What’s New at Centime: 2024 Highlights and Future Innovations

Welcome to the future of cash management! Centime has had its biggest year yet, packed with 18 releases, over 50 new features, and exciting enhancements across Accounts Payable (AP), Accounts Receivable (AR), and Expense Management. This post summarizes the key takeaways from our recent webinar, “What’s New in Centime for 2024 and Beyond.”

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Jump to Section:

Centime’s Evolution in Cash Management
AI-Powered Enhancements in AP
Advanced AR Features
New Expense Management with Fyle
What’s Coming Next

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Centime’s Evolution in Cash Management

Presented by Alex Williams, VP of Revenue
Today’s businesses often manage cash flow through multiple siloed systems. Centime’s integrated cash management suite consolidates AP, AR, forecasting, and banking to optimize working capital. Highlights of our 2024 achievements include:

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Smarter banking tools* like multi-bank visibility and FDIC-enhanced cash sweep accounts.
A focus on driving efficiencies across payment workflows and leveraging AI.

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AI-Powered Enhancements in AP

Presented by Andrew Waters, Director of Product Management
Centime has introduced game-changing updates to AP automation, leveraging cutting-edge AI to make processing invoices faster and more accurate.

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Key Features:

AI Invoice Capture and Coding: Automatically extracts and codes invoices based on your prior data.
3-Way PO Matching: Simplifies invoice reconciliation by aligning invoices, purchase orders, and receipts.
Supplier Card Enrollment: Helps you identify suppliers willing to accept credit card payments.
High-Yield Business Banking: Earn 3.5% APY⁺⁺ on your vendor payments through Centime Checking Plus.

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Customer Impact: Companies have reported up to 70% savings in AP processing costs while boosting efficiency and reducing errors.

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Advanced AR Features

Presented by Stella Rafaelidys, Product Manager
Enhancements in AR automation ensure businesses get paid faster while reducing the workload on collections teams.

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Key Features:

Customer-Level Workflows: Consolidate reminders for high-volume customers, reducing cluttered communications.
Dynamic Automations: Automatically escalate overdue invoices to appropriate team members.
Shared Views for Collaboration: Streamline collections with unified views for sales, finance, and customer support teams.

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These updates enable businesses to reduce Days Sales Outstanding (DSO) and streamline the collections process, leading to better cash flow.

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New Expense Management with Fyle

Presented by Allie Collins, CMO
In partnership with Fyle, Centime now offers seamless expense management tools that integrate with AP workflows.

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Key Features:

Real-Time Receipt Capture: Employees can text or email receipts for instant processing.
Policy Enforcement: Automates approval workflows and ensures compliance with spending policies.
Card Agnosticism: Supports all major card providers, including Centime’s own card.

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Bonus: The Fyle-powered solution is free for Centime card users (terms apply).

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What’s Coming Next

Centime’s 2025 roadmap includes exciting developments to further streamline your cash management:

Expanded Supplier Relationship Management: Automate compliance workflows and document collection.
Enhanced Payment Capabilities: Support for domestic wires and cross-border FX payments.
Improved AR Tools: Add real-time cash application features for lockboxes and portals.

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We’re committed to evolving with your business needs, so stay tuned for more updates.

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Explore More

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Missed the webinar? Watch the full recording here or reach out for a demo of these exciting features.

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**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and ICS are registered service marks, and IntraFi Cash Service is a service mark, of IntraFi Network LLC.

^††3.5% Annual Percentage Yield (APY) as of 11/19/24. Deposit rate may adjust to current market rate and may change daily. Fees may reduce earnings.

*Centime is not a bank and is not authorized by any federal or state agency to engage directly in core banking activities.
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*All banking products and services available through Centime are provided by FNBO and are governed by the applicable agreements and related disclosures provided to you by FNBO. Member FDIC.
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‍*While Centime facilitates traditional banking activities (such as the acceptance of deposits or extensions of credit), these services are actually provided by our banking partner, FNBO.
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*Centime may provide support services to FNBO, as permitted by applicable law, to facilitate the delivery of its bank products and services.

**Deposit placement through ICS is subject to the terms, conditions, and disclosures in the applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through ICS satisfies any restrictions on its deposits. A list identifying IntraFi network bank

What’s New at Centime: 2024 Highlights and Future Innovations

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