NEW YORK, April 28, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its Treasury and Payments Services business is collaborating with B2B fintech innovator Fintainium to provide an integrated payments and financial workflow management solution to meet the needs of small and midsize businesses.
CIT and Fintainium will waive the first three months of subscription fees for this new solution and also waive all integration fees for businesses that enroll before June 30 in support of the current challenges for many small and midsized businesses.
Leveraging CIT's advanced payments capabilities and Fintainium's cloud-based platform, the collaborative solution improves financial workflow, increases management visibility and reporting, and provides outstanding payment execution, enhancing cash-flow support for small and midsize businesses.
"Successfully handling payments workflows is one of the biggest challenges that businesses face in this period of economic uncertainty," said Bob McElyea, managing director, Treasury and Payment Services for CIT. "Our collaboration with Fintainium is the right answer at the right time for small and midsize businesses, and we are pleased to offer a digital tool to help them manage their business from any location."
"Managing cash flow is at the heart of every business and has never been more urgent than in these challenging business conditions," said Richard Jackman, CEO of Fintainium. "The Fintainium™ platform facilitates a remote and mobile workforce, connecting all of a business' reviewing and approving parties for seamless business continuity whether in the office or working from home."
The new SaaS-based payments solution integrates with existing accounting and ERP systems. Its flexibility empowers businesses to offer expedited or extended payment terms in exchange for a discount or premium from their customers and suppliers – enhancing customer and supplier relationships while maintaining the ongoing health of their businesses.
CIT's Treasury and Payment Services business provides treasury and liquidity management and payment services that optimize working capital for small and midsize businesses. Its solutions streamline and automate processes for making and collecting payments efficiently, reducing fraud risk and improving liquidity management.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About Fintainium Inc.
Fintainium is a next-generation B2B financial workflow solution provider that integrates with existing accounting and ERP systems. Fintainium has the tools and services businesses need to sustain, grow, and profit. For more information, please visit the Fintainium website at www.fintainium.com.
SOURCE CIT Group Inc.