VSoft, which operates the open banking platform Arya, is adding new features for its business customers.
The company announced news on Monday (Oct. 23) that it is introducing business bill pay and cash flow management features for the Arya tool, which combines mobile and digital banking solutions aimed at streamlining financial management for its corporate banking clients. The Arya platform streamlines mobile and digital banking for users of the financial institutions’ (FIs) core banking services.
The solution supports ACH disbursements and wire transfers initiated from the platform, as well as fraud monitoring and business bill pay. Companies can set up automated and expedited payments with the new features, VSoft said, and control accessibility for their employees.
Arya already provides features for corporates, including remote deposit capture for check deposits, employee transaction tracking and other tools.
The banking platform rolled out earlier this year for both consumers and businesses as a tool to integrate into core banking solutions.
“Arya’s digital banking features are ideal for business account holders, offering an easier and … cost-effective approach to banking by providing important services at their fingertips,’ said VSoft Chairman and CEO Murthy Veeraghanta in a statement. “New technology and innovations have shaped businesses’ expectations of how their financial institutions should support their banking needs. With Arya, financial institutions can streamline multiple banking channels under a single access point, which makes it easier for businesses to manage their finances in one place and utilize administrative controls over employee roles and restrictions.”
VSoft’s Arya platform surfaced at a time when traditional FIs were beginning to pair and collaborate with FinTechs in an effort to address the increasingly sophisticated needs of corporate banking customers.
Recent research from FIS found that small businesses (SMBs) are particularly struggling when it comes to getting all they need from their banks, with SMBs increasingly dissatisfied with the lack of options their FIs provide when it comes to cutting-edge products and services. Nearly half of small businesses surveyed said they were considering switching banks because the FI lacked the products and services they wanted.
Separate analysis from Temenos and Ovum, released earlier this month, found that larger corporates are also dissatisfied with their banks and are considering switching providers.