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By Emily Greenhalgh
PBN Web Editor
PROVIDENCE – RBS Citizens Financial Group Inc. has launched a new electronic payments service for its corporate banking customers: acccessPAYMODE-X.
According to a release, the new “revenue-generating e-payables service” helps companies realize revenues from traditional cost centers.
“Instead of paying a fee to issue payments to their suppliers, our customers will actually get paid,” James Gifas, head of treasury solutions at RBS Citizens, said in prepared remarks. “In other words, customers can open a revenue stream that never existed before. Plus, accessPAYMODE-X reduces the significant staff and processing costs associated with check-based payments.”
The bank said that the accessPAYMODE-X service is just the latest in its series of “access” client solution, including the offering of accessMOBILE, which the bank touts as “the first corporate mobile banking application” to be launched in the bank’s 12-state footprint.
AccessPAYMODE-X will be linked to the e-payables network Paymode-X, which is powered by Bottomline Technologies Inc. and currently draws more than 3,000 new suppliers each month.
As part of the network, suppliers have access to detailed payment information. “The payments network also allows suppliers to reduce their carbon footprint and gain accounts receivable efficiencies without changing banks or back-office systems,” said a Citizens’ release.
“It’s a win-win for all parties. In addition to generating revenue and helping create better relationships with suppliers, accessPAYMODE-X will help our customers see measurable benefits across multiple departments and functions,” Gifas, said in a statement.
“AccessPAYMODE-X also addresses one of the key hurdles associated with implementing electronic settlements – security,” added Gifas. “Even though paper checks continue to be the greatest source of fraud, there's still some reluctance to move away from checks. But using accessPAYMODE-X dramatically reduces the risk of fraud because of the security features built into the system, including a three-step supplier authentication.”