Radnor, PA, March 25, 2021 (GLOBE NEWSWIRE) -- BM Technologies, Inc. (NYSE American: BMTX, BMTX.W), one of the largest digital banking platforms in the country, has launched Vendor Pay to simplify the accounts payable process and optimize procurement with a digital disbursement solution. By automating the payment process, Vendor Pay generates revenue through a monthly share for spend and eliminates extra time and costs by reducing the hours required for manual processes.
Each year, colleges and universities process hundreds of thousands of payments across multiple campuses. Without a streamlined process, invoices and physical checks can get lost, compromising security and delaying payments. By fully integrating disbursements into enterprise resource planning systems, Vendor Pay helps companies save resources, gain control through automation, and enhance visibility.
The virtual payments process mirrors the manual check workflow, but in a fraction of the time, producing substantial department-wide savings. Added controls ensure that single-use payments can only be processed by the designated vendor for a specific amount and spend controls prevent accidental overages.
Additionally, detailed customized reporting makes reconciliation easy and manual errors are virtually eliminated. By implementing Vendor Pay, companies will gain clear insight into their cash flow, eradicate spreadsheets, promote collaboration between teams and have constant access to payment status. Vendor Pay is offered in partnership with PayClearly.
“Our company is founded upon a dedication to extraordinary customer service and we are excited to unveil new technologies to simplify the accounts payable process,” said Luvleen Sidhu, Chair, CEO and Founder of BM Technologies, Inc. (BMTX). “BankMobile Disbursements has been highly successful in securely disbursing refunds to students and we are proud to expand that technology further to support higher institutions through Vendor Pay.”
For more information about Vendor Pay, please visit: https://bankmobiledisbursements.com/vendorpay/.
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About BM Technologies, Inc.
BM Technologies, Inc. (NYSE American: BMTX, BMTX.W) is among the largest digital banking platforms in the U.S., providing access to checking and savings accounts, personal loans, credit cards, and financial wellness. It is focused on technology, innovation, easy-to-use products, and education with the mission of being “customer-obsessed” and creating “customers for life.” The BMTX digital banking platform employs a multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), that enables the acquisition of customers at higher volumes and substantially lower expense than traditional banks, while providing significant benefits to its customers, partners, and business. BMTX currently serves over two million account-holders and provides disbursement services at approximately 725 college and university campuses (covering one out of every three students in the U.S.). BM Technologies, Inc. is a technology company and is not a bank, which means it provides banking services through its partner banks. More information can also be found at https://ir.bmtxinc.com/.
About PayClearly
PayClearly has rapidly become a payments automation hub with an expansive client-base nation-wide, global financial partners, and a future of extraordinary possibilities. Clients and partners are provided with a streamlined payment solution that significantly reduces costs and provides invaluable business process improvements. Operating in over 200 countries, PayClearly offers its clients value and expertise through the efforts of offices across the United States. PayClearly is an industry leader in payment issuing, card processing and other payment solutions that help companies grow across the globe. More information can be found here.