![\"\"](\"https://www.pymnts.com/wp-content/uploads/2024/08/data-point-pull-quote.jpg?w=436\")
A strong treasury department sees its banks not just as service providers, but as growth partners.
\nAgainst that backdrop, the digital transformation of the banking sector is increasingly reshaping \u2014 and enhancing \u2014 the operations of traditional treasury teams.
\nThe global banking landscape has seen several changes in recent years. Regulatory reforms, the rise of FinTech and the accelerated digitization of financial services have all redefined how banks operate and interact with their corporate clients.
\nTraditional banking relationships, once characterized by face-to-face interactions and manual processes, are increasingly being replaced by digital platforms that offer treasurers real-time insights, automation and a broader range of financial products.
\nThis shift has implications for the entire enterprise function.
\nAn important part of treasury management has always been maintaining the optimal number of banking relationships. However, the definition of \u201coptimal\u201d is changing. In the past, having too many banking relationships could lead to inefficiencies, higher costs and complexity in managing multiple accounts and counterparties. Today, the concept of redundancy in banking relationships is being redefined to focus on strategic flexibility and resilience.
\nFrom real-time insights to intelligent cash flow forecasting and automated payments and reconciliations, the digitization of the banking landscape provides corporate treasurers \u2014 and their organizations \u2014 more opportunities to capture growth and mitigate uncertainty.
\nRead also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function
\nRedundancy is no longer just about having backup banks in case of a counterparty failure. It\u2019s about creating a network of banking partners that can provide different capabilities and services, which can be tapped into depending on market conditions, regulatory changes or business needs.
\nThis approach allows treasury teams to diversify their risk, access a broader range of financial products, and ensure that they can continue to operate smoothly even if one banking partner faces difficulties.
\nWhere treasurers once relied on a few banking partners for a limited set of services, they now have access to a wider array of banks, FinTech providers and digital financial products. This expanded ecosystem allows for greater flexibility and customization in how treasury functions manage liquidity, hedge risks and optimize working capital.
\nFor instance, partnering with banks that specialize in different areas, such as trade finance, foreign exchange or digital payments, can help treasury teams optimize their operations and tap into growth opportunities.
\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS this month.
\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy,\u201d Bansal added. \u201cThe treasury team plays a pivotal role.\u201d
\nSee also: Unlocking the Critical Role of Treasurers in Corporate Decision-Making
\nFrom real-time payments and innovative settlement solutions to artificial intelligence-driven cash forecasting and supply chain financing platforms, treasurers now have access to tools that can enhance their ability to manage cash flows, mitigate risks and support business growth.
\nTreasurers today must be more agile in decision-making, Claudia Villasis-Wallraff, head of data driven treasury at Deutsche Bank, told PYMNTS in June.
\n\u201cCompanies need to adopt new technology,\u201d she said. \u201cAnd with this, I not only mean adopting API connectivity, but also cloud functions and artificial intelligence.\u201d
\n\u201cShareholders and the C-level are going to start asking more and requesting more from their treasury teams,\u201d she added.
\nLooking ahead, the ability to create operational cash flow forecasting without manual intervention will be a game changer for treasury teams, she said. This automation can streamline treasury operations, allowing treasurers to focus on more strategic tasks.
\nOne of the most impactful innovations across the corporate back office has been the rise of real-time treasury management systems. These platforms integrate with multiple banking partners and financial products, providing treasurers with real-time visibility into their cash positions across accounts, currencies and regions. By using real-time data, treasurers can make more informed decisions, optimize liquidity management, and work to reduce the cost of borrowing.
\nWith this knowledge at their fingertips, forward-thinking treasurers will be expected to act as strategic advisors to their organizations, using their insights into the financial markets and their understanding of the company\u2019s financial needs to drive growth and operational efficiency.
\nThis view is supported by the latest PYMNTS Intelligence, which found that 77% of treasurers said at least one department in their organization would benefit from closer collaboration with them.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Optimizing Bank Relationships Challenges the Real-Time Treasury Executive appeared first on PYMNTS.com.
\n", "content_text": "A strong treasury department sees its banks not just as service providers, but as growth partners.\nAgainst that backdrop, the digital transformation of the banking sector is increasingly reshaping \u2014 and enhancing \u2014 the operations of traditional treasury teams.\nThe global banking landscape has seen several changes in recent years. Regulatory reforms, the rise of FinTech and the accelerated digitization of financial services have all redefined how banks operate and interact with their corporate clients.\nTraditional banking relationships, once characterized by face-to-face interactions and manual processes, are increasingly being replaced by digital platforms that offer treasurers real-time insights, automation and a broader range of financial products.\nThis shift has implications for the entire enterprise function.\nAn important part of treasury management has always been maintaining the optimal number of banking relationships. However, the definition of \u201coptimal\u201d is changing. In the past, having too many banking relationships could lead to inefficiencies, higher costs and complexity in managing multiple accounts and counterparties. Today, the concept of redundancy in banking relationships is being redefined to focus on strategic flexibility and resilience.\nFrom real-time insights to intelligent cash flow forecasting and automated payments and reconciliations, the digitization of the banking landscape provides corporate treasurers \u2014 and their organizations \u2014 more opportunities to capture growth and mitigate uncertainty.\nRead also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function\nThe Future of Enterprise Treasury Is Redundant \u2014 in a Good Way\nRedundancy is no longer just about having backup banks in case of a counterparty failure. It\u2019s about creating a network of banking partners that can provide different capabilities and services, which can be tapped into depending on market conditions, regulatory changes or business needs.\nThis approach allows treasury teams to diversify their risk, access a broader range of financial products, and ensure that they can continue to operate smoothly even if one banking partner faces difficulties.\nWhere treasurers once relied on a few banking partners for a limited set of services, they now have access to a wider array of banks, FinTech providers and digital financial products. This expanded ecosystem allows for greater flexibility and customization in how treasury functions manage liquidity, hedge risks and optimize working capital.\nFor instance, partnering with banks that specialize in different areas, such as trade finance, foreign exchange or digital payments, can help treasury teams optimize their operations and tap into growth opportunities.\n\u201cMany treasurers are thinking, \u2018Well, how can I extract that last ounce of juice from my financial ecosystem?\u2019\u201d Ambrish Bansal, global head of Liquidity and Cash Concentration Products for the Citi Treasury and Trade Solutions business, told PYMNTS this month.\n\u201cI see the role of treasury becoming more central to [the enterprise\u2019s] business strategy, to the growth strategy, to the expansion strategy \u2014 and quite frankly, to the sustainability strategy,\u201d Bansal added. \u201cThe treasury team plays a pivotal role.\u201d\nSee also: Unlocking the Critical Role of Treasurers in Corporate Decision-Making\nFrom real-time payments and innovative settlement solutions to artificial intelligence-driven cash forecasting and supply chain financing platforms, treasurers now have access to tools that can enhance their ability to manage cash flows, mitigate risks and support business growth.\nTreasurers today must be more agile in decision-making, Claudia Villasis-Wallraff, head of data driven treasury at Deutsche Bank, told PYMNTS in June.\n\u201cCompanies need to adopt new technology,\u201d she said. \u201cAnd with this, I not only mean adopting API connectivity, but also cloud functions and artificial intelligence.\u201d\n\u201cShareholders and the C-level are going to start asking more and requesting more from their treasury teams,\u201d she added.\nLooking ahead, the ability to create operational cash flow forecasting without manual intervention will be a game changer for treasury teams, she said. This automation can streamline treasury operations, allowing treasurers to focus on more strategic tasks.\nOne of the most impactful innovations across the corporate back office has been the rise of real-time treasury management systems. These platforms integrate with multiple banking partners and financial products, providing treasurers with real-time visibility into their cash positions across accounts, currencies and regions. By using real-time data, treasurers can make more informed decisions, optimize liquidity management, and work to reduce the cost of borrowing.\nWith this knowledge at their fingertips, forward-thinking treasurers will be expected to act as strategic advisors to their organizations, using their insights into the financial markets and their understanding of the company\u2019s financial needs to drive growth and operational efficiency.\nThis view is supported by the latest PYMNTS Intelligence, which found that 77% of treasurers said at least one department in their organization would benefit from closer collaboration with them.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Optimizing Bank Relationships Challenges the Real-Time Treasury Executive appeared first on PYMNTS.com.", "date_published": "2024-08-13T16:42:23-04:00", "date_modified": "2024-08-13T21:34:01-04:00", "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/treasury-management-banking-partners.jpg", "tags": [ "automation", "B2B", "B2B Payments", "banking", "Banks", "commercial payments", "Digital Banking", "digital transformation", "Featured News", "News", "PYMNTS News", "real-time treasury", "treasury", "treasury transformation" ] }, { "id": "https://www.pymnts.com/?p=2051972", "url": "https://www.pymnts.com/news/b2b-payments/2024/sage-expands-ap-automation-product-to-businesses-worldwide/", "title": "Sage Expands AP Automation Product to Businesses Worldwide", "content_html": "Business management software firm\u00a0Sage\u00a0is expanding its AP automation offering.
