Bill.com said that Mercantile Bank (MBWM) of Grand Rapids, Mich., will be the first financial institution to use its platform to standardize its online business banking services. The platform will provide customers with access to accounts receivable and accounts payable capabilities, the Palo Alto, Calif., company said Monday.
The $1.4 billion-asset Mercantile’s business customers also will have access to a comprehensive view of their cash flow while working with their vendor and customers networks. It replaces static spreadsheet-based accounting processes, Bill.com said.
The Bill.com platform includes single sign-on and one click setup of a company, its users and its bank accounts. The product automates manual processes and makes it easier to send and receive payments through multiple channels.