Royal Bank of Scotland Group PLC is offering an electronic invoicing service to its corporate customers under a multiyear reselling agreement with Fundtech Ltd., a Jersey City developer of corporate cash management and foreign exchange software.
Fundtech said Monday that the service, which Royal Bank will brand under its own label, will let customers replace slow and costly paper-based processes with a technology that can provide detailed status information on a business transaction from purchase order to invoice.
The Royal Bank system will use technology from the British electronic invoicing company Accountis Ltd., which Fundtech bought in February.
A growing number of banking companies are offering corporate customers systems to automate the supply chain and improve straight-through processing. Last week Ariba Inc. announced that Citigroup Inc. would integrate the Ariba Invoice and Payment network into its electronic payment and supplier finance offerings.
