MineralTree and City National Bank (CNB) have received Bank Director’s Best of FinXTech Award for their joint solution to streamline the invoice-to-pay process for B2B customers. The award recognizes outstanding joint offerings from Fintech companies and financial institutions.
CNB and MineralTree joined together to create Book2Bank offering. Through Book2Bank, CNB is able to offer its customers workflow and payment capabilities, and expanded treasury services.
“Fewer than 5 percent of a bank’s business customers use online bill pay, and growth rates are either flat or negative. Today, a staggering 76 percent of business bills – a total of 8 billion annually – are still paid by paper checks at the end of a very primitive invoice approval process,” said BC Krishna, CEO of MineralTree. “This is why we’re so excited about joining with City National Bank to provide their business customers with an easy to use AP and payment automation solution."
Braun Business Management, a financial management firm serving high-net-worth families, uses Book2Bank to process hundreds of invoices a month, from small checks and everyday expenses to major payments and transfers, on behalf of its clients. Because MineralTree is optimized for use on any device, Book2Bank offers mobile payment options.
Braun estimates that Book2Bank has cut its payments process in half, enabling payments to get done quickly so its team can focus on more strategic tasks.
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