The future of B2B payments lies in automation, not administration.
\nGiven the B2B sector\u2019s legacy of complex workflows, intricate data requirements and entrenched manual processes, the opportunities for innovation are immense.
\nWhile modernizing something as entrenched into business workflows as a decades-old accounts payable or accounts receivable program may take some coaxing, companies that wait too long to integrate innovations into their operations could risk falling behind their competitors and miss out on potential efficiencies as next-generation capabilities continue to evolve.
\nSticking to paper-based processes is costing businesses not just their time and money, but also increasingly preventing them from unlocking digitally driven 21st-century growth.
\nThe top innovation pillars defining the B2B landscape this week were around the increasingly necessary benefits of workflow automation; the opportunity small business-focused solutions offer; why partnerships are building better B2B solutions; the ongoing digital transformation of traditional processes; and what\u2019s being done to streamline cross-border payments.
\nBy pooling resources, companies can accelerate the development and deployment of B2B innovations, allowing them to stay ahead of competitors. In an evolving digital landscape, these benefits position partnerships as a strategy for driving B2B innovation, as the marketplace showed this week.
\nAs one example, Jaggaer and Bottomline partnered to provide companies with more payment options for B2B transactions. Bottomline\u2019s Paymode business payment network and Premium ACH offering, virtual card and other payment modalities will be integrated into Jaggaer\u2019s B2B payment solution, Jaggaer Pay, the companies said Thursday (Sept. 5).
\nTrustly and Newline by Fifth Third teamed up to facilitate money movement in the United States. The collaboration brings together Trustly\u2019s open banking payments and Newline\u2019s embedded payments platform, the companies said Thursday.
\nElsewhere, last-mile delivery management firm Onfleet on Wednesday (Sept. 4) integrated with fleet insurance firm Fairmatic to deliver a solution aimed at companies with fleets of 10 or more vehicles, which gives fleet managers a comprehensive view of driver performance and can offer personalized safety recommendations.
\nAcquisitions were also announced this week.
\nNcontracts acquired Venminder and announced Wednesday it will add Venminder\u2019s unified platform for managing third-party risk to Ncontracts\u2019 integrated compliance, risk and vendor management solutions for the financial services industry.
\nAlso Wednesday, money mobility platform Ingo Payments acquired cloud-based banking platform Deposits Inc.
\n\u201cThis was literally a missing piece in our [platform] that powers the money in and money out [of an account],\u201d Ingo Payments CEO Drew Edwards told PYMNTS in an interview.
\nZil Money\u2019s OnlineCheckWriter.com announced Tuesday (Sept. 3) that it now allows businesses to send checks funded by their credit card or wallet.
\nThe PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d found that 75% of organizations still use paper checks despite their high costs and inefficiencies.
\nThat\u2019s why PYMNTS unpacked Tuesday how, as digital transformation sweeps across industries, B2B payments are no longer merely about settling invoices; instead, they are increasingly about creating seamless, transparent and efficient experiences that reflect the brand\u2019s values and commitment to its partners.
\n\u201cIf I had to boil it down to two words, it\u2019s \u2018competitive advantage,\u2019\u201d Aaron LeHew, director of invoice-to-cash at Esker, told PYMNTS Wednesday about embracing innovations around AR digitization and automation.
\nAchieving this competitive advantage is only getting easier as the integration-to-impact window shortens for firms looking to tap into new B2B payments innovations.
\n\u201cOne change can affect three or four different parts of your business,\u201d Priority Head of Commercial Court Toomey told PYMNTS in an interview posted Thursday. \u201cThere\u2019s no need for a large manufacturer to have to send out 10,000 rebate checks to every individual retailer that\u2019s selling the product on a quarterly basis when there is a much more efficient way to do so, as long as they work with it within their supplier network or their buyer network in order to implement that change.\u201d
\nPayment-as-a-Service provider UNIPaaS announced Tuesday that it launched a small business-focused invoice payments partnership with American Express.
\nOn Thursday, PYMNTS unpacked how embracing purpose-built solutions that cater to the unique needs of small- to medium-sized businesses (SMBs) is top of mind for Main Street merchants and the FinTechs and payment innovators serving them.
\nMeanwhile, Ziina raised $22 million Tuesday to provide FinTech services for United Arab Emirates-based small businesses.
\nOn Friday (Aug. 30), Brazilian FinTech Ume raised $15 million in a Series A funding round to expand its payment network and merchant services platform for SMBs on Pix.
\nJack Henry and Moov teamed up Tuesday to help small businesses accept digital payments.
\nSMBs are a diverse group, varying in size, industry and geographical location, making their payment preferences equally diverse. Unlike large enterprises that can build custom payment systems or dedicate resources to advanced treasury management, SMBs operate with more limited budgets and infrastructure. As a result, their payment needs tend to revolve around affordability, simplicity, flexibility and reliability.
\nIn a world where time is money, the ability to streamline contracting and payment processes is more than just a convenience \u2014 it\u2019s a competitive advantage.
\nMarty Ringlein and Will Hubbard, co-founders of Agree.com, discussed the benefits of embedded solutions for mid-market companies in an interview with PYMNTS posted Thursday.
\nThe marketplace is responding with other innovations as well. Revolut Business on Wednesday launched Revolut BillPay, a feature that automatically pulls bills in from the user\u2019s accounting software or allows users to upload bills to their account.
\nArtificial intelligence is also transforming legacy workflows. Anthropic introduced a Claude Enterprise plan Wednesday that helps organizations collaborate with its AI assistant, Claude, using internal knowledge. The new plan includes an expanded 500K context window, more usage capacity, a native GitHub integration and enterprise-grade security features.
\nMeanwhile, one year after launching the first of its three business products, OpenAI said Thursday it now counts more than 1 million paying business users.
\nSeamless cross-border B2B payments remain one of the white whales of the connected economy.
\nWith news Friday (Aug. 30) that Bridge raised an additional $40 million to continue building its stablecoin-based global payment scheme, executing international transactions quickly and conveniently is increasingly top of mind for companies looking to capture market share in foreign markets, as is ensuring those transactions are occurring compliantly and responsibly.
\nOn Tuesday, PYMNTS unpacked why finding the right balance between these competing demands \u2014 convenience and compliance \u2014 is imperative for B2B buyers and suppliers.
\nAs digital payments grow in popularity, the lack of cross-border interoperability has attracted attention, including that of infrastructure provider TerraPay President Ruben Salazar Genovez, who is leading a new effort to do something about it.
\n\u201cWe have huge respect for all the technology and the architecture and the user experience that our partners have been building in their domestic spaces,\u201d Genovez told PYMNTS in an interview posted Thursday. \u201cBut the reality is that today, it\u2019s very easy to travel with a piece of plastic, but it\u2019s very difficult to travel with a piece of software. And so, we want to enable these wallets to be able to provide the same user experience and the same sort of payment capabilities when they travel abroad. And that is a gigantic task.\u201d
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post This Week in B2B: Partnerships, Payments and Process Improvements appeared first on PYMNTS.com.
\n", "content_text": "The future of B2B payments lies in automation, not administration.\nGiven the B2B sector\u2019s legacy of complex workflows, intricate data requirements and entrenched manual processes, the opportunities for innovation are immense.\nWhile modernizing something as entrenched into business workflows as a decades-old accounts payable or accounts receivable program may take some coaxing, companies that wait too long to integrate innovations into their operations could risk falling behind their competitors and miss out on potential efficiencies as next-generation capabilities continue to evolve.\nSticking to paper-based processes is costing businesses not just their time and money, but also increasingly preventing them from unlocking digitally driven 21st-century growth.\nThe top innovation pillars defining the B2B landscape this week were around the increasingly necessary benefits of workflow automation; the opportunity small business-focused solutions offer; why partnerships are building better B2B solutions; the ongoing digital transformation of traditional processes; and what\u2019s being done to streamline cross-border payments.\nBuilding Better B2B Solutions With Partnerships \nBy pooling resources, companies can accelerate the development and deployment of B2B innovations, allowing them to stay ahead of competitors. In an evolving digital landscape, these benefits position partnerships as a strategy for driving B2B innovation, as the marketplace showed this week.\nAs one example, Jaggaer and Bottomline partnered to provide companies with more payment options for B2B transactions. Bottomline\u2019s Paymode business payment network and Premium ACH offering, virtual card and other payment modalities will be integrated into Jaggaer\u2019s B2B payment solution, Jaggaer Pay, the companies said Thursday (Sept. 5).\nTrustly and Newline by Fifth Third teamed up to facilitate money movement in the United States. The collaboration brings together Trustly\u2019s open banking payments and Newline\u2019s embedded payments platform, the companies said Thursday.\nElsewhere, last-mile delivery management firm Onfleet on Wednesday (Sept. 4) integrated with fleet insurance firm Fairmatic to deliver a solution aimed at companies with fleets of 10 or more vehicles, which gives fleet managers a comprehensive view of driver performance and can offer personalized safety recommendations.\nAcquisitions were also announced this week.\nNcontracts acquired Venminder and announced Wednesday it will add Venminder\u2019s unified platform for managing third-party risk to Ncontracts\u2019 integrated compliance, risk and vendor management solutions for the financial services industry.\nAlso Wednesday, money mobility platform Ingo Payments acquired cloud-based banking platform Deposits Inc.\n\u201cThis was literally a missing piece in our [platform] that powers the money in and money out [of an account],\u201d Ingo Payments CEO Drew Edwards told PYMNTS in an interview.\nReducing Reliance on Checks Through B2B Automation\nZil Money\u2019s OnlineCheckWriter.com announced Tuesday (Sept. 3) that it now allows businesses to send checks funded by their credit card or wallet.\nThe PYMNTS Intelligence report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d found that 75% of organizations still use paper checks despite their high costs and inefficiencies.\nThat\u2019s why PYMNTS unpacked Tuesday how, as digital transformation sweeps across industries, B2B payments are no longer merely about settling invoices; instead, they are increasingly about creating seamless, transparent and efficient experiences that reflect the brand\u2019s values and commitment to its partners.