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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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.