U.S. Bank is working with payments service provider Billtrust to provide business customers with an accounts receivable solution. 

The platform, called Advance Receivables, will help automate invoicing and payments along with providing custom methods for collection of invoices, Alberto Casas, head of product for U.S. Bank global treasury management, told Bank Automation News. 

On the receivables side, a business is “largely dependent upon the buyer’s preferences of how they want to pay, and they’re dependent upon the buyer’s level of [payment] sophistication,” Casas said. 

The solution helps businesses in “automating and accelerating the receivable process,” which helps them manage cash flow, he said. 

“Cost of capital is very high with interest rates, and our customers are super focused on finding internal sources of capital,” which prompted the $669 billion bank to launch Advance Receivables, Casas said. 

J.P. Morgan Payments, PopID team up on biometric solutions

J.P. Morgan Payments is expanding its use of merchant solutions provider PopID to launch in-store biometric payment capabilities, according to an Aug. 6 J.P. Morgan Payments release. 

The solution is pay-by-face biometrics, which allows faster transactions without the need for a device or card, according to the release. The solution is expected to decrease checkout times by up to 90 seconds per transaction. 

Restaurant chain Whataburger will participate in a pilot of the solution, the release stated. 

“This new offering allows us to provide a faster, safer and seamless checkout process for our valued guests, backed by the stability of an established financial institution,” Jerry Phillips, vice president of technology at Whataburger, said in the release. 

Credicorp Capital selects Temenos for cloud-based core operations

Peru-based investment management company Credicorp Capital has selected global financial technology provider Temenos for its cloud-based core processing. 

Temenos’ Multifonds platform, delivered as software-as-a-service, encompasses all asset classes and fund types, from traditional mutual, insurance and pension funds, as well as alternatives, including ETFs, hedge funds and private equity, Oded Weiss, managing director of Multifonds at Temenos, told BAN. 

“Our solutions include an integrated investment book of records and accounting book of records, along with automated workflow and AI-enabled exception-driven processing, which improve the efficiency of fund operations across both middle- and back-office functions,” Weiss said. 

The cloud-based infrastructure “enables Credicorp Capital to scale elastically according to business demand in a more cost-effective and sustainable way,” Weiss said. 

Citi, Standard Charter Bank and Northern Trust are a few financial institutions that use Multifonds, Weiss said. 

Northeast Bank picks CorServ for commercial credit cards

The $770 million Northeast Bank has selected payments provider CorServ Solutions to provide its commercial customers with credit cards, according to a July 30 CorServ release. 

Northeast Bank’s commercial and business customers will be able to earn rewards through credit cards and access customizable reports on their expenditures, the release said. 

“We are seeing increased demand for commercial cards,” CorServ Chief Executive Anil Goyal told BAN. “Although some of the increase may be from companies using them to manage cash flow.” 

Studio Bank, Busey Bank and South Shore Bank are some of CorServ’s customers, according to the company. 

Global Payments signs stadium partnership with Diamond Baseball Holdings

Tech provider Global Payments will serve as Diamond Baseball Holdings’ commercial technology provider, according to today’s Global Payments earnings release. 

The deal builds off momentum from Global Payments’ point-of-sale solutions, CEO Cameron Bready said in the earnings release. 

On Aug. 6, Global Payments named Robert Cortopassi as president and chief operating officer effective immediately, according to a release. 

Diamond Baseball Holdings operates 35 minor league teams in the United States and Canada, according to its website. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a focus on technology that enhances automation.  

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