\n\u201cIf I had to boil it down to two words, it\u2019s \u2018competitive advantage,\u2019\u201d Aaron LeHew, director of invoice-to-cash at Esker, told PYMNTS Wednesday about embracing innovations around AR digitization and automation.\nAchieving this competitive advantage is only getting easier as the integration-to-impact window shortens for firms looking to tap into new B2B payments innovations.\n\u201cOne change can affect three or four different parts of your business,\u201d Priority Head of Commercial Court Toomey told PYMNTS in an interview posted Thursday. \u201cThere\u2019s no need for a large manufacturer to have to send out 10,000 rebate checks to every individual retailer that\u2019s selling the product on a quarterly basis when there is a much more efficient way to do so, as long as they work with it within their supplier network or their buyer network in order to implement that change.\u201d\nThe Big Opportunity Small Businesses Represent\nPayment-as-a-Service provider UNIPaaS announced Tuesday that it launched a small business-focused invoice payments partnership with American Express.\nOn Thursday, PYMNTS unpacked how embracing purpose-built solutions that cater to the unique needs of small- to medium-sized businesses (SMBs) is top of mind for Main Street merchants and the FinTechs and payment innovators serving them.\nMeanwhile, Ziina raised $22 million Tuesday to provide FinTech services for United Arab Emirates-based small businesses.\nOn Friday (Aug. 30), Brazilian FinTech Ume raised $15 million in a Series A funding round to expand its payment network and merchant services platform for SMBs on Pix.\nJack Henry and Moov teamed up Tuesday to help small businesses accept digital payments.\nSMBs are a diverse group, varying in size, industry and geographical location, making their payment preferences equally diverse. Unlike large enterprises that can build custom payment systems or dedicate resources to advanced treasury management, SMBs operate with more limited budgets and infrastructure. As a result, their payment needs tend to revolve around affordability, simplicity, flexibility and reliability.\nTapping Digital Transformations for Business Improvements\nIn a world where time is money, the ability to streamline contracting and payment processes is more than just a convenience \u2014 it\u2019s a competitive advantage.\nMarty Ringlein and Will Hubbard, co-founders of Agree.com, discussed the benefits of embedded solutions for mid-market companies in an interview with PYMNTS posted Thursday.\nThe marketplace is responding with other innovations as well. Revolut Business on Wednesday launched Revolut BillPay, a feature that automatically pulls bills in from the user\u2019s accounting software or allows users to upload bills to their account.\nArtificial intelligence is also transforming legacy workflows. Anthropic introduced a Claude Enterprise plan Wednesday that helps organizations collaborate with its AI assistant, Claude, using internal knowledge. The new plan includes an expanded 500K context window, more usage capacity, a native GitHub integration and enterprise-grade security features.\nMeanwhile, one year after launching the first of its three business products, OpenAI said Thursday it now counts more than 1 million paying business users.\nStreamlining Cross-Border Payments for Better Global Business\nSeamless cross-border B2B payments remain one of the white whales of the connected economy.\nWith news Friday (Aug. 30) that Bridge raised an additional $40 million to continue building its stablecoin-based global payment scheme, executing international transactions quickly and conveniently is increasingly top of mind for companies looking to capture market share in foreign markets, as is ensuring those transactions are occurring compliantly and responsibly.\nOn Tuesday, PYMNTS unpacked why finding the right balance between these competing demands \u2014 convenience and compliance \u2014 is imperative for B2B buyers and suppliers.\nAs digital payments grow in popularity, the lack of cross-border interoperability has attracted attention, including that of infrastructure provider TerraPay President Ruben Salazar Genovez, who is leading a new effort to do something about it.\n\u201cWe have huge respect for all the technology and the architecture and the user experience that our partners have been building in their domestic spaces,\u201d Genovez told PYMNTS in an interview posted Thursday. \u201cBut the reality is that today, it\u2019s very easy to travel with a piece of plastic, but it\u2019s very difficult to travel with a piece of software. And so, we want to enable these wallets to be able to provide the same user experience and the same sort of payment capabilities when they travel abroad. And that is a gigantic task.\u201d\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post This Week in B2B: Partnerships, Payments and Process Improvements appeared first on PYMNTS.com.", "date_published": "2024-09-05T17:21:04-04:00", "date_modified": "2024-09-05T17:21:04-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/01/business-partnerships-handshakes.jpg", "tags": [ "Aaron LeHew", "acquisitions", "Agree.com", "American Express", "Anthropic", "automation", "B2B", "B2B Payments", "bottomline", "Bridge", "Claude", "commercial payments", "Court Toomey", "cross-border payments", "Deposits Inc.", "digital transformation", "digital wallets", "Drew Edwards", "esker", "Fairmatic", "funding", "Global Payments", "Ingo Payments", "Innovation", "international", "Investments", "Jack Henry", "Jaggaer", "Marty Ringlein", "Mobile Wallets", "Moov", "Ncontracts", "Newline by Fifth Third", "News", "Onfleet", "OnlineCheckWriter.com", "OpenAI", "partnerships", "Priority", "PYMNTS News", "Revolut BillPay", "Revolut Business", "Ruben Salazar Genovez", "SMBs", "TerraPay", "Trustly", "Ume", "UNIPaaS", "Venminder", "Will Hubbard", "Ziina", "Zil Money" ] }, { "id": "https://www.pymnts.com/?p=2094728", "url": "https://www.pymnts.com/news/b2b-payments/2024/paystand-expands-its-b2b-payments-service-to-canada/", "title": "Paystand Expands Its B2B Payments Service to Canada", "content_html": "Paystand says it is expanding its zero-fee B2B payments network to Canada.
\n\u201cWhile Paystand first introduced limited service in Canada in 2018, Canadian payers will now be able to access all the benefits of the Paystand Platform and the Zero-Fee B2B Payment network,\u201d the company said in a news release Thursday (Sept. 5).
\nAccording to the release, the expansion comes as Canadian businesses are increasingly choosing cash-based B2B transactions instead of credit, to reduce the risks of payment delays or non-payment.
\n\u201cIn this context CFOs are primed for a less expensive and safer alternative payment solution,\u201d the company added.
\nThe release also noted Paystand\u2019s platform can help finance departments speed up time-to-cash, reduce DSO and eliminate transaction fees.
\n\u201cAlmost 40% of Canadian businesses use real-time, EFT payments to transact business,\u201d said Jeremy Almond, the CEO and co-founder of Paystand.\u00a0\u201cThat is where Paystand can immediately innovate \u2014 providing a zero-fee network for their businesses, and modernizing the payments technology globally. Canadian businesses will gain the full Paystand experience with zero fees, fast transactions and no middlemen.\u201d
\nPaystand in April acquired spend management software provider Teampay to create a financial platform covering both accounts receivable (AR) and accounts payable (AP), while also expanding Paystand\u2019s network to include more than 1 million businesses.
\n\u201cThis significant step forward in our mission not only revolutionizes payments and creates a seamless, fee-free B2B network, but also ushers decentralized finance into traditional spaces,\u201d Almond said at the time.
\nIn other B2B payments news, PYMNTS spoke recently with Priority Head of Commercial Court Toomey about how businesses across various sectors seek to modernize their financial operations on this front.
\n\u201cThere are a lot of changes happening across a lot of outdated or antiquated industries. We\u2019re in a good space right now to see a lot of change,\u201d Toomey told PYMNTS, adding that this transformation is happening across the board, though not always at the same pace.
\n\u201cAnyone who was at the forefront of having a digital presence are who we see as being more willing to test out new products, work with new FinTechs on different solutions around the actual financial products used to pay their vendors or finance some of their purchasing,\u201d he added.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Paystand Expands Its B2B Payments Service to Canada appeared first on PYMNTS.com.
\n", "content_text": "Paystand says it is expanding its zero-fee B2B payments network to Canada.\n\u201cWhile Paystand first introduced limited service in Canada in 2018, Canadian payers will now be able to access all the benefits of the Paystand Platform and the Zero-Fee B2B Payment network,\u201d the company said in a news release Thursday (Sept. 5).\nAccording to the release, the expansion comes as Canadian businesses are increasingly choosing cash-based B2B transactions instead of credit, to reduce the risks of payment delays or non-payment.\n\u201cIn this context CFOs are primed for a less expensive and safer alternative payment solution,\u201d the company added.\nThe release also noted Paystand\u2019s platform can help finance departments speed up time-to-cash, reduce DSO and eliminate transaction fees.\n\u201cAlmost 40% of Canadian businesses use real-time, EFT payments to transact business,\u201d said Jeremy Almond, the CEO and co-founder of Paystand.\u00a0\u201cThat is where Paystand can immediately innovate \u2014 providing a zero-fee network for their businesses, and modernizing the payments technology globally. Canadian businesses will gain the full Paystand experience with zero fees, fast transactions and no middlemen.\u201d\nPaystand in April acquired spend management software provider Teampay to create a financial platform covering both accounts receivable (AR) and accounts payable (AP), while also expanding Paystand\u2019s network to include more than 1 million businesses.\n\u201cThis significant step forward in our mission not only revolutionizes payments and creates a seamless, fee-free B2B network, but also ushers decentralized finance into traditional spaces,\u201d Almond said at the time.\nIn other B2B payments news, PYMNTS spoke recently with Priority Head of Commercial Court Toomey about how businesses across various sectors seek to modernize their financial operations on this front.\n\u201cThere are a lot of changes happening across a lot of outdated or antiquated industries. We\u2019re in a good space right now to see a lot of change,\u201d Toomey told PYMNTS, adding that this transformation is happening across the board, though not always at the same pace.\n\u201cAnyone who was at the forefront of having a digital presence are who we see as being more willing to test out new products, work with new FinTechs on different solutions around the actual financial products used to pay their vendors or finance some of their purchasing,\u201d he added.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Paystand Expands Its B2B Payments Service to Canada appeared first on PYMNTS.com.", "date_published": "2024-09-05T16:42:38-04:00", "date_modified": "2024-09-05T16:42:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/b2b-payments-paystand.jpg", "tags": [ "B2B", "B2B Payments", "business payments", "canada", "cash flow", "commercial payments", "News", "PayStand", "PYMNTS News", "small businesses", "spend management", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2094507", "url": "https://www.pymnts.com/news/b2b-payments/2024/jaggaer-and-bottomline-partner-on-b2b-payments/", "title": "Jaggaer and Bottomline Partner on B2B Payments", "content_html": "Jaggaer and Bottomline have partnered to provide companies with more payment options for B2B transactions.
