PROVIDENCE, R.I., March 12, 2013 /PRNewswire/ -- Enabling clients to source a new stream of revenue from their accounts payable, RBS Citizens Treasury Solutions is launching accessPAYMODE-X, a new electronic payments service for its corporate banking customers. A market-leading ACH payables service that generates revenue back to corporate customers, accessPAYMODE-X represents a significant step forward in the strategic role of accounts payable.
"Instead of paying a fee to issue payments to their suppliers, our customers will actually get paid," says James Gifas, Head of Treasury Solutions at RBS Citizens. "In other words, customers can open a revenue stream that never existed before. Plus, accessPAYMODE-X reduces the significant staff and processing costs associated with check-based payments."
accessPAYMODE-X is the latest in a series of "access" client solutions at RBS Citizens, including the landmark offering accessMOBILE, which was the first corporate mobile banking application to be launched in the bank's 12-state footprint.
Suppliers/payees signing on
RBS Citizens Treasury Solutions customers using accessPAYMODE-X will be linked to the e-payables network Paymode-X® developed for businesses and their suppliers. Paymode-X, powered by Bottomline Technologies Inc., is currently drawing over 3000 new suppliers each month, with more than 200,000 suppliers already enrolled. As part of the network, suppliers have easy access to detailed payment information. The payments network also allows suppliers to reduce their carbon footprint and gain accounts receivable efficiencies without changing banks or back-office systems.
Benefits to corporate customers
"It's a win-win for all parties. In addition to generating revenue and helping create better relationships with suppliers, accessPAYMODE-X will help our customers see measurable benefits across multiple departments and functions," says Mr. Gifas. Beneficiaries include:
- Treasurers: Will optimize working capital, as well as increase their cash visibility and forecast accuracy
- Accounts Payable: Will improve performance metrics and mitigate the risk of error and fraud
- IT: Will be able to support e-payments with minimum resources; the network also ensures secure connectivity and data transmission
- Purchasing: Will help better manage spend and allow the company to realize more trade discounts
Extra security in payments
"accessPAYMODE-X also addresses one of the key hurdles associated with implementing electronic settlements – security," says Mr. Gifas. "Even though paper checks continue to be the greatest source of fraud, there's still some reluctance to move away from checks. But using accessPAYMODE-X dramatically reduces the risk of fraud because of the security features built into the system, including a 3-step supplier authentication."
Addressing the complex role of accounts payable today
"For mid-market or large corporations, regardless of industry segment – manufacturing, healthcare, or services – accounts payable has become more complex," says Mr. Gifas. "It's not just about payments, but about risk management, IT, supplier relations, compliance, and more.
"Our new solution addresses all of these factors, and, ultimately, makes accounts payable not only more efficient but a revenue center."
About RBS Citizens Financial Group, Inc.
RBS Citizens Financial Group, Inc. is a $128 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,400 branches, approximately 3,600 ATMs and more than 19,000 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. RBSCFG has non-branch retail and commercial offices in more than 30 states. RBSCFG is owned by RBS (the Royal Bank of Scotland Group plc). RBSCFG's website is citizensbank.com.
SOURCE RBS Citizens Financial Group, Inc.