With this announcement, Noventis achieves another key milestone in its mission to create a greatly expanded and streamlined universe of billers for consumers and small business alike so all can benefit from faster payments. By enabling an electronic pathway to billers who were previously paid by check, Noventis is addressing major inefficiencies arising from multiple, fragmented networks.
"Noventis is committed to growing our network and removing barriers for faster payments so that all businesses can thrive in our electronically connected world," said Steve Taylor, CEO of Noventis. "We are on target to deliver these capabilities to a greater number of our nation's 5 million small businesses in the coming year as we continue to add partners and expand the Noventis network."
Various industry reports estimate the costs of processing a single paper check and business invoice ranges from $4 to $8. Based on these numbers, a company processing 5,000 checks per month could easily save over $240,000 annually by switching to electronic payments.
While the marketplace has done a good job of connecting consumers and businesses to large companies for electronic bill pay solutions, most small and medium businesses are still relying on high-cost and time-intensive manual payment methods. A 2016 survey by SunTrust Bank of middle market and small business executives found that SMBs still make more than 57 percent of all payments through paper-driven processes and checks.
"Noventis is solving the needs of our partners that offer payment solutions, but lack an efficient means to deliver those payments to a widely disparate group of biller endpoints. Our network is designed to connect those companies together using the various delivery methods that biller endpoints desire most," Taylor added.
Noventis is the company over 4,000 financial institutions, processors and aggregators trust to deliver electronic payments between the broadest base of businesses and consumers. Since 1998, Noventis has been providing its partners with innovative solutions to longstanding bill payment challenges. Noventis' proprietary processing platform dynamically routes payments to a vast and ever growing network of billers. The patented platform replaces cumbersome transactions, such as paper checks, with a wide array of electronic payment methods, greatly accelerating delivery speed and dramatically lowering costs for payments to billers. For more information, visit www.NoventisPayments.com, www.linkedin.com/company/noventis-inc. and @Noventis_Inc.
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SOURCE Noventis, Inc.