U.S. Bank's latest offering for corporate treasurers aims to simplify the shift from manual to virtual B2B payments.
The bank announced Wednesday (Oct. 26) its latest tool, APConnector, as a way to automate and digitize accounts payable, while integrating that process into existing ERP systems. APConnector supports payments made via virtual card and automatically captures data for remittance and reconciliation purposes, the bank said, and enables treasurers and financial professionals to remove manual AP processes and payment methods more easily.
"APConnector removes a primary barrier to virtual card adoption: accounts payable system integration," explained Bob Kaufman, U.S. Bank virtual payments general manager, in a statement. "With APConnector, organizations can realize the increased efficiency and cost savings offered by U.S. Bank Virtual Pay without modifying their ERP systems or undergoing a major IT project. Even if a client changes ERP systems, they can continue to use APConnector. It's the fastest way to get on board and stay on board with virtual payments."
U.S. Bank cited data from the Association for Financial Professionals, whose 2013 Electronic Payments Survey found that 66 percent of survey respondents agreed that integrating payments into ERP systems is a top challenge. According to the bank, its APConnector solution automatically integrates into most accounting and ERP systems in place within a corporation.
Regal Software spearheaded the development of the new tool alongside U.S. Bank, reports said. The company focuses on accounts payable automation software.
"The last mile in automating the procure-to-pay process is connecting customers' accounting systems to their financial institution's treasury system," said Regal CEO Kofi Conduah in another statement. "U.S. Bank turns that final mile into a sprint with its APConnector tool. It makes the whole process very simple and adds a higher level of security at the same time."
U.S. Bank has renewed its focus on virtual cards this year. Last February, the bank announced plans to expand its business payment offerings via the U.S. Bank Commercial Payments Manager, which enables automated virtual payment solutions for mid-market firms.