\nThe company, which makes accounting, financial, HR and payroll products for small and medium-sized businesses (SMBs),\u00a0announced\u00a0the expansion Tuesday (Aug. 13) as part of a series of enhancements and updates for customers of its Sage Intacct offering.
\n\u201cAs part of this major expansion, Sage Intacct is rolling out AP Automation globally,\u201d the company said in a news release.
\n\u201cIn the US, businesses are already processing over 10,000 bills per month using this innovative tool, which utilizes AI to halve the time taken for accounts payable processes while saving organizations over $100,000 per year.\u201d
\nAccording to the release, AP Automation streamlines financial workflows by automatically creating draft bills from uploaded documents, and spotting issues such as duplicates, while reducing data entry efforts and costs.
\nDan Miller, executive vice president of Sage\u2019s financials and ERP division, said the company is the first mid-market solution offering AP automation outside the U.S.
\n\u201cWhat\u2019s more, our ongoing global expansion and the achievement of significant certifications, showcases our commitment to providing globally compliant, secure, and robust financial solutions that meet the diverse needs of businesses everywhere,\u201d Miller said.
\nSage is using artificial intelligence (AI)-powered accounts payable (AP) automation at a time when, as noted here last month, AP is \u201cbeing recognized for its potential to become a growth engine for businesses.\u201d
\nBut as\u00a0Melissa Johnson, head of operations at\u00a0Ottimate, told PYMNTS, many companies are still relying on outdated and fragmented systems, leading to inefficiencies, as well as the increased risk of errors and fraud.
\n\u201cFirst and foremost, eliminating that manual data entry is key. It\u2019s expensive, probably more expensive than companies realize, as well as being error prone, inefficient, and having a high risk of fraud,\u201d Johnson said.
\n\u201cA lot of finance leaders are unfamiliar with the latest\u00a0AP automation\u00a0technologies,\u201d she added. \u201cThey might have looked at the technology a few years ago and found it not quite ready. But the landscape has changed dramatically, and those who adopt automation often don\u2019t look back.\u201d
\nAt the same time, adhering to a \u201cless is more\u201d philosophy can help companies move closer to unlocking growth via their AP functions. PYMNTS Intelligence data has found that\u00a0nearly 60%\u00a0of large firms are using at least five different AP systems, \u201ca setup that is far from ideal.\u201d
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Sage Expands AP Automation Product to Businesses Worldwide appeared first on PYMNTS.com.
\n", "content_text": "Business management software firm\u00a0Sage\u00a0is expanding its AP automation offering.\nThe company, which makes accounting, financial, HR and payroll products for small and medium-sized businesses (SMBs),\u00a0announced\u00a0the expansion Tuesday (Aug. 13) as part of a series of enhancements and updates for customers of its Sage Intacct offering.\n\u201cAs part of this major expansion, Sage Intacct is rolling out AP Automation globally,\u201d the company said in a news release.\n\u201cIn the US, businesses are already processing over 10,000 bills per month using this innovative tool, which utilizes AI to halve the time taken for accounts payable processes while saving organizations over $100,000 per year.\u201d\nAccording to the release, AP Automation streamlines financial workflows by automatically creating draft bills from uploaded documents, and spotting issues such as duplicates, while reducing data entry efforts and costs.\nDan Miller, executive vice president of Sage\u2019s financials and ERP division, said the company is the first mid-market solution offering AP automation outside the U.S.\n\u201cWhat\u2019s more, our ongoing global expansion and the achievement of significant certifications, showcases our commitment to providing globally compliant, secure, and robust financial solutions that meet the diverse needs of businesses everywhere,\u201d Miller said.\nSage is using artificial intelligence (AI)-powered accounts payable (AP) automation at a time when, as noted here last month, AP is \u201cbeing recognized for its potential to become a growth engine for businesses.\u201d\nBut as\u00a0Melissa Johnson, head of operations at\u00a0Ottimate, told PYMNTS, many companies are still relying on outdated and fragmented systems, leading to inefficiencies, as well as the increased risk of errors and fraud.\n\u201cFirst and foremost, eliminating that manual data entry is key. It\u2019s expensive, probably more expensive than companies realize, as well as being error prone, inefficient, and having a high risk of fraud,\u201d Johnson said.\n\u201cA lot of finance leaders are unfamiliar with the latest\u00a0AP automation\u00a0technologies,\u201d she added. \u201cThey might have looked at the technology a few years ago and found it not quite ready. But the landscape has changed dramatically, and those who adopt automation often don\u2019t look back.\u201d\nAt the same time, adhering to a \u201cless is more\u201d philosophy can help companies move closer to unlocking growth via their AP functions. PYMNTS Intelligence data has found that\u00a0nearly 60%\u00a0of large firms are using at least five different AP systems, \u201ca setup that is far from ideal.\u201d\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Sage Expands AP Automation Product to Businesses Worldwide appeared first on PYMNTS.com.", "date_published": "2024-08-13T16:21:33-04:00", "date_modified": "2024-08-13T22:09:01-04:00", "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/2024/02/Sage-accounting.jpg", "tags": [ "accounts payable", "AP automation", "B2B", "B2B Payments", "commercial payments", "News", "PYMNTS News", "Sage", "Sage Intacct", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2051422", "url": "https://www.pymnts.com/news/b2b-payments/2024/digital-b2b-payments-turn-user-experience-into-a-superpower/", "title": "Digital B2B Payments Turn User Experience Into a Superpower", "content_html": "Not all B2B payments have a great user experience (UX). But all great B2B payments elevate the end-user experience.
\nThe problem with building convenience into business payments is that, while in theory it sounds relatively simple, in practice it ends up being incredibly difficult.
\nB2B payments exist primarily below the waterline \u2014 being made up of workflows and data as much as, if not more than, they are the actual transfer of funds. And below that same waterline lurks four key buckets of complexity around risk, regulation, infrastructure and cost basis.
\nHistorically, B2B payment processes have been plagued by inefficiencies, such as manual invoicing, slow payment cycles, and complex reconciliation procedures. These inefficiencies not only strain cash flow but also consume time and resources that could be better spent on core business activities.
\nDigital mechanisms are slowly chipping away at the long-standing dominance of paper checks. But to fully turn the tide, a great B2B payments UX needs to solve for thousands, if not tens of thousands, of small issues and fragmentations across payments infrastructure, process, and compliance.
\nThis can be a daunting proposition, but companies are recognizing that improving the UX for B2B payments can drive efficiency, security and business agility \u2014 as well as keep their commercial customers and suppliers happy.
\nRead more: Building Better B2B Relationships Through Payments Innovation
\nEfficiency is at the heart of any successful business operation, and B2B payments are no exception.
\nBut optimizing B2B payments tends to run through, and into, the following bottlenecks: building a frictionless experience runs into know your business (KYB) requirements; removing friction can result in an increase in fraud \u2014 and card networks will ban providers who fail to get their fraud rates down. Banks will also de-platform providers without effective anti-money laundering (AML) processes. B2B payments can also simply just not work due to formatting errors and other manually driven disconnects.
\n\u201cThere\u2019s a lot of messiness around payments, particularly very large B2B payments that might house hundreds or thousands of\u00a0invoices with hundreds of associated line-item details,\u201d\u00a0Boost Payment Solutions Founder and CEO Dean M. Leavitt told PYMNTS last month. \u201cLarge enterprises on both the AP [accounts payable] and AR [accounts receivable] side are looking for ways to automate those processes, digitize them and\u00a0reduce their cost\u00a0as well.\u201d
\nAgainst this backdrop, PYMNTS Intelligence finds that automation, virtual cards and digital payments are becoming the new cornerstones of B2B payments, with businesses recognizing their role in strengthening buyer-supplier relationships. According to the report, a \u201cconsumerization\u201d of the B2B payments experience is inevitable as businesses recognize the need to build loyalty with their \u201cother\u201d customers: B2B partners.