\nBottomline\u2019s Paymode business payment network and its Premium ACH offering, virtual card and other payment modalities will be integrated into Jaggaer\u2019s B2B payment solution, Jaggaer Pay, the companies said in a Thursday (Sept. 5) press release.
\n\u201cExpanding our natively integrated partner offerings to include best-in-class solutions like Paymode elevates the value of the entire Jaggaer One solution,\u201d Dawn Andre, chief product officer at Jaggaer, said in the release. \u201cLeveraging two of the industry\u2019s most valuable procurement and payment solutions provides significant value to organizations looking to optimize their source-to-pay strategy.\u201d
\nJaggaer Pay helps accounts payable (AP) teams reduce the number of manual and repetitive tasks they must handle throughout the invoice lifecycle, streamline the payment process and enhance cash flow management, according to the release.
\nPaymode prevents fraud by validating suppliers; provides payers with maximum rebate opportunities by enabling them to use virtual cards and Premium ACH; and helps suppliers reduce the risk of financial fraud, enhance reporting and lower overall acceptance costs by accepting more payments digitally, the release said.
\nAdding Jaggaer as an embedded payments partner will help fuel the growth of the Paymode network beyond the 550,000 members it has today, Gunita Bindra, vice president of partnership strategy, Paymode at Bottomline, said in the release.
\n\u201cOur embedded solution in Jaggaer Pay provides buyers and suppliers with a seamless experience that meets them where they are today and where they are headed in the future,\u201d Bindra said. \u201cIt\u2019s a secure way for businesses to automate their payables process and enhance their supplier relationships.\u201d
\nIn some other recently announced partnerships and product launches, Bottomline teamed up with Fifth Third Bank to help customers streamline their payment processes and enhance cash flow management and efficiencies, joined forces with Coupa to simplify digital payment processes for businesses, and expanded the availability of its legal bill review service for property and casualty (P&C) insurance carriers and corporate legal organizations.
\nJaggaer was acquired in August by investment firm Vista Equity Partners. Jaggaer CEO Andy Hovancik said in an Aug. 13 press release that this move \u201cunderscores Jaggaer\u2019s strong momentum and the compelling value our intelligent software delivers.\u201d
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Jaggaer and Bottomline Partner on B2B Payments appeared first on PYMNTS.com.
\n", "content_text": "Jaggaer and Bottomline have partnered to provide companies with more payment options for B2B transactions.\nBottomline\u2019s Paymode business payment network and its Premium ACH offering, virtual card and other payment modalities will be integrated into Jaggaer\u2019s B2B payment solution, Jaggaer Pay, the companies said in a Thursday (Sept. 5) press release.\n\u201cExpanding our natively integrated partner offerings to include best-in-class solutions like Paymode elevates the value of the entire Jaggaer One solution,\u201d Dawn Andre, chief product officer at Jaggaer, said in the release. \u201cLeveraging two of the industry\u2019s most valuable procurement and payment solutions provides significant value to organizations looking to optimize their source-to-pay strategy.\u201d\nJaggaer Pay helps accounts payable (AP) teams reduce the number of manual and repetitive tasks they must handle throughout the invoice lifecycle, streamline the payment process and enhance cash flow management, according to the release.\nPaymode prevents fraud by validating suppliers; provides payers with maximum rebate opportunities by enabling them to use virtual cards and Premium ACH; and helps suppliers reduce the risk of financial fraud, enhance reporting and lower overall acceptance costs by accepting more payments digitally, the release said.\nAdding Jaggaer as an embedded payments partner will help fuel the growth of the Paymode network beyond the 550,000 members it has today, Gunita Bindra, vice president of partnership strategy, Paymode at Bottomline, said in the release.\n\u201cOur embedded solution in Jaggaer Pay provides buyers and suppliers with a seamless experience that meets them where they are today and where they are headed in the future,\u201d Bindra said. \u201cIt\u2019s a secure way for businesses to automate their payables process and enhance their supplier relationships.\u201d\nIn some other recently announced partnerships and product launches, Bottomline teamed up with Fifth Third Bank to help customers streamline their payment processes and enhance cash flow management and efficiencies, joined forces with Coupa to simplify digital payment processes for businesses, and expanded the availability of its legal bill review service for property and casualty (P&C) insurance carriers and corporate legal organizations.\nJaggaer was acquired in August by investment firm Vista Equity Partners. Jaggaer CEO Andy Hovancik said in an Aug. 13 press release that this move \u201cunderscores Jaggaer\u2019s strong momentum and the compelling value our intelligent software delivers.\u201d\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Jaggaer and Bottomline Partner on B2B Payments appeared first on PYMNTS.com.", "date_published": "2024-09-05T11:49:28-04:00", "date_modified": "2024-09-05T11:49:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/B2B-payments-digital-transformation.jpg", "tags": [ "accounts payable", "ACH", "B2B", "B2B Payments", "bottomline", "Embedded Payments", "Jaggaer", "News", "partnerships", "Paymode", "procurement", "PYMNTS News", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2085784", "url": "https://www.pymnts.com/news/b2b-payments/2024/integration-to-impact-window-gets-tighter-for-b2b-payments-innovation/", "title": "Integration-to-Impact Window Gets Tighter for B2B Payments Innovation", "content_html": "Innovations wouldn\u2019t be deemed as such if they didn\u2019t change things in a transformative way.
\nAnd the world of B2B payments \u2014 characterized by complex workflows, intricate data requirements and entrenched manual processes \u2014 is finding this out in real time, as businesses across various industries seek to modernize their financial operations to optimize efficiency and unlock new avenues for growth.
\n\u201cThere are a lot of changes happening across a lot of outdated or antiquated industries. We\u2019re in a good space right now to see a lot of change,\u201d Priority\u00a0Head of Commercial Court Toomey\u00a0told PYMNTS.
\nThis transformation is not confined to a single industry but is happening across the board, albeit at varying paces.
\nIndustries like retail, eCommerce and manufacturing have been more amenable to adopting these innovations, Toomey noted, explaining that they are interested in leveraging digital tools to streamline their supply chains and financial processes. These sectors, having already embraced digital transformation in other areas, are now extending those efficiencies to the back-end of their operations, integrating new financial products that enhance payment processing and working capital management.
\n\u201cAnyone who was at the forefront of having a digital presence are who we see as being more willing to test out new products, work with new FinTechs on different solutions around the actual financial products used to pay their vendors or finance some of their purchasing,\u201d he added.
\nFor example, in the food and beverage sector, the presence of a few key players on both the supply and distribution sides has created a universal standard that simplifies the adoption of new technologies across the industry. This standardization, Toomey said, allows restaurants, hospitals and schools, among others, to integrate new payment solutions into their operations, improving efficiency and reducing costs.
\nRead more: Priority Completes Acquisition of Plastiq and Combines B2B Offerings
\nHowever, not all industries are quick to embrace these innovations. Sectors like healthcare and freight logistics are often more hesitant, primarily due to regulatory compliance concerns and regional fragmentation.
\nIn healthcare, Toomey explained, the heavy oversight and stringent regulations can act as barriers to adopting new financial tools, slowing down the pace of change. Similarly, the freight and logistics industry faces challenges due to the disparate operational standards across different regions, from the Mediterranean to Asia. This fragmentation makes it difficult to implement a one-size-fits-all solution, causing some players to stick to their traditional methods rather than risk potential disruption.
\n\u201cIt\u2019s ironic that one of the areas for most companies that is the most outdated are their financial tools, when just a small investment from that same team can go a long way in improving efficiency and also cost savings,\u201d Toomey said. Change management, therefore, plays a critical role in the implementation of these innovations.
\nFor businesses that do decide to take the plunge and adopt new technologies, the fear of disruption is a concern.
\nAt the same time, the time investment required for these transformations is often overestimated. While many companies fear that implementing new solutions will take months or even years, the reality is that with the right resources and commitment, the process can be completed in a matter of weeks. This shortened timeline, coupled with the long-term benefits, makes the case for embracing change even more compelling.
\nThe benefits of modernizing B2B payments extend beyond cost savings. By reducing the disparity between days payable outstanding (DPO) and days sales outstanding (DSO), Toomey said that companies can optimize their working capital, ensuring they have the cash flow necessary to support day-to-day operations. Additionally, these innovations can improve supplier relationships by speeding up payments and enhancing overall supply chain efficiency and visibility.
\n\u201cOne change can affect three or four different parts of your business,\u201d he said. \u201cThere\u2019s no need for a large manufacturer to have to send out 10,000 rebate checks to every individual retailer that\u2019s selling the product on a quarterly basis when there is a much more efficient way to do so, as long as they work with it within their supplier network or their buyer network in order to implement that change.\u201d
\nToomey also pointed to the potential of spear-tip innovations like digital wallets and real-time payments to further transform the B2B landscape. Traditionally seen as consumer-focused products, these tools can be repurposed for B2B transactions, offering more efficient and secure methods for handling payments.
\nStill, for B2B innovations to achieve widespread adoption, several trends and behavioral shifts need to occur.
\nToomey emphasized the importance of larger financial institutions in leading the charge. These institutions need to be proactive in introducing new products to their clients and guiding them through the adoption process. However, they must also be willing to collaborate with FinTechs, embracing the changes that these partnerships bring. Without this top-down support, many companies may struggle to navigate the crowded marketplace of FinTech solutions, leaving them hesitant to invest in new technologies.
\nUltimately, he added, as more businesses recognize the benefits of modernizing their financial processes, the pace of change is likely to accelerate.
\n\u201cBe open to change and embrace change,\u201d Toomey said. \u201cIf you have internal check processing, if you\u2019re doing manual check runs still, there are certain hard costs associated with that that can be reduced at scale by outsourcing to a new provider or just eliminating them altogether.\u201d
\n\n
The post Integration-to-Impact Window Gets Tighter for B2B Payments Innovation appeared first on PYMNTS.com.
