A new solution by U.S. Bank is providing corporate clients with a new vantage point to manage their accounts receivables operations.
In an announcement Monday (Oct. 19), the bank announced the rollout of VantagePoint, a platform that streamlines AP into a single portal and makes it accessible through the institution’s existing treasury management tool, SinglePoint.
According to U.S. Bank, VantagePoint can be used by businesses across industries. In addition to managing incoming payments, the service also helps companies manage the remittance data that comes along with those transactions. U.S. Bank has integrated automation capabilities, it added, to manage payment reporting and exceptions.
The bank’s head of Global Treasury Management Rich Erario said in a statement the struggle among corporate clients to accept electronic payments was a key focus of developing VantagePoint. According to the bank, remittance data often comes separately via fax or email, even when payments are done electronically. VantagePoint couples the e-payment with the data, the firm said.
[bctt tweet=”The struggle among businesses to accept e-payments was a key focus for VantagePoint”]
“The bank conducts in-depth process reviews with businesses and hosts focus groups on a regular basis to fully understand their most pressing business challenges,” Erario said in explaining how VantagePoint was developed. “VantagePoint is a direct result of those conversations. By streamlining the receivables management process and improving data reporting, VantagePoint makes it easier for our clients to make informed business decisions.”
U.S. Bank offered testimony from commercial food and beverage equipment manufacturing firm Perlick Corporation as an early successful adopter of the new solution.
“Our company has experienced tremendous growth over the last five years and we were looking for a receivables solution to help automate our received Automated Clearing House transactions,” the company’s credit & collections manager Ang Curro said in a statement, adding that VantagePoint served the corporation’s data consolidation and reporting needs.
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