B2 Eases Corporate Treasurers’ Dependence On Banks

As traditional financial institutions look to compete with FinTech newcomers, software and FinTech service providers will continue to play a key role in linking banks with the technology they need to stay relevant.

One of these providers is The B2 Group, which provides banks and corporations with FX, payments, automation and other software tools. On Tuesday (Feb. 9), the firm announced another solution in its toolbox.

The B2 Group said it is rolling out the Multi-Bank Integrator platform, an automated banking tool built specifically for corporate cash and treasury management.

[bctt tweet=”The B2 Group is rolling out its Multi-Bank solution for corporate treasury.”]

The solution integrates into existing ERP platforms and automates data entry between corporates’ banks, the company said. The portal provides insight into payments and other banking transactions, cash positions and real-time foreign exchange data by linking with all accounts and services from the banks that companies already use.

“B2 always endeavors to deliver new products tailored to specific clients’ needs, and Multi-Bank is no exception,” said B2 CEO Phil Boland in a statement. “The product utilizes our proven banking integration platform, GTS, adapted to the specific needs of the corporate seeking banking independence, automation and control.”

Corporate users can choose whether to host the solution in-house or as a hosted service.

The executive added that, in developing Multi-Bank, B2 spoke with corporate treasury experts to explore exactly what this type of professional needs and is looking for in a banking and financial management solution.

BNP Paribas’ David Chatelet said that the solution is part of B2’s response to the demand for “rapid and flexible automated cash and treasury integration with their banks.”

The tool was rolled out early for some corporate clients to test; the full market availability of Multi-Bank was announced Tuesday and will be showcased at the Association of Corporate Treasurers Conference held in London later this week, the company said.