By Dan Lind, Vice President, Bank Solutions, Bill.com
Last week, the Bill.com Banking Platform was recognized by Business Intelligence Group (BIG), along with 16 other solutions, for innovations that “change the way we experience the world”. Submissions came from around the world and across industries, with a fascinating range of innovations spanning revolutionary tea brewing technology to intelligent door handles.
While we were thrilled to be recognized and to be in the company of such diverse innovators, the theme of revolutionary change was familiar and comfortable territory for Bill.com.
Since our founding in 2006, our objective has been “to make B2B payments easy”. Easier said than done when you look at how businesses make and receive payments today using traditional tools such as accounting software and online bill pay. As any business owner or CFO will attest, making the payment is only a small part of the overall process. The paper-intense, manual process that occurs before and after the payment is made or received is where endless hours are lost, reams of paper are consumed, and cries of frustration can be heard.
Our founder, René Lacerte experienced all these agonizing inefficiencies running his first business, PayCycle, which was sold to Intuit in 2009. Soon after, he set on a mission to automate the entire cash flow management process end-to-end.
Today, customers like John Stafford, CFO with Solis Partners, talk passionately about how his cash flow management was transformed by having all his data in one tool and forecasts that automatically update. Similarly, Mac Frampton, Artist and CFO of Alkahest Artists and Attractions, gives Bill.com credit for reducing the cost of his bill payment by 66% and invoicing over 80%. Clearly, Bill.com is changing how businesses experience the world.
Through the Bill.com Banking Platform, all of Bill.com’s functionality becomes available to businesses via their banking relationship, delivered through an integrated online banking platform. The banking industry is a tough environment for innovation to grow and thrive. Regulations are pouring out of Washington at near record levels, and competition for virtually every part of their business is coming from all directions.
Amidst this challenging environment, Bill.com is the only solution that completely shifts the focus of small business payment processes from tools outside the bank to online banking as the center-point. By automating the end-to-end payables, receivables, and cash flow processes our solution solves real, long-standing challenges for businesses and presents banks with a huge opportunity for top-line revenue growth and increased customer engagement and satisfaction.
Through the Bill.com Banking Platform, banks have the opportunity to be in the company of top innovators across the globe and change the way their customers experience the world.