Simplifying Payments to Keep Up With Business Growth
With the help of J.P. Morgan Treasury Ignition™, Malwarebytes transformed its payment processes to protect more customers from cyberattacks.
Successful cybersecurity business Malwarebytes has experienced rapid growth over the last few years and its commitment to evolving alongside with the needs of customers during this age of digital transformation remains strong.
While its business and customer base were progressing, Malwarebytes’ payments process was falling behind. Malwarebytes’ Director of Account Operations, Dung Pham, shared that on his first day at the company, he noticed the controller had large stacks of checks on his desk waiting to be signed.
“It was the worst I had seen in a long time,” he said. And in an increasingly digital world, Dung knew there was room for improvement in the company’s payables and receivables processes.
New Products Fuel Rapid Growth
Since its start in 2004, Malwarebytes has been focused on providing protection for people and businesses against increasing cyberthreats, no matter where they are or what device they’re using.
In 2019, Malwarebytes grew substantially when it released Malwarebytes 4.0, the latest version of its flagship consumer product. This new rendition added enhanced technologies such as proactive ransomware technology, malicious website protection and anti-exploit capabilities to quickly identify malware on tech devices and scan faster than ever—all with 50% less impact on computing performance.
Carrying this momentum into early 2020, the company revamped its partner program and launched OneView, a cloud-based operations console that simplifies and streamlines administration for managed service providers (MSPs).
But with its success also came the growing pains that all finance teams face with a swift change in size and scope—the mounting manual accounting tasks of managing invoicing and processing payments to better recognize Malwarebytes’ cashflow.
Payment Processes Lag Behind
Many other mid-size companies were already streamlining their payments processes using third-party software solutions to download the NACHA file, or National Automated Clearing House Association, then uploading it to a bank—which disburses payments to vendors automatically.
Meanwhile, Malwarebytes was still using paper checks to pay its vendors, which made up 75% of the checks they had to write regularly. With the increasing demands of the growing business, Dung knew he had to automate and digitize this process to save time for his team.
Updating Payments Processes
To find a solution, he turned to J.P. Morgan, the company’s financial provider since 2010.
“We’re always ready and excited to help companies innovate and automate their payments processes, especially while leveraging their native environment to streamline and automate what they do,” said Deema Scullin, Treasury Management Officer for J.P. Morgan. “When Malwarebytes came to us to help solve for this, we had a great solution in mind.”
The request came at an opportune time, as J.P. Morgan was developing a new plugin solution called Treasury Ignition™ to help automate payments for businesses just like Malwarebytes—they were even one of the first companies to test it out.
Treasury Ignition is a plugin solution that integrates payment and banking functionalities directly into your enterprise resource planning system for a simplified payables and receivables experience.
This was the best choice for Malwarebytes because it kept everything natively in Oracle® NetSuite and naturally tracked the progress of payments, and it required no dedicated internal IT resources to implement. The plugin was easy to use and allowed Malwarebytes to make payments to vendors, suppliers and employees in just a few clicks. The dashboard also helped Dung and his team track and manage invoices and payments.
This was the silver bullet that helped address Malwarebytes payment services needed—Treasury Ignition offered a streamlined process that saved the team time by speeding up the check runs from one day to just a couple of hours, and also digitized payments authorization and included management services.
A Timely Solution
When the COVID-19 pandemic hit in 2020, Malwarebytes’ new simplified payments system proved invaluable. J.P. Morgan Treasury Ignition helped Malwarebytes quickly shift from working in the office to working from home without any hiccups.
And, as other companies moved their teams to work from home, this created another cycle of growth for Malwarebytes as those businesses prioritized cybersecurity software to protect them from digital threats.
With its modern system in place, Malwarebytes is poised to stay ahead of its payment processing needs and ready for what the future will bring.