Originally published on pymnts.com on 2/22/17.
Horicon Bank and Financial Transmission Network, better known as FTNI, are partnering up to help streamline the accounts receivable process for corporates.
The companies revealed Tuesday (Feb. 21) that FTNI will provide AR processing services for Horicon Bank’s corporate banking clients, which will have access to a single SaaS platform to accept payments across payment rails, including ACH, check, cards and cash. The AR solution also supports payment acceptance across channels, including online, mobile, in-person and others.
“The traditional corporate banking customer relationship is changing,” reflected Horicon Bank Vice President of Treasury Management Bob Van Kirk in a statement. “Our corporate banking customers no longer see us as just their financial institution but more and more as a trusted partner when it comes to leveraging new technology and solutions across their financial operations. The demand for integrated receivables has been building steadily for the last several years, and we’re excited to partner with FTNI to make this technology a reality for our customers.”
The firms also noted the pressure on banks today to deliver AR and treasury management solutions that fit their corporate clients’ needs, including “a comprehensive — and increasingly integrated — range of services and solutions.”
“The challenge is that most companies (banks included) have adopted these services and solutions piecemeal and have now been left to manage the ongoing support and maintenance of disparate systems and legacy software,” their announcement stated.
Horicon Bank will now offer its corporate clients Remote Deposit Capture, online payments, single and recurring ACH payments, mobile payments, credit card payments and lockbox processing solutions powered by FTNI.
Last year, FTNI announced the launch of its upgraded online payment solution, ETran, which supports corporates’ acceptance and reconciliation of credit card and ACH payments. At the time, FTNI Director of Sales and Marketing Zac Robinson told PYMNTS that the goal of the solution was to “streamline back-office functions” and “de-silo” the accounts receivables process.