Business payments company Bill.com has launched a new payments network that will connect businesses and banks in the cloud to expedite the payment process.
Called Bill.com Network, the platform will support faster and lower-cost payments, as well as allow parties to collaborate in real time.
The Search and Discover features of the network will allow businesses to find their vendors quickly and connect to pay or get paid with one click. This will lower the time required for setup, data entry and upkeep.
The network will also offer real-time notifications and updates on the status of incoming and outgoing payment activity. In order to address security concerns across the system, every member of the payments network will be vetted and approved.
Bill.com CEO René Lacerte said: "The cloud has transformed virtually every industry, yet it’s had a lesser impact on the financial system, leaving business and banks without efficient means of moving money. Most businesses today still rely on paper checks.
"Partnerships between financial institutions and tech companies like Bill.com are closing this gap. Our Network is replacing archaic and complex legacy payment processes with new cloud-based models."