Managing Payables in an Integrated Environment
The integrated payables concept was conceived as a way to streamline the payables process. It enables an organization to send instructions for initiating multiple payment types to its bank in a single, consolidated file – instead of manually entering payment instructions into multiple systems. While the practice has been around for years, advances in technology and the increased number of banks investing in the development of this service have made integrated payables a much more attractive treasury management tool – especially to middle market and larger small business organizations.