PROVIDENCE – Citizens Financial Group Inc. on Monday announced the launch of an online and mobile cash management platform called Citizens Cash Flow Essentials, as well as Digital Invoicing, which it describes as a solution that allows small businesses to enhance their cash flow quickly and securely within the Citizens online banking platform.
The new solutions follow a new Digital Account Opening feature, recent enhancements to Zelle for small businesses and mobile deposit, as well as added digital resources for small-business owners “as Citizens strives to give them more time to focus on their business,” the bank said in a news release announcing the new features.
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“Citizens is committed to helping our customers achieve their goals and these digital solutions are a key extension of that commitment, simplifying the job of analyzing payment data and helping customers make informed decisions to fuel growth,” Mark Valentino, head of business banking, said in a statement.
The Cash Flow Essentials platform provides access to real-time information, seamless payment functionality and practical tools to help customers confidently meet daily cash flow requirements, according to the release. Payment options include real-time payments, domestic automated clearing house payments, domestic and international wire transfers, and unlimited mobile check deposits.
With Digital Invoicing for Small Business, Citizens customers no longer need to wait for checks to clear because payments are sent directly to eligible checking accounts, typically within two business days, the bank said.
Small-business customers will now be able to accept credit card and electronic payments that directly settle in their Citizens checking account, improving cash flow and liquidity, according to the release.
Customers can sign up for digital invoicing in online banking at no cost. There is a fee only when a business’s customer makes an electronic payment.
Leaders of small to midsized businesses want to use digital tools to make it easier for customers to pay, speed up collections and simplify payment data tracking, according to Citizens’ 2023 Business Report.
“We work closely with our business customers and continually invest in innovative ways to help them meet their cash flow needs, including Digital Invoicing, Zelle and Cash Flow Essentials,” Valentino said. “Our goal is to provide our Business Banking customers with an exceptional experience, empower them to make confident decisions and help them optimize their financial performance. We are dedicated to helping them navigate and grow in changing circumstances.”
