Corporate Spending Innovations (CSI) has collaborated with BNP Paribas subsidiary Bank of the West to roll out V-PAYO, an integrated payables system that includes virtual card payment optimization, according to a Wednesday (Feb. 10) announcement.
Virtual cards simplify operations, letting business customers operate in a more effective manner. This payment method has online B2B payments take the place of hardcopy checks. Moreover, virtual cards enable an increased float period of as many as 55 days, which can assist in bolstering cash flow, according to the announcement.
V-PAYO comes with one file for all forms of payment, such as virtual card, check print and delivery or automated clearing house (ACH). The system also provides purchaser and vendor portals that offer a complete look into payment status and digitized reconciliation functions. It also offers card payment optimization, among other features, the announcement stated.
Jim Foster, executive vice president of Payment Partners and Financial Institutions at CSI, said in the announcement that the difficulties that the pandemic has brought have fueled market demand for business accounts payable (AP) automation and invoice payment digitization. He noted that Bank of the West noticed that demand early.
“We are excited about the opportunity to bring our CSI Paysystems technology assets and B2B payments expertise to bear in collaboration with Bank of the West to create the V-PAYO integrated payables solution and provide efficiency and cost savings to the bank’s commercial customers,” Foster said in the announcement.
CSI President David Disque told PYMNTS in a previous interview that much has evolved throughout the B2B landscape — possibly for the better as more purchasing is handled remotely, surfacing challenges in AP management.
Vendors are more amenable to accepting online payments than they have been previously, while purchasers have been harnessing working capital lines. But, as they contend with pandemic hurdles, companies are being forced to take another look at and digitize a number of non-automated legacy workflows that they’ve been comfortable with for a long time.