Institutions > Best Accelerator
Founded by Flint Lane in 2001, Billtrust accelerates cash flow by automating credit decisioning and monitoring, invoice delivery, payment capture, cash application and collections. Billtrust customers improve operational efficiency across the order-to-cash spectrum via a flexible and integrated cloud-based solution set.
Digitizing payments improves fraud controls and enhanced reconciliation, but the lack of connectivity between existing B2B AR and AP platforms remains the largest barrier to adoption. Because of this, Billtrust recently partnered with Visa to help launch Billtrust’s Business Payments Network (BPN) in November 2018 to address these industry challenges and overcome barriers. BPN is a first-of-its-kind supplier-driven B2B payments network that streamlines and digitizes payments between businesses at scale. A unique supplier-driven B2B payments network, BPN provides a transparent registry of suppliers who accept digital payments, giving buyers and financial institutions the necessary access to automate what has historically been a complex process. It’s easy with BPN to harness the increased efficiencies, greater security and lower costs associated with processing digital payments, without needing to make significant changes to existing infrastructure.
BPN is a connected platform for suppliers, buyers, financial institutions, and AP and AR software providers. It also provides a directory that contains a view of participating suppliers and payment acceptance preferences, allowing for better customer service and ease of payment. BPN provides financial institutions and AP providers the ability to deliver digital payments on behalf of corporate buyers directly to the suppliers’ acceptance platforms. BPN couples complex financial and payment data to seamlessly deliver streamlined reconciliation to suppliers and buyers at scale.
Billtrust has automated almost two billion dollars in virtual card payments for suppliers participating in BPN. Traditionally routed through email, automating these payments through BPN eliminates paper waste and over 59,000 hours of manual data entry, processing and invoice matching against suppliers’ outstanding invoices.