\n", "content_text": "Innovations wouldn\u2019t be deemed as such if they didn\u2019t change things in a transformative way. \nAnd the world of B2B payments \u2014 characterized by complex workflows, intricate data requirements and entrenched manual processes \u2014 is finding this out in real time, as businesses across various industries seek to modernize their financial operations to optimize efficiency and unlock new avenues for growth.\n\u201cThere are a lot of changes happening across a lot of outdated or antiquated industries. We\u2019re in a good space right now to see a lot of change,\u201d Priority\u00a0Head of Commercial Court Toomey\u00a0told PYMNTS. \nThis transformation is not confined to a single industry but is happening across the board, albeit at varying paces. \nIndustries like retail, eCommerce and manufacturing have been more amenable to adopting these innovations, Toomey noted, explaining that they are interested in leveraging digital tools to streamline their supply chains and financial processes. These sectors, having already embraced digital transformation in other areas, are now extending those efficiencies to the back-end of their operations, integrating new financial products that enhance payment processing and working capital management.\n\u201cAnyone who was at the forefront of having a digital presence are who we see as being more willing to test out new products, work with new FinTechs on different solutions around the actual financial products used to pay their vendors or finance some of their purchasing,\u201d he added. \nFor example, in the food and beverage sector, the presence of a few key players on both the supply and distribution sides has created a universal standard that simplifies the adoption of new technologies across the industry. This standardization, Toomey said, allows restaurants, hospitals and schools, among others, to integrate new payment solutions into their operations, improving efficiency and reducing costs.\nRead more: Priority Completes Acquisition of Plastiq and Combines B2B Offerings\nCatalysts of Change in B2B Payments\nHowever, not all industries are quick to embrace these innovations. Sectors like healthcare and freight logistics are often more hesitant, primarily due to regulatory compliance concerns and regional fragmentation. \nIn healthcare, Toomey explained, the heavy oversight and stringent regulations can act as barriers to adopting new financial tools, slowing down the pace of change. Similarly, the freight and logistics industry faces challenges due to the disparate operational standards across different regions, from the Mediterranean to Asia. This fragmentation makes it difficult to implement a one-size-fits-all solution, causing some players to stick to their traditional methods rather than risk potential disruption.\n\u201cIt\u2019s ironic that one of the areas for most companies that is the most outdated are their financial tools, when just a small investment from that same team can go a long way in improving efficiency and also cost savings,\u201d Toomey said. Change management, therefore, plays a critical role in the implementation of these innovations. \nFor businesses that do decide to take the plunge and adopt new technologies, the fear of disruption is a concern. \nAt the same time, the time investment required for these transformations is often overestimated. While many companies fear that implementing new solutions will take months or even years, the reality is that with the right resources and commitment, the process can be completed in a matter of weeks. This shortened timeline, coupled with the long-term benefits, makes the case for embracing change even more compelling.\nBenefits of Innovation\nThe benefits of modernizing B2B payments extend beyond cost savings. By reducing the disparity between days payable outstanding (DPO) and days sales outstanding (DSO), Toomey said that companies can optimize their working capital, ensuring they have the cash flow necessary to support day-to-day operations. Additionally, these innovations can improve supplier relationships by speeding up payments and enhancing overall supply chain efficiency and visibility.\n\u201cOne change can affect three or four different parts of your business,\u201d he said. \u201cThere\u2019s no need for a large manufacturer to have to send out 10,000 rebate checks to every individual retailer that\u2019s selling the product on a quarterly basis when there is a much more efficient way to do so, as long as they work with it within their supplier network or their buyer network in order to implement that change.\u201d\nToomey also pointed to the potential of spear-tip innovations like digital wallets and real-time payments to further transform the B2B landscape. Traditionally seen as consumer-focused products, these tools can be repurposed for B2B transactions, offering more efficient and secure methods for handling payments.\nStill, for B2B innovations to achieve widespread adoption, several trends and behavioral shifts need to occur. \nToomey emphasized the importance of larger financial institutions in leading the charge. These institutions need to be proactive in introducing new products to their clients and guiding them through the adoption process. However, they must also be willing to collaborate with FinTechs, embracing the changes that these partnerships bring. Without this top-down support, many companies may struggle to navigate the crowded marketplace of FinTech solutions, leaving them hesitant to invest in new technologies.\nUltimately, he added, as more businesses recognize the benefits of modernizing their financial processes, the pace of change is likely to accelerate.\n\u201cBe open to change and embrace change,\u201d Toomey said. \u201cIf you have internal check processing, if you\u2019re doing manual check runs still, there are certain hard costs associated with that that can be reduced at scale by outsourcing to a new provider or just eliminating them altogether.\u201d\n \nThe post Integration-to-Impact Window Gets Tighter for B2B Payments Innovation appeared first on PYMNTS.com.", "date_published": "2024-09-05T04:00:08-04:00", "date_modified": "2024-09-04T23:04:44-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/b2b-payments-priority.jpg", "tags": [ "B2B", "B2B Payments", "back end", "commercial payments", "Court Toomey", "Digital Payments", "Featured News", "FinTech", "News", "Priority", "PYMNTS News", "pymnts tv", "video" ] }, { "id": "https://www.pymnts.com/?p=2081458", "url": "https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature/", "title": "Revolut Business Adds Bill Pay Feature", "content_html": "Revolut Business has launched Revolut BillPay, a feature that automatically pulls bills in from the user\u2019s accounting software or allows users to upload bills to their account.
\n\u201cWith full 2-way syncing and AI-powered data extraction for every part of every bill, all that\u2019s left for you to do is review and pay,\u201d the company said in a Wednesday (Sept. 4) post on LinkedIn. \u201cIt\u2019s fast. It\u2019s simple. And it\u2019s ready to save you hours, every single week.\u201d
\nRevolut BillPay helps businesses reduce the manual effort involved in processing, paying and managing all their bills, according to web page dedicated to the new feature.
\nThe feature works with the accounting software Xero, FreeAgent and QuickBooks Online, with more integrations to be added over time, the page said.
\nUsers can upload bills to Revolut BillPay by taking a photo with their mobile phone, uploading a file, forwarding bills via email or letting them flow in from the user\u2019s accounting software, per the page.
\n\u201cIt\u2019s no secret Revolut BillPay saves accountants and finance teams valuable time,\u201d the company said on the page. \u201cIn fact, the investment service Join Odin saved their team over 3 hours per week, freeing up more time for the important stuff.\u201d
\n\u201cRevolut BillPay also helps you reduce errors on data extraction, and makes sure workflows and approvals are controlled \u2014 especially compared to manual methods,\u201d the company added. \u201cEverything\u2019s syncedautomatically, so you don\u2019t need to update records yourself. On top of that, because payments are built into Revolut Business, you benefit from all our spend controls and approvals, without needing to worry about human errors.\u201d
\nIn another recent move, Revolut and Visa said Aug. 27 that launched a cross-border business payments partnership that allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system. The solution is now available for Revolut business customers in more than 78 countries and supports more than 50 currencies.
\nOn Aug. 23, Revolut said that the Revolut Business Payment Gateway can now be integrated with BigCommerce. The integration will make online businesses\u2019 payment processing smoother and offer their customers a seamless checkout experience.
\nThe post Revolut Business Adds Bill Pay Feature appeared first on PYMNTS.com.
\n", "content_text": "Revolut Business has launched Revolut BillPay, a feature that automatically pulls bills in from the user\u2019s accounting software or allows users to upload bills to their account.\n\u201cWith full 2-way syncing and AI-powered data extraction for every part of every bill, all that\u2019s left for you to do is review and pay,\u201d the company said in a Wednesday (Sept. 4) post on LinkedIn. \u201cIt\u2019s fast. It\u2019s simple. And it\u2019s ready to save you hours, every single week.\u201d\nRevolut BillPay helps businesses reduce the manual effort involved in processing, paying and managing all their bills, according to web page dedicated to the new feature.\nThe feature works with the accounting software Xero, FreeAgent and QuickBooks Online, with more integrations to be added over time, the page said.\nUsers can upload bills to Revolut BillPay by taking a photo with their mobile phone, uploading a file, forwarding bills via email or letting them flow in from the user\u2019s accounting software, per the page.\n\u201cIt\u2019s no secret Revolut BillPay saves accountants and finance teams valuable time,\u201d the company said on the page. \u201cIn fact, the investment service Join Odin saved their team over 3 hours per week, freeing up more time for the important stuff.\u201d\n\u201cRevolut BillPay also helps you reduce errors on data extraction, and makes sure workflows and approvals are controlled \u2014 especially compared to manual methods,\u201d the company added. \u201cEverything\u2019s syncedautomatically, so you don\u2019t need to update records yourself. On top of that, because payments are built into Revolut Business, you benefit from all our spend controls and approvals, without needing to worry about human errors.\u201d\nIn another recent move, Revolut and Visa said Aug. 27 that launched a cross-border business payments partnership that allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system. The solution is now available for Revolut business customers in more than 78 countries and supports more than 50 currencies.\nOn Aug. 23, Revolut said that the Revolut Business Payment Gateway can now be integrated with BigCommerce. The integration will make online businesses\u2019 payment processing smoother and offer their customers a seamless checkout experience.\nThe post Revolut Business Adds Bill Pay Feature appeared first on PYMNTS.com.", "date_published": "2024-09-04T16:59:30-04:00", "date_modified": "2024-09-04T16:59:30-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/Revolut-Business-bill-pay.png", "tags": [ "accounting", "B2B", "B2B Payments", "bill payment", "News", "PYMNTS News", "Revolut BillPay", "Revolut Business", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2080110", "url": "https://www.pymnts.com/news/b2b-payments/2024/the-crucial-role-payments-can-play-in-b2b-brand-building/", "title": "The Crucial Role Payments Can Play in B2B Brand Building", "content_html": "Outside of the B2B space, the payment experience has long been recognized as a crucial component of customer satisfaction. Fast, secure, and flexible payment options are standard expectations \u2014 and businesses that fail to offer them to their customers often fail to compete.
\nIn contrast, B2B payments have lagged, with transactions between buyers and suppliers commonly bogged down by inefficiencies, delays and a lack of flexibility and choice. According to PYMNTS Intelligence research published this summer, 3 in 4 organizations (75%) still use paper checks, despite their high costs and inefficiencies.
\nBut with the news that IKEA U.S.\u00a0last week (Aug. 29) began rolling out an invoice-to-pay solution provided by payments company\u00a0Slope, saying it will provide\u00a0flexible payment options for the furniture retailer\u2019s business customers, hope for a better way to pay and be paid is glimmering along the B2B horizon.
