Seaside National Bank Payment Processing Case Study

This case study details the transition of Seaside National Bank & Trust to a paperless accounts payable process using BankTEL Systems and Edenred Pay's virtual credit card payments. Initially, the bank faced challenges with a manual payment process that delayed vendor payments by two to three weeks. Following the passing of their facilities director, the accounting department reevaluated their processes and sought a more efficient solution. In January 2016, they began automating their workflow with BankTEL's ASCEND solution, which integrated electronic invoicing and approvals. By October 2017, they implemented virtual card payments, significantly reducing payment processing times to one business day. The integration process was streamlined, requiring minimal training and preparation. As of January 2018, Seaside achieved a 10% vendor enrollment rate for virtual payments and benefited from increased revenue through cash rebates on transactions. The case study emphasizes the efficiency and effectiveness of the new payment system in enhancing client service and operational performance.