\n\u201cThere is value in\u00a0convenience; it makes customers more sticky,\u201d\u00a0Eric Foust, vice president of banking partnerships in North America at\u00a0Trustly, told PYMNTS in November.\u00a0
\nRead more:\u00a0Will 2024 Be the Year of Win-Win Buyer-Supplier Dynamics?
\nCertainty is another critical factor in B2B payments, particularly when dealing with large sums of money and complex financial arrangements. Uncertainty in payment processing can lead to cash flow issues, strained relationships with suppliers, and even legal disputes. By elevating the user experience, businesses can achieve greater certainty in their payment processes, reducing the risk of errors, delays and disputes.
\n\u201cB2B transactions have traditionally had a slower approval process, and B2B players have been slower to adopt new technology. But what we\u2019re seeing with a\u00a0shift to digital is that there is now more data, more controls, stronger authentication coming into that B2B space, all the while bringing down the cost and improving the risk models,\u201d\u00a0Jennifer Marriner, EVP, Global Acceptance Solutions at\u00a0Mastercard, told PYMNTS. \u201cWe\u2019re definitely seeing on the B2B side a realization that there\u2019s a way they can streamline their business.\u201d
\nImproving the UX in B2B payments via automation and virtual cards can play a crucial role in enhancing security. A well-designed payment platform can incorporate advanced security features, such as multifactor authentication (MFA), encryption, and real-time fraud detection, without compromising on usability. By making these security measures intuitive and easy to use, businesses can ensure that employees adhere to best practices, reducing the risk of human error that often leads to security breaches.
\n\u201cA lot of fraud is in the checks. If you\u00a0cut out checks, you cut 60% of fraud right there,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Digital B2B Payments Turn User Experience Into a Superpower appeared first on PYMNTS.com.
\n", "content_text": "Not all B2B payments have a great user experience (UX). But all great B2B payments elevate the end-user experience.\nThe problem with building convenience into business payments is that, while in theory it sounds relatively simple, in practice it ends up being incredibly difficult. \nB2B payments exist primarily below the waterline \u2014 being made up of workflows and data as much as, if not more than, they are the actual transfer of funds. And below that same waterline lurks four key buckets of complexity around risk, regulation, infrastructure and cost basis. \nHistorically, B2B payment processes have been plagued by inefficiencies, such as manual invoicing, slow payment cycles, and complex reconciliation procedures. These inefficiencies not only strain cash flow but also consume time and resources that could be better spent on core business activities.\nDigital mechanisms are slowly chipping away at the long-standing dominance of paper checks. But to fully turn the tide, a great B2B payments UX needs to solve for thousands, if not tens of thousands, of small issues and fragmentations across payments infrastructure, process, and compliance. \nThis can be a daunting proposition, but companies are recognizing that improving the UX for B2B payments can drive efficiency, security and business agility \u2014 as well as keep their commercial customers and suppliers happy.\nRead more: Building Better B2B Relationships Through Payments Innovation\nElevating User Experience\nEfficiency is at the heart of any successful business operation, and B2B payments are no exception. \nBut optimizing B2B payments tends to run through, and into, the following bottlenecks: building a frictionless experience runs into know your business (KYB) requirements; removing friction can result in an increase in fraud \u2014 and card networks will ban providers who fail to get their fraud rates down. Banks will also de-platform providers without effective anti-money laundering (AML) processes. B2B payments can also simply just not work due to formatting errors and other manually driven disconnects. \n\u201cThere\u2019s a lot of messiness around payments, particularly very large B2B payments that might house hundreds or thousands of\u00a0invoices with hundreds of associated line-item details,\u201d\u00a0Boost Payment Solutions Founder and CEO Dean M. Leavitt told PYMNTS last month. \u201cLarge enterprises on both the AP [accounts payable] and AR [accounts receivable] side are looking for ways to automate those processes, digitize them and\u00a0reduce their cost\u00a0as well.\u201d\nAgainst this backdrop, PYMNTS Intelligence finds that automation, virtual cards and digital payments are becoming the new cornerstones of B2B payments, with businesses recognizing their role in strengthening buyer-supplier relationships. According to the report, a \u201cconsumerization\u201d of the B2B payments experience is inevitable as businesses recognize the need to build loyalty with their \u201cother\u201d customers: B2B partners.\n\u201cThere is value in\u00a0convenience; it makes customers more sticky,\u201d\u00a0Eric Foust, vice president of banking partnerships in North America at\u00a0Trustly, told PYMNTS in November.\u00a0\nRead more:\u00a0Will 2024 Be the Year of Win-Win Buyer-Supplier Dynamics?\nAgility and Certainty\nCertainty is another critical factor in B2B payments, particularly when dealing with large sums of money and complex financial arrangements. Uncertainty in payment processing can lead to cash flow issues, strained relationships with suppliers, and even legal disputes. By elevating the user experience, businesses can achieve greater certainty in their payment processes, reducing the risk of errors, delays and disputes.\n\u201cB2B transactions have traditionally had a slower approval process, and B2B players have been slower to adopt new technology. But what we\u2019re seeing with a\u00a0shift to digital is that there is now more data, more controls, stronger authentication coming into that B2B space, all the while bringing down the cost and improving the risk models,\u201d\u00a0Jennifer Marriner, EVP, Global Acceptance Solutions at\u00a0Mastercard, told PYMNTS. \u201cWe\u2019re definitely seeing on the B2B side a realization that there\u2019s a way they can streamline their business.\u201d\nImproving the UX in B2B payments via automation and virtual cards can play a crucial role in enhancing security. A well-designed payment platform can incorporate advanced security features, such as multifactor authentication (MFA), encryption, and real-time fraud detection, without compromising on usability. By making these security measures intuitive and easy to use, businesses can ensure that employees adhere to best practices, reducing the risk of human error that often leads to security breaches.\n\u201cA lot of fraud is in the checks. If you\u00a0cut out checks, you cut 60% of fraud right there,\u201d\u00a0Ernest Rolfson, founder and CEO of\u00a0Finexio, told PYMNTS.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Digital B2B Payments Turn User Experience Into a Superpower appeared first on PYMNTS.com.", "date_published": "2024-08-12T19:48:22-04:00", "date_modified": "2024-08-12T19:48:22-04:00", "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-superpower.jpg", "tags": [ "automation", "B2B", "B2B Payments", "Boost Payment Solutions", "commercial payments", "consumerization", "Dean M. Leavitt", "Digital Payments", "Eric Foust", "Ernest Rolfson", "Finexio", "Fraud Prevention", "Jennifer Marriner", "MasterCard", "News", "PYMNTS News", "Trustly", "user experience", "virtual cards" ] }, { "id": "https://www.pymnts.com/?p=2049587", "url": "https://www.pymnts.com/news/b2b-payments/2024/this-week-in-b2b-capturing-real-time-intelligence-competitive-edge/", "title": "This Week in B2B: Capturing Real-Time Intelligence\u2019s Competitive Edge", "content_html": "B2B operations frequently require a greater level of sophistication than their B2C counterparts. Payments, especially, are typically larger and more complex transactions and must mesh with monolithic, already-existing systems.
\nThat\u2019s what makes the whole concept of digitization and the payoff that comes along with it so appealing to the space. What business wouldn\u2019t want to not just improve productivity, but also enable better cash flow management and unlock a more granular handle on working capital?
\nUltimately, as PYMNTS has heard repeatedly from experts and insiders in the B2B space, any B2B payments initiative should be measured against how it delivers across providing cost reduction, increasing fraud prevention, optimizing working capital management and enabling greater transparency and control over payment workflows.
\nThat\u2019s why PYMNTS keeps an ear to the ground, listening for all the latest initiatives. The top B2B innovation themes we heard this week were around the buy, build or partner decisions shaping today\u2019s landscape; the widening gap between digital innovation\u2019s benefits and the limitations of traditional solutions; and the competitive edge that real-time insights give B2B firms.
