Citizens Bank to Provide New Integrated Payables Solution for Commercial Clients
New accessAP™ platform delivers latest capabilities to enhance client experience
Citizens Bank announced today that it is partnering with Priority Commercial Payments, a division of Alpharetta, GA-based Priority Technology Holdings, Inc., to offer a leading-edge business-to-business integrated payment service for its Commercial Banking clients.
Citizens’ new accessAP™ platform will automate the Accounts Payable process using multiple settlement types, such as virtual card, ACH, and dynamic discounting, and will deliver them to clients in a single payables experience.
The easy-to-use web interface eliminates the need for costly, paper-based payments and drives electronic-based settlement options such as Commercial Card and ACH, which can offer revenue share from purchases which generate additional value for clients.
Some key benefits for Commercial clients include improved A/P efficiency and control over payment timing; increased Days Payable Outstanding; optimized working capital; reduced fraud risk; increased cost savings; and additional card rebates – creating a new revenue stream.
Some key benefits for clients’ suppliers include improved cash flow; guaranteed payment; reduced Days Sales Outstanding; detailed remittance advice; and relief from PCI and regulatory requirements.
“Our clients want to be able to accept and make payments using a range of payment types leveraging the latest technology to make these transactions seamless,” said Michael Cummins, head of Treasury Solutions at Citizens Bank. “This is the latest in a series of significant investments we are making in our product offerings to advance Citizens’ objective of becoming a best-in-class treasury management services provider.”
“It is very satisfying that Citizens recognized the value of Priority CPX’s complete solution suite for automated payables and the value-added features it will provide the bank’s current and future corporate clients,” said Tom Priore, chairman and CEO of Priority Technology Holdings, Inc. “The Citizens team is dedicated to using the best technology available to help power and accelerate the bank’s data-enabled strategy and to deliver superior end-to-end client experiences.”
Citizens is a trusted strategic and financial partner, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
For more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 31, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.