\nAfter all, as businesses increasingly operate in a global and digital environment, B2B buyers are beginning to demand the same level of convenience and service they experience as consumers.
\nThis shift is also elevating the role of payments in B2B brand building. Ultimately, as digital transformation sweeps across industries, B2B payments are no longer merely about settling invoices; instead, they are increasingly about creating seamless, transparent and efficient experiences that reflect the brand\u2019s values and commitment to its partners.
\nRead more: Digital B2B Payments Turn User Experience Into a Superpower
\nReliability and trust are key drivers behind B2B buying decisions, and a better payments experience is fundamental to supporting both of those brand pillars \u2014 particularly against a backdrop where brand building is no longer solely the domain of marketing departments.
\nFor B2B enterprises, where relationships and trust are paramount, the payment experience can serve as a powerful brand differentiator, influencing perceptions, loyalty and ultimately, the bottom line. Unlike B2C, where transactions are often one-off, B2B transactions are typically part of a longer-term relationship. A well-handled payment process can reinforce trust between partners, while issues such as delays, lack of transparency or errors can erode it.
\nAnd as businesses continue to digitize, the ability to offer seamless, integrated payment solutions can set a brand apart from its competitors. For instance, integrating payment processes with existing enterprise resource planning (ERP) systems can streamline operations for clients, reducing the administrative burden and creating a more seamless, efficient experience.
\nAn August PYMNTS Intelligence report, \u201cBuilding Better B2B Relationships Through Payments Innovation,\u201d found that innovations like automation, virtual cards and digital payments are becoming cornerstones of B2B payments, with businesses increasingly recognizing their role in strengthening buyer-supplier relationships.
\n\u201cThe companies that aren\u2019t embracing virtual cards or B2B payments\u00a0innovations\u00a0will be the ones that fall behind,\u201d\u00a0ConnexPay\u00a0founder and CEO\u00a0Bob Kaufman\u00a0told PYMNTS in March. \u201cThe suppliers that are not as flexible and willing to embrace these new forms of payments are going to lose business, while the buyers who are not using them are losing revenue, which results in them not being as competitive in their space.\u201d
\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans
\nIn the June 2024 report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience,\u201d PYMNTS Intelligence revealed that\u00a079% of firms want to receive digital payments, including wire, automated clearing house (ACH) and virtual cards, and 83% consider fully electronic payment processing to be important or very important.
\n\u201cWe see from\u00a0both\u00a0buyers and suppliers\u00a0across many different industries that the need to focus on working capital has been apparent,\u201d\u00a0Chad Wallace, executive vice president and global head of commercial solutions at\u00a0Mastercard, told PYMNTS in January. \u201c\u2026 [By using virtual cards] buyers are able to pay suppliers in a real-time fashion, so suppliers aren\u2019t receiving late payments.\u00a0And the buyers are also taking advantage of the credit line to\u00a0manage their own working capital better.\u00a0So, we see the benefits on both sides of the house.\u201d
\nAnd one of the often-overlooked aspects of digital B2B payments is the wealth of data they generate. This data can be a powerful tool in brand building, offering insights into customer behavior, preferences and pain points. By analyzing payment data, businesses can identify trends and tailor their offerings to better meet customer needs, further strengthening their brand.
\nFor example, understanding which payment methods are most popular among different customer segments can inform product development, marketing strategies, and even customer service approaches. Additionally, payment data can help businesses identify at-risk accounts \u2014 those who are consistently late in paying, for instance \u2014 and proactively address potential issues before they escalate.
\nLooking ahead, B2B payments are no longer just a back-office function in B2B transactions \u2014 and may never be such again. Rather, they are a critical touchpoint that can significantly influence a company\u2019s brand. By prioritizing trust, transparency, security and customer experience in their payment processes, B2B businesses can build stronger relationships, enhance their brand reputation and ultimately drive growth.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post The Crucial Role Payments Can Play in B2B Brand Building appeared first on PYMNTS.com.
\n", "content_text": "Outside of the B2B space, the payment experience has long been recognized as a crucial component of customer satisfaction. Fast, secure, and flexible payment options are standard expectations \u2014 and businesses that fail to offer them to their customers often fail to compete.\nIn contrast, B2B payments have lagged, with transactions between buyers and suppliers commonly bogged down by inefficiencies, delays and a lack of flexibility and choice. According to PYMNTS Intelligence research published this summer, 3 in 4 organizations (75%) still use paper checks, despite their high costs and inefficiencies.\nBut with the news that IKEA U.S.\u00a0last week (Aug. 29) began rolling out an invoice-to-pay solution provided by payments company\u00a0Slope, saying it will provide\u00a0flexible payment options for the furniture retailer\u2019s business customers, hope for a better way to pay and be paid is glimmering along the B2B horizon.\nAfter all, as businesses increasingly operate in a global and digital environment, B2B buyers are beginning to demand the same level of convenience and service they experience as consumers.\nThis shift is also elevating the role of payments in B2B brand building. Ultimately, as digital transformation sweeps across industries, B2B payments are no longer merely about settling invoices; instead, they are increasingly about creating seamless, transparent and efficient experiences that reflect the brand\u2019s values and commitment to its partners.\nRead more: Digital B2B Payments Turn User Experience Into a Superpower\nTrust and Transparency: Foundations of B2B Brand Building\nReliability and trust are key drivers behind B2B buying decisions, and a better payments experience is fundamental to supporting both of those brand pillars \u2014 particularly against a backdrop where brand building is no longer solely the domain of marketing departments.\nFor B2B enterprises, where relationships and trust are paramount, the payment experience can serve as a powerful brand differentiator, influencing perceptions, loyalty and ultimately, the bottom line. Unlike B2C, where transactions are often one-off, B2B transactions are typically part of a longer-term relationship. A well-handled payment process can reinforce trust between partners, while issues such as delays, lack of transparency or errors can erode it.\nAnd as businesses continue to digitize, the ability to offer seamless, integrated payment solutions can set a brand apart from its competitors. For instance, integrating payment processes with existing enterprise resource planning (ERP) systems can streamline operations for clients, reducing the administrative burden and creating a more seamless, efficient experience.\nAn August PYMNTS Intelligence report, \u201cBuilding Better B2B Relationships Through Payments Innovation,\u201d found that innovations like automation, virtual cards and digital payments are becoming cornerstones of B2B payments, with businesses increasingly recognizing their role in strengthening buyer-supplier relationships.\n\u201cThe companies that aren\u2019t embracing virtual cards or B2B payments\u00a0innovations\u00a0will be the ones that fall behind,\u201d\u00a0ConnexPay\u00a0founder and CEO\u00a0Bob Kaufman\u00a0told PYMNTS in March. \u201cThe suppliers that are not as flexible and willing to embrace these new forms of payments are going to lose business, while the buyers who are not using them are losing revenue, which results in them not being as competitive in their space.\u201d\nRead more: Nine Things Payments Execs Need to Know for Their 2025 Business Plans\nThe Future of Payments in B2B Brand Building\nIn the June 2024 report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience,\u201d PYMNTS Intelligence revealed that\u00a079% of firms want to receive digital payments, including wire, automated clearing house (ACH) and virtual cards, and 83% consider fully electronic payment processing to be important or very important.\n\u201cWe see from\u00a0both\u00a0buyers and suppliers\u00a0across many different industries that the need to focus on working capital has been apparent,\u201d\u00a0Chad Wallace, executive vice president and global head of commercial solutions at\u00a0Mastercard, told PYMNTS in January. \u201c\u2026 [By using virtual cards] buyers are able to pay suppliers in a real-time fashion, so suppliers aren\u2019t receiving late payments.\u00a0And the buyers are also taking advantage of the credit line to\u00a0manage their own working capital better.\u00a0So, we see the benefits on both sides of the house.\u201d\nAnd one of the often-overlooked aspects of digital B2B payments is the wealth of data they generate. This data can be a powerful tool in brand building, offering insights into customer behavior, preferences and pain points. By analyzing payment data, businesses can identify trends and tailor their offerings to better meet customer needs, further strengthening their brand.\nFor example, understanding which payment methods are most popular among different customer segments can inform product development, marketing strategies, and even customer service approaches. Additionally, payment data can help businesses identify at-risk accounts \u2014 those who are consistently late in paying, for instance \u2014 and proactively address potential issues before they escalate.\nLooking ahead, B2B payments are no longer just a back-office function in B2B transactions \u2014 and may never be such again. Rather, they are a critical touchpoint that can significantly influence a company\u2019s brand. By prioritizing trust, transparency, security and customer experience in their payment processes, B2B businesses can build stronger relationships, enhance their brand reputation and ultimately drive growth.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post The Crucial Role Payments Can Play in B2B Brand Building appeared first on PYMNTS.com.", "date_published": "2024-09-03T16:21:43-04:00", "date_modified": "2024-09-04T22:24:19-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/B2B-paper-technology.png", "tags": [ "B2B", "B2B Payments", "commercial payments", "Digital Payments", "digital transformation", "Ikea", "invoice payments", "News", "Payment Methods", "PYMNTS News", "virtual cards" ] }, { "id": "https://www.pymnts.com/?p=2079437", "url": "https://www.pymnts.com/news/b2b-payments/2024/the-convenience-compliance-conundrum-in-cross-border-b2b-payments/", "title": "The Convenience-Compliance Conundrum in Cross-Border B2B Payments", "content_html": "Seamless cross-border B2B payments remain one of the white whales of the connected economy.
\nAnd with the news Friday (Aug. 30) that Bridge\u00a0has raised an additional $40 million round to continue building its stablecoin-based global payment scheme, executing international transactions quickly and conveniently is increasingly top of mind for companies looking to capture market share in foreign markets.
\nBut the rise of faster and easier cross-border B2B payments has simultaneously elevated the importance of security and anti-money laundering (AML) compliance for high-risk transactions. For buyers and suppliers, finding the right balance between these competing demands \u2014 convenience and compliance \u2014 has become a critical imperative, one that could mean the difference between operational success and severe financial or reputational damage.
\nThis was the theme of a speech given by U.S. Federal Reserve Governor Christopher J. Waller last Wednesday (Aug. 28) at the Global Fintech Fest in Mumbai, India.