\nRead also: Trading in Paper for Technology Tops This Week in B2B
\nWith so much opportunity to capture in the B2B space, the marketplace rarely stands still. Increasingly, it is being shaped by the decisions upstarts and legacy juggernauts alike are making around the business decision of whether to buy, build or partner when it comes to B2B innovation.
\nOn the partnership front, payments processor Thredd helped LianLian Global launch a virtual card program for Asia-Pacific (APAC) region customers in industries such as eCommerce, travel and international B2B trade, the two companies said Thursday (Aug. 8).
\nCredibleX and Fracxn announced Monday (Aug. 5) they partnered to provide small- to medium-sized businesses (SMBs) with access to a variety of financing solutions.
\nRaken expanded the capabilities of its field management solutions for the construction industry by adding an integration with the Sage Intacct cloud accounting, payroll and human resources solution. The integration, announced Monday, automatically syncs project data, including completed time entries, and helps contractors shorten the time it takes to process payroll, reduce the number of payroll errors and improve job costing.
\nElsewhere, Citi and International Finance Corp., a global development institution and member of the World Bank Group, partnered Monday on a $2 billion sustainable supply chain finance program focused on emerging markets. The first project under the umbrella of this agreement is a $500 million facility in Mexico.
\nOn the buy side of things this week in B2B, Payoneer, a small-business-focused FinTech, acquired Singapore-based payroll/HR platform Skuad for $61 million Wednesday (Aug. 7). The deal is designed to bolster Payoneer\u2019s efforts to serve as a \u201cbusiness-grade financial stack\u201d for SMBs that operate on an international scale.
\nFlywire acquired Invoiced, a Software-as-a-Service (SaaS) platform that enables B2B finance teams to automate the order-to-cash process, Tuesday (Aug. 6). The Invoiced platform helps automate accounts receivable processes by managing invoices, communicating with payers and reconciling payments to the user\u2019s enterprise resource planning system.
\nMeanwhile, on the build front, Cartona said Monday that it raised $8.1 million in a Series A extension fundraise to continue growing the product rollout, verticals and offerings of its B2B platform for businesses in Egypt and, in the future, other markets in the Middle East and North Africa (MENA) region.
\nRevolut Business expanded the availability of its \u201cborderless financial super app for businesses\u201d to Singapore Tuesday and is looking to add other markets.
\nStill, in our interconnected and digital world, it is becoming increasingly clear that the cost of a single vendor\u2019s downtime on B2B partners can be catastrophic.
\nThe PYMNTS Intelligence report \u201cBuilding Better B2B Relationships Through Payments Innovation\u201d found that 8 in 10 executives have lost business due to payments errors. That\u2019s a large part of why automation, virtual cards and digital payments are increasingly being recognized as vital components of modern B2B transactions.
\nThe emergence of embedded finance alone has supercharged the digital transformation of B2B payments and commerce, and PYMNTS dug into how integrating financial services directly into the B2B experience is enabling next-generation service offerings.
\nWe also covered how global businesses need instant insight into their finances. Traditional treasury operations, which often rely on end-of-day processes and batch data, are ill-suited to meet the demands of a digital, real-time financial world.
\nAs Galileo Financial Technologies Chief Product Officer David Feuer told PYMNTS, same-day, faster wire transfers are set to help transform a broad line of business use cases with real-time notifications.
\n\u201cWhile FedNow brings this real-time API nature\u201d to transactions, \u201cit\u2019s still at the end of the day using Fedwire, which is terrific because as we build this wires functionality on top of Fedwire, we can add FedNow as an iterative feature set on top of it and not have to completely rebuild our connectivity to the Fed,\u201d he said.
\nAs Settle CEO Alek Koenig told PYMNTS about the digital transformation of the consumer packaged goods space in an interview posted Thursday, \u201cIt is incredibly difficult for CPG businesses to plan. And one of our jobs here should be to give them the tools to be able to plan better and make smarter decisions.\u201d
\nThe PYMNTS Intelligence report \u201cThe Impact of Payment Options on Business Growth: How Secure Payments and AI Integration Drive Efficiency and Reduce Uncertainty\u201d found that using artificial intelligence in payment processes reduces uncertainty. Among firms using AI for at least half of their accounts payable processes, 86% reported the payment methods at their disposal enable business growth. Conversely, firms with minimal AI use or experience are less likely to see their payment options have a positive impact on business growth.
\nThe marketplace is already responding in turn. Wendy\u2019s Quality Supply Chain Co-op (QSCC), a purchasing cooperative that services more than 6,400 Wendy\u2019s restaurants in the United States and Canada, teamed with Palantir Technologies Wednesday to accelerate its digital transformation and adoption of AI.
\nVia the partnership, Palantir, a provider of AI systems, will help QSCC develop an integrated supply chain network; implement AI-driven, automated workflows; and build a connected ecosystem of suppliers, distributors and restaurants.
\nElsewhere, SaaS platform Wix said Monday it began offering its customers access to Google\u2019s Gemini for Workspace AI tool.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post This Week in B2B: Capturing Real-Time Intelligence\u2019s Competitive Edge appeared first on PYMNTS.com.
\n", "content_text": "B2B operations frequently require a greater level of sophistication than their B2C counterparts. Payments, especially, are typically larger and more complex transactions and must mesh with monolithic, already-existing systems.\nThat\u2019s what makes the whole concept of digitization and the payoff that comes along with it so appealing to the space. What business wouldn\u2019t want to not just improve productivity, but also enable better cash flow management and unlock a more granular handle on working capital?\nUltimately, as PYMNTS has heard repeatedly from experts and insiders in the B2B space, any B2B payments initiative should be measured against how it delivers across providing cost reduction, increasing fraud prevention, optimizing working capital management and enabling greater transparency and control over payment workflows.\nThat\u2019s why PYMNTS keeps an ear to the ground, listening for all the latest initiatives. The top B2B innovation themes we heard this week were around the buy, build or partner decisions shaping today\u2019s landscape; the widening gap between digital innovation\u2019s benefits and the limitations of traditional solutions; and the competitive edge that real-time insights give B2B firms.\nRead also: Trading in Paper for Technology Tops This Week in B2B\nBuy, Build or Partner Is Defining the Future of B2B\nWith so much opportunity to capture in the B2B space, the marketplace rarely stands still. Increasingly, it is being shaped by the decisions upstarts and legacy juggernauts alike are making around the business decision of whether to buy, build or partner when it comes to B2B innovation.\nOn the partnership front, payments processor Thredd helped LianLian Global launch a virtual card program for Asia-Pacific (APAC) region customers in industries such as eCommerce, travel and international B2B trade, the two companies said Thursday (Aug. 8).\nCredibleX and Fracxn announced Monday (Aug. 5) they partnered to provide small- to medium-sized businesses (SMBs) with access to a variety of financing solutions.\nRaken expanded the capabilities of its field management solutions for the construction industry by adding an integration with the Sage Intacct cloud accounting, payroll and human resources solution. The integration, announced Monday, automatically syncs project data, including completed time entries, and helps contractors shorten the time it takes to process payroll, reduce the number of payroll errors and improve job costing.\nElsewhere, Citi and International Finance Corp., a global development institution and member of the World Bank Group, partnered Monday on a $2 billion sustainable supply chain finance program focused on emerging markets. The first project under the umbrella of this agreement is a $500 million facility in Mexico.\nOn the buy side of things this week in B2B, Payoneer, a small-business-focused FinTech, acquired Singapore-based payroll/HR platform Skuad for $61 million Wednesday (Aug. 7). The deal is designed to bolster Payoneer\u2019s efforts to serve as a \u201cbusiness-grade financial stack\u201d for SMBs that operate on an international scale.\nFlywire acquired Invoiced, a Software-as-a-Service (SaaS) platform that enables B2B finance teams to automate the order-to-cash process, Tuesday (Aug. 6). The Invoiced platform helps automate accounts receivable processes by managing invoices, communicating with payers and reconciling payments to the user\u2019s enterprise resource planning system.\nMeanwhile, on the build front, Cartona said Monday that it raised $8.1 million in a Series A extension fundraise to continue growing the product rollout, verticals and offerings of its B2B platform for businesses in Egypt and, in the future, other markets in the Middle East and North Africa (MENA) region.\nRevolut Business expanded the availability of its \u201cborderless financial super app for businesses\u201d to Singapore Tuesday and is looking to add other markets.