Regions Bank partners Koxa to launch new cash flow management solution
Regions Bank has launched a new cash flow management solution in collaboration with Koxa, a US-based open banking-powered treasury gateway platform.
Regions taps Koxa to develop new cash flow management tool
The new offering, called Regions Embedded ERP Finance, enables business clients to “immediately access and review financial accounts and data in real-time” within their enterprise resource planning (ERP) platforms, according to a statement.
This improves upon Region’s legacy processes, which previously required treasury management clients to input or upload financial data into their ERP systems manually.
The solution currently integrates with Oracle NetSuite, Workday, Microsoft Dynamics 365 Business Central, and Sage Intacct, with plans to support “additional ERP platforms and capabilities” in the future.
Alongside assisting enterprises to determine “appropriate amounts” of liquidity and create “data-driven forecasts”, the offering aims to help enterprises reduce fraud risks by tracking user IP addresses and “time stamp when each payment is submitted and approved”.
Regions is “currently developing” an additional feature to allow business clients to “initiate ACH and wire payments for vendors, reimburse expenses, manage payroll, and more”.
This launch comes shortly after the bank recently upgraded its legacy systems in partnership with Temenos, and follows the rollout of other treasury management products, including CashFlowQ, developed with Californian fintech BILL, which offers advanced accounts payable and receivable capabilities.
The Alabama-based bank, a subsidiary of Regions Financial Corporation, operates around 1,250 banking locations and over 2,000 ATMs across Texas, the South, and the Midwest.
