Synovus Launches ‘Future-Proof’ B2B Payments Solution

Synovus, a bank with branches in Georgia, Alabama, South Carolina, Florida and Tennessee, has launched a new B2B payment solution that gives its commercial banking clients a choice of several different payment types when initiating accounts payable (AP) payments.

The new Accelerate Pay solution is designed to let payees choose how they want to get paid and to reduce the use of checks, while still offering check payments and eChecks as an option, the bank said in Wednesday (April 3) press release.

“Accelerate Pay simplifies business-to-business payments for our clients while quickly adapting to future-proof for an ever-changing payments landscape,” Katherine Weislogel, head of treasury and payment solutions at Synovus, said in the release.

With this solution, the bank’s clients can add new payment options as they become available, without having to alter their systems, payment initiation workflow or reconcilement processes, according to the release.

Accelerate Pay also provides hands-free payment origination and account reconciliation as well as built-in fraud mitigation, the release said.

The solution can be easily integrated with enterprise resource planning (ERP) or accounting applications, with implementation taking minutes or hours rather than weeks, per the release.

“At Synovus, we’ve carefully assessed the market to ensure we deliver a standout accounts payable business-to-business payment solution for our clients,” Weislogel said in the release.

Accelerate Pay is offered to Synovus clients in partnership with Echo Health and DPX Payments, according to the release. It joins the bank’s suite of treasury and payment solutions that also includes Accelerate AR and FX.

DPX Payments was formed in May 2023 as a joint venture between Echo Health and Deluxe aimed at offering “advanced payables offerings to the large and underserved middle-market.”

The company offers digital payments services to companies that send payments to vendors and suppliers using paper. It supports ACH, virtual card, paper check, push to debit card, eCheck and other payment types.

“DPX Payments reduces the burden on AP teams to worry about whether their payee can accept their preferred payment method, regardless of payment type preference,” Michael Reed, president of payments at Deluxe, said when announcing the launch of the joint venture.

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