US Dataworks and Revo Payments are partnering to bring eInvoicing and receivables automation together in a single, cloud-based solution. By combining lockbox services with electronic invoicing and payment processing, the joint offering gives banks a more complete way to serve middle market and smaller commercial customers. These capabilities, once limited to large enterprises with custom systems, are becoming more accessible as businesses look to reduce manual processes and move away from checks. For banks, the ability to offer integrated eInvoicing solutions could become a key differentiator in winning and retaining commercial clients.
US Dataworks has the cloud-based lockbox solution, and Revo Payments supports electronic processing of invoices and payments. The new, combined solution enables Revo to piggyback on the installed base of US Dataworks through its established banking relationships, while strengthening the joint product offering.
According to the companies:
“The combined product offering delivers an end-to-end eInvoicing and payment solution using private cloud technologies to make it easy to implement for businesses of all sizes. Banks can now serve their middle market customers with the advanced electronic lockbox technology and receivables automation previously available to only large corporations using highly customized solutions.”
Smaller banks will gain competitive advantage from the ability to offer this solution to their middle market and smaller commercial customers. The combination of electronic invoicing and receivables processing should be an attractive treasury solution for commercial customers, as they continue to migrate slowly away from the use of checks.
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