PNC Treasury Management is rolling out a new solution designed to optimize corporate treasurers’ B2B payments.
In a press release Friday (Oct. 18), PNC announced its intelligent payment routing capabilities, which allows treasurers to generate a payment file and then have PNC automatically determine which payment channel should be used to execute the transaction. The decision will be made based upon an array of factors, including which payment method offers the lowest cost to the payer, enables the fastest delivery and other parameters pre-established by the treasurer client.
Options for payment methods will include real-time payment (RTP), same day ACH or next day ACH, with PNC planning to incorporate a wire transfer option in the first quarter of next year.
In a statement, PNC Treasury Management Executive Vice President and Head of Product and Operations Chris Ward said the automated payments optimization tool enables treasurers and other financial executives to use their time more strategically.
“Our clients have enough to focus their energies on without needing to also be experts when it comes to payments,” he said. “As a leader within the space, we have the expertise and solutions in place to determine the best method of executing a payment with robust reporting capabilities that add peace of mind.”
PNC noted that it will deploy its own automated payments routing solution within its employee expense reimbursement program to optimize reimbursement payments made to staff. The tool will incorporate employees’ bank direct deposit information obtained from payroll, while also using the existing NACHA origination file to route the payment in real-time if the technology determines that the employee is eligible to receive payments via RTP. If not, the payment will then automatically be initiated via ACH.
The financial institution noted that it was an early adopter of faster payment solutions like RTP when it launched two years ago.