Silicon Valley Bank announced Wednesday the launch of a new cash management and bill pay solution for small businesses called PayAbility. The web-enabled interface leverages software from independent developer MineralTree, which acts as a conduit between the accounting and accounts payable system of a small business and the bill payment options offered by the bank. According to the bank:
SVB PayAbility is layered over your existing accounting application and integrates directly with SVB’s payment systems – with no changes required to either one. It streamlines your payables process, improves cash management and operational efficiencies, and increases security through one simple interface.
Technology solution simplicity is key to small-business market success because smaller firms often lack dedicated information technology resources. The systems’ integration efforts have to be virtually “plug and play,” or the entrepreneur will conclude that implementing the product is more trouble than the problem it is meant to solve.
Cambridge, Mass.-based MineralTree wants to enable simpler payment solutions for both small businesses and the financial insttutions that serve them. According to the firm:
The MineralTree solution is designed specifically to address the unmet needs of an underserved SMB market, and to help banks serve these critical customers better. MineralTree brings secure, integrated payables and cash management to SMBs at a cost that is easy to justify. It’s layered over existing SMB accounting applications and integrates easily with bank payment systems – with no changes to either.
The partnership with Silicon Valley Bank is designed to provide more sophisticated services and scalable efficiency to its rapidly-growing customers. The PayAbility product also caters to the on-the-go needs of entrepreneurs; it includes an iPad application which enables the review or approval and release of payments that have previously been entered into the system.
Click here to read more from Silicon Valley Bank’s press release.