Rosemont, Ill. – June 4, 2019 – Wintrust Community Banks have partnered with MineralTree, an accounts payable and payment automation solution provider based in Cambridge, Massachusetts. Wintrust is private-labeling MineralTree’s Invoice-to-Pay solution as Winvoice, offering it directly to customers at its more than 150 community bank locations throughout the Chicagoland area, southern Wisconsin, and northwest Indiana.
“Winvoice gives our customers multiple payment options beyond commonly used paper checks, including ACH and virtual cards,” said Christopher Lantman, senior vice president, director of digital and card products at Wintrust. “Moving payments from traditional checks to cards is very compelling because it gives our clients more time to make payments, maximizes cash flow, and increases return on investment on accounts payable departments.”
The MineralTree solution also enables Wintrust Community Banks to drive more payments to cards, including one-time use virtual cards, a plastic-free payment method used to process a specific vendor payment for a defined dollar amount. Virtual cards enable the banks to help business customers lower costs and increase security, speed of payments, and operational efficiency.
“Winvoice definitely lets us better serve our business customers,” said Lantman. “It also helps us retain and grow this important customer group. And, for our customers, Winvoice improves the entire accounts payable process, giving them a great alternative to processing invoices manually and paying vendors with paper checks.”
“Wintrust has been a great partner for us and we believe that this relationship is an important step toward bringing AP automation to more commercial banking customers,” said Micah Remley, CEO of MineralTree. “We’re looking forward to driving value for Wintrust Community Banks’ business customers, while providing Wintrust with another service to deepen its relationship with this customer group.”
Early adopters of Winvoice include diverse companies and organizations of many sizes.
“These customers all share a common need to make accounts payable faster, easier, and safer,” says Lantman. “They’re finding that Winvoice transforms their accounts payable process, making it significantly more efficient and cost-effective.”
More than 25 banks now partner with MineralTree to transform, automate, secure, and improve the entire accounts payable process, from invoice capture to payment execution. Thousands of growing businesses in all key vertical markets already rely on Invoice-to-Pay to increase accounts payable efficiency, reduce processing costs, improve cash flow control, mitigate fraud risk, and strengthen accounting controls.
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About MineralTree
MineralTree provides the easiest to use Accounts Payable (AP) and Payment Automation solutions for finance professionals at middle market enterprises. 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.
About Wintrust
Wintrust is a financial holding company with assets of approximately $32 billion whose common stock is traded on the NASDAQ Global Select Market. Built on the “HAVE IT ALL” model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates 15 community bank subsidiaries with over 160 banking locations located in the greater Chicago and southern Wisconsin market areas. Additionally, the Company operates various non-bank business units, including business units which provide commercial and life insurance premium financing in the United States, a premium finance company operating in Canada, a company providing short-term accounts receivable financing and value-added out-sourced administrative services to the temporary staffing services industry, a business unit engaging primarily in the origination and purchase of residential mortgages for sale into the secondary market throughout the United States, and companies providing wealth management services and qualified intermediary services for tax-deferred exchanges.