WSFS Bank Unveils Integrated Accounts Payable Platform

WSFS Bank has launched a digital electronic payables tool that gives its commercial banking customers integrated accounts payable (AP) capabilities.

The tool will replace paper-based processes and allow customers to streamline payments through a single digital platform, the Wilmington, Delaware-based bank said in a Thursday (Oct. 28) press release.

“Delivering the right technology continues to be at the forefront of what we provide our Customers so they can focus less on administrative tasks, such as payments, and more on their customers,” said Ray Abbott, SVP, head of cash management at WSFS Bank. “Processing checks is expensive and has the potential for errors and a higher risk of fraud. Our Integrated Payables Solution helps solve these concerns in one streamlined resource.”

The payables solution lets businesses streamline the AP process and execute payments as checks, ACH, wire transactions or virtual cards. WSFS says it will let customers boost revenue by converting check transactions to card transactions, as customers are eligible for a monthly rebate. It can also reduce processing costs and labor associated with checks and prevent fraud.

“With multiple payment options, businesses can provide their customers more clarity and control in managing their payments, improving the overall customer experience,” the release said. “The new digital Integrated Payables Solution allows WSFS Bank Customers greater control and transparency in managing their payments and translates to an overall better Customer experience.”

WSFS Bank is the main subsidiary of WSFS Financial Corporation, a multi-billion-dollar financial services company.

Read more: New Study: More CFOs Using Digital Transformation to Increase Customer Lifetime Value

The announcement comes at a time when a growing number of CFOs are embracing digital transformations, as a recent PYMNTS/Versapay survey found.

Thirty-two percent of the CFOs surveyed said “they have become focused on digitizing workflows because of the pandemic. In particular, digitization has focused on systems that have a bearing on customer relationships, like accounts receivable and accounts payable.”