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Arvest Bank Joins Billtrust’s Business Payments Network
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Rhea-AI Summary
Billtrust (NASDAQ: BTRS) has partnered with Arvest Bank to enhance B2B electronic payments through its Business Payments Network (BPN). This collaboration allows Arvest’s clients to streamline payment processes, increasing adoption of virtual credit cards and access to suppliers. In 2021, Billtrust saw over $1 billion in supplier invoices delivered, marking a 58% growth from the previous year, a testament to the increased adoption of its solutions. This partnership positions both firms to capitalize on the growing demand for digitized payment solutions.
Positive
BPN partnership with Arvest Bank enhances B2B electronic payments.
The collaboration promotes virtual credit card adoption among clients.
Billtrust achieved over $1 billion in supplier invoices delivered in 2021, a 58% increase from 2020.
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Leading Regional Bank Chooses BPN to Offer B2B Customers Streamlined Automated Electronic Payments to Network Participants
LAWRENCEVILLE, N.J.--(BUSINESS WIRE)--
Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced today that Arvest Bank, owner and operator of 14 locally managed banks in Arkansas, Oklahoma, Missouri and Kansas, has joined its Business Payments Network (BPN) as a provider partner, streamlining electronic B2B payments for its corporate clients. Participating Arvest customers are now able to accelerate and simplify the payments process by automating electronic payments to Billtrust’s network of suppliers, distributors and vendors while scaling virtual credit card adoption.
“BPN gives Arvest customers access to additional suppliers while streamlining payments for both suppliers and buyers, enabling them to be sent in suppliers’ preferred formats,” said Keith Zollicoffer, Director of Commercial Credit Card Solutions, Arvest Bank. “Driving more electronic spend and promoting digitization helps equip our clients’ businesses for the future while maximizing our level of service and the value we provide.”
“We are pleased that Arvest Bank is now a part of BPN,” said Flint Lane, CEO, Billtrust. “At a time when digitization is more important than ever, Arvest’s ability to maximize supplier electronic payments through BPN offers their customers a competitive advantage.”
Arvest Bank joins BPN following Billtrust surpassing $1 billion in supplier invoices delivered to accounts payable (AP) portals in 2021, its largest single-year total and a 58% increase over 2020. The dramatic rise can be attributed to increased BPN adoption, which began enabling invoice presentment to AP portals in addition to its existing payment and remittance acceptance capabilities.
With more than $26 billion in assets, Arvest Bank is a community-based financial institution serving more than 110 communities in Arkansas, Kansas, Missouri and Oklahoma. Established in 1961, Arvest Bank is committed to meeting the needs of its more than 830,000 retail and business customer households by continually investing in the digital tools and services customers expect. Arvest was recently recognized by J.D. Power for its outstanding mobile banking experience. Its extensive network of more than 200 banking locations provides loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing as a part of its growing list of digital services. Arvest is known for its commitment to the communities it serves and to attracting, hiring and retaining a diverse group of talented people. Arvest is an Equal Housing Lender and Member FDIC. To learn more please visit www.arvest.com.
About Arvest Wealth Management
Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not a Deposit, Not Guaranteed by the Bank or its Affiliates, Not FDIC Insured, Not Insured by Any Federal Government Agency, May Go Down in Value. Trust services provided by Arvest Bank.
Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the benefits and synergies that may be realized by Billtrust (“the Company”) and Arvest Bank as a result of the partnership. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including Billtrust’s and Arvest Bank’s ability to realize the anticipated benefits and synergies of the partnership. There may be additional risks the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
