To let financial institutions (FIs) and issuers provide an automated accounts payable (AP) solution with their own branding to their corporate customers, Regal Software has rolled out its RegalPay B2B payments software, according to an announcement.
The technology lets community banks, regional banks and FIs provide a white-labeled AP offering to their business clients.
Regal Software Delivery Solutions Vice President Ed Wertzberger said in the announcement, "With RegalPay, there is no feeling of being 'locked in' like there is with other software. It works with any bank and can manage all of the vendor information, payment types, and configuration required to interface with your bank's payment processing software without any modifications to your system."
RegalPay serves as an “engine” for electronic payments that receives payment tractions from enterprise resource planning (ERP) or accounting technologies as inputs to send to FIs. After transmitting the information, the software conducts a download of settlement files each day and reconciles the bank’s records to the company’s own records to show how much cash the company has for the day.
The company said that those who work in accounting or finance functions can harness its RegalPay technology straight from their computers. While RegalPay streamlines payments, the company said it lets users keep complete control over the way they are handled.
The news comes as businesses have begun to amp up their digitization initiatives just after stay-at-home rules started. Weeks into telecommuting, however, some questions might exist as to how serious companies were about moving AP operations to the cloud and making vendor payments digital.
OnPay Solutions President and CEO Neal Anderson said in a recent PYMNTS discussion, “The reality check is, the enthusiasm for digital transformation has not waned at all. If anything, it’s even more top of mind.”
Remaking and restarting the American economy will involve automation for AP.
“Buyers need upgraded AP tools that provide detailed views of their finances and outstanding invoices to keep their operations running smoothly,” as the newest Next-Gen AP Automation Tracker® done in conjunction with Bottomline Technologies, noted.