PAYMENTS

Paymerang Uses Amazon Web Services to Deliver World-Class Finance Automation Solutions

Paymerang | December 20, 2021

Paymerang_Uses_Amazon
Paymerang is using Amazon Web Services (AWS) to empower mid-market businesses to accelerate vendor payment and deliver world-class customer service. To support the rapid growth of the company, Paymerang uses five AWS products for its operations and client services.

Paymerang chose AWS because it simplifies and streamlines many time-consuming administrative processes while elevating existing database operations. The low cost and reputable products made it an easy transition to AWS.

As Paymerang continues to expand, the company needed a cloud offering that is reliable and flexible enough to keep up with their rapid growth – so they turned to AWS. Using AWS's proven global infrastructure and database, analytics, contact center, and security capabilities, Paymerang has the ability to grow and scale their businesses while accelerating innovation in their payment automation solutions."

Dave Trotter, Director of SMB Sales at Amazon Web Services, Inc.

As a part of ongoing maturity and sophistication in the AP Automation space, Paymerang has made significant investment in migrating relational data storage to Amazon Aurora. Amazon Aurora enables Paymerang to leverage an enterprise class database technology with multi-region capabilities to read replicas, and automate crash recovery at a fraction of the cost of a proprietary database system.

"This collaboration proves Paymerang's commitment to being a cloud-first company. We're thrilled to work with AWS, the best in the business, to power the next generation of fintech solutions," said Nasser Chanda, CEO of Paymerang.

As the company grew, it realized the importance of using a premiere contact center solution with flagship application integration. Amazon Connect has streamlined payment operations by reducing the number of unique phone numbers while also greatly improving the quality of calls. Since implementation, Paymerang has seamlessly integrated the rich data generated from Amazon Connect and Contact Lens directly into their enterprise data lake. This creates advanced dashboards that quickly show supervisors how efficient the operations teams are performing.

Paymerang is leveraging Amazon Cognito to integrate with their authentication and authorization systems to identify users in the system, authorize approved actions those users can execute based on their role, and integrate with fine-grained access controls using AWS Identity and Access Management (IAM). Amazon Cognito provides the peace of mind for Paymerang to know they have the army of security engineers at AWS on their side, allowing them to reallocate resources to building client-facing features.

Paymerang generates rich data, and when exploring various analytics and reporting tools on the market, it was clear that the best tool at the best cost was Amazon QuickSight. The seamless integration between Amazon QuickSight and Paymerang created immediate time and cost savings. Amazon QuickSight has quickly become the primary report technology of choice, and Paymerang is already working to embed Amazon QuickSight dashboard capabilities into their products using Amazon QuickSight Q and embedded analytics.

About Paymerang:
Paymerang provides streamlined invoice and payment automation solutions that bring Accounts Payable (AP) departments into the modern age. Paymerang's solutions save AP departments hundreds of hours annually, enhance visibility, increase accuracy, improve efficiency, and earn rebates while reducing paper, fraud risks, and operating costs.

Spotlight

Organizations experience pressures to finance growth strategies and improve their companies’ bottom lines while labor costs rise and global inflation soars. The cost of doing business is pinching profit margins across all industries. At the same time, changing customer behaviors and expectations force new business models to emerge.

Spotlight

Organizations experience pressures to finance growth strategies and improve their companies’ bottom lines while labor costs rise and global inflation soars. The cost of doing business is pinching profit margins across all industries. At the same time, changing customer behaviors and expectations force new business models to emerge.

