Its predecessor, RegalPay, has been available since 2008, connecting to more than 160 enterprise resource planning (ERP) systems.
“Unlike solutions on the market today that only offer a handful of ERP integrations and require a manual intervention to complete a payment, RegalPay One offers a bank-branded platform that connects directly to their corporate customers’ ERP system,” Ed Wertzberger, vice president of solution delivery for Regal Software, said in the announcement.
Community banks and regional banks will be able to immediately offer a platform under their own brands, enabling their business clients to automate their accounts payable (AP) through the RegalPay One application without making a large technology investment, according to the announcement.
Users at companies can streamline their payments with the ability to transmit various payment types, such as check, Mastercard In Control for Commercial Payments, automated clearing house (ACH) and wire via their accounting infrastructure. Reconciliation also comes with the offering.
Regal Software, for its part, provides a solution for linking business ERP systems to vendors and banks for AP payment processing.
In September, MineralTree Inc. announced a $50 million Series D investment round and the acquisition of two firms. The funding initiative was headed up by current investors Great Hill Partners LP, Eight Roads Ventures and .406 Ventures. MineralTree acquired Inspyrus, a California FinTech that focuses on AP, in addition to Regal Software.
At the time, MineralTree indicated that the infusion and acquisitions would strengthen its functions for clients and bank partners. The company noted that $27 trillion in B2B payments are conducted yearly in North America, while firms spend $510 billion on manual AP expenses in making those payments.
In June, MineralTree introduced “end-to-end” multi-currency functions to assist middle-market companies in digitizing each of their AP procedures on a single platform. Furthermore, the software firm said that a new tie-up with TransferMate allows its users to pay invoices in more than 130 local currencies with ease.