WAUSAU Financial Systems (Booth #831), a leading receivables processing solutions provider, and Clear2Pay (Booth #2304), a payments modernization company, today at the Association of Financial Professionals (AFP) Annual Conference announced their partnership, aimed at offering an end-to-end receivables and payables technology for financial institutions and their business customers with the launch of an Integrated Payments and Receivables Hub.
The partnership pairs Clear2Pay's Open Payment Framework (OPF) and bank payments hub with WAUSAU's integrated receivables hub, Receivable360™, to help financial institutions offer businesses the capability to manage their cash flow by streamlining current processes while providing a comprehensive view of all incoming and outgoing payments.
With WAUSAU and Clear2Pay's collaboration, financial institutions will benefit from a combined offering that provides value for businesses across all markets. The Integrated Payments and Receivables Hub works seamlessly with the financial institution's existing infrastructure and expedites processes such as all payment instruments, cash application, reporting and analytics, making it easy for financial institutions to meet stringent regulatory demands and for corporations to have a single transparent view on their positions and cash flow.
"Over the past few years, our research has shown a strong desire from corporate customers and financial institutions alike for a more robust receivables and payables solution that can take on the increasingly complicated marketplace," said Nancy Atkinson, senior analyst for Aite. "Integrating payables and receivables technology from experts in each field offers tremendous opportunities for improving financial visibility, streamlining processes and saving money."
"We take cues from the industry, and have heard the demand for a more synergistic receivables and payables solution," said Steve Buchberger, Senior Vice President of Strategy and Alliances for WAUSAU Financial Systems. "Banks are proactively seeking ways to drive fee revenue and increase customer retention. Our alliance with Clear2Pay helps banks to achieve these goals by offering enhanced payment services to their business customers."
For financial institutions, the Integrated Payments and Receivables Hub will help simplify the payments infrastructure through the integration of workflow, profits and insights, increasing efficiency and profitability with enhanced visibility of the ever-changing payment landscape.
"The seamless integration of our payables solution on the Open Payment Framework and WAUSAU's robust receivables platform will eliminate the headaches corporations currently face when dealing with payments issues and records," said Warren Gardiner, Chief Product and Strategy Officer for Clear2Pay. "The Integrated Payments and Receivables Hub is unique in that it goes beyond just aligning ERP payments and receivable streams and instead integrates all corporate related payment and receivable instruments including check, ACH, card and cash, among others, thereby automating, aggregating and accelerating the entire payments and receivables cycle. This is exactly what corporates have been asking for, for years: not just integration, but full transparency and insight to support their cash and risk management operations."