automate construction payment stream Archives - BankLabs

BankLabs Selected to Constructech 50 for 2018

By | Award | No Comments

BankLabs is honored to be named to Constructech’s Top 50 companies in 2018 for construction technology for our construction payment automation product, +Pay. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house multiple software or hardware platforms.

Our +Pay product is cloud-based and accessible from any mobile device or computer. It standardizes builders and general contractors payment process to improve efficiency, provide real-time data access and help their sub-contractors succeed.  Features include electronic payment requests from sub-contractors, including supporting lien waivers and invoices. The product automates 1099 tax reporting and provides fast and easy electronic payments to sub-contractors.

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BankLabs Unveils +Pay to Automate Construction Payment Streams

By | Press Release

BankLabs, a national provider of innovative mobile technology products for community banks, today announced the addition of +Pay to its product offerings. +Pay integrates with Construct, the company’s construction loan automation product, to automate the payment stream between builders and sub-contractors. It speeds the payment process and eliminates the need for paper with electronic lien waivers and invoices, as well as automated 1099 tax reporting. 

With new payment options including Same Day ACH, +Pay enables sub-contractors to be paid efficiently and, in turn, efficiently pay their employees. This mobile and web-based service increases transparency in the payment stream process, which greatly reduces unnecessary friction between builders and subcontractors.

“Our software for cutting checks and making payouts was outdated, and we needed a product that could interface with our core system,” said David Veurink, chief credit officer and head of commercial banking at Countryside Bank. “+Pay does just that, and the team at BankLabs has been extremely responsive and customer-oriented in their approach.”

“Countryside Bank was our first customer on +Pay last year,” said Matt Johnner, president and co-founder of BankLabs. “They have been very helpful in working out any kinks and we are thrilled that they are seeing process improvements with our technology.”

Banks can leverage +Pay to increase both fee income and attract deposits. The two initial financial institutions using +Pay have already processed more than $126 million in construction payments combined, and more banks are already under contract.  In addition to financial institutions, builders and sub-contractors can also use +Pay.

About BankLabs

The mission of BankLabs is to reimagine banking through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size or location. For more information, visit banklabsstaging.mystagingwebsite.com.

Media Contact

For BankLabs
Catherine Mootz, 678-781-7227