Chicago-based Signature Bank announced the launch of Finrails AP, a technology platform to help businesses manage their payments. Finrails AP by Signature Bank offers a fully-integrated payments platform that automates business-to-business payments in a seamless and secure online dashboard across multiple payment methods. Finrails AP leverages virtual Visa commercial cards, as well as ACH and checks to facilitate B2B payments.
“We recognized a need among our business customers for an automated solution that would help modernize and transform their payments from manual and paper-based processes into a simple, seamless solution,” said Anne Doligale, Senior Vice President of Treasury Management at Signature Bank.
As a cloud-based Accounts Payable solution, Finrails AP has several advantages over the more typical AP processes:
- Simple payment instruction via a single file upload in easy to use, common file formats
- A customer service team to help onboard vendors to electronic payments
- Increased visibility into cashflow thanks to electronic and mobile approvals
- Fraud mitigation included, with Positive Pay built right into the system
- Backed by Signature Bank, an expert in payment processing
“Visa is proud to be the virtual-card partner for Finrails AP by Signature Bank,” said Kevin Phalen, global head of Visa Business Solutions. “Our collaboration with Finrails AP gives business owners more choice, flexibility, and security when it comes to making payments.”
Finrails AP is available to both customers and non-customers of Signature Bank. The platform meets a rising demand for simple and secure electronic Accounts Payable solutions while bringing efficiency and cost savings to its users.