By Mark Orttung, President and COO, Bill.com
In our quest to empower banks to fully serve their small business customers’ needs, we recently announced our customizable bank entitlements. This new capability allows each bank to create a unique solution to serve their SMBs’ end-to-end business processes. Just like Bill.com, these bank-unique solutions are simple, yet powerful enough to meet the needs of a wide range of SMBs.
Banks can now create solutions that blur the lines between capabilities from the bank-branded Bill.com solution and those from the bank’s own unique offerings. The bank defines new roles, typically managed in the bank’s Internet banking site, which govern who has access to specific information and functions in their organizations.
Just like in Bill.com, the bank can make the solution simple for most businesses to adopt, but powerful for more sophisticated businesses to tailor. The bank can put together collections of permissions into pre-defined roles, making it easy for most companies to get started and use standard entitlements. The bank can also allow larger SMBs to create their own roles, combining the permissions in whatever way their processes require.
Donna Arce, Managing Director of the Business Internet Banking Program at the influential Barlow Research perhaps said it best:
“This is a totally new way of looking at entitlements. A bank can offer small business owners a way to delegate cash flow management functions at a more granular level. Offering a wide range of entitlement capabilities not only provides for tighter levels of control, it empowers the customer to manage their finances in a way that works best for them and their business.”
Indeed, as opposed to other entitlement solutions, which just support entitlements around payments, our entitlement solution can be built around all business objects, serving a business’s entire workflow. Businesses can determine which employees have access to specific types of objects, tailoring the system to the business’s unique processes.
This ability to serve a company’s whole workflow is big step forward for the industry. Just think, many online banking solutions, which are still based on consumer platforms have no entitlements at all, and other business-oriented solutions only address payables in a rudimentary manner. With this new capability, we allow banks to create a unique offering blending the bank’s strengths with the power of the Bill.com system. And now banks can do this in a way that is simple but powerful for their SMB customers.
Learn more about the Bill.com Banking Platform and watch this space for more news.