US Bank and Billtrust Partner on AR Platform for Suppliers

U.S. Bank has introduced an automated, comprehensive accounts receivable (AR) platform designed for suppliers.

The U.S. Bank Advanced Receivables platform was created in partnership with Billtrust and combines the bank’s payment and risk management capabilities with Billtrust’s AR technology, the bank said in a Tuesday (July 23) press release.

The platform is designed to help suppliers deal with the challenges they face from the time they receive an order until the cash is in their account, including manual and paper-based steps, a cumbersome credit process, billing errors and payment delays, Alberto Casas, head of product for U.S. Bank Global Treasury Management, said in the release.

“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,” Casas said.

The platform’s capabilities encompass invoicing, payments, cash application, collections and credit, according to the release.

Together, these capabilities can help suppliers accelerate cash flow, cut costs and deliver better payment experiences, the release said.

U.S. Bank Advanced Receivables complements another solution the bank has offered since 2021: the U.S. Bank AP Optimizer, which automates accounts payable (AP) processes, from invoice receipt to payment disbursement, per the release.

PYMNTS Intelligence has found that chief financial officers (CFOs) are looking at automation to improve their AR processes.

Specifically, CFOs are seeking to improve AR functionality and efficiency, tackle payment delays and errors, and streamline AR processes by eliminating the need for archaic manual procedures, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS Intelligence and Billtrust collaboration.

The report also found that 67% of CFOs said their firms “probably” need more automation and 27% said they “definitely” need more.

U.S. Bank launched another tool designed for businesses in October 2023 — the Avvance offering that lets businesses offer consumer financing at the point of sale. The bank said at the time that this “embedded, multi-channel point-of-sale lending solution” for businesses lets shoppers pay over time with personalized loan options available during checkout.

In September 2023, the bank introduced an online third-party payment/treasury solution marketplace called the Connected Partnership Network.