This capability generates automated RFPs, allowing payers the opportunity to pay with certainty and billers to reconcile payments in real-time.

“Business-to-business payments have long been a pain point for our clients due to inefficiencies associated with manually researching and applying payments,” said Chris Ward, executive vice president and head of product & operations, PNC Treasury Management. “This automated request-for-payment capability will provide speed, transparency and efficiency to our customers’ accounts receivables process.”

PNC collaborated with Transactis, a Mastercard company and leading billing and payment solutions provider, to build this capability. Automated RFP generation provides suppliers with a streamlined process for conducting transactions and most importantly, reconciling payments. It also allows buyers the opportunity to address time-sensitive payments that are required to maintain supply chain flows and complex distribution networks, as well as providing more control over payment terms. This capability automates a manual, complicated process, allowing both buyers and suppliers to improve operational efficiency and eliminate risk, ultimately, keeping their business moving.

“Together with PNC, we are revolutionizing the business-to-business payment process by moving money and data together from bill creation through payment reconciliation,” said Transactis CEO, Joe Proto. “The seamless integration of this new capability within existing platforms provides a cohesive experience for PNC’s business customers to better leverage real-time payment capabilities.”

PNC Treasury Management has invested in an omni-payment ecosystem to provide clients seamless options that meet a variety of business needs. PNC was one of the early adopters of RTP when the system launched in November 2017, and now allows clients to receive and send funds and optional remittance information into accounts within seconds of payment initiation. In addition to comprehensive payment solutions, PNC also has developed innovative treasury management receivables services.