The B2B landscape is on the cusp of the next era in payments innovation.
As PYMNTS readers already know, this new and exciting era is being driven by the ongoing digital transformation of historic processes and the electronic streamlining of traditional workflow problems.
to do Embracing innovation and seizing the concrete opportunities that exist for B2B businesses to accelerate sustainable growth and establish market differentiation. payment Improvement is more essential than ever.
That's why PYMNTS is relentless in tracking the latest advances shaping tomorrow's B2B landscape. The main themes we heard this week were: providing small and medium-sized enterprises with access to much-needed working capital and financing solutions; the ongoing digitalization of the B2B payments sector and the benefits it brings; Such was the rise of artificial intelligence (AI). , also some exciting Donation and product launch.
read more: Workflow automation, flexible funding are top B2B innovations this week
Providing credit to small businesses is more than just a pat on the back.
Small and medium-sized enterprises are the lifeblood of local economies, and their role impacts upstream domestic and even global markets.Resolving for Their needs can have far-reaching implications. That's why FinTechs and other innovators are increasingly focused on providing usable solutions for small and medium-sized businesses.
This is similar to Tuesday (April 16th). finmid The company has come out of stealth and announced it has raised 35 million euros ($37 million) to expand its business. Embedded financial solutions For companies across Europe.
On the same day, Rendica and EBizCharge We have partnered to launch Embedded business credit solution For small and medium-sized businesses (SMBs) in the United States, and rapid finance teamed up with Galileo Financial Technologies in a small business Funding Solutions.
Meanwhile, PYMNTS on Tuesday deadline is moving closer to complying with the Equal Credit Opportunity Act's (ECOA) small business data collection requirements as required by Section 1071 of the Dodd-Frank Act of 2010 (DFA). New regulatory reporting rules aim to increase transparency in small business lending, as well as promote economic development and combat unlawful discrimination in loan outcomes.
The following Wednesday (April 17), the full-stack payment processor phoenix has launched a solution that allows businesses to accept payments in an efficient manner.new Merchant underwriting This solution also ensures that businesses remain compliant with evolving regulations from governments and card networks. and Sponsor bank.
Also on Wednesday, flat pay raised 45 million euros ($48 million) in a Series B funding round to expand its offering of point-of-sale (POS) systems and payment solutions designed for small and medium-sized businesses.
Promoting B2B payments with digital mechanisms
Federal Reserve Bank of Atlanta highlight On Monday (April 15), the Federal Reserve ISO20022 March 10th Fedwire Funds Service Message Format Modernizing B2B payments It has become an increasingly important concern for organizations, if not previously.
Modern technology enables modern business strategies. After all, Many companies lack We offer modern B2B payment services and are over-reliant on legacy systems, offering best-in-class services payment Experience often makes a huge difference in the amount of claims paid It's fast And the continuing technological disconnect will ultimately sour the relationship.
That's why, as covered by PYMNTS, do a self-assessment This is an important first step for businesses looking to digitally transform their accounts payable and receivable functions. What about the last step? Improve the B2B payments experience for all parties.
Continuing the industry's transition to digital platforms for business payments and expense management; master Card The announcement was made on Thursday (April 18th). Bring your business card For mobile wallet.
according to Chad Wallace, Mastercard's global head of commercial solutions, said the main use case for the app is expense reporting and reconciliation processes for businesses and their employees. It also provides new technologies and services that financial institutions can extend to business accounts. But he doesn't think its use will be limited to people who travel frequently.
read more: Digital wallets have the potential to transform B2B payments, but will they?
“We have been using virtual card platforms for quite some time, typically for procurement use cases,” he told PYMNTS. “And many of them B2B trading.They are integrated into various Industries such as online travel agencies can make payments to hotel chains and airlines, all virtually. card. I then started looking more closely at some of the different use cases in which virtual cards could be used. ”
Digitalization is increasingly transforming the B2B landscape, streamlining procurement processes and further improving payment workflows.
Can't believe it? Look no further than the world's single largest buyer: the United States government. $6 billion e-commerce initiative Include more online marketplaces — opening up potentially lucrative revenue streams across America 33 million Small and medium-sized enterprises.
“We thought, just like governments have big platforms for big contracts, what if the government had big platforms for big contracts? I was there. Small-scale procurement needs: Things you don't have to bid on or things that the agent can buy using your credit card. ” Paola SantanaCEO glasshe told PYMNTS.
Despite the proliferation of digital alternatives, checks remain an important medium. Preferred payment method For many organizations.
A PYMNTS Intelligence study highlights this trend, revealing that checks now represent a significant portion of business-to-business (B2B) transactions across a variety of industries. In real estate, Approximately 21% While most B2B transactions involve checks, retailers 15.2% depends on checks B2B payments
according to “Impact of instant ad hoc payment costs on MSMEs”, PYMNTS Intelligence and ingo payment The cost of system upgrades continues to be a barrier to collaboration. can benefit from them number one.
AI is coming to the B2B world
with news On Tuesday, Intel, in collaboration with several other industry partners, Open Platform for Enterprise AI (OPEA) It aims to accelerate secure and cost-effective GenAI adoption for enterprises, where leveraging AI is increasingly a top priority for enterprises.
and Following this news Google Chief Financial Officer Ruth Porat said on Wednesday (April 17) that the company is restructuring the tech giant's finance team with the aim of reallocating resources to AI, making it more technology-driven. Executives from companies large and small emphasized that the impact of adopting this approach is a top priority for finance departments and finance executives.
and,”AI effectOn the series Thursday (April 18), PYMNTS said: MJ JeanChief Strategy Officer of Credible, and ryan rosetteCo-founder and CEO of Creditbly, talks about how artificial intelligence (AI) is reshaping society. Scenery of underwriting operations for small and medium-sized enterprises.
Riding the wave of AI, Emma Gear On Tuesday, we launched an AI platform aimed at increasing efficiency. B2B payment orchestration For global companies.
B2B Marketplace Movement
B2B credit card platform supple plans to expand after raising $19 million. In the funding round, announced Wednesday (April 17th) paypal ventures This brings Berlin-based Pliant's total Series A funding to more than $53 million.
spend management platform lamp I said it's now $7.6 billion companyas it finishes, $150 million Series D-2 During the funding round, affini pay have Expanded availability Providing payment processing solutions for lawyers and accounting professionals in Puerto Rico.digital payment platform world's first We have announced a solution, world tradewhich helps small and medium-sized businesses speed up cross-border payments.
The digital transformation of banking continues to reshape the way financial institutions meet evolving consumer expectations. CAt the heart of this evolution is the partnershipplays a vital role in improving customer experience and streamlining financial processes.
The question of whether it is best to buy, make or Partner When it comes to facilitating cross-border payments to boost growth.