People's United Bank Treasury Management Enhances Technology Suite with Addition of Electronic Billing and Payment Capabilities

Rhea-AI Summary

People's United Bank, a subsidiary of People's United Financial, announced an expansion of its Treasury Management services through a partnership with Transactis, a Mastercard company. This partnership will introduce digital Accounts Receivables capabilities, enhancing the efficiency of billing and payments for clients. The solution offers businesses automation, improved cash flow, and various payment options, including ACH and mobile wallets. Additionally, People's United has partnered with FIS and MineralTree to enhance its AP Automation solutions, further bolstering client experiences.

Positive

• Partnership with Transactis enhances digital Accounts Receivables capabilities, streamlining billing processes.
• Allows businesses to automate receivables, improving cash flow and customer experience.
• Introduces multiple payment options and digital channels, increasing customer control.
• Recent partnerships with FIS and MineralTree to enhance AP Automation solutions, expanding service offerings.

Negative

• None.

BRIDGEPORT, Conn., Oct. 6, 2020 /PRNewswire/ -- People's United Bank, N.A. a subsidiary of People's United Financial, Inc. (NASDAQ: PBCT) announced it continues to expand its Treasury Management offering by partnering with Transactis, a Mastercard company, to deliver digital Accounts Receivables capabilities that replace traditionally paper-based processes. With the Accounts Receivables solution, People's United Treasury Management clients can provide their customers the option to deliver bills and receive payments through one simple to navigate digital experience.

"Our clients have been increasingly requesting digital-centric technology designed to enrich the experience for their customers, provide a differentiated level of service, and eliminate inefficiencies associated with paper bills and checks," said Cris Sigovitch, SVP Treasury Management, People's United Bank. "In addition, this solution can help to streamline collection channels, reduce costs, ensure on-time payments, and improve payment posting."

Through digital Accounts Receivables, businesses can automate receivables, improve cash flow and configure the platform to maintain direct control over how they are paid. With flexible payment options, including multiple methods (ACH, Credit/Debit, and alternative methods) and a variety of digital channels (web, IVR, CSR, text and mobile wallet), businesses offer their customers greater control and transparency in how they manage their bill payments, improving the overall customer experience. The enhanced messaging capabilities of the platform also help businesses keep their customers up to date with critical information.

"We are delighted to partner with People's United to help enhance the customer experience with increased speed and ease of use through our leading digital billing and payment solution," said Joe Proto, CEO, Transactis. "Using our Accounts Receivables solution, People's United will further strengthen their relationship-based approach to service through a unique combination of best-in-class technology and banking expertise."

In addition, People's United Treasury Management recently partnered with FIS and MineralTree to bring to market two AP Automation solutions to deliver simple, secure digital capabilities for Commercial Banking clients. These additions are part of People's United's strategy to augment the overall client experience through the continued expansion of personalized technology across business lines.

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 $61 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

FAQ

What is the new service offered by People's United Bank's Treasury Management?

People's United Bank's Treasury Management is now offering digital Accounts Receivables capabilities through a partnership with Transactis.

How does the digital Accounts Receivables solution benefit businesses?

It allows for automation of receivables, improves cash flow, and offers flexible payment options, enhancing customer experience.

What are the payment options available with the new Accounts Receivables solution?

The solution supports various payment methods, including ACH, credit/debit cards, and mobile wallets.

When was the partnership with Transactis announced?

The partnership was announced on October 6, 2020.

What additional partnerships has People's United Bank formed recently?

People's United Bank has partnered with FIS and MineralTree to enhance its AP Automation solutions.