\nStill, in our interconnected and digital world, it is becoming increasingly clear that the cost of a single vendor\u2019s downtime on B2B partners can be catastrophic.\nEmbracing Innovative Solutions Across B2B Payments\nThe PYMNTS Intelligence report \u201cBuilding Better B2B Relationships Through Payments Innovation\u201d found that 8 in 10 executives have lost business due to payments errors. That\u2019s a large part of why automation, virtual cards and digital payments are increasingly being recognized as vital components of modern B2B transactions.\nThe emergence of embedded finance alone has supercharged the digital transformation of B2B payments and commerce, and PYMNTS dug into how integrating financial services directly into the B2B experience is enabling next-generation service offerings.\nWe also covered how global businesses need instant insight into their finances. Traditional treasury operations, which often rely on end-of-day processes and batch data, are ill-suited to meet the demands of a digital, real-time financial world.\nAs Galileo Financial Technologies Chief Product Officer David Feuer told PYMNTS, same-day, faster wire transfers are set to help transform a broad line of business use cases with real-time notifications.\n\u201cWhile FedNow brings this real-time API nature\u201d to transactions, \u201cit\u2019s still at the end of the day using Fedwire, which is terrific because as we build this wires functionality on top of Fedwire, we can add FedNow as an iterative feature set on top of it and not have to completely rebuild our connectivity to the Fed,\u201d he said.\nUsing Artificial Intelligence\nAs Settle CEO Alek Koenig told PYMNTS about the digital transformation of the consumer packaged goods space in an interview posted Thursday, \u201cIt is incredibly difficult for CPG businesses to plan. And one of our jobs here should be to give them the tools to be able to plan better and make smarter decisions.\u201d\nThe PYMNTS Intelligence report \u201cThe Impact of Payment Options on Business Growth: How Secure Payments and AI Integration Drive Efficiency and Reduce Uncertainty\u201d found that using artificial intelligence in payment processes reduces uncertainty. Among firms using AI for at least half of their accounts payable processes, 86% reported the payment methods at their disposal enable business growth. Conversely, firms with minimal AI use or experience are less likely to see their payment options have a positive impact on business growth.\nThe marketplace is already responding in turn. Wendy\u2019s Quality Supply Chain Co-op (QSCC), a purchasing cooperative that services more than 6,400 Wendy\u2019s restaurants in the United States and Canada, teamed with Palantir Technologies Wednesday to accelerate its digital transformation and adoption of AI.\nVia the partnership, Palantir, a provider of AI systems, will help QSCC develop an integrated supply chain network; implement AI-driven, automated workflows; and build a connected ecosystem of suppliers, distributors and restaurants.\nElsewhere, SaaS platform Wix said Monday it began offering its customers access to Google\u2019s Gemini for Workspace AI tool.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post This Week in B2B: Capturing Real-Time Intelligence\u2019s Competitive Edge appeared first on PYMNTS.com.", "date_published": "2024-08-08T17:28:53-04:00", "date_modified": "2024-08-08T17:28:53-04:00", "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/2023/12/B2B-payments-1.jpg", "tags": [ "acquisitions", "artificial intelligence", "automation", "B2B", "B2B Payments", "Cartona", "cash flow management", "Citi", "commercial payments", "construction", "CredibleX", "Digital Payments", "digital transformation", "embedded finance", "Flywire", "Fracxn", "funding", "Galileo Financial Technologies", "Gemini", "Google", "Innovation", "International Finance Corp.", "Investments", "Invoiced", "LianLian Global", "News", "palantir", "partnerships", "Payoneer", "PYMNTS News", "Raken", "Revolut Business", "Sage Intacct", "Settle", "Skuad", "supply chain finance", "Technology", "Thredd", "virtual cards", "wendy's", "Wendy\u2019s Quality Supply Chain Co-op", "wire payments", "wix", "working capital" ] }, { "id": "https://www.pymnts.com/?p=2049082", "url": "https://www.pymnts.com/news/b2b-payments/2024/legacy-treasury-management-systems-ill-equipped-as-markets-enter-real-time-era/", "title": "Legacy Treasury Management Systems Ill-Equipped as Markets Enter Real-Time Era", "content_html": "When it comes to contemporary business operations, complexity is nearly unavoidable. The bigger a business gets, the more borders it crosses and peers it acquires, the taller the task becomes of integrating its disparate operations and financials \u2014 much less surfacing insights and acting in real-time on data-driven decisions.
\nAnd with the news that the\u00a0European Securities and Markets Authority\u00a0is aiming for either the fourth quarter of 2027, the first quarter of 2028 or the fourth quarter of 2028 for moving its financial markets to be more in line with the U.S., where T+1 settlement for capital markets went live this past May, forward-thinking multinationals are already weighing the impact this accelerated settlement will have on their corporate treasury operations.
\nAfter all, in today\u2019s fast-paced global economy, the ability to respond swiftly to financial changes can be the difference between success and failure. For multinational corporations, where financial operations span multiple jurisdictions, currencies and regulatory environments, the need for real-time treasury management has never been more pressing.
\nGlobal businesses need instant insight into their finances. Traditional treasury operations, which often rely on end-of-day processes and batch data, are ill-suited to meet the demands of a T+1 world – making the adoption of real-time treasury solutions crucial for compliance with future T+1 realities.
\nRead more: Unlocking the Critical Role of Treasurers in Corporate Decision-Making
\nCash forecasting is the cornerstone of treasury operations, enabling companies to predict their future cash needs and plan accordingly. However, in a T+1 environment, the margin for error in cash forecasting narrows significantly. Without real-time data, treasurers may find themselves scrambling to cover unexpected shortfalls or, conversely, holding excess cash that could have been invested or used to reduce debt.
\nThe T+1 settlement cycle, where transactions are settled one business day after the trade date, marks a significant acceleration from the traditional T+2 cycle and is meant to reduce counterparty risk, enhance market liquidity, and improve overall market efficiency.
\nHowever, this accelerated timeline poses new challenges for corporate treasuries, particularly those of multinational corporations that must navigate complex global financial landscapes \u2014 and the elephant in the room is the European Union\u2019s misalignment with the market realities in the U.S.
\n\u201cComplexity can arise from many different sources, whether it\u2019s the holding structure or the nature of the business,\u201d Noam Mills, CEO\u00a0at\u00a0Panax, told PYMNTS.
\nMills noted that pain points can span from the realities of businesses working across multiple geographies and dealing with different currencies; to others whose pain stems from a multitude of accounts, even in one geography, that can make managing working capital a challenge. Operational and treasury-centric complexities frequently also arise from the usage of credit lines on one hand or interest-bearing account on the other hand.
\nReal-time treasury solutions allow for dynamic cash forecasting, where predictions are continuously updated based on the latest transaction data, market conditions, and other relevant factors. This level of precision is critical in a T+1 world, where the ability to anticipate and react to changes in cash flow can directly impact a company\u2019s financial stability.
\nPYMNTS Intelligence data on corporate treasury\u00a0challenges and opportunities found that corporate workflows can, and should, benefit from everything from automated daily reconciliation across all bank accounts to advanced cash flow forecasting.
\nSee also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function
\nTo successfully transition to real-time treasury management, companies will need to invest in advanced treasury management systems (TMS) that can integrate seamlessly with their existing financial infrastructure.
\nThese systems must be capable of handling large volumes of data, providing real-time analytics and supporting automated processes. Additionally, companies will need to ensure that their TMS can interface with external systems, such as banking platforms and payment networks, to facilitate real-time transactions and reporting. And modern treasury operations are increasingly being given a shot in the arm from other advanced technologies like artificial intelligence (AI) and machine learning (ML).
\n\u201cAI and ML are transforming everything\u00a0treasury,\u201d\u00a0Jarrett Bruhn, managing director and head of data and AI in global transaction services at\u00a0Bank of America, told PYMNTS last year. \u201cIt\u2019s the equivalent of the Industrial Revolution 4.0. When you think of what a treasurer does, trying to find operational and cost efficiencies, these tools and technologies fundamentally change how they can do their daily job.\u201d
\nAnd as PYMNTS Intelligence has found, ultimately, treasurers with\u00a0high levels of influence\u00a0are far more likely to report that their companies have predictable cash flows, expect revenue to increase and are agile in responding to shifting marking conditions.
\nThe post Legacy Treasury Management Systems Ill-Equipped as Markets Enter Real-Time Era appeared first on PYMNTS.com.
