People's United Bank Bolsters Suite of Treasury Management Technology with Integrated Payables and Invoice-to-Pay Solutions

Rhea-AI Summary

People's United Bank has expanded its Treasury Management Payment offerings by partnering with FIS and MineralTree to launch advanced Accounts Payable (AP) automation solutions. This initiative aims to enhance the client experience and streamline traditionally paper-based processes with secure digital capabilities. The Integrated Payables solution allows clients to manage payments efficiently, while MineralTree's Invoice-to-Pay solution integrates with existing ERPs for digitized invoice handling. The bank focuses on investing in technology to support client business continuity, especially during challenging times.

Positive

• Collaboration with FIS and MineralTree for enhanced AP automation.
• Integrated Payables solution streamlines payment processing, reducing costs.
• Invoice-to-Pay solution improves invoice management and audit trails.
• Focus on client business continuity through technology investments.

Negative

• None.

BRIDGEPORT, Conn., July 1, 2020 /PRNewswire/ -- People's United Bank, N.A., a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), has expanded its Treasury Management Payment offering, partnering with FIS and MineralTree to bring to market two best-in-class AP Automation solutions that will replace traditionally paper-based processes with simple, secure digital capabilities for Commercial Banking clients. These additions are part of People's United's strategy to augment the client experience through the continued expansion of personalized technology across business lines.

"We are excited to be working with two industry-leading providers to bring the value of their solutions to our clients and to change the way they make payments through automated technologies. We remain focused on forming strategic partnerships with Fintech companies and making continued investments that enhance the Treasury Management client experience," said Cris Sigovitch, SVP Treasury Management, People's United Bank. "These technologies are also critical elements to client business continuity planning and enabling Accounts Payable teams to effectively carry out their responsibilities particularly during this difficult time."

Through FIS's Integrated Payables solution, clients can access a cloud-based payments platform that accepts payment files from an existing ERP system and executes AP payments through designated bank accounts, including virtual card, ACH, wire or check. Integrated Payables helps transform Accounts Payable operations by streamlining processes, reducing costs, increasing revenue, and mitigating fraud risk.

"We are pleased to expand our long-term relationship with People's United to help the Bank enhance the customer experience through increased speed and ease of use through our sophisticated digital payment solutions," said Mike Kresse, Division Executive of Card & Money Movement at FIS.

MineralTree's Invoice-to-Pay solution will seamlessly integrate with clients' existing ERP while delivering the ability to digitize invoices and coordinate all approvals electronically from invoice capture and approval, to payment authorization and execution, all with enhanced record keeping and audit trails.

"Today's businesses and corporations need efficient operations and cost savings enterprise-wide, and the Accounts Payable function is no exception," said Micah Remley, CEO, MineralTree. "We are excited to begin this new partnership with People's United and look forward to being an integral part of their service expansion with the Invoice-to-Pay solution."

People's United's Treasury Management team provides direct support to the Bank's commercial and small business clients through their tailored cash management and commercial card solutions. From maximizing working capital and processing payments faster, to enhancing operational efficiency and controlling risk, the Treasury Management team's goal is to help clients effectively manage their financial needs to achieve long-term success.

About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $60 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management and insurance solutions. The company also provides specialized commercial services to clients nationwide.

 

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SOURCE People's United Bank