BBVA Compass Adds Purchasing Card to Integrated Payables Processing Options
BIRMINGHAM, Ala., Nov. 22, 2011 /PRNewswire/ -- The BBVA Compass Treasury Management Services division is adding check-to-card migration services to its line of Integrated Payables solutions, eliminating slow and costly and paper check payments. Vendor payment is instead processed using an electronic single-use card number with a set credit limit.
"Customer focus on core competencies, including converging ongoing payments, makes Integrated Payables an essential piece when upgrading payables processes," said Alexandra Keene , product manager at BBVA Compass. "Through adding check-to-card migration to the flexible notification and remittance options, more vendors are likely to participate, which makes the Integrated Payables solution more valuable to our customers."
One of few banks to have ACH, checks, purchasing card and payroll processing options fully integrated into a single channel, the BBVA Compass card payment solution is based on the use of virtual card technology, which generates single-use card numbers with set credit limits. By making payments in this way, clients are not only safeguarded from unauthorized card use, but also the speed of electronic payments simplifies reconciliation.
"Our main objective with check-to-card migration is to achieve substantial reductions in paper check volumes in order to help our clients realize valuable cost savings," said Keene.
Cost-saving benefits of check-to-card migration include:
- Elimination of check printing, paper remittance advices and postage costs
- Streamlining of accounts payables processing, which reduces errors
- Enhancement of business relationships with key suppliers through faster payments and a searchable online archive of payment transactions
- Creation and automatic transmission of check issue files which minimizes the risk of fraud through use of positive pay services
Integrated Payables and check-to-card migration allows BBVA Compass customers to use innovation and technology to securely and effectively simplify their business operations. For more information on these services, please go to www.bbvacompass.com or call 1-888-558-7568.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that operates more than 712 branches including 374 in Texas, 93 in Alabama, 78 in Arizona, 65 in California, 45 in Florida, 36 in Colorado and 21 in New Mexico. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass has been recognized as one of the nation's leading Small Business Administration (SBA) lenders, earning 'Lender of the Year' honors in 2009 and 2010. Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.
BBVA Compass is a subsidiary of BBVA Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with approximately $800 billion in total assets, 48 million clients, 7,400 branches and approximately 110,000 employees in more than 30 countries. BBVA ranks among the top 20 largest financial institutions in the world based on market capitalization and 17th in Global Finance magazine's list of the "World's 50 Safest Banks" for 2011. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States, as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, Turkey, and the United Kingdom. More information about the BBVA Group can be found at www.bbva.com.
BBVA Compass is a trade name of Compass Bank.
SOURCE BBVA Compass
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