Morgan Stanley has implemented a new business-to-business electronic payment system from Clareon to initiate and send payments, along with detailed remittance information, to vendors and suppliers.
Clareon's PayMode solution has been integrated with the bank's accounts payable workflow and GEAC accounts payable system to allow the firm to generate, approve and transmit electronic payments with remittance to its vendors, while continuing to work within its current accounts payable environment.
Eileen Gargiulo, executive director at Morgan Stanley, says the new system will help the bank to reduce internal costs and improve efficiency in the accounts payable process.
Participating vendors and suppliers can sign up to take part in the system via Clareon's Accelerated Enrollment Programme.
Russell Madris, chairman and CEO of MoreDirect, a one-stop source for corporate technology buyers to procure goods from distributors and manufacturers, comments: "Enrolling in PayMode was very simple and very fast...Clareon has made the payment process very straightforward and efficient."