ORLANDO, Fla., May 23, 2022 (Newswire.com) - Finexio, the fast-growing digital AP payments-as-a-service company, today announced its partnership with Banc of California (NYSE: BANC), California's premier relationship-focused business bank, that brings its market-leading accounts payable business-to-business (B2B) payments solutions to Banc of California's customers.
Banc PremierPay, powered by Finexio, will help the middle-market and enterprise companies that Banc serves reduce AP costs and inefficiencies. The solution will also provide significant monthly time savings, improved visibility, virtual card payments, control and security and eventually embedded cash flow management products such as supply chain finance and credit lines.
Finexio's platform is embedded directly into Banc of California's existing treasury management and commercial lending offerings. This streamlined solution expands the benefits and service capabilities offered to business clients across multiple sectors, including hospitality, healthcare, legal, entertainment, manufacturing, and construction.
"We are thrilled to work with a future-thinking institution like Banc of California to help its clients optimize payments and expenses, improve their competitive position, and drive bottom-line results," said Ernest Rolfson, CEO and Founder of Finexio. "The turnkey technology we are embedding will enable Banc to further differentiate itself and provide another product built to improve the overall client experience."
"We are excited to partner with Finexio and offer our clients a premium digital solution as part of our already comprehensive cash management services," said Jared Wolff, President and CEO of Banc of California. "Utilizing Finexio's technology will allow us to provide businesses with opportunities for reductions in costs, improved cash flow, and greater internal efficiency in a rapidly evolving payments landscape."
In August of 2021, Banc of California made an initial investment in Finexio to deepen its product offerings for business clients and build out payment and related loan and deposit services.
Finexio, the leading AP Payments as a Service company, focuses on providing end-to-end AP payment capabilities integrated within Procurement, AP Software Platforms, and Financial Institutions. This embedded solution represents a powerful disruption to traditional, disjointed manual-based AP processes. Finexio's modern, efficient service model, robust API and SSO capabilities, and total payment solutions translate to high-margin revenue streams and a strong competitive position for partners. Learn more about Finexio at www.finexio.com or follow us on LinkedIn.
About Banc of California
Banc of California, Inc. (NYSE: BANC) is a bank holding company with $9.6 billion in assets at March 31, 2022, and one wholly-owned banking subsidiary, Banc of California, N.A. (the Bank). The Bank has 36 offices, including 31 full-service branches located throughout Southern California. Through our dedicated professionals, we provide customized and innovative banking and lending solutions to businesses, entrepreneurs and individuals throughout California. We help to improve the communities where we live and work by supporting organizations that provide financial literacy and job training, small business support and affordable housing. With a commitment to service and to build enduring relationships, we provide a higher standard of banking. We look forward to helping you achieve your goals. For more information, please visit us at www.bancofcal.com or follow us on LinkedIn.
Patrick Edmonds, Finexio
Samantha Haugh, Banc of California