Partnership will help banks and their customers automate invoice processing and vendor payments.
Paymerang, a Richmond, Va.-based, industry leading finance automation company, provides simple solutions to antiquated accounts payable processing operations, helping banks become more efficient, secure and profitable. The company has announced a new strategic partnership with Community Bank Services, a subsidiary of the North Carolina Bankers Association (NCBA).
By using modern products such as Paymerang’s Payment Automation and Invoice Automation, banks are able to save hundreds of hours that used to be spent on manual tasks, and now reallocate those resources to more strategic initiatives.
With this partnership, Paymerang joins a network of companies that provide financial applications and solutions that enhance North Carolina Bankers Association’s offerings in new ways.
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“The endorsed partnership with Community Bank Services, a wholly-owned subsidiary of the NCBA, allows Paymerang’s finance automation solutions to be made available to a growing banking sector that is thirsting for new efficiencies, increased protection from 21st century security threats, and helps to power the association’s mission of strong banks and strong communities,” said Christopher Carlton, Business Development Account Executive at Paymerang.
NCBA members will be able to streamline their payment process with a few simple clicks. This partnership will allow banks to automate the entire vendor payment process. With the touch of a button, they can automatically pay all invoices. Paymerang makes the payments and handles all the reconciliation, ensuring that payments are processed and paid to the correct accounts. They no longer need to print and mail checks or chase uncashed payments. This simple process change allows banks to refocus efforts away from payment processing and reconciliation to more strategic priorities like operational efficiency and financial controls.
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Additionally, NCBA members can expedite their invoice process by gaining immediate visibility to all invoices and their approval status, along with enabling banks to go paperless due to electronic processing and archiving. Paymerang’s Invoice Automation solution utilizes artificial intelligence to read captured invoices and extract data points which minimizes the amount of manual data entry. The product increases workflow efficiency through the ability to electronically route and approve invoices. Invoices can be ingested in bulk and split appropriately after they are loaded, thus cutting down on time spent inputting invoices into the system. All actions taken on a given invoice are captured and documented, providing an electronic audit trail.
“Paymerang’s core values align with the core values of the NCBA and the partnership is a fusion of two mission-driven organizations” said Kim Hutchens, President of Community Bank Services.
The solutions will be made available to all members of NCBA, which consists of over 80 banks.
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