Centime Adds High-Yield Bank Account to AP Automation Solution

Centime added a fully liquid, high-yield bank account to its accounts payable (AP) automation solution.

With the new offering, businesses can earn interest on AP float, use those earnings to cover the subscription costs of the AP solution and transform their AP into a new revenue stream, the company said in a Tuesday (Aug. 13) press release.

“We understand the financial constraints that businesses are facing right now, and the importance of demonstrating tangible ROI that actually puts cash in your bank account,” Centime CEO and founder BC Krishna said in the release. “That’s why we’re packaging our AP automation solution in a way that not only streamlines operations, but also gives you a clear path to recouping your spend, and even turning a profit on AP, right away.”

Centime’s cash management platform is designed for small- to medium-sized businesses (SMBs); handles AP, accounts receivable (AR) and banking solutions in one platform; and uses automation and artificial intelligence to help with forecasting, collections, invoicing, payments, credit and reporting, according to the release.

The platform streamlines the AP process, reducing the need to manually process invoices and payments, per the release.

For organizations that are focusing their digitization efforts on modernizing the financial back office, data integration and the complex, interweaving relationships from one financial function to the next are essential to obtain the clearest view of financial health, Krishna told PYMNTS in an interview posted in August 2021.

“Cash forecasting is a means to an end — it’s not an end unto itself,” Krishna said. “You still need the levers to be able to manage your cash so that you can get the goals that you set out for your own business.”

The PYMNTS Intelligence report “Accounts Payable and Receivable Trends: What’s Next in Automation” found that full automation of AP and AR processes allows organizations to cut labor costs, reduce the occurrence of errors and process high volumes of transactions swiftly.

Over 70% of mid-sized firms that have embraced full AP automation said they are satisfied with the outcomes, as did 40% of those who employed partial automation, the report revealed.

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