PROVIDENCE – An online and mobile banking platform for small businesses that Citizens Financial Group Inc. launched last fall has been named “Top Innovation in Payments by a Bank” at the 2024 PayTech Awards, Citizens announced.
Citizens Cash Flow Essentials provides access to real-time information, payment functionality and practical tools to help small-business owners meet their daily cash flow requirements and make business decisions, the bank said.
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Hosted by FinTech Futures, the annual PayTech Awards highlight excellence and innovation in the payments sector worldwide. The award for “Top Innovation in Payments by a Bank” recognizes an institution that has demonstrated innovation in the payments area and is awarded to a product, solution or service that will define the future of banking and finance.
“This award recognizes Citizens’ commitment to developing innovative tools that empower small-business owners to confidently manage their cash flow, optimize their payments and achieve better business outcomes,” said Mark Valentino, head of Citizens’ business banking. “In partnership with Taira Hall and Citizens’ Enterprise Payments team, we are continuously developing new digital tools and payment solutions to meet the evolving needs of customers.”
The product was launched after Citizens’ 2023 Business Report concluded that leaders of small to midsized businesses wanted to use digital tools to make it easier for customers to pay, speed up collections and simplify payment data tracking.
The bank says it recently expanded the platform with the launch of Citizens Cash Flow Forecasting in May. The forecasting solution offers tips and insights, as well as competitive benchmarking that enables business owners to compare their company to similar businesses based on geography, revenue and employee count.
