U.S. Bank introduces AP Optimizer; digitally transforms invoice-to-pay process

By Pavithra R

U.S. Bank, the fifth-largest bank in the country has announced introducing AP Optimizer, a digital tool that simplifies and transforms invoice processing and payments for businesses within a single system. 

AP Optimizer is a single system that automates the entire invoice management and payment disbursement process. It empowers organizations to reduce costs, create rebate opportunity and better manage working capital. It connects businesses to the established Bottomline Paymode-X network of 425,000 suppliers.

“AP Optimizer is a big win for our customers and is part of our strategy to provide an integrated offering to manage Accounts Payables. Our customers will have the ability to transform workflows and payments to a digital solution with improved visibility, embedded security and fraud mitigation tools,” said Jeff Jones, head of Corporate Payment and Treasury Solutions for U.S. Bank.

AP Optimizer’s features include:

• Automating invoice processing from receipt through capture, matching, coding and approvals
• Disburse virtual card, ACH, wire and check payments from the same system
• Simplifies reconciliation while gaining greater control over working capital
• Monitors workflow progress from invoice receipt through payment within the same system
• Easy-to-use dashboards and real-time reporting to broaden enterprise-wide oversight

Businesses can commence paying suppliers in the network upon implementation. And, by integrating with Enterprise Resource Planning (ERP) platforms, customers can eliminate costly manual processes through the migration to electronic payment methods like ACH, virtual cards,and wires while also having an opportunity to earn rebates.

“The combination of connecting our organization with a large B2B electronic payment network, and the ability to have an integrated payables solution offering both virtual pay and ACH leveraging our existing ERP system, made AP Optimizer the obvious solution for us. Not only will we see the benefit of eliminating our paper processes, but U.S. Bank will handle the heavy lifting for us with vendor outreach and enrollment. And, we gained peace of mind from built-in fraud protection delivered by a trusted bank partner,” said Mitchell Watson, vice president and CFO of Carson Tahoe Health.

Established since 1863, U.S. Bancorp with more than 70,000 employees and $540 bn in assets as of Sept 30, 2020, is the parent company of U.S. Bank National Association, one among the largest commercial bank in the United States.