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American banks invest in electronic billing and payments outfit Transactis

18 April 2016  |  5352 views  |  1 Cheque with penci

Some of America's biggest financial institutions - Capital One, Fifth Third, PNC, TD, and Wells Fargo - have joined a $30 million Series E funding round for electronic billing and payments firm Transactis.

The banks, along with Safeguard Scientifics, each put $5 million into New York-based Transactis, which says that its technology reaches more than 100 million households and businesses in North America.

The company offers configurable, white-label, SaaS technology that promises to enable businesses of all sizes to replace paper bills, statements, invoices, payments and documents with efficient and cost effective digital alternatives.

Joe Proto, chairman and CEO, Transactis, says: "Businesses of all sizes rely on their banks to provide secure, innovative billing and payment services. We are so proud to serve the most progressive banks in the payments industry and even more proud that Capital One, Fifth Third, PNC, TD, and Wells Fargo are more than our customers, they're also now our investors."

Rick Burke, head, corporate products and services, TD, adds: "Business back offices are still paper-heavy, and TD is committed to helping more than half a million businesses we serve become more time and resource efficient. We believe that our investment in Transactis will help meet our customers' demand for leading electronic payment solutions across North America."

Comments: (1)

Bo Harald
Bo Harald - ZEF, Transmeri, Real Time Economy Program - Helsinki Region | 18 April, 2016, 19:26

Natural part of payment services. And by integrating e-invoice data to account statements automated accounting is enabled. The next step we are working on is sending cash register receipts in the same e-invoicing format to the same automated real time accounting process. Anybody disagreeing? Thinking that this is not the future? Or that we can afford to drag our feet?

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