MineralTree and City National Bank Win Bank Director’s Best of FinXTech Award for Outstanding Offering from Fintech Company and Financial Institution
City National Bank’s Book2Bank℠ Solution Uses MineralTree Technology to Streamline Invoice-to-Pay Processes for B2B Customers
Cambridge, Mass., March 8, 2016
MineralTree and City National Bank (CNB) have received Bank Director’s Best of FinXTech Award for their joint solution to streamline the invoice-to-pay process for B2B customers. The awards recognize outstanding joint offerings from Fintech companies and financial institutions.
CNB and MineralTree joined together to create the Book2Bank offering, a private-label version of MineralTree’s award winning Invoice-to-Pay solution. Through Book2Bank, CNB is able to offer its customers premier workflow and payment capabilities, and expanded treasury services that give it a step up on the competition.
“Fewer than 5 percent of a bank’s business customers use online bill pay, and growth rates are either flat or negative. Today, a staggering 76 percent of business bills – a total of 8 billion annually – are still paid by paper checks at the end of a very primitive invoice approval process,” said BC Krishna, CEO of MineralTree. “This is why we’re so excited about our joining with City National Bank to provide their business customers with an easy to use AP and payment automation solution that saves time, money and headaches.”
Book2Bank is helping CNB differentiate itself from the competition as a way to attract new commercial accounts and continue offering exceptional service to existing ones. For example, when Braun Business Management, a financial management firm serving high-net-worth families, found that paper-based processes couldn’t adequately handle its bill pay service offering, it turned to CNB’s Book2Bank solution.
Braun uses Book2Bank to process hundreds of invoices a month, from small checks and everyday expenses to major payments and transfers, on behalf of its clients. The process now moves quickly, easily and electronically from invoice and payment approval by its account executives to payment execution by CNB. And because MineralTree is optimized for use on any device, Book2Bank streamlines the approval process and lets busy financial managers approve payments anywhere, anytime.
Braun estimates that Book2Bank has cut its payments process in half, enabling payments to get done quickly so its team can focus on more strategic tasks. In addition, vendors get paid faster, reducing queries.
“Our clients appreciate how easy it is to integrate their accounting and payment systems with City National Bank,” said James Daley, executive vice president and head of Treasury Services with City National Bank in Los Angeles. “We are pleased to receive this award from FinXTech recognizing the progressive payment solution called “City National Book2Bank,” we’ve built with MineralTree, our innovative provider.”
MineralTree gives CNB the ability to offer a powerful combination of easy integration with all the major accounting/ERP software packages, the ability to streamline all stages of the payment process, and sophisticated security features.
About Bank Director
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Through its monthly Bank Director magazine, executive-level research, annual conferences, and its website, BankDirector.com, Bank Director reaches the leaders of the institutions that comprise America’s banking industry. Bank Director is headquartered in Brentwood, Tennessee. More information can be found at www.bankdirector.com or www.finxtech.com.
About City National
With $36.4 billion in assets, City National Bank provides banking, investment and trust services through 75 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $53.9 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 38 other countries.
For more information about City National, visit the company’s website at cnb.com.
MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at growing organizations. MineralTree streamlines AP, giving customers unparalleled visibility and significant cost savings in an affordable, integrated platform that is guaranteed secure. For more information visit www.mineraltree.com.