Paymerang and Southern Bank Partner to Provide Transformative AP Payment Automation to Southern Bank Clients
Matthew Kirkpatrick | Published on August 7, 2024
Paymerang, a leader in B2B accounts payable (AP) payment automation, is proud to announce a new partnership with Southern Bank. This collaboration will enable Southern Bank to offer its clients Paymerang’s award-winning, world-class AP Payment Automation platform, connecting top-tier payment automation solutions with the back offices across various industries that need them.
Southern Bank clients will soon benefit from the transformative power of payment automation. According to the 2024 Ardent Partners State of ePayables report, automated AP departments capture 80-90% of available early payment discounts, a marked improvement over the 50-60% capture rate of manual processes, translating into significant cost savings. Supplier satisfaction is also set to soar, with automated systems achieving satisfaction scores of 90% or higher, well above the 70-80% scores of traditional methods. Additionally, companies using automation capture early payment discounts three times more often, resulting in substantial financial benefits.
“We are excited to announce our new strategic partnership with Paymerang at Southern Bank. Their innovative payables platform fills a gap in our offerings and will enhance efficiency, streamline processes, and provide even greater value to our customers. Their relationship-driven approach mirrors our own, emphasizing personalized service and attention to the important details.”
– Tracey Jackson, Senior Vice President
About Southern Bank
Southern Bank, a wholly owned subsidiary of Southern BancShares (N.C.), Inc., has its corporate headquarters in Mount Olive, NC, with total assets over $4 billion and over 60 locations throughout eastern North Carolina and Virginia. Southern Bank is committed to providing the best banking products and services while investing in the communities it serves.
About Paymerang
Founded in 2010, Paymerang provides a streamlined invoice and payment automation platform that brings finance departments into the modern age. Paymerang’s platform saves AP departments thousands of hours annually, enhances visibility, increases accuracy, improves efficiency, and earns rebates while reducing paper, fraud risks, and operating costs. Learn more at paymerang.com.
