Through the partnership, Axletree will offer its customers the Orbit TMS, which fully integrated with its own bank connectivity service, according to a Thursday (Aug. 18) press release.
“Treasury management and bank connectivity have traditionally been a siloed or manual process,” Axletree CEO Mohan Murali said in the release. “Even in an automated treasury environment, bank connectivity and treasury management solutions are usually held with disparate providers, leading to issues of support and consistency of operations.”
Meanwhile, with the companies’ combined “TMS-with-Native-Bank-Connectivity” solution, treasury departments from organizations ranging from midmarket companies to large multinationals will be able to benefit from greater control, analytics, end-to-end transaction visibility and cost savings, according to the release.
“Both solutions have a proven track record and complement each other in ways that immediately benefit our clients,” said Orbit Managing Director Chris Matthews. “We are excited to leverage these synergies and to provide a comprehensive treasury technology solution that is intuitive, cost-effective and accessible.”
The frenetic digital developments in the first several months of the pandemic forced business to get their treasury management versus enterprise resource planning (ERP) priorities in order, WeWork Senior Director of Treasury Operations Trish Fisher told PYMNTS in a June 2021 interview.
The events caused corporates to “reprioritize areas of automation [previously viewed as optional],” Fisher said. “There’s been a lot of talk about treasury management systems, how to utilize them or optimize those currently in place.
“Even things as simple as ‘Why are we still carrying bank tokens?’ are [a problem], and I think folks are even reconsidering where they bank based on the feasibility of a business continuity plan, as in, ‘Can I use my phone instead of a token?’”
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