\n", "content_text": "When it comes to contemporary business operations, complexity is nearly unavoidable. The bigger a business gets, the more borders it crosses and peers it acquires, the taller the task becomes of integrating its disparate operations and financials \u2014 much less surfacing insights and acting in real-time on data-driven decisions.\nAnd with the news that the\u00a0European Securities and Markets Authority\u00a0is aiming for either the fourth quarter of 2027, the first quarter of 2028 or the fourth quarter of 2028 for moving its financial markets to be more in line with the U.S., where T+1 settlement for capital markets went live this past May, forward-thinking multinationals are already weighing the impact this accelerated settlement will have on their corporate treasury operations.\nAfter all, in today\u2019s fast-paced global economy, the ability to respond swiftly to financial changes can be the difference between success and failure. For multinational corporations, where financial operations span multiple jurisdictions, currencies and regulatory environments, the need for real-time treasury management has never been more pressing.\nGlobal businesses need instant insight into their finances. Traditional treasury operations, which often rely on end-of-day processes and batch data, are ill-suited to meet the demands of a T+1 world – making the adoption of real-time treasury solutions crucial for compliance with future T+1 realities.\nRead more: Unlocking the Critical Role of Treasurers in Corporate Decision-Making\nThe Imperative of Real-Time Treasury Management\nCash forecasting is the cornerstone of treasury operations, enabling companies to predict their future cash needs and plan accordingly. However, in a T+1 environment, the margin for error in cash forecasting narrows significantly. Without real-time data, treasurers may find themselves scrambling to cover unexpected shortfalls or, conversely, holding excess cash that could have been invested or used to reduce debt.\nThe T+1 settlement cycle, where transactions are settled one business day after the trade date, marks a significant acceleration from the traditional T+2 cycle and is meant to reduce counterparty risk, enhance market liquidity, and improve overall market efficiency.\nHowever, this accelerated timeline poses new challenges for corporate treasuries, particularly those of multinational corporations that must navigate complex global financial landscapes \u2014 and the elephant in the room is the European Union\u2019s misalignment with the market realities in the U.S.\n\u201cComplexity can arise from many different sources, whether it\u2019s the holding structure or the nature of the business,\u201d Noam Mills, CEO\u00a0at\u00a0Panax, told PYMNTS.\nMills noted that pain points can span from the realities of businesses working across multiple geographies and dealing with different currencies; to others whose pain stems from a multitude of accounts, even in one geography, that can make managing working capital a challenge. Operational and treasury-centric complexities frequently also arise from the usage of credit lines on one hand or interest-bearing account on the other hand.\nReal-time treasury solutions allow for dynamic cash forecasting, where predictions are continuously updated based on the latest transaction data, market conditions, and other relevant factors. This level of precision is critical in a T+1 world, where the ability to anticipate and react to changes in cash flow can directly impact a company\u2019s financial stability.\nPYMNTS Intelligence data on corporate treasury\u00a0challenges and opportunities found that corporate workflows can, and should, benefit from everything from automated daily reconciliation across all bank accounts to advanced cash flow forecasting.\nSee also: Treasury\u2019s Digital Migration Creates Greater Synergies With Finance Function\nThe Role of AI in Transforming Cash Management\nTo successfully transition to real-time treasury management, companies will need to invest in advanced treasury management systems (TMS) that can integrate seamlessly with their existing financial infrastructure.\nThese systems must be capable of handling large volumes of data, providing real-time analytics and supporting automated processes. Additionally, companies will need to ensure that their TMS can interface with external systems, such as banking platforms and payment networks, to facilitate real-time transactions and reporting. And modern treasury operations are increasingly being given a shot in the arm from other advanced technologies like artificial intelligence (AI) and machine learning (ML).\n\u201cAI and ML are transforming everything\u00a0treasury,\u201d\u00a0Jarrett Bruhn, managing director and head of data and AI in global transaction services at\u00a0Bank of America, told PYMNTS last year. \u201cIt\u2019s the equivalent of the Industrial Revolution 4.0. When you think of what a treasurer does, trying to find operational and cost efficiencies, these tools and technologies fundamentally change how they can do their daily job.\u201d\nAnd as PYMNTS Intelligence has found, ultimately, treasurers with\u00a0high levels of influence\u00a0are far more likely to report that their companies have predictable cash flows, expect revenue to increase and are agile in responding to shifting marking conditions.\nThe post Legacy Treasury Management Systems Ill-Equipped as Markets Enter Real-Time Era appeared first on PYMNTS.com.", "date_published": "2024-08-08T10:57:55-04:00", "date_modified": "2024-08-11T21:34:12-04:00", "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/treasury-management.png", "tags": [ "B2B", "B2B Payments", "cash forecasting", "commercial payments", "corporate treasury", "EMEA", "European Securities and Markets Authority", "European Union", "financial markets", "News", "PYMNTS News", "real-time treasury solutions", "regulations", "Technology", "treasurers", "treasury", "treasury management" ] }, { "id": "https://www.pymnts.com/?p=2040710", "url": "https://www.pymnts.com/news/b2b-payments/2024/from-google-chrome-to-b2b-marketplaces-embedded-payments-transform-commerce/", "title": "From Google Chrome to B2B Marketplaces, Embedded Payments Transform Commerce", "content_html": "The emergence of embedded finance has supercharged the digital transformation of B2B payments and commerce.
\nEmbedded payments are, increasingly, everywhere. With the news Tuesday (Aug. 6) that Web Monetization is coming to Google Chrome, allowing website owners to receive embedded micro-payments as an additional way to generate revenue, the implications the rise of embedded payments could have for online B2B commerce and marketplace platforms, as well as the opportunity for small- to medium-sized businesses (SMBs), is top of mind for both firms and the financial institutions servicing them.
\nTraditional B2B transactions often involve lengthy payment cycles and cumbersome processes, including invoicing, purchase orders and manual reconciliations. Embedded finance can speed these processes by integrating payment solutions directly into B2B platforms. Companies can offer instant credit lines, automated invoicing and real-time payment tracking, reducing friction and accelerating the sales cycle.
\nBy integrating financial services directly into the B2B experience \u2014 and offering services such as payment, lending, insurance and other financial products \u2014 companies are increasingly embracing their potential benefits.
\nRead more: Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024
\nAs businesses seek more efficient ways to manage payments and working capital, embedded finance is emerging as a transformative force in B2B commerce. That\u2019s according to Alan Koenigsberg, senior vice president and global head of large, middle market, industry verticals and working capital solutions at\u00a0Visa, who told PYMNTS that while embedded finance has been a staple in consumer eCommerce for years, its application in the B2B space is gaining momentum.
\nIn a separate conversation, Jim Colassano, senior vice president, RTP, product development and strategy at\u00a0The Clearing House, echoed that analysis and told PYMNTS that the\u00a0next stop\u00a0for embedded finance is B2B commerce.
\nResearch in \u201cThe Embedded Finance Ecosystem: Logistics and Wholesale Trade Edition,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0Carat from Fiserv\u00a0collaboration, finds that a majority of marketplaces (57%) are \u201chighly interested\u201d in further innovating their existing digital wallet offerings.
\nIn June, Amazon Business, Amazon\u2019s online business-to-business procurement store, announced a number of new features to help large business customers simplify the way they shop for business supplies. Among the company\u2019s offerings, the Amazon Business App Center includes integrated shopping, accounting management, expense management, rewards and recognition inventory management and business analytics.
\nAs embedded payment solutions gain traction in the B2B space, businesses face the challenge of integrating these solutions into their existing technology stacks. Eric Frankovic, general manager of corporate payments at WEX, stressed to PYMNTS the importance of deep industry knowledge and strong partnerships in overcoming these challenges.
\nRead more: How Embedded Payments Help Businesses Own Key \u2018Micro Moments\u2019
\nBeyond B2B commerce, the rise of embedded finance also presents numerous opportunities for SMBs, which are often the lifeblood of economic growth but commonly face unique challenges in accessing financial services from traditional providers.
\nEmbedded finance can democratize access to capital by leveraging transactional data and advanced analytics. B2B platforms can offer personalized financing solutions that are faster and more flexible than traditional bank loans. This can empower SMBs to invest in new technologies, expand their product lines and enter new markets.
