The impact of faster cash in Colorado
Businesses will benefit
Colorado isn't a global money center like New York or San Francisco, but speeding up the exchange of cash here will still have a big impact on Colorado businesses, says UMB Bank Vice President and Senior Treasury Advisor Kari Osborne.
"It's really about how quickly can you move money, whether through payables, or in this case, electronifying receivable payments," she says. "I would say the industries in Colorado, whether it be oil and gas, technology, we're definitely big in the nonprofit space, and of course, with over 60 counties in the state of Colorado, and all our different government entities, they too are looking for ways to reduce costs and increase speed of payments on both sides of that cash-flow cycle. So it definitely impacts our businesses here in the state of Colorado."
UMB Bank approaches its customers holistically, Osborne says.
"Especially in my role as treasury advisor, really looking at that full cash-flow cycle, how can we help our clients gain efficiency financially," she says.