Optimizing Supply Chain Payments Via Virtual Cards & Enhanced ACH Creates Significant Cost-Efficiency, Workflow Automation, & Payment Fraud Risk Reduction for Enterprise Clients
BOSTON, Nov. 17, 2022 (GLOBE NEWSWIRE) — Today, enterprise B2B payments leader Treasury Intelligence Solutions (TIS) announced the launch of a new domestic payment orchestration program.
Using the program, enterprises operating in certain localities, such as the U.S., can leverage TIS to simplify and streamline payment activity across their domestic network of suppliers, vendors, and partners. By analyzing each unique vendor relationship and supplier network, TIS can determine which domestic payment option provides the greatest financial and operational efficiency across ACH, virtual card, check, or wire. Then, TIS provides a streamlined and highly secure channel for enterprises to execute these transactions via integrations with several selected institutional and fintech partners.
Payments that are channeled through this workflow are ultimately rewarded through a rebate program that can provide significant savings for companies with high payment volumes.
For added simplicity and security, enterprises that join the program can submit a single payment instruction file to TIS for identifying the relevant payees, invoices, execution dates, and eligible payment options. This drastically streamlines the process for companies to submit payment instructions through their back-office and eliminates the need to store redundant supplier payment data in their originating system, such as an ERP. It also significantly reduces the risk of payment fraud via an enhanced segregation of duties workflow for managing supplier payment master data.
Having initially introduced the program to the U.S. in July 2022, there are already more than 75,000 suppliers enrolled, and over $20 billion in applicable payments are being routed through TIS annually. According to Chris Calhoun, CEO Americas at TIS, “Optimizing the use of local payment modalities in the U.S. and in other regions allows our clients to simplify and streamline their supply chain payments and achieve a material financial benefit. As such, developing solutions that provide efficiency and risk reduction in these areas continues to be a top priority.”
For more information about this announcement, refer to the below contact information or download the expanded factsheet.
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