BIRMINGHAM, Ala., Nov. 22, 2011 /PRNewswire/ -- The BBVA Compass Treasury Management Services division is adding check-to-card migration services to its line of Integrated Payables solutions, eliminating slow and costly and paper check payments. Vendor payment is instead processed using an electronic single-use card number with a set credit limit.
"Customer focus on core competencies, including converging ongoing payments, makes Integrated Payables an essential piece when upgrading payables processes," said Alexandra Keene, product manager at BBVA Compass. "Through adding check-to-card migration to the flexible notification and remittance options, more vendors are likely to participate, which makes the Integrated Payables solution more valuable to our customers."
One of few banks to have ACH, checks, purchasing card and payroll processing options fully integrated into a single channel, the BBVA Compass card payment solution is based on the use of virtual card technology, which generates single-use card numbers with set credit limits. By making payments in this way, clients are not only safeguarded from unauthorized card use, but also the speed of electronic payments simplifies reconciliation.
"Our main objective with check-to-card migration is to achieve substantial reductions in paper check volumes in order to help our clients realize valuable cost savings," said Keene.Cost-saving benefits of check-to-card migration include:
- Elimination of check printing, paper remittance advices and postage costs
- Streamlining of accounts payables processing, which reduces errors
- Enhancement of business relationships with key suppliers through faster payments and a searchable online archive of payment transactions
- Creation and automatic transmission of check issue files which minimizes the risk of fraud through use of positive pay services
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