Under the partnership, US bank will introduce a new tool, named AP Optimizer, on the Sage Live accounting platform.
The optimizer developed by the US bank combines practical, cost saving information with easy-to-execute action to help US Bank’s business customers maximize cash flow.
The tool will offer recommendations to enable users to make decision on bill payments and method of payment from any computer or mobile device.
It will also allow small and medium businesses to manage their cash flow in near real-time through dynamic integration with customers.
US Bank corporate payment systems middle market product & marketing head: “The AP Optimizer is just the first step into a new future of capabilities built on integration between payments and accounting.
“By showing the projected cash flow from both payables and receivables, the user quickly sees how to maximize their working capital and avoid ‘crunch times’ of late payments and loss of ‘float.’”
US Bank offers exclusive access to the AP Optimizer’s consolidated payables tool for its customers. The tool streamlines multiple payment methods such as check, virtual card, ACH and wire into one simple and efficient process.
The tool will also evaluates payments and cash flow data to give recommendations on times to pay.
On the other hand, the tool will provide insights for Sage Live customers by offering comparative data.
Sage partnerships and alliances executive vice president Alan Laing said: "More timely cash flow information is crucial to growing businesses as they look to improve customer service and operations.
“The data insight that Sage Live gives coupled with the capabilities of US Bank will bring joint clients a new level of timely control over their cash flow."
Recently, US Bank has started offering real-time, person-to-person payments for free, through the security of the clearXchange network, the largest bank-offered digital payments network in the US.
Image: The US Bank Tower in downtown Los Angeles, California. Photo courtesy of KennethHan/Wikipedia.