\n\u201cNot all frictions that slow payments down are bad,\u201d Waller said. \u201cCertain frictions are purposely built into the global payment system for compliance and risk-management reasons \u2026 there is no silver bullet that increases speed and efficiency without tradeoffs.\u201d
\n\u201cGranted, the practice today of sending payments through an often complex chain of correspondent banks contributes to slower payments that could benefit from efficiency enhancements,\u201d added Waller.
\nRead more: How Compliance Is Shaping the Future of Cross-Border Payments
\nFor buyers and suppliers operating in high-risk, cross-border environments, balancing speed, convenience and compliance is frequently no easy task.
\nAfter all, cross-border payments, driven by advancements in technology, supply chain innovations and the increasing interconnectedness of economies, have become a cornerstone of global growth, enabling businesses to expand their reach, tap into new markets and engage with a more diverse range of suppliers and buyers.
\nBut with this growth comes heightened risks. The nature of cross-border payments, particularly in high-risk regions, exposes businesses to a multitude of challenges, including currency fluctuations, geopolitical instability and varying regulatory environments.
\nFaulty cross-border payments cost merchants in the United States at least $3.8 billion in sales last year alone, according to the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments.\u201d Additionally,\u00a070% of\u00a0U.S.\u00a0firms experienced higher rates of failed payments in cross-border sales\u00a0compared to\u00a0domestic sales.
\nAt the same time, the anonymity and scale of digital transactions have made these payments attractive targets for fraudsters, money launderers and other bad actors.
\nThe push for faster B2B payments has also led to a growing tension between speed and security. As businesses adopt real-time payment systems and embrace innovations like digital wallets, the risk of processing fraudulent transactions or violating AML regulations increases. The challenge lies in implementing solutions that facilitate rapid transactions while maintaining robust security protocols.
\nSee also: Looking to Capture the Real-Time Opportunity in B2B Payments? You\u2019re Not Alone
\n\u201cCompliance has traditionally been a cost center designed to avoid risk,\u201d \u00a0Sovos\u00a0CEO\u00a0Kevin Akeroyd\u00a0told PYMNTS in an April interview. \u201cIt has not been a force for growth \u2014 but now, it\u2019s turning that corner, and it really can be a force for growth.\u201d
\nBy embracing technology, adopting a risk-based approach, and fostering collaboration across the ecosystem, businesses can strike the right balance between speed, convenience, and security. In doing so, they can not only protect themselves from the growing threat of financial crime but also position themselves for long-term success in an increasingly interconnected world.
\nPYMNTS has previously covered how traditional\u00a0methods of compliance management\u00a0often fall short due to their reliance on manual processes and retrospective analysis, highlighting the role that future-fit advances like artificial intelligence (AI) can play in both securing and streamlining the global business landscape by helping firms enhance their AML compliance and detect suspicious activity in real time.
\n\u201cThere are two big things businesses want,\u201d\u00a0Boost Payment Solutions\u00a0founder and CEO\u00a0Dean M. Leavitt\u00a0told PYMNTS in a separate April interview. \u201cThe first is\u00a0cross-border payments\u00a0mechanisms that are cost-effective and efficient in paying their suppliers abroad. That\u2019s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.\u201d
\nThe post The Convenience-Compliance Conundrum in Cross-Border B2B Payments appeared first on PYMNTS.com.
\n", "content_text": "Seamless cross-border B2B payments remain one of the white whales of the connected economy.\nAnd with the news Friday (Aug. 30) that Bridge\u00a0has raised an additional $40 million round to continue building its stablecoin-based global payment scheme, executing international transactions quickly and conveniently is increasingly top of mind for companies looking to capture market share in foreign markets.\nBut the rise of faster and easier cross-border B2B payments has simultaneously elevated the importance of security and anti-money laundering (AML) compliance for high-risk transactions. For buyers and suppliers, finding the right balance between these competing demands \u2014 convenience and compliance \u2014 has become a critical imperative, one that could mean the difference between operational success and severe financial or reputational damage.\nThis was the theme of a speech given by U.S. Federal Reserve Governor Christopher J. Waller last Wednesday (Aug. 28) at the Global Fintech Fest in Mumbai, India.\n\u201cNot all frictions that slow payments down are bad,\u201d Waller said. \u201cCertain frictions are purposely built into the global payment system for compliance and risk-management reasons \u2026 there is no silver bullet that increases speed and efficiency without tradeoffs.\u201d\n\u201cGranted, the practice today of sending payments through an often complex chain of correspondent banks contributes to slower payments that could benefit from efficiency enhancements,\u201d added Waller.\nRead more: How Compliance Is Shaping the Future of Cross-Border Payments\nBalancing Speed, Convenience and Compliance\u00a0\nFor buyers and suppliers operating in high-risk, cross-border environments, balancing speed, convenience and compliance is frequently no easy task.\nAfter all, cross-border payments, driven by advancements in technology, supply chain innovations and the increasing interconnectedness of economies, have become a cornerstone of global growth, enabling businesses to expand their reach, tap into new markets and engage with a more diverse range of suppliers and buyers.\nBut with this growth comes heightened risks. The nature of cross-border payments, particularly in high-risk regions, exposes businesses to a multitude of challenges, including currency fluctuations, geopolitical instability and varying regulatory environments.\nFaulty cross-border payments cost merchants in the United States at least $3.8 billion in sales last year alone, according to the PYMNTS Intelligence report \u201cCross-Border Sales and the Challenge of Failed Payments.\u201d Additionally,\u00a070% of\u00a0U.S.\u00a0firms experienced higher rates of failed payments in cross-border sales\u00a0compared to\u00a0domestic sales.\nAt the same time, the anonymity and scale of digital transactions have made these payments attractive targets for fraudsters, money launderers and other bad actors.\nThe push for faster B2B payments has also led to a growing tension between speed and security. As businesses adopt real-time payment systems and embrace innovations like digital wallets, the risk of processing fraudulent transactions or violating AML regulations increases. The challenge lies in implementing solutions that facilitate rapid transactions while maintaining robust security protocols.\nSee also: Looking to Capture the Real-Time Opportunity in B2B Payments? You\u2019re Not Alone\nThe Role of Technology in Enhancing Compliance\n\u201cCompliance has traditionally been a cost center designed to avoid risk,\u201d \u00a0Sovos\u00a0CEO\u00a0Kevin Akeroyd\u00a0told PYMNTS in an April interview. \u201cIt has not been a force for growth \u2014 but now, it\u2019s turning that corner, and it really can be a force for growth.\u201d\nBy embracing technology, adopting a risk-based approach, and fostering collaboration across the ecosystem, businesses can strike the right balance between speed, convenience, and security. In doing so, they can not only protect themselves from the growing threat of financial crime but also position themselves for long-term success in an increasingly interconnected world.\nPYMNTS has previously covered how traditional\u00a0methods of compliance management\u00a0often fall short due to their reliance on manual processes and retrospective analysis, highlighting the role that future-fit advances like artificial intelligence (AI) can play in both securing and streamlining the global business landscape by helping firms enhance their AML compliance and detect suspicious activity in real time.\n\u201cThere are two big things businesses want,\u201d\u00a0Boost Payment Solutions\u00a0founder and CEO\u00a0Dean M. Leavitt\u00a0told PYMNTS in a separate April interview. \u201cThe first is\u00a0cross-border payments\u00a0mechanisms that are cost-effective and efficient in paying their suppliers abroad. That\u2019s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.\u201d\nThe post The Convenience-Compliance Conundrum in Cross-Border B2B Payments appeared first on PYMNTS.com.", "date_published": "2024-09-03T11:10:31-04:00", "date_modified": "2024-09-03T22:59:38-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/09/compliance-cross-border-B2B.png", "tags": [ "AML", "Anti-Money Laundering", "B2B", "B2B Payments", "Bridge", "commercial payments", "compliance", "cross-border payments", "News", "PYMNTS News", "real time payments", "regulations", "Security" ] }, { "id": "https://www.pymnts.com/?p=2077946", "url": "https://www.pymnts.com/news/b2b-payments/2024/smbs-ai-and-fintech-partnerships-headline-this-week-in-b2b/", "title": "SMBs, AI, and FinTech Partnerships Headline This Week in B2B", "content_html": "Businesses of all sizes are finding themselves at the crossroads of innovation and tradition.
\nAnd they are choosing to embrace innovation rather than stand still and fall behind. In a era marked by rapid technological advancements and evolving regulation, companies of all sizes must adapt to stay competitive.
\nPYMNTS is tracking the latest advances shaping business-to-business (B2B) transactions, from the importance of small to mid-sized businesses (SMBs) and the emergence of artificial intelligence (AI), to the power of FinTech partnerships.
\nSmall businesses have long been the backbone of the global economy. Recent developments highlight the importance of this segment, with large financial institutions and technology firms focusing more intently on SMBs.
\nFor instance, Citigroup\u00a0is reportedly looking to increase its revenue by adding smaller clients, aiming to double its commercial banking business. Known for serving only the largest clients, the bank has expanded its focus to include SMBs with annual revenues between $10 million and $3 billion, news broke Wednesday (Aug. 28).
\nAlso Wednesday, the buy now, pay later (BNPL) firm\u00a0Sezzle\u00a0and embedded finance platform\u00a0Liberis\u00a0teamed to help American small businesses get funded. The partnership is centered around\u00a0Sezzle Capital, designed to help SMBs in the U.S. and eventually Canada get financing without sacrificing equity.
\nAnd when it comes to reimagining SMB payments and turning them into a growth engine,\u00a0Lorenzo Soriano de Teresa, senior vice president,\u00a0merchant\u00a0services at American Express (Amex) has just one word of advice.
\n\u201cAutomate, automate, automate,\u201d he told PYMNTS during a recent conversation centered on\u00a0findings\u00a0from the latest \u201cB2B and Digital Payments Tracker\u00ae Series,\u201d\u00a0which was\u00a0produced by\u00a0PYMNTS Intelligence\u00a0in collaboration with American Express. \u201cThe right automation solution, or the right partner, can help businesses move past their current\u00a0payments\u00a0concerns to see tangible benefits.\u201d
\nElsewhere, the\u00a0Consumer Financial Protection Bureau\u00a0(CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle after a federal judge rejected a banking industry-backed challenge that argued that the rule\u2019s data collection method was flawed, it was reported\u00a0Monday (Aug. 26).