\nPYMNTS Intelligence in\u00a0\u201cThe Embedded Lending Opportunity: U.S. Edition,\u201d a study commissioned by\u00a0Visa, revealed that more than four in 10 small businesses (42%) surveyed report that they are very likely to switch providers to access embedded lending.
\nBy integrating financial services into their platforms, SMBs can offer a more seamless and convenient experience for their customers. This includes everything from instant payments and credit options to integrated insurance and investment products. A superior customer experience can drive loyalty, increase sales and provide a competitive edge in a crowded market.
\n\u201cWe see merchants that are\u00a0looking for ways to increase conversions,\u201d especially over the past year and a half of high inflation, Sunil Sachdev, senior vice president, head of embedded finance at Fiserv, explained to PYMNTS. \u201cThey don\u2019t want to be financial institutions, and they don\u2019t want to underwrite credit. But at the same time, they want to be able to help their customers buy more stuff.\u201d
\nThe post From Google Chrome to B2B Marketplaces, Embedded Payments Transform Commerce appeared first on PYMNTS.com.
\n", "content_text": "The emergence of embedded finance has supercharged the digital transformation of B2B payments and commerce.\nEmbedded payments are, increasingly, everywhere. With the news Tuesday (Aug. 6) that Web Monetization is coming to Google Chrome, allowing website owners to receive embedded micro-payments as an additional way to generate revenue, the implications the rise of embedded payments could have for online B2B commerce and marketplace platforms, as well as the opportunity for small- to medium-sized businesses (SMBs), is top of mind for both firms and the financial institutions servicing them.\nTraditional B2B transactions often involve lengthy payment cycles and cumbersome processes, including invoicing, purchase orders and manual reconciliations. Embedded finance can speed these processes by integrating payment solutions directly into B2B platforms. Companies can offer instant credit lines, automated invoicing and real-time payment tracking, reducing friction and accelerating the sales cycle.\nBy integrating financial services directly into the B2B experience \u2014 and offering services such as payment, lending, insurance and other financial products \u2014 companies are increasingly embracing their potential benefits.\nRead more: Halftime Report: 18 Payments Executives Share The Issues That Will Define The Rest of 2024\nEmbedded Finance is Transforming the B2B Commerce Experience\nAs businesses seek more efficient ways to manage payments and working capital, embedded finance is emerging as a transformative force in B2B commerce. That\u2019s according to Alan Koenigsberg, senior vice president and global head of large, middle market, industry verticals and working capital solutions at\u00a0Visa, who told PYMNTS that while embedded finance has been a staple in consumer eCommerce for years, its application in the B2B space is gaining momentum.\nIn a separate conversation, Jim Colassano, senior vice president, RTP, product development and strategy at\u00a0The Clearing House, echoed that analysis and told PYMNTS that the\u00a0next stop\u00a0for embedded finance is B2B commerce.\nResearch in \u201cThe Embedded Finance Ecosystem: Logistics and Wholesale Trade Edition,\u201d a\u00a0PYMNTS Intelligence\u00a0and\u00a0Carat from Fiserv\u00a0collaboration, finds that a majority of marketplaces (57%) are \u201chighly interested\u201d in further innovating their existing digital wallet offerings.\nIn June, Amazon Business, Amazon\u2019s online business-to-business procurement store, announced a number of new features to help large business customers simplify the way they shop for business supplies. Among the company\u2019s offerings, the Amazon Business App Center includes integrated shopping, accounting management, expense management, rewards and recognition inventory management and business analytics.\nAs embedded payment solutions gain traction in the B2B space, businesses face the challenge of integrating these solutions into their existing technology stacks. Eric Frankovic, general manager of corporate payments at WEX, stressed to PYMNTS the importance of deep industry knowledge and strong partnerships in overcoming these challenges.\nRead more: How Embedded Payments Help Businesses Own Key \u2018Micro Moments\u2019\nThe Embedded Lending Opportunity for SMBs\nBeyond B2B commerce, the rise of embedded finance also presents numerous opportunities for SMBs, which are often the lifeblood of economic growth but commonly face unique challenges in accessing financial services from traditional providers.\nEmbedded finance can democratize access to capital by leveraging transactional data and advanced analytics. B2B platforms can offer personalized financing solutions that are faster and more flexible than traditional bank loans. This can empower SMBs to invest in new technologies, expand their product lines and enter new markets.\nPYMNTS Intelligence in\u00a0\u201cThe Embedded Lending Opportunity: U.S. Edition,\u201d a study commissioned by\u00a0Visa, revealed that more than four in 10 small businesses (42%) surveyed report that they are very likely to switch providers to access embedded lending.\nBy integrating financial services into their platforms, SMBs can offer a more seamless and convenient experience for their customers. This includes everything from instant payments and credit options to integrated insurance and investment products. A superior customer experience can drive loyalty, increase sales and provide a competitive edge in a crowded market.\n\u201cWe see merchants that are\u00a0looking for ways to increase conversions,\u201d especially over the past year and a half of high inflation, Sunil Sachdev, senior vice president, head of embedded finance at Fiserv, explained to PYMNTS. \u201cThey don\u2019t want to be financial institutions, and they don\u2019t want to underwrite credit. But at the same time, they want to be able to help their customers buy more stuff.\u201d\nThe post From Google Chrome to B2B Marketplaces, Embedded Payments Transform Commerce appeared first on PYMNTS.com.", "date_published": "2024-08-07T14:45:44-04:00", "date_modified": "2024-08-07T22:35:28-04:00", "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/2023/12/Google-Chrome.jpg", "tags": [ "B2B", "B2B Commerce", "B2B Payments", "commercial payments", "Digital Payments", "digital transformation", "Embedded Payments", "Google", "Google Chrome", "News", "online payments", "Payment Methods", "PYMNTS News" ] }, { "id": "https://www.pymnts.com/?p=2023167", "url": "https://www.pymnts.com/news/b2b-payments/2024/revolut-business-expands-financial-super-app-businesses-singapore/", "title": "Revolut Business Expands \u2018Financial Super App for Businesses\u2019 to Singapore", "content_html": "Revolut Business expanded the availability of its \u201cborderless financial super app for businesses\u201d to Singapore and is looking to add other markets.
\n\u201cWe\u2019re here to empower Singaporean companies of all sizes, including 1,000+ who signed up to our waitlist,\u201d the company said in a Tuesday (Aug. 6) post on LinkedIn.
\nWith Revolut Business, companies can access more than 150 currencies at the interbank rate; hold more than 25 currencies in their account; set limits, track spending, and freeze and unfreeze cards in-app; invite their whole team, set permissions and manage expenses on the go; and employ custom spending rules, automated accounting and other tools that offer them full financial control, according to the post.
\nAvailable on both mobile and web, Revolut Business helps startups, scale-ups and enterprises improve how they accept and make payments, control spending and empower their teams, according to the company\u2019s LinkedIn profile.
\nRevolut Business added in the post, \u201cWhere should we launch next?\u201d
\nIt was reported in May that Revolut, a London-based FinTech, set its sights on the Asia-Pacific (APAC) region for its global expansion strategy.
\nCharlie Short, head of growth at Revolut, said at the time that the company is committed to accelerating its growth in markets such as Australia, New Zealand and Singapore.
\nIn September, Revolut Business added a feature called RevTags, a free and instant global payments network available to businesses within the Revolut network and designed to address the difficulties surrounding cross-border payments. It is available to Revolut\u2019s retail and business customers worldwide.
\nThe feature makes the process of making transactions more streamlined and efficient by allowing businesses to enter the RevTag of an individual or business in the Revolut Business app, rather than having to enter IBANs or additional beneficiary details.
\nRevolut reported in July that its revenues jumped 95% last year, from $1.1 billion in 2022 to $2.2 billion in 2023. The company also added 12 million new customers, bringing its total customer base to 45 million as of June.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Revolut Business Expands \u2018Financial Super App for Businesses\u2019 to Singapore appeared first on PYMNTS.com.
