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YayPay Participates in FinTech Innovation Lab Demo Day

     

FinTech Innovation LabAt YayPay, we love the opportunity to be part of a group effort to showcase our technology and AR solution, and on June 21, we were honored to be one of 11 companies chosen to present and participate in a virtual live stream at the FinTech Innovation Lab’s Demo Day.

The FinTech Innovation Lab Demo Day included presentations from YayPay and other companies working with new technologies in accounts receivable, data analytics, customer management and compliance. The goal for all companies participating in this year’s Demo Day was to work toward improving bank internal operations, including streamlining electronic payments and credit risk assessment, as well as increasing customer care and loyalty. YayPay’ s accounts receivable automation solution allows banks – and any business collecting receivables – to enable its systems to organize transactions and collection communications.

The FinTech Innovation Lab, which began in New York and has now expanded to London, Dublin and Asia Pacific, was created to act as a mentorship program for developing financial companies. FinTech works to provide a platform for these businesses to further establish themselves in collaboration with some of the world’s leading banks, while helping identify innovative technology on the rise in this sector.

It was an honor to be part of FinTech Innovation Lab Demo Day, as we were given the opportunity to explain how artificial intelligence and machine learning impact the way companies collect outstanding debt to lower their Days Sales Outstanding (DSO). We know were among a distinguished group of other companies who not only think progressively, but also have an eye on efficiency and increased productivity.

You can watch the full recording of the 2018 Demo Day online at: http://www.fintechinnovationlab.com/new-york/live/


American Banker

Helping banks help business clients automate accounts receivable — YayPay
Helping banks help business clients automate accounts receivable — YayPay 
Anthony Venus, CEO of YayPay, said his company's software lets banks provide automated collections for their business customers; fifty suppliers on the system are getting paid 34% faster than before. Neil Zane, senior vice president of technology partnership development at Bank of America, said business collections can be fraught with problems. One example is when a salesperson calls on a client who has just received a collections notice.

Enter YayPay, white-label software banks can use to automate accounts receivables for B2B merchants.

“With YayPay, the salesperson would receive an automated email about this way before they head out to the client,” Zane said. “Cash flow would improve because instead of a problem customer paying in 100 days, now they'll pay in 84. And a team that handled 1,000 invoices a month can now handle 3,000 invoices.”

This is a $124 trillion market, according to Anthony Venus, YayPay's chief executive.

The first thing YayPay does is connect transaction, customer management, ERP, CRM, billing and email systems together, he said.

Next, YayPay turns the data into useful insights using predictive analytics and machine learning.

“Then companies are able to better assess credit risk and predict payment speed accurately,” Venus said. There are no more manual follow-up emails. Customers pay on an intelligent payment portal. Fifty suppliers are on the platform, and they’re getting paid 34% faster than before, he said.

The company is backed by Fifth Third Bank.

  

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Anthony Venus

About the author

Anthony Venus Anthony co-founded YayPay in 2015 to fulfill the mission of making collecting money fast, easy, and highly predictable and to strive towards a vision of autonomous commerce. He is a multi-time entrepreneur and has lived and worked on five continents. He was co-founder and CEO of Meridian Equity Partners, a licensed financial and lending firm; Strategic Intelligence, an online publishing firm; and Marketshare, a data collection and market-research company acquired by Harris Interactive (AC Nielsen) where he also served on the global management team. Anthony’s career began at The Economist Group. Read more articles by Anthony Venus.

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