Synovus introduces Accelerate Pay for business payments

Rhea-AI Summary

Synovus launches AccelerateTM Pay, a new payment solution for commercial banking clients, offering various payment types while reducing check usage. Clients can choose payment methods, including checks and e-checks. The solution simplifies business-to-business payments, integrates with existing systems, and provides fraud mitigation. Synovus partners with Echo Health Inc. and DPX Payments for this offering.

Insights

Financial Analyst

The introduction of AccelerateTM Pay by Synovus represents a strategic move to enhance its treasury and payment solutions. This innovation is a response to the growing demand for digital payment options in the commercial banking sector. By offering a range of payment types and the flexibility for payees to choose their preferred method, Synovus is positioning itself to capitalize on the shift away from traditional check payments, which can be seen as a step towards operational efficiency and cost reduction.

From a financial perspective, the adoption of such technologies can lead to a decrease in transaction processing costs and an improvement in cash flow management. For investors, this could translate into improved profitability and potentially a more favorable position in the market for Synovus. However, the upfront costs associated with the development and implementation of such a system, as well as the competitive landscape of payment solutions, should be considered when evaluating the potential financial impact.

Market Research Analyst

Accelerate Pay's market impact hinges on its ability to differentiate Synovus in a crowded field of financial institutions offering payment solutions. The partnership with Echo Health Inc. and DPX Payments LLC could be a strategic move to leverage external expertise and technology, potentially speeding up market penetration and adoption rates. The hands-free payment origination and account reconciliation features, coupled with easy integration, are designed to attract commercial clients who seek to streamline their payment processes.

Long-term, the success of Accelerate Pay will depend on user experience, reliability and the solution's ability to evolve with the payments industry. If Synovus can ensure a seamless transition for clients and maintain robust fraud mitigation, it could see an uptick in client retention and attraction of new business. This could have a positive impact on Synovus' market share within the business-to-business payment solutions space.

Cybersecurity Expert

In today's digital environment, the emphasis on built-in payment fraud mitigation within Accelerate Pay is a significant feature. As businesses increasingly move away from checks, which are susceptible to fraud, the demand for secure electronic payment solutions is rising. A robust cybersecurity framework is essential, not only to protect client transactions but also to maintain trust and the company's reputation.

Investors should be aware of the potential risks associated with cyber threats and the implications they have on the financial health of a company. A breach or significant fraud incident could lead to financial losses and damage to Synovus' brand. The effectiveness of Accelerate Pay's security measures will be a key factor in its adoption and can be a competitive advantage if proven superior to other market offerings.

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus has launched Accelerate^TM Pay, a new payment solution that enables commercial banking clients to initiate account payable payments in several different payment types while minimizing the use of checks. The solution offers payees the freedom to choose how they want to get paid, with check payments and e-checks still an option.

“At Synovus, we’ve carefully assessed the market to ensure we deliver a standout accounts payable business-to-business payment solution for our clients,” said Katherine Weislogel, head of treasury and payment solutions at Synovus. “Accelerate Pay simplifies business-to-business payments for our clients while quickly adapting to future-proof for an ever-changing payments landscape.”

When payment types are added, Synovus clients can take advantage of new options without altering their systems, payment initiation workflow or reconcilement processes.

In addition to helping Synovus clients eliminate check payments, Accelerate Pay offers:

• Hands-free payment origination and account reconciliation.
• Easy enterprise resource planning or accounting application integration with implementation in minutes or hours rather than weeks without the need for technology support.
• Built-in payment fraud mitigation.

Synovus partners with Echo Health Inc. and DPX Payments LLC to offer Accelerate Pay to its clients. This is the latest addition to the Synovus treasury and payment solutions award-winning Accelerate suite. It joins Accelerate AR and FX to deliver comprehensive, streamlined cash management services and insights.

Learn more about Synovus Accelerate Pay.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on X, formerly known as Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240403120933/en/

Audria Belton

media@synovus.com

Source: Synovus Financial Corp.

FAQ

What is the new payment solution launched by Synovus for commercial banking clients?

Synovus has launched AccelerateTM Pay, a new payment solution for commercial banking clients.

What options does Accelerate Pay offer for payees?

Accelerate Pay offers payees the freedom to choose how they want to get paid, with check payments and e-checks still an option.

How does Accelerate Pay simplify business-to-business payments for Synovus clients?

Accelerate Pay simplifies business-to-business payments for Synovus clients by offering hands-free payment origination, account reconciliation, and easy integration with enterprise resource planning or accounting applications.

Who does Synovus partner with to offer Accelerate Pay to its clients?

Synovus partners with Echo Health Inc. and DPX Payments to offer Accelerate Pay to its clients.