Truist unveils comprehensive Electronic Bill Presentment and Payment solution to accelerate cash flow and enhance client satisfaction

Rhea-AI Summary

Truist Financial (NYSE: TFC) has announced a new Electronic Bill Presentment and Payment (EBPP) solution for its wholesale payments clients. The platform, available from Nov. 1, aims to accelerate cash flow, simplify operations, and enhance security for businesses. Key features include:

- Faster payment processing
- Automated workflows
- Robust fraud prevention tools
- Multiple payment options (online, mobile, text, digital assistant, IVR)
- Real-time payment tracking
- Detailed reporting

The solution is designed to benefit various organizations, including utilities, financial services providers, healthcare organizations, and municipalities. It offers a modern and convenient payment experience for payers while streamlining operations and reducing costs for billers.

Positive

• Introduction of a new Electronic Bill Presentment and Payment (EBPP) solution for wholesale payments clients
• Potential for accelerated cash flow and improved operational efficiency for Truist's business clients
• Expansion of digital payment options, potentially increasing client satisfaction and retention

Negative

• None.

New EBPP platform combines speed, simplicity, and security to empower wholesale payments clients with a modern and flexible payment experience

CHARLOTTE, N.C., Oct. 18, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced a new solution designed to empower its wholesale payments clients with greater control and efficiency over their billing and payment operations. The bank's Electronic Bill Presentment and Payment platform will provide a modern approach to managing payments, streamlining operations, improving client satisfaction and driving growth.

The new platform allows businesses to accelerate cash flow with faster payment processing, simplify operations with automated workflows and enhance security with robust fraud prevention tools. By automating tasks like invoicing and payment reconciliation, Truist clients can free up valuable time and resources to focus on serving their clients and growing their business.

Truist's EBPP solution — which will be available Nov. 1 to all commercial and corporate clients, and the consumers they serve — is highly adaptable and designed to benefit a wide range of organizations, from utilities and financial services providers to healthcare organizations and municipalities. For payers, it provides numerous flexible payment options — from online and mobile to text, digital assistant and Intelligent Voice Response (IVR). For billers, EBPP streamlines operations, reduces billing costs and delivers innovative payment experiences.

"As payers increasingly expect digital payment channels, businesses need payment solutions that are secure, efficient and seamlessly integrated into their operations," said Truist Head of Enterprise Payments Chris Ward. "Our new Electronic Bill Presentment and Payment solution helps clients achieve their electronic collection objectives by offering a safe, simple and quick way to accept payments through multiple channels."

Truist's EBPP solution offers a comprehensive suite of features designed to:

• Optimize and automate operations: Streamline billing and payment processes to reduce manual effort, minimize errors and accelerate cash flow.
• Enhance the client experience: Offer a modern and convenient payment experience with online, mobile and text payment options, all accessible through a customizable portal.
• Gain financial control: Track payments in real-time, monitor payment history and generate detailed reports.
• Strengthen security: Protect sensitive data with robust security measures.

Learn more about Truist's EBPP solution: How to manage commercial accounts receivables and accept payments.

About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $523 billion as of Sep. 30, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

View original content:https://www.prnewswire.com/news-releases/truist-unveils-comprehensive-electronic-bill-presentment-and-payment-solution-to-accelerate-cash-flow-and-enhance-client-satisfaction-302280006.html

SOURCE Truist Financial Corporation

FAQ

When will Truist's new Electronic Bill Presentment and Payment (EBPP) solution be available?

Truist's new EBPP solution will be available from November 1, 2024, to all commercial and corporate clients, and the consumers they serve.

What are the key features of Truist's (TFC) new EBPP platform?

Key features include faster payment processing, automated workflows, fraud prevention tools, multiple payment options (online, mobile, text, digital assistant, IVR), real-time payment tracking, and detailed reporting.

Which types of organizations can benefit from Truist's (TFC) new EBPP solution?

The EBPP solution is designed to benefit a wide range of organizations, including utilities, financial services providers, healthcare organizations, and municipalities.

How does Truist's (TFC) EBPP solution aim to improve client satisfaction?

The solution aims to enhance client satisfaction by offering a modern and convenient payment experience with multiple payment options, all accessible through a customizable portal.