companies manage cash flows, improve liquidity, reduce risks, and anticipate business needs more clearly and securely.
In addition, Regions Bank will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Regions Embedded ERP Finance is expected to enable clients to immediately access and review financial accounts and data in real time within their own ERP platforms. This will allow the process to take place with no manual uploading and, as a result, provide quicker access to solid business-management data. At the same time, by being able to better leverage accurate, real-time information, the service can optimise the manner in which companies improve cash flow, determine appropriate amounts of liquidity, and develop data-driven forecasts for future financial management.
In addition, customers will be enabled to design fully automated reports, like transactions and balances, from bank accounts for reconciliation. For future enhancements, Regions is also currently developing an additional capability in order to enable clients to initiate ACH and wire payments for vendors, reimburse expenses, manage payroll, and more.
Users will be allowed to manage account permissions and improve their internal controls in order to help mitigate fraud risk as well. The service will also track the customer, IP address, and time stamp when each payment is submitted and approved, helping ensure the accuracy of each transaction.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now