Bill.com has launched a new bill pay service for family offices and firms serving high-net-worth individuals, according to an announcement. The firm typically automates back-office financial operations for small and mid-size businesses, but realized its cloud-based approach could be attractive to the bill pay operations at family offices, as well.
The new feature is tailored specifically to the wealth management industry, according to the firm. Invoice details are automatically entered for review into the application, which then routes bills and any accompanying review notes through predetermined workflows; it supports payments via ACH, checks, cards, and international wire transfers and provides a single point-of-payment account via Bill.com. The feature can also be accessed by clients and has two-step verification, and the service’s dashboard includes outstanding items for payment, vendor records and time-stamped trails for all transactions.
“We’ve reduced the time spent on accounts payable by at least 40%,” said Josh Levine, CEO and founder of Cornerstone Family Office, in Bryn Mawr, Pa., in a statement. “The move gave us the tools we needed to quickly adapt to the requirements of a remote work environment and enables us to provide the high-touch support needed to serve our families, without being physically tethered to our office.”
Pricing varies based on services provided, according to information supplied by the firm. However, the service is not specifically designed for clients to use in paying their own advisors, according to Tom Clayton, chief revenue officer at Bill.com.
“We understand that trust is especially crucial for high-net-worth families and individuals,” added Clayton, in a statement. “Our solution offers the ease-of-use, transparency and security needed for effectively handling the money management of these valuable clients.”