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.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190604005585/en/