Business payment startups and banks are rushing to offer clients the same kind of intuitive, automated payment experience that consumers have come to expect from their favorite personal finance apps.
While startups like Bento for Business, HighRadius and AvidXchange are working with businesses to solve expense management pain points, Miami-based startup Biller Genie is embedding with banks in its effort to offer best-in-class payments experiences for business clients.
The company, founded in 2018, aims to automate business payments to help its clients gain a competitive edge in the marketplace.
“For banks it definitely increases their deposits, and it reduces attrition— they’re giving [customers] a more comprehensive banking experience,” said Biller Genie President Garima Shah. “Biller Genie is just another tool that they can add to that toolkit and provide their commercial account owners.”
Biller Genie works with 15 client banks that white label its cloud-based accounts receivable solution, but Shah did not specify which. “How you really stay relevant is to white label [the software] because it allows them to compete with a lot of these digital banks or really technologically advanced banks that are building and creating their own solutions,” she said.