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That’s particularly true in accounts receivable (AR), with B2B suppliers not only needing money to flow in from their buyers, but high-quality transaction data for reconciliation, reporting and analytics. A Reconciliation Headache. Commercialcard transaction data can quickly become lost in a deluge of unstandardized information.
When the commercialcard first came on the scene, executives thought of the payment tool in limited terms: a piece of plastic their employees could use to make one-off purchases at the office supply or hardware store, buy a coffee while on a business trip or take a client out to dinner. ” Recognizing CommercialCard Advantages.
Virtual Mobile Wallet CommercialCards: Santander was the first financial institution in the U.S. to offer clients mobile virtual cards. Treasury Fusion also streamlines clients’ day-to-day account reconciliation, including frequent updates of balances and transaction activity so they can focus on running their business.
Offering solutions that promote workflow automation from sourcing through to payment, reconciliation and accounting is not usually part of an FI’s product roadmap. When it comes to helping corporates manage their supply chains, traditional banks tend to focus on the financing aspect via trade finance, factoring or other such products.
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