Autobooks’ invoicing, receivables and accounting technologies will be joined together with Bottomline’s Digital Banking IQ system amid a collaboration between the two companies, as reported in a Tuesday (May 11) announcement. As a result, financial institutions (FIs) will be able to provide a connected digital experience and full collection of integrated payments and cash lifecycle offerings that are developed for small companies, according to the announcement.
“Addressing the fragmentation, friction and excessive complexity in financial management for small businesses is an enormous opportunity for any financial institution,” Norm DeLuca, managing director, banking solutions, Bottomline, said in the announcement. DeLuca added that Bottomline is “helping banks address this opportunity and differentiate themselves digitally” by teaming with Autobooks.
The collaboration will harness Bottomline’s digital banking system and Autobook’s approach to assisting FIs to appeal to and retain small companies by offering back-office services and serving as their system of record. In addition, the tie-up will provide an offering that is very differentiated from credit unions (CUs) and banks, with a focus on achieving more in-depth engagement and expanding small business relationships, the announcement noted.
Autobooks CEO Steve Robert said that Autobooks makes it easy for a small company to sign up, transmit invoices and expediently take digital payments – straight from the FI’s current digital banking channels. “Together with Bottomline, we are helping small businesses improve cash flow and enabling financial institutions to better compete for the next generation of digital customers,” he said. The Autobooks sign-up process for small companies is completely digital and requires just minutes to finis.
As previously reported, Computer Services, Inc. (CSI) has teamed up with Autobooks to equip FIs with the technologies they need to help small business clients better control their finances. “By partnering with Autobooks, we’re providing our financial institution customers with a robust, cohesive platform that helps them serve their small business customers in new and exciting ways,” CSI President and COO David Culbertson said in a February announcement.