Signature Bank Taps Tech For Simplified AP

Chicago-based Signature Bank is rolling out a technology platform called Finrails AP to simplify B2B payments, the company announced on Thursday (Feb. 6).

Finrails AP offers businesses a cloud-based accounts payable (AP) solution that automates B2B payments on a secure digital dashboard using numerous payment methods. Payments are facilitated using virtual Visa commercial cards, ACH and checks.

“We recognized a need among our business customers for an automated solution that would help modernize and transform their payments from manual and paper-based processes into a simple, seamless solution,” said Anne Doligale, senior vice president of treasury management at Signature Bank.

Finrails AP offers increased visibility into cash flow, and the platform has built-in fraud detection via Positive Pay. A customer service team will assist vendors in moving to electronic payments.

“Visa is proud to be the virtual card partner for Finrails AP by Signature Bank,” said Kevin Phalen, global head of Visa Business Solutions. “Our collaboration with Finrails AP gives business owners more choice, flexibility and security when it comes to making payments.”

Businesses don’t have to be customers of Signature Bank to use Finrails AP. The platform was launched to address the demand for electronic AP solutions.

Signature Bank is a relationship-based commercial bank headquartered in Rosemont, Illinois. It is owned by Signature Bancorporation, Inc., a privately funded, locally-owned bank holding company founded in 2006. The company raised $15 million in 2018 in a debt financing funding round.

Paper checks remain the primary method U.S. businesses use to make and receive B2B payments, even though more cost-efficient digital payment options have become available.

Recent PYMNTS research found that 46.4 percent of AP professionals would like to implement electronic invoice solutions, 35.8 percent would like to adopt automatic order matching technologies and 22.9 percent would like to integrate ePayables with virtual cards into their broader B2B operations.