U.S. Bank has rolled out its new AP Optimizer, which is a digital tool that works to simplify invoice processing and payments for businesses, according to a press release.
AP Optimizer has the effect of putting those services into a single system and lets organizations work on cutting costs, creating rebate opportunities and better managing working capital, the release stated.
“AP Optimizer is a big win for our customers and is part of our strategy to provide an integrated offering to manage accounts payables,” said Jeff Jones, head of Corporate Payment and Treasury Solutions for U.S. Bank, according to the release. “Our customers will have the ability to transform workflows and payments to a digital solution with improved visibility, embedded security and fraud mitigation tools.”
With AP Optimizer, the release stated, U.S. Bank can help customers connect with the Bottomline Paymode-X network, which has 425,000 suppliers and will let businesses immediately begin paying suppliers, according to the release.
Additionally, through the integration with enterprise resource planning (ERP) platforms, businesses can do away with manual processes that are costing them money by migrating to virtual cards, ACH or other electronic payment methods, the release stated.
Mitchell Watson, vice president and chief financial officer of Carson Tahoe Health, which participated in a pilot of AP Optimizer and soon will have a full integration of the program, said in the release that the connection of the company’s network with a bigger B2B network was helpful, especially with the ability to access multiple types of electronic payment.
Digital invoicing has become popular throughout the pandemic, with WEX Inc. President of Corporate Payments Jay Dearborn telling PYMNTS it is impossible to ignore these days. He said payments digitization is particularly important, and 86 percent of professionals said it would help them begin to rebound from the pandemic’s economic effects.