Synovus Introduces Synovus Accelerate AR, a New Integrated Receivables Suite of Solutions

Rhea-AI Summary

Synovus announces the launch of Synovus Accelerate AR, a comprehensive receivables suite designed to enhance working capital access and streamline payment processing. In collaboration with Deluxe, this solution includes features like the AR Console, AR Match, AR Biller, and AR Aggregator, all aimed at improving cash flow and operational efficiency. This partnership, lasting over two decades, underscores Synovus's commitment to meeting evolving business needs.

Positive

• Launch of Synovus Accelerate AR to enhance working capital access.
• Integration with Deluxe for advanced receivables processing solutions.
• Focus on automation and efficiency in accounts receivable management.

Negative

• None.

Synovus today introduced Synovus Accelerate AR, an all-new, fully integrated receivables suite enabling organizations to accelerate access to working capital and reduce exceptions with straight-through processing across all payment channels. Synovus Accelerate AR is provided with Deluxe, a Trusted Payments and Business Technology™ company and the industry leader in retail and wholesale lockbox services.

“The proliferation of payment channels, and the constant change in preferences by the businesses and consumers who use them, have increased the challenge of effectively processing and posting payments deployment options,” said Katherine Weislogel, Synovus Head of Treasury & Payment Solutions. “Synovus Accelerate AR anticipates the rapidly evolving requirements of organizations to accelerate capture of payments, improve the cash conversion cycle, and make better business decisions.

“We couldn’t be more excited to make Synovus Accelerate AR available to clients, or to extend our partnership with Deluxe, with whom we’re proud to have collaborated for more than 20 years.”

“Everyday businesses large and small struggle with accounts receivable efficiency,” said Gary Cawthorne, Vice President of Treasury Management for Deluxe. “We’re thrilled to be continuing our longstanding relationship with Synovus on this all-in-one cloud solution that not only automates digital and paper processing but improves speed and accuracy during the process.”

Synovus Accelerate AR includes the following services:

• Synovus Accelerate AR Console, a comprehensive portal that displays all accounts receivable activity and is the primary service module for the Synovus Accelerate AR suite. The console offers a wide range of flexible deployment options for lockbox and receivables solutions for clients to improve their business, reduce operational risks, and improve their cash flow and efficiency ratios.

• Synovus Accelerate AR Match, a straight-through-processing service that automatically matches incoming electronic and paper payments to open invoice remittance details using machine learning and sophisticated algorithms.

• Synovus Accelerate AR Biller, which enables clients’ customers to quickly and securely view bills and make payments from a web browser or mobile device, including the option to select from multiple payment methods, save payment information for next time, or activate recurring payments.

• Synovus Accelerate AR Aggregator, which consolidates payments, electronically delivers fund and posting data to clients, and results in fast, straight-through processing that maximizes efficiency.

Retail and wholesale lockbox services are also available as part of Synovus Accelerate AR.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail 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, and international banking together with its affiliates through 285 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 Twitter, Facebook, LinkedIn, and Instagram. Equal Housing Lender.

Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay and get paid, accelerate growth and operate more efficiently. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2.8 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com, www.facebook.com/deluxecorp, www.linkedin.com/company/deluxe, or www.twitter.com/deluxe.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210601005078/en/

FAQ

What is Synovus Accelerate AR and its purpose?

Synovus Accelerate AR is a newly launched integrated receivables suite aimed at accelerating access to working capital and streamlining payment processing.

Who is Synovus partnering with for the Synovus Accelerate AR suite?

Synovus is partnering with Deluxe, a leader in retail and wholesale lockbox services, for the Synovus Accelerate AR suite.

What services are included in Synovus Accelerate AR?

Services include Synovus Accelerate AR Console, Match, Biller, and Aggregator, which enhance payment processing efficiency.

How will Synovus Accelerate AR benefit businesses?

The suite is designed to improve cash flow, reduce operational risks, and enhance decision-making capabilities for businesses.

When was Synovus Accelerate AR introduced?

Synovus Accelerate AR was introduced on June 1, 2023.