Accounts payable (AP) Payments-as-a-Service (PaaS) platform Finexio announced that it has formed a partnership with California business bank Banc of California.
According to a Monday (May 23) news release, the partnership will see the bank offer its Banc PremierePay product — which is powered by Finexio — to help its middle-market and enterprise customers reduce AP costs and inefficiencies.
“The solution will also provide significant monthly time savings, improved visibility, virtual card payments, control and security and eventually embedded cash flow management products such as supply chain finance and credit lines,” the release said.
Finexio’s platform is embedded into the bank’s treasury management and commercial lending offerings, expanding the benefits and service capabilities offered to clients in sectors such as hospitality, healthcare, legal, entertainment, manufacturing, and construction.
“We are thrilled to work with a future-thinking institution like Banc of California to help its clients optimize payments and expenses, improve their competitive position, and drive bottom-line results,” said Ernest Rolfson, Finexio founder and CEO. “The turnkey technology we are embedding will enable Banc to further differentiate itself and provide another product built to improve the overall client experience.”
Learn more: Banc of California Considers Further Backing of FinTech Finexio
The partnership comes months after Banc of California said it was considering reinvesting in Finexio after contributing $1 million to the company’s $8 million growth round in August 2021.
“They provide what I would call payment optimization services to small and medium-sized businesses,” Banc of California President and CEO Jared Wolff said at the time. “The product helps users to efficiently manage their accounts payable functions, and what they do is interface with customers’ existing accounting software.”
See also: 92% of FIs Are Innovating or Plan to Innovate Embedded Finance Experiences
It also arrives at a time when many financial institutions (FIs) — 92% to be exact — report that they are either pursuing or plan to pursue embedded finance solutions to ease B2B payments frictions. However, the timetables and the focus of those efforts vary by FI size, PYMNTS research has found.
Payment processing is the key embedded finance experience FIs plan to innovate, with 52% of FIs saying they were likely to do so. Community and regional banks are the most likely FI types to make those changes, the study found.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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