Regions Bank teams up with Koxa to launch ‘Embedded ERP Finance’ solution

US-based Regions Bank has unveiled a new offering for its treasury management clients that is designed to help them connect financial data to their own enterprise resourcing planning (ERP) systems so they can better manage cash flow and forecast business needs.

The new solution, ‘Regions Embedded ERP Finance’, is driven by Koxa, which is a treasury gateway platform that allows banks to connect to their corporate treasury clients, enabling clients to bank directly from inside their ERP.

According to Regions, its business clients are currently required to manually enter or upload financial data from their Regions accounts into their own ERP systems that they use to track sales, oversee inventory and manage customer relationships, among other things.

Instead, with ‘Regions Embedded ERP Finance’, those same clients will be able to immediately access and review financial accounts and data in real time within their own ERP platforms, resulting in “quicker access to solid business-management data”.

The new solution makes better use of real-time information to potentially help companies improve cash flow, determine “appropriate amounts” of liquidity and create data-driven “forecasts”.

As part of a series of future “enhancements”, Regions is developing an additional capability with the aim to enable clients to initiate ACH and wire payments for vendors, reimburse expenses, and manage payroll from their Regions Bank account, without leaving their accounting software.

‘Regions Embedded ERP Finance’ currently connects with Oracle NetSuite, Workday, Microsoft Dynamics 365 Business Central, and Sage Intacct.

“Technology continues to enhance the speed at which businesses operate, and this is another way Regions’ solutions can help companies spend less time on day-to-day financial tasks and more time focused on growing their business,” said Bryan Ford, head of Regions Treasury Management.

“Our Treasury Management division has experienced record growth, and we believe that’s the result of a positive client experience and consistent innovation. This is an exciting next step in the evolution of Open Banking, and we are proud to work with Koxa to make it available to clients.”

Ford added that Regions will “look forward to launching additional functionality over time as we consistently work to connect clients with more advancements in technology”.

Camellia George, Koxa’s co-founder and chief technology officer said: “Regions’ ERP-banking solution enables the bank’s clients to better leverage the capabilities of their existing ERP systems. Regions is constantly improving the client experience and investing in its treasury platform, making them a perfect fit for Koxa.”

She added that Koxa now expects API-based ERP-banking to be the “dominant banking channel” for treasury teams in the coming years.

Further reading: Regions Bank to integrate Axway’s Open Banking solution

Hemali Shah, channel manager for Open Banking and digital API at Regions Bank, is speaking at Open Banking Expo USA on June 26 in New York. Find out more and register to attend here.