\nAI is far from the futuristic concept it once was. The technology is now a reality that is reshaping industries across the board.
\nNvidia\u00a0on Tuesday (Aug. 27) introduced pretrained, customizable AI workflows that will provide a \u201cjump start\u201d for enterprise developers creating AI applications using one or more AI agents. \u201cThe enterprise AI wave is here,\u201d Jensen Huang, founder and CEO\u00a0of Nvidia, said in the release.
\nOn Wednesday, Ramsey\u00a0Masri, CEO at Ceres AI, chatted with PYMNTS\u2019 CEO Karen Webster about how the use of AI in agriculture has blossomed into a global movement, revolutionizing how crops are grown, financed and insured.
\nAnd unions in the U.K. want the country\u2019s banks to be ready to retain workers displaced by AI. At the U.K.\u2019s Trades Union Congress\u00a0next month, labor organizations will call on lenders, insurance and accounting firms to\u00a0be prepared\u00a0to assist millions of workers whose jobs could\u00a0be impacted\u00a0by AI.
\nElsewhere, spend management company\u00a0Coupa\u00a0said on Monday that it has added more than 100 AI-powered innovations to its platform.
\nThe\u00a0PYMNTS Intelligence\u00a0report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d examined how digital payments are reshaping accounts receivable (AR), offering insights into reducing\u00a0days sales outstanding\u00a0(DSO) and building stronger business relationships.
\nAccording to the report, 75% of organizations still use paper checks, despite their high costs and inefficiencies. The manual processing involved with checks results in slower transactions, increased potential for errors and longer DSO, hurting a company\u2019s cash flow and financial stability.
\nAnd in that same vein, Karen Webster sat down with Tom Furr, CEO of\u00a0PatientPay, and\u00a0Ryan Zemmin, CEO of\u00a0ClearGage, to discuss the Tuesday (Aug. 27) merger of their two companies and how the future of healthcare payments starts with getting rid of entrenched paper-based billing processes.
\nStill, leaving paper behind and going digital isn\u2019t as easy as flipping a switch. PYMNTS unpacked on Wednesday why effective change management is a crucial component of B2B automation.
\nWith the\u00a0news\u00a0Tuesday that\u00a0Vault\u00a0released new functionality for its accounts payable (AP) platform to help Canadian businesses automate vendor payments, adopting new payments technologies to remain competitive is top of mind for both B2B buyers and suppliers.
\nFinTech partnerships can help financial institutions thrive,\u00a0Boost Payment Solutions Founder and CEO\u00a0Dean M. Leavitt wrote in a new PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d
\nAnd the marketplace is already acting on this fact. Visa\u00a0has launched a cross-border business payments partnership with London-based FinTech\u00a0Revolut. The collaboration, announced Tuesday (Aug. 27), allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system.
\nAlso on Tuesday, Galileo Financial Technologies\u00a0announced that it now\u00a0enables its FinTech clients to connect their business customers to\u00a0Mastercard\u2019s\u00a0expense reporting\u00a0and analytics suite,\u00a0Mastercard Smart Data.
\nAnd spend management\u00a0technology is becoming table stakes in every industry, according to the PYMNTS Intelligence report \u201cBetter Working Capital With B2B Spend Management.\u201d
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post SMBs, AI, and FinTech Partnerships Headline This Week in B2B appeared first on PYMNTS.com.
\n", "content_text": "Businesses of all sizes are finding themselves at the crossroads of innovation and tradition.\nAnd they are choosing to embrace innovation rather than stand still and fall behind. In a era marked by rapid technological advancements and evolving regulation, companies of all sizes must adapt to stay competitive.\nPYMNTS is tracking the latest advances shaping business-to-business (B2B) transactions, from the importance of small to mid-sized businesses (SMBs) and the emergence of artificial intelligence (AI), to the power of FinTech partnerships.\nSMBs and the Push for Growth\nSmall businesses have long been the backbone of the global economy. Recent developments highlight the importance of this segment, with large financial institutions and technology firms focusing more intently on SMBs.\nFor instance, Citigroup\u00a0is reportedly looking to increase its revenue by adding smaller clients, aiming to double its commercial banking business. Known for serving only the largest clients, the bank has expanded its focus to include SMBs with annual revenues between $10 million and $3 billion, news broke Wednesday (Aug. 28).\nAlso Wednesday, the buy now, pay later (BNPL) firm\u00a0Sezzle\u00a0and embedded finance platform\u00a0Liberis\u00a0teamed to help American small businesses get funded. The partnership is centered around\u00a0Sezzle Capital, designed to help SMBs in the U.S. and eventually Canada get financing without sacrificing equity.\nAnd when it comes to reimagining SMB payments and turning them into a growth engine,\u00a0Lorenzo Soriano de Teresa, senior vice president,\u00a0merchant\u00a0services at American Express (Amex) has just one word of advice.\n\u201cAutomate, automate, automate,\u201d he told PYMNTS during a recent conversation centered on\u00a0findings\u00a0from the latest \u201cB2B and Digital Payments Tracker\u00ae Series,\u201d\u00a0which was\u00a0produced by\u00a0PYMNTS Intelligence\u00a0in collaboration with American Express. \u201cThe right automation solution, or the right partner, can help businesses move past their current\u00a0payments\u00a0concerns to see tangible benefits.\u201d\nElsewhere, the\u00a0Consumer Financial Protection Bureau\u00a0(CFPB) rule requiring lenders to gather demographic information about small business borrowers has leapt another legal hurdle after a federal judge rejected a banking industry-backed challenge that argued that the rule\u2019s data collection method was flawed, it was reported\u00a0Monday (Aug. 26).\nAI\u2019s Expanding Role\nAI is far from the futuristic concept it once was. The technology is now a reality that is reshaping industries across the board.\nNvidia\u00a0on Tuesday (Aug. 27) introduced pretrained, customizable AI workflows that will provide a \u201cjump start\u201d for enterprise developers creating AI applications using one or more AI agents. \u201cThe enterprise AI wave is here,\u201d Jensen Huang, founder and CEO\u00a0of Nvidia, said in the release.\nOn Wednesday, Ramsey\u00a0Masri, CEO at Ceres AI, chatted with PYMNTS\u2019 CEO Karen Webster about how the use of AI in agriculture has blossomed into a global movement, revolutionizing how crops are grown, financed and insured.\nAnd unions in the U.K. want the country\u2019s banks to be ready to retain workers displaced by AI. At the U.K.\u2019s Trades Union Congress\u00a0next month, labor organizations will call on lenders, insurance and accounting firms to\u00a0be prepared\u00a0to assist millions of workers whose jobs could\u00a0be impacted\u00a0by AI.\nElsewhere, spend management company\u00a0Coupa\u00a0said on Monday that it has added more than 100 AI-powered innovations to its platform.\nDigital Transformation of B2B Payments\nThe\u00a0PYMNTS Intelligence\u00a0report \u201cGetting Paid: Digital Payments for Improving Cash Flow and Customer Experience\u201d examined how digital payments are reshaping accounts receivable (AR), offering insights into reducing\u00a0days sales outstanding\u00a0(DSO) and building stronger business relationships.\nAccording to the report, 75% of organizations still use paper checks, despite their high costs and inefficiencies. The manual processing involved with checks results in slower transactions, increased potential for errors and longer DSO, hurting a company\u2019s cash flow and financial stability.\nAnd in that same vein, Karen Webster sat down with Tom Furr, CEO of\u00a0PatientPay, and\u00a0Ryan Zemmin, CEO of\u00a0ClearGage, to discuss the Tuesday (Aug. 27) merger of their two companies and how the future of healthcare payments starts with getting rid of entrenched paper-based billing processes.\nStill, leaving paper behind and going digital isn\u2019t as easy as flipping a switch. PYMNTS unpacked on Wednesday why effective change management is a crucial component of B2B automation.\nWith the\u00a0news\u00a0Tuesday that\u00a0Vault\u00a0released new functionality for its accounts payable (AP) platform to help Canadian businesses automate vendor payments, adopting new payments technologies to remain competitive is top of mind for both B2B buyers and suppliers.\nFinTech Partnerships\nFinTech partnerships can help financial institutions thrive,\u00a0Boost Payment Solutions Founder and CEO\u00a0Dean M. Leavitt wrote in a new PYMNTS eBook, \u201cBeyond the Horizon: How to Identify Unexpected Threats That Could Impact Your Business.\u201d\nAnd the marketplace is already acting on this fact. Visa\u00a0has launched a cross-border business payments partnership with London-based FinTech\u00a0Revolut. The collaboration, announced Tuesday (Aug. 27), allows instant card transfers for Revolut\u2019s business customers via the Visa Direct system.\nAlso on Tuesday, Galileo Financial Technologies\u00a0announced that it now\u00a0enables its FinTech clients to connect their business customers to\u00a0Mastercard\u2019s\u00a0expense reporting\u00a0and analytics suite,\u00a0Mastercard Smart Data.\nAnd spend management\u00a0technology is becoming table stakes in every industry, according to the PYMNTS Intelligence report \u201cBetter Working Capital With B2B Spend Management.\u201d\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post SMBs, AI, and FinTech Partnerships Headline This Week in B2B appeared first on PYMNTS.com.", "date_published": "2024-08-29T19:19:43-04:00", "date_modified": "2024-08-29T19:19:43-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/This-week-in-B2B.jpg", "tags": [ "AI", "American Express", "Amex", "artificial intelligence", "B2B", "B2B Payments", "Ceres AI", "CFPB", "Citigroup", "ClearGage", "commercial payments", "Coupa", "FinTechs", "Galileo", "Jensen Huang", "Liberis", "Lorenzo Soriano de Teresa", "News", "NVIDIA", "partnerships", "PatientPay", "PYMNTS Intelligence", "PYMNTS News", "Ramsey Masri", "Revolut", "Ryan Zemmin", "sezzle", "Sezzle Capital", "small business", "SMBs", "this week in b2b", "Tom Furr", "Trades Union Congress", "Visa", "working capital" ] }, { "id": "https://www.pymnts.com/?p=2077818", "url": "https://www.pymnts.com/news/b2b-payments/2024/numeral-and-hsbc-partner-to-enable-embedded-payments-for-fintechs/", "title": "Numeral and HSBC Partner to Enable Embedded Payments for FinTechs", "content_html": "Numeral and\u00a0HSBC Innovation Banking UK have partnered to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces.