Related News

CORE BANKING, PAYMENTS

Sending Payments in Real Time: Regions Bank Launches Digital Solution for Business Clients

Regions Financial Corporation | October 12, 2022

Regions Bank on Tuesday announced the launch of a digital solution enabling Corporate Banking clients to send real-time payments through the RTP® network from The Clearing House. The new real-time payments service is part of Regions’ iTreasury platform, which offers a wide range of competitive financial management options for businesses through Regions’ Treasury Management division. “This latest enhancement is part of our commitment to providing a seamless and intuitive customer experience, Our team takes a holistic approach toward understanding the needs of businesses and delivering solutions that help companies improve their cash flow while cutting down on time-consuming processes and reducing their risk. The ability to send and settle digital payments within seconds will help our clients focus more of their time on efficiently managing successful companies while we provide an even deeper level of financial solutions.” -Bryan Ford, head of Treasury Management for Regions Bank Currently, Treasury Management clients can receive payments in real time. Now, with the added ability to send payments in real time through Regions iTreasury®, clients can instantly process digital payments for any number of needs, ranging from payroll and insurance, to facilitating business-to-business payments, delivering broker commissions, and providing other disbursements. This brief video illustrates how the system works efficiently and effectively. Clients access Regions iTreasury in their office or on the go through Regions OnePass®, the bank’s secure, central sign-on application. The ability to send real-time payments is one of many enhancements Regions has made over time to its Treasury Management services. Those enhancements extend beyond payments and include modernized file delivery methods, secure application programming interface (API) connections, and other emerging technologies. Further enhancements on the horizon for Regions’ Treasury Management clients include the upcoming launch of Regions CashFlowIQSM. This new tool, scheduled to launch in 2023, is designed to improve cash flow for clients by providing seamless accounts payable, accounts receivable, invoicing, and business bill payment capabilities for small and mid-sized businesses. We are driven by a mindset that’s focused on continuous improvement – consistently envisioning ways we can deliver greater value through tailored services, insights, and guidance, In many ways, our team serves as an extension of our clients’ teams by connecting businesses with options to help them maximize efficiency. Sending payments in real time is the latest example, and we look forward to delivering even more enhanced solutions in the near future,Ford concluded. About Regions Financial Corporation Regions Financial Corporation (NYSE:RF), with $161 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC.

Read More

TRADING SYSTEMS, FINTECH

Broadridge Partners with Coinbase on Integrated Trading Solution

Broadridge | September 16, 2022

Bringing liquidity and greater access to crypto trading, global Fintech leader, Broadridge Financial Solutions, Inc., has announced a partnership with Coinbase, offering interoperability between Coinbase Prime and Broadridge Trading and Connectivity Solutions' NYFIX order-routing network. "Despite short-term cycles, momentum in institutional adoption is trending one way – toward more exploration and more interest, Utilizing the NYFIX order-routing network, this partnership puts deep, multi-venue crypto liquidity on more buy-side traders' desks, lowering barriers for participation in this growing asset class." -Greg Tusar, Vice President of Institutional Products at Coinbase Coinbase Prime is a comprehensive solution that provides an advanced trading platform, secure custody and prime services to manage crypto assets in one place. Coinbase Prime not only offers aggregated access to the majority of the market's crypto liquidity via a market-leading smart order router, but also provides full prime brokerage capabilities to the buy-side. This integrated solution allows NYFIX clients to route order flow to Coinbase Prime via FIX, an industry standard protocol. It also allows buy-side traders to source crypto liquidity from Coinbase and trade right from their OMS. The solution is now offered to US domestic clients and will roll out to additional regions as regulations allow. Institutions are increasingly interested in the crypto space but trading assets has remained a challenge because messaging is only available through proprietary API interfaces, Now, through Coinbase's deep access to liquidity and NYFIX's extensive market reach, we can integrate more than two thousand clients to bring crypto trading to the institutional market,said Ray Tierney, President of Broadridge Trading and Connectivity Solutions. About Broadridge Broadridge Financial Solutions, a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries. About Coinbase Coinbase is building the cryptoeconomy a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

