B2B Payments

BNY Mellon Takes A Fresh Look At AR

Last month, Bank of New York Mellon secured a partnership with Bottomline, a deal that sees Bottomline’s Paymode-X integrate into BNY Mellon’s network to streamline corporate electronic payments. The bank is once again boosting its B2B payment services, though this time with a different collaboration.

The bank revealed Tuesday (Oct. 27) that it will be working with Top Image Systems and its iRemit cloud-based remittance tool to enhance BNY Mellon’s existing accounts receivable services for customers of its treasury service unit.

[bctt tweet=”BNY Mellon will be working with Top Image Systems to enhance its AR services.”]

In its announcement, the bank called the venture a “major upgrade” to its AR tools. The iRemit solution will provide BNY Mellon with reporting, archival and retrieval capabilities for receivables clients, the companies said, noting that the integration will lead to a more robust way for customers to gain data analytics from the AR side of their operations.

In a statement, TIS Americas President Bob Fresneda said the integration into BNY Mellon will “add an exciting new dimension” to the bank’s existing AR program.

According to BNY Mellon‘s managing director and head of the supply chain product management group at its treasury services business, Paul Simons, the collaboration is part of the bank’s focus on supply chain management services for corporate clients.

"One of the key benefits we can deliver to clients is our ability to consolidate payment flows and remittance information across the full array of payment channels, electronic as well as paper-based,” Simons stated. “Our collaboration with TIS is going to add new and exciting dimensions to our ability to provide insights and analytics on receivables quickly, efficiently and on a fully integrated basis."

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. The July 2019 edition of the FI Innovation Readiness Playbook examines how the innovation playing field is leveling as small FIs implement bolder strategies and larger banks adopt more measured approaches.


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