\nWith this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking U.K.\u2019s payment and account services via Numeral\u2019s application programming interfaces (APIs), the companies said in a Thursday (Aug. 29) press release.
\n\u201cInnovative companies for which payments are core to their products, often struggle to find banking partners that understand their unique needs,\u201d\u00a0\u00c9douard Mandon, co-founder and CEO of Numeral, said in the release. \u201cThis is why we\u2019re thrilled to collaborate with HSBC Innovation Banking UK to bring together our unique expertise and offer joint customers and out-of-box integration.\u201d
\nHugo Pires, director, global treasury\u00a0and payments advisor (FinTech) at HSBC Innovation Banking UK, said in the release that this offering will enable the companies\u2019 joint clients to \u201cstreamline processes and improve customer experience.\u201d
\nWith the bank\u2019s services integrated through Numeral\u2019s API\u00a0and payment operations dashboard, companies can send and receive UK Bacs, CHAPS and FPS payments, as well as SEPA\u00a0and Swift payments, and access their bank account balances and transactions data in real-time, according to the release.
\nInsurTech\u00a0Qover is among the joint clients that have adopted this new offering. The firm selected it to streamline its claim payout process, per the release.
\n\u201cBy integrating with HSBC Innovation Banking UK through Numeral\u2019s API, we can automatically initiate claim payouts as soon as they are approved, and track these payouts in real-time,\u201d Qover Chief Customer Officer\u00a0Ed Ackerman said in the release. \u201cCustomers receive their payouts much faster and Qover\u2019s operations have been streamlined.\u201d
\nBritish banking giant\u00a0HSBC launched HSBC Innovation Banking in June 2023 to focus on \u201cinnovation companies, their\u00a0founders and their investors,\u201d HSBC Group CEO\u00a0Noel Quinn said in a press release announcing the event.
\n\u201cWe will protect this specialism and take it to the next level by combining these capabilities with our financial strength and global reach,\u201d Quinn said.
\nAs for Numeral, it launched support for\u00a0Swift payments in February, saying this move would enable its customers to benefit from both Swift\u2019s global reach and local payment schemes\u2019 speed, lower cost\u00a0and local reach.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Numeral and HSBC Partner to Enable Embedded Payments for FinTechs appeared first on PYMNTS.com.
\n", "content_text": "Numeral and\u00a0HSBC Innovation Banking UK have partnered to enable embedded payments for innovative companies like FinTechs, InsurTechs and marketplaces.\nWith this collaboration, companies that are clients of both partners can embed HSBC Innovation Banking U.K.\u2019s payment and account services via Numeral\u2019s application programming interfaces (APIs), the companies said in a Thursday (Aug. 29) press release.\n\u201cInnovative companies for which payments are core to their products, often struggle to find banking partners that understand their unique needs,\u201d\u00a0\u00c9douard Mandon, co-founder and CEO of Numeral, said in the release. \u201cThis is why we\u2019re thrilled to collaborate with HSBC Innovation Banking UK to bring together our unique expertise and offer joint customers and out-of-box integration.\u201d\nHugo Pires, director, global treasury\u00a0and payments advisor (FinTech) at HSBC Innovation Banking UK, said in the release that this offering will enable the companies\u2019 joint clients to \u201cstreamline processes and improve customer experience.\u201d\nWith the bank\u2019s services integrated through Numeral\u2019s API\u00a0and payment operations dashboard, companies can send and receive UK Bacs, CHAPS and FPS payments, as well as SEPA\u00a0and Swift payments, and access their bank account balances and transactions data in real-time, according to the release.\nInsurTech\u00a0Qover is among the joint clients that have adopted this new offering. The firm selected it to streamline its claim payout process, per the release.\n\u201cBy integrating with HSBC Innovation Banking UK through Numeral\u2019s API, we can automatically initiate claim payouts as soon as they are approved, and track these payouts in real-time,\u201d Qover Chief Customer Officer\u00a0Ed Ackerman said in the release. \u201cCustomers receive their payouts much faster and Qover\u2019s operations have been streamlined.\u201d\nBritish banking giant\u00a0HSBC launched HSBC Innovation Banking in June 2023 to focus on \u201cinnovation companies, their\u00a0founders and their investors,\u201d HSBC Group CEO\u00a0Noel Quinn said in a press release announcing the event.\n\u201cWe will protect this specialism and take it to the next level by combining these capabilities with our financial strength and global reach,\u201d Quinn said.\nAs for Numeral, it launched support for\u00a0Swift payments in February, saying this move would enable its customers to benefit from both Swift\u2019s global reach and local payment schemes\u2019 speed, lower cost\u00a0and local reach.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Numeral and HSBC Partner to Enable Embedded Payments for FinTechs appeared first on PYMNTS.com.", "date_published": "2024-08-29T16:01:16-04:00", "date_modified": "2024-08-29T16:02:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/07/HSBC.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Embedded Payments", "FinTechs", "HSBC", "HSBC UK", "News", "Numeral", "partnerships", "PYMNTS News", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2077718", "url": "https://www.pymnts.com/news/b2b-payments/2024/ikea-adds-slopes-flexible-payment-options-for-business-customers/", "title": "IKEA Adds Slope\u2019s Flexible Payment Options for Business Customers", "content_html": "IKEA U.S. has begun rolling out an invoice-to-pay solution provided by payments company\u00a0Slope, saying it will provide\u00a0flexible payment options for the furniture retailer\u2019s business customers.
\nSlope\u2019s solution was launched on\u00a0IKEA.com for business applications and checkout where approved and will be fully integrated into all IKEA U.S. locations for in-store purchasing by October, the retailer said in a Thursday (Aug. 29) press release.
\nThis new offering is part of the retailer\u2019s efforts to expand its\u00a0IKEA for Business segment, according to the release.
\n\u201cOur partnership with Slope represents a step forward in our commitment to supporting small and medium-sized businesses in the communities we serve,\u201d\u00a0Jordi Esquinas Gimenez, chief commercial officer at IKEA U.S., said in the release. \u201cThis service is a no-fee solution that\u2019s fast and accessible, making it a special part of our mission to create a better everyday life for the many people.\u201d
\nThe new payment option supplied by Slope eliminates the manual process of traditional invoicing, offers business owners access to capital with 30-day net turns, and provides a streamlined checkout experience, per the release.
\nSlope offers\u00a0short-term financing to business customers at the point of purchase, allowing them to extend their working capital, pay using net terms and reduce the manual workload of tracking and managing invoices, according to a web page outline the new offering.
\nBusinesses can apply for Slope in under 10 minutes, get an instant financing decision and proceed with no financing fee and a 30-day term on IKEA purchases, per the web page.
\n\u201cWe are incredibly excited to extend our payments offering to the IKEA U.S. customer base and work with a forward-thinking partner like IKEA U.S. to transition the B2B economy online,\u201d Slope CEO\u00a0and Co-founder\u00a0Lawrence Lin Murata said in the release.
\nSlope secured $65 million in strategic equity and debt funding in July to scale its\u00a0B2B payments platform for enterprise companies. The funding was provided by\u00a0J.P. Morgan Payments,\u00a0Y Combinator,\u00a0Jack Altman and\u00a0Max Altman\u2019s new fund,\u00a0Saga.
\nThe company\u2019s platform is being used by J.P. Morgan Payments to help its clients offer their own business customers a short-term financing solution.
\nThe post IKEA Adds Slope\u2019s Flexible Payment Options for Business Customers appeared first on PYMNTS.com.
\n", "content_text": "IKEA U.S. has begun rolling out an invoice-to-pay solution provided by payments company\u00a0Slope, saying it will provide\u00a0flexible payment options for the furniture retailer\u2019s business customers.\nSlope\u2019s solution was launched on\u00a0IKEA.com for business applications and checkout where approved and will be fully integrated into all IKEA U.S. locations for in-store purchasing by October, the retailer said in a Thursday (Aug. 29) press release.\nThis new offering is part of the retailer\u2019s efforts to expand its\u00a0IKEA for Business segment, according to the release.\n\u201cOur partnership with Slope represents a step forward in our commitment to supporting small and medium-sized businesses in the communities we serve,\u201d\u00a0Jordi Esquinas Gimenez, chief commercial officer at IKEA U.S., said in the release. \u201cThis service is a no-fee solution that\u2019s fast and accessible, making it a special part of our mission to create a better everyday life for the many people.\u201d\nThe new payment option supplied by Slope eliminates the manual process of traditional invoicing, offers business owners access to capital with 30-day net turns, and provides a streamlined checkout experience, per the release.\nSlope offers\u00a0short-term financing to business customers at the point of purchase, allowing them to extend their working capital, pay using net terms and reduce the manual workload of tracking and managing invoices, according to a web page outline the new offering.\nBusinesses can apply for Slope in under 10 minutes, get an instant financing decision and proceed with no financing fee and a 30-day term on IKEA purchases, per the web page.\n\u201cWe are incredibly excited to extend our payments offering to the IKEA U.S. customer base and work with a forward-thinking partner like IKEA U.S. to transition the B2B economy online,\u201d Slope CEO\u00a0and Co-founder\u00a0Lawrence Lin Murata said in the release.\nSlope secured $65 million in strategic equity and debt funding in July to scale its\u00a0B2B payments platform for enterprise companies. The funding was provided by\u00a0J.P. Morgan Payments,\u00a0Y Combinator,\u00a0Jack Altman and\u00a0Max Altman\u2019s new fund,\u00a0Saga.\nThe company\u2019s platform is being used by J.P. Morgan Payments to help its clients offer their own business customers a short-term financing solution.\nThe post IKEA Adds Slope\u2019s Flexible Payment Options for Business Customers appeared first on PYMNTS.com.", "date_published": "2024-08-29T14:49:17-04:00", "date_modified": "2024-08-29T14:49:17-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2021/12/Ikea.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "Ikea", "installment payments", "News", "PYMNTS News", "Retail", "Slope", "spend management", "What's Hot", "What's Hot In B2B" ] } ] }