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Bill.com Adds Open APIs to Banking Platform

November 7, 2012

Banks Can Now
Seamlessly Integrate Bill.com’s Cash Flow-Centric Banking Solution with Their SMB Offerings

Boca Raton, Fla., 17th ANNUAL SMALL BUSINESS BANKING
CONFERENCE— Nov. 7, 2012 —
Bill.com, the leader in integrated bill payment, invoicing, and cash
management solutions for businesses, today introduced the
next major milestone in its banking platform. Bill.com has added broad
integration capabilities to its cash flow-centric banking platform for banks
and their small and mid-size business (SMBs) customers. Bill.com enables banks to develop additional
revenue streams and increase customer acquisition and retention by offering
business customers a powerful accounts payable and accounts receivable service. More than 100,000 companies are now getting paid and paying millions of
bills, worth billions of dollars, using Bill.com.  Bill.com is the only solution that empowers
businesses to have full command and control over their cash flow at any time,
from any location or device.

Current business
banking solutions are limited to transactional payment processes. This leaves
businesses of all sizes with the need to use disconnected bill payment and
accounting solutions to gain control of their finances. The result is a
cumbersome process plagued by inefficiencies, security risks, and errors. In contrast, Bill.com is the only solution that puts banks at the
core of their customers’ business. 
Bill.com allows banks to integrate the Bill.com solution with their own
platform, creating their own branded offering. Bill.com empowers banks to own
the entire cash flow management process—from payables and receivables, to cash
flow visualization. Bill.com makes banks the focal point for all of their
customers’ transactions, letting banks monetize the full cash management
process while solving a significant pain point for SMBs by finally automating
and connecting all of their financial processes. 

“Just as CheckFree helped banks revolutionize the consumer payments
industry, Bill.com is now enabling banks to do the same for their business customers’
cash flow management and payments processes,” said Mark Johnson, former Vice
Chairman of CheckFree Corporation and current Bill.com board member. “Bill.com understands the problem banks have faced trying
to cobble together a business solution from their consumer offerings. Bill.com
has fixed the problem via an integrated, efficient platform that helps banks
win customer loyalty and brings them the ability to earn additional revenue.”

The
Bill.com Banking Platform is based on six key components,
all of which offer new and unique features. With this newest release of the
Banking Platform, Bill.com has enabled API
access to each of the components of the platform.  These APIs enable banks
to seamlessly integrate with their banks’ SMB offerings, giving SMBs a
seamless, cash-flow centric approach to running their businesses.

Screen Shot 2012-11-07 at 12.04.50 PM

These components
are:

  • Authentication:  Bill.com offers single sign-on and
    multi-factor authentication (MFA), meaning customers can gain access to their cash flow management control
    center anytime they log into online banking.  Using their bank’s
    authentication, their critical financial information is easy to access and
    secure.  The MFA framework enables the
    highest levels of security to enable business processes and secure payments.
  • Entitlements: Entitlements govern the information
    employees and accountants have access to and the functions they can perform,
    such as approving bills and making payments. Bill.com alone provides
    out-of-the-box roles and permissions, while also enabling customers to create
    their own to suit their unique controls. It takes just a few clicks for payees
    and customers to be set up.
  • Business Objects: Through the Bill.com
    platform, banks can offer their clients robust payables, receivables, cash flow
    management, document management, and workflow applications. Now they can also integrate
    Bill.com objects into their business banking services, using the company’s next
    generation API, based on JSON. The API gives banks an unprecedented ability  to customize business objects, incorporate them into their own user interface,
    and easily change them as the bank platform grows and changes. Bill.com’s
    extensive business objects enable banks to tailor and support their cash-flow
    centric platform like never before.
  • Business Systems Integration: Bill.com integrates with all popular
    accounting packages so all your customer’s data is accurate and synchronized,
    and all of their existing financial processes and reports carry on as usual.
    Through advanced two-way synchronization, Bill.com eliminates the
    time-consuming and error-prone tasks of keeping all these various systems in
    sync. This sync process is superior to other solutions, which simply import and
    export data. As the Banking Platform expands, Bill.com will also be adding
    integration with a variety of other business systems in order to enhance
    companies’ overall cash flow control.
  •  Payment
    Processing:
    Through Bill.com, banks can provide their clients a convenient
    and secure means through which they can send, receive, and reconcile payments
    across multiple payment channels, including ACH, checks, wire transfer, and
    credit card payments.  The Bill.com Bank
    Platform integrates with banks’ existing payment systems, to further leverage
    these investments.
  • Payment Network: Bill.com offers a secure business
    network designed specifically for the needs of SMBs.  Through Bill.com’s cloud-based portals and
    payee directory, business can securely interact and transact with their
    customers and vendors.  They can exchange
    business documents, notes, eBills, eInvoices, and remittance information
    electronically to enable greater efficiency and convenience in traditionally
    cumbersome, paper-based processes.  The
    Bill.com network makes it easier for bank clients to connect and transact with
    their partners, vendors and customers while allowing the bank to capture a new
    source for fee-based revenue.

“Bill.com has
already revolutionized how small and mid-sized businesses work and now we are
transforming how they bank,” said René Lacerte, founder and CEO, Bill.com. “We built the Bill.com Banking
Platform based on direct feedback from banks, who told us that their current
systems just couldn’t meet their business customers’ needs. We are glad to be
helping banks turn the old banking paradigm on its ear, by making banking solutions
cash flow centric. The result will be banking solutions that work the way
businesses do.”

About Bill.com’s Banking Solution

The Bill.com cash flow command and control
system is the only solution that makes banks the core of their customers’
business. By allowing banks to integrate the Bill.com solution with their own
platform, Bill.com empowers banks to own the entire cash flow management
process—from payables to receivables to cash flow visualization. Bill.com makes
banks the focal point of all their customers’ transactions, letting banks
monetize the full cash management process while solving a significant pain
point for SMBs by finally automating and connecting all of their financial
processes. The award-winning Bill.com platform is being embraced by banks
because it creates significant new revenue streams while enhancing customer
loyalty and satisfaction. For more information, please visit http://www.bill.com/for-banks.

 

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