Read More

CORE BANKING

Republic Bank Expands its Cincinnati Footprint with the Acquisition of CBank

Republic Bank | October 28, 2022

Republic Bancorp, Inc. (NASDAQ: RBCAA) (“Republic” or the “Company”), the parent company of Republic Bank & Trust Company (“Republic Bank” or the “Bank”), and Cincinnati-based CBank today announced the signing of an Agreement and Plan of Merger (the “Agreement”) under which Republic will acquire CBank and its wholly-owned subsidiary, Commercial Industrial Finance, Inc. (“CIF”). CIF, which is headquartered in St. Louis, Missouri, provides equipment leasing and financing to businesses nationwide. Under the terms of the Agreement, Republic will acquire all of CBank’s outstanding common stock in an all-cash direct merger of CBank with Republic Bank, resulting in a total cash payment of approximately $51 million to CBank’s existing shareholders. Republic expects to fund the cash payment with existing resources on hand at Republic Bank. As of September 30, 2022, CBank had total assets of approximately $271 million with total gross loans of approximately $214 million and total deposits of approximately $240 million. Upon the full completion of the merger, Republic Bank will have six banking centers in the Cincinnati metropolitan area and 43 banking centers throughout Republic Bank’s entire network in five states. “Dean Meiszer, CBank’s founder and CEO, and its distinguished Board of Directors led by Larry Sheakley, have spent 15 years building a first-class team and a top-tier community-focused bank. We believe the combination of our existing high-performing, community-minded team in Greater Cincinnati with CBank’s team will create an unparalleled financial services organization in the market that is second to none.” Pichel continued, “In addition, the acquisition of CIF will greatly expand our existing leasing operations and provide a national footprint for these services. I look forward to working closely with Dean during and after the merger to make it a seamless transition for CBank’s and CIF’s clients and associates.” -Logan Pichel, Republic Bank President & CEO CBank’s CEO, Dean Meiszer stated, This opportunity for CBank to combine with Republic Bank — one of the highest performing and most community-oriented financial institutions in the Midwest and Southeast — is extremely exciting. CBank’s notable and well-established track record in commercial lending and private banking will be further strengthened by this merger with Republic Bank. Republic Bank’s larger capital base and resources will provide larger loan opportunities for our customers and prospects, and a greater depth of products and services for our expanding client base. I am eager to work with Republic Bank’s talented team to provide exceptional community banking service. With the completion of the merger, Dean Meiszer will consult Republic Bank on merger integration, customer relations, incremental product roll outs and business development. Tom Saelinger, Republic Bank’s Cincinnati/Northern Kentucky Market President will lead the combined Greater Cincinnati operation which will have a substantial presence with market assets exceeding $627 million. Tom Saelinger commented, As a lifelong native of the Greater Cincinnati area, I have a tremendous amount of pride in Republic Bank’s commitment and success in the region. Our cultural fit, complementary banking services, and the commitment to superior client service of the two combined organizations will form a strong foundation for a successful merger. I look forward to working with CBank’s renowned team of bankers to build on the strong momentum we have already established in the market and further contribute to the economic growth of our region.” Saelinger concluded, “Republic Bank is well-known throughout its footprint for its commitment to the communities it serves, and our combined teams will provide even more of an opportunity to make an impact here in our community. Scott Hawkins, CIF President and CEO, will continue to lead this business unit. He stated, This merger fits nicely both in terms of like cultures, shared objectives and capital needed to fuel our growth. The real winners here are our current and future customers, as well as our diverse portfolio of manufacturers, distributors and vendors of assorted medical, commercial, IT and energy related equipment. The tenured team at CIF is equally excited to take their company to the next level. The completion of the transaction, expected to close in Q1 2023, is subject to customary closing conditions, including regulatory approval and approval by CBank’s shareholders. Piper Sandler & Co. served as financial advisor and Frost Brown Todd, LLC served as legal counsel to Republic. Raymond James Financial, Inc. served as financial advisor and Dinsmore & Shohl, LLP served as legal counsel to CBank. About Republic Bank Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 42 full-service banking centers throughout five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester.The Company has approximately $6.0 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market. About CBank CBank was founded in Cincinnati to serve the banking needs of the region’s privately held businesses and the professionals that service them. The Bank’s culture is defined and reinforced by its shareholders who are themselves successful businesses owners and professionals. CBank’s team knows the challenges and rewards of running a business. At CBank each request is evaluated on its merits, not predetermined criteria.

Read More