B2B automation and integrated payments platform Billtrust has expanded its Business Payment Network (BPN) provider relationship with KeyBank with the addition of B2B invoice delivery on top of capturing payments and processing remittance data through a digital lockbox.
The expanded relationship means KeyBank can deliver invoices to more than 170 accounts payable portals, according to a Thursday (April 21) press release. Recent research conducted by Billtrust shows that the average accounts receivable team is uploading invoices into 11-20 accounts payable portals each month.
“BPN has given our clients the ability to quickly convert checks to digital payments,” KeyBank Enterprise Payments Head of Emerging Products Megan Kakani said in the press release. “KeyBank is excited to take an active role in adding new suppliers that will benefit from increased electronic acceptance and reconciliation capabilities.”
Automatic invoice delivery into these portals means KeyBank clients can boost their efficiency and productivity while speeding cash flow.
“I’m pleased to build on our already strong relationship with KeyBank, and I appreciate their confidence in BPN’s ability to accelerate their clients’ digital transformation at a time where all businesses can benefit from these types of innovations,” Billtrust Senior Vice President and General Manager, Business Payments Network Nick Babinsky said in the press release.
Related: Billtrust Partnership With Procede Software Expedites Payments for Truckers
In March, Billtrust partnered with heavy-duty truck and commercial vehicle dealer management system (DMS) and solutions provider Procede Software to expedite payments, boost revenue and increase profits.
Through the partnership, Billtrust will integrate its cloud-based accounts receivable (AR) software with Procede’s dealer management software, Excede, to bring customers a complete solution for automated, electronic invoicing and digital payments. They will also get access to Billtrust’s BPN.
Billtrust also touted its international expansion as one of its recent highlights in its quarterly earnings report for the period ending Dec. 31, 2021. Card payments had been a big part of Billtrust’s recent revenue growth, with direct revenue growing 64% year over year in the fourth quarter.
In mid-February, Billtrust unveiled version 10.0 of its machine learning-driven Cash Application solution, which works with the Billtrust BPN.
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