BankLabs, a firm providing mobile technology products for community banks, announced Tuesday (Feb. 20) that it had launched its +Pay offering.
In a press release, BankLabs said the new product integrates with its construction loan automation product, Construct, enabling automation of the payment stream between builders and subcontractors.
According to BankLabs, +Pay with Construct speeds up the payments process and removes the need for paper through electronic lien waivers, invoices and automated 1099 tax reporting. It helps subcontractors get paid efficiently and, in turn, pay their employees on time. BankLab’s mobile and web-based service improve transparency between payers and recipients, reducing unnecessary friction between builders and subcontractors.
“Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system,” said David Veurink, chief credit officer and head of commercial banking at Countryside Bank. “+Pay does just that, and the team at BankLabs has been extremely responsive and customer-oriented in their approach.”
Banks can leverage the new product to increase fee income and attract more deposits, BankLabs said. The two initial financial institutions using +Pay have processed more than $126 million in construction payments combined, and more banks are under contract.
“Countryside Bank was our first customer on +Pay last year,” said Matt Johnner, president and co-founder of BankLabs. “They have been very helpful in working out any kinks, and we are thrilled that they are seeing process improvements with our technology.”
Builders and subcontractors can also take advantage of using +Pay.
In addition, BankLabs said the company’s mission is to reimagine banking through technology targeted at community banks. It aims to create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. The company believes community banking is a way of doing business, not a size or location.