FNBO overhauls commercial payments arm

The First National Bank of Omaha (FNBO) has revamped its commercial payments division, making use of fintech products to streamline its services to business customers.

The bank is the latest in a long line of organizations to have leveraged the growing financial technology space to enhance services to customers.

FNBO said in a statement that it had introduced a “full suite of payments solutions” for business clients, including cash management, the automation of payments, card services, and international banking.

Tammy Trilli has led the overhaul as head of commercial payments at FNBO, and said the work so far had “built the foundation” for further expansion of business banking services.

FNBO has been building out its technology capabilities for some time. At the end of August, FNBO launched a credit-card-as-a-service offering credit solutions to fintechs and technology firms as well as other digital brands.

Last year, the bank — a subsidiary of First National of Nebraska — established a strategic partnership with fintech company Centime to offer commercial cash flow monitoring solutions powered by artificial intelligence software.

The move comes after a recent survey from BNY Mellon and Aite-Novarica Group found that many businesses would prefer to partner with a bank for payment services than a fintech. This is despite the rapid rise of financial technology companies — often in competition with traditional banks — and the many benefits of digital-based services.

Almost nine in 10 (87%) of the businesses surveyed by BNY Mellon and Aite-Novarica said they had invested in their own payments technology and processes.