Bill.com is rolling out a new solution aimed at making it easier for businesses to pay each other, and according to the company, it’s an industry first.
The cloud-based corporate payments firm announced Tuesday (March 8) that its Bill.com Network is now live. Using the cloud, the network connects businesses and banks, allowing players to more quickly connect to each other and carry out transactions.
The company said businesses using the service say they get paid two to three times faster than other payment processes.
Bill.com added that it vets all members of the network to reduce fraud; it also allows companies and banks to search for each other and access a directory to pay who they need to pay and to collaborate in real time by asking each other payments-related questions.
“The cloud has transformed virtually every industry, yet it’s had a lesser impact on the financial system, leaving businesses and banks without efficient means of moving money,” said Bill.com CEO René Lacerte. “Most businesses today still rely on paper checks.”
Lacerte pointed to the rising trend of financial institutions partnering with FinTech innovators in an effort to heighten the adoption of digital payments tools by businesses.
“Partnerships between financial institutions and companies like Bill.com are closing this gap,” the CEO added. “Our network is replacing archaic and complex legacy payment processes with new cloud-based models.”
The launch of the network follows Bill.com’s milestone of reaching 1 million members. The company also now processes $25 billion worth of B2B payments every year.
It’s been just over a year since Bill.com secured $50 million in funding from Silicon Valley Bank and an array of other backers.