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These enhancements cover how “businesses select solutions, onboard, access insights, manage payments and serve customers across multiple channels,” the bank said in a news release Tuesday (Nov. 3).
“The investment reflects clients’ increasing need for merchant services to bring together payments, software, data and financial expertise,” Truist said. “Truist’s enhanced solutions are designed to fit how clients operate today with the flexibility and support to address more needs over time.”
With its new digital onboarding experience, Truist says it has shrunk the time from a client’s decision to proceed to execution by up to 80%.
Truist plans to extend the experience across more merchant services solutions as time goes on. In addition to enhanced Truist Merchant Engage capabilities, the bank wants to widen access to Clover merchant solutions and Paze for online checkout.
“We’re raising our ambition in Merchant Services,” said Chris Ward, Truist’s head of enterprise payments, said in the release. “We’re creating a simpler, faster and safer experience for clients, with smart solutions that give businesses better insight into payment activity and help them manage more of their operations. That creates more value for clients today and positions them for what’s next.”
He added that merchant services is evolving to encompass more than just payment processing, and that the winners in this space will combine payments, software and data “with a deep understanding of a business’s cash flow, capital needs and growth plans.”
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