Providence to implement Citizens Bank ‘e-payable’ system

PROVIDENCE – The city of Providence is looking to modernize its payment system, which is a move it projects could generate a quarter-million dollars in new revenue this fiscal year.

The city earlier this year adopted an “e-payables” accounting program from Citizens Bank, providing vendors the option to be paid online rather than receiving a paper check. Until January, Providence was only issuing paper checks.

The new program is voluntary, according to the city, but Treasurer James J. Lombardo III expects the e-payables to catch on, as many vendors have already switched to paperless payment systems.

“Most major corporations are already paying their vendors electronically,” Lombardi said. “With e-payables, we’re modernizing our accounting operations and bringing the city a new source of revenue.”

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Lombardi anticipates participation rates to increase in coming years, which will yield greater returns for the city.

“The annual spend for business that signed into the program is approximately $11 million,” he said. “We have entered into another phase of outreach to our current vendors; we expect these efforts to generate greater participation, which will benefit both the city of Providence and the businesses that provide us with goods and services.”

Lombardi also lauded Citizens Bank, based in Providence, for being a “great partner in implementing this program,” according to a press release.

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