January 22, 2020: Bank Innovation
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.
Asked if Biller Genie is exclusively working with incumbent banks, Shah said it’s open to working with other providers, including upstart digital-only banks. She acknowledged that the field of competitors is growing but argued the market can accommodate more players as accounts receivable management remains an ongoing pain point for business owners.
“There’s quite a few incumbent companies [tackling payments], but there aren’t really a lot that are hyperfocused on accounts receivables,” Shah explained.
Helping client institutions automate business payments for end users allows them to focus on perfecting the overall user experience, she noted.
“Companies try to be everything to everyone [but] we have all of our development resources on accounts receivable management. We’re able to do more in that space and really focus on that problem and make it better,” Shah said.
Large banks have begun investing in accounts receivable automation solutions. For example, HSBC recently deployed its corporate treasury APIs to streamline its accounts receivable functions, improving clients’ abilities to track and monitor expenses.
Biller Genie, which did not comment on its level of funding, joins a league of startups focused on enabling banks to compete with startup-developed product propositions. Others in the space include HT Mobile Apps, which develops digital financial tools for institutions, including savings apps and financial literacy tools. It recently announced it’s working with working with banking technology giant FIS to grow its reach among bank clients.