\n", "content_text": "Revolut Business expanded the availability of its \u201cborderless financial super app for businesses\u201d to Singapore and is looking to add other markets.\n\u201cWe\u2019re here to empower Singaporean companies of all sizes, including 1,000+ who signed up to our waitlist,\u201d the company said in a Tuesday (Aug. 6) post on LinkedIn.\nWith Revolut Business, companies can access more than 150 currencies at the interbank rate; hold more than 25 currencies in their account; set limits, track spending, and freeze and unfreeze cards in-app; invite their whole team, set permissions and manage expenses on the go; and employ custom spending rules, automated accounting and other tools that offer them full financial control, according to the post.\nAvailable on both mobile and web, Revolut Business helps startups, scale-ups and enterprises improve how they accept and make payments, control spending and empower their teams, according to the company\u2019s LinkedIn profile.\nRevolut Business added in the post, \u201cWhere should we launch next?\u201d\nIt was reported in May that Revolut, a London-based FinTech, set its sights on the Asia-Pacific (APAC) region for its global expansion strategy.\nCharlie Short, head of growth at Revolut, said at the time that the company is committed to accelerating its growth in markets such as Australia, New Zealand and Singapore.\nIn September, Revolut Business added a feature called RevTags, a free and instant global payments network available to businesses within the Revolut network and designed to address the difficulties surrounding cross-border payments. It is available to Revolut\u2019s retail and business customers worldwide.\nThe feature makes the process of making transactions more streamlined and efficient by allowing businesses to enter the RevTag of an individual or business in the Revolut Business app, rather than having to enter IBANs or additional beneficiary details.\nRevolut reported in July that its revenues jumped 95% last year, from $1.1 billion in 2022 to $2.2 billion in 2023. The company also added 12 million new customers, bringing its total customer base to 45 million as of June.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Revolut Business Expands \u2018Financial Super App for Businesses\u2019 to Singapore appeared first on PYMNTS.com.", "date_published": "2024-08-06T13:19:08-04:00", "date_modified": "2024-08-06T13:19:08-04:00", "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/2022/11/Revolut-expansion.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "FinTech", "international", "Mobile Applications", "News", "PYMNTS News", "Revolut", "Revolut Business", "Singapore", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2023075", "url": "https://www.pymnts.com/news/b2b-payments/2024/delta-crowdstrike-fallout-highlights-why-firms-need-a-recovery-plan/", "title": "Delta, CrowdStrike Fallout Highlights Why Firms Need a Recovery Plan", "content_html": "No one is an island. And in our interconnected and digital world, no company is, either \u2014 meaning that the cost of a single facet\u2019s downtime on B2B partners can be catastrophic.
\nFor proof, just look at the ongoing fallout from the July 18 disruption of Microsoft\u2019s Windows operating system caused by cybersecurity firm CrowdStrike\u2019s software update, which disrupted computer systems at businesses and public services around the world, including airlines, banks and hospitals. Microsoft has estimated that about 8.5 million Windows devices were hit by the faulty update.
\nThe latest news from that black swan catastrophe for the connected economy?
\nCrowdStrike\u2019s legal counsel has struck back at Delta Air Lines with a Sunday (Aug. 4) letter denying it was responsible for the carrier\u2019s own IT decisions and subsequent disruptions, after the airline announced plans to seek legal damages from the outage.
\nDelta\u00a0has claimed that the massive IT outage, which canceled over 5,000 of its flights, will cost it $500 million.
\nIn a letter, CrowdStrike\u2019s counsel said that while the company accepts responsibility for the outage, it does not accept responsibility for Delta\u2019s own IT decisions and the subsequent impact they had on business operations, noting that \u201cDelta\u2019s competitors, facing similar challenges, all restored operations much faster.\u201d
\n\u201cDelta\u2019s public threat of litigation distracts from this work and has contributed to a misleading narrative that CrowdStrike is responsible for Delta\u2019s IT decisions and response to the outage,\u201d the letter said, going on to emphasize that Delta \u201cturned down free onsite help from CrowdStrike professionals who assisted many other customers to restore operations much more quickly than Delta,\u201d as well as the fact that other airlines were able to bounce back in a much faster time period.
\n\u201cCrowdStrike\u2019s focus remains on its customers, including Delta. CrowdStrike hopes Delta reconsiders its approach and agrees to work cooperatively with CrowdStrike going forward, as the two sides historically have done,\u201d the company\u2019s counsel added.
\nWhat the legal bluster ultimately shows is that, in today\u2019s digital age, the ability to recover quickly from an outage and ensure continuity is paramount for business success.
\nRead more:\u00a0Managing Third-Party Risks Emerges as Key B2B\u00a0Issue
\nReached for comment, a CrowdStrike spokesperson said to PYMNTS: \u201cThe letter speaks for itself. We have expressed our regret and apologies to all of our customers for this incident and the disruption that resulted. Public posturing about potentially bringing a meritless lawsuit against CrowdStrike as a long-time partner is not constructive to any party. We hope that Delta will agree to work cooperatively to find a resolution.\u201d
\nEffective disaster recovery planning requires collaboration between businesses and their B2B partners. This includes sharing information about potential risks, coordinating response strategies and conducting joint drills and simulations. By working together, businesses and their partners can ensure a more comprehensive and cohesive approach to resilience.
\nWhether it\u2019s due to a cyberattack, natural disaster or technical failure, an outage can disrupt operations, erode customer trust and incur substantial financial losses. For businesses, the ability to swiftly recover from such incidents is a necessity.
\nThe repercussions extend beyond immediate financial losses. In the age of social media, news of an outage spreads rapidly, potentially damaging a company\u2019s reputation and eroding customer trust. B2B partners, such as cloud service providers, IT vendors and supply chain partners, are integral to maintaining resilient infrastructure. These partners must prioritize resilience to support their clients\u2019 continuity and success.
\nRead more: Crisis as Catalyst: What AT&T, CrowdStrike Incidents Say About Recovery Best Practices
\n\u201cWith complex ecosystems, you have a higher\u00a0number of partners than you may have historically had\u201d in the past, Larson McNeil, co-head of marketplaces and digital ecosystems at\u00a0J.P. Morgan Payments, told PYMNTS. \u201cYou\u2019ve got to understand your industry and the various players in the ecosystem \u2014 and as complexity increases, you\u2019ve got to understand the risk and the opportunities that this creates for the business.\u201d
\nDigital outages aren\u2019t the only threat to B2B relationships. The latest PYMNTS intelligence report\u00a0finds that timely and reliable payments are fundamental to strong B2B partnerships and are especially critical for small- to medium-sized businesses (SMBs) on the receiving end.
\nHowever, the continued use of paper payments and manual accounts payable (AP) and accounts receivable (AR) processes often leads to payment delays and poor communication, threatening the trust and two-way efficiency vital to these connections.
\nGood communication is the basis of any effective relationship, and B2B partnerships are no exception, the report noted.\u00a0However, suppliers\u2019 AR teams must be able to collaborate with buyers\u2019 AP teams to ensure the smooth and swift processing of invoices and payment. However,\u00a0communication gaps in legacy payment systems frequently short-circuit these connection.
\nThe post Delta, CrowdStrike Fallout Highlights Why Firms Need a Recovery Plan appeared first on PYMNTS.com.
\n", "content_text": "No one is an island. And in our interconnected and digital world, no company is, either \u2014 meaning that the cost of a single facet\u2019s downtime on B2B partners can be catastrophic.\nFor proof, just look at the ongoing fallout from the July 18 disruption of Microsoft\u2019s Windows operating system caused by cybersecurity firm CrowdStrike\u2019s software update, which disrupted computer systems at businesses and public services around the world, including airlines, banks and hospitals. Microsoft has estimated that about 8.5 million Windows devices were hit by the faulty update.\nThe latest news from that black swan catastrophe for the connected economy?\nCrowdStrike\u2019s legal counsel has struck back at Delta Air Lines with a Sunday (Aug. 4) letter denying it was responsible for the carrier\u2019s own IT decisions and subsequent disruptions, after the airline announced plans to seek legal damages from the outage.\nDelta\u00a0has claimed that the massive IT outage, which canceled over 5,000 of its flights, will cost it $500 million.\nIn a letter, CrowdStrike\u2019s counsel said that while the company accepts responsibility for the outage, it does not accept responsibility for Delta\u2019s own IT decisions and the subsequent impact they had on business operations, noting that \u201cDelta\u2019s competitors, facing similar challenges, all restored operations much faster.\u201d\n\u201cDelta\u2019s public threat of litigation distracts from this work and has contributed to a misleading narrative that CrowdStrike is responsible for Delta\u2019s IT decisions and response to the outage,\u201d the letter said, going on to emphasize that Delta \u201cturned down free onsite help from CrowdStrike professionals who assisted many other customers to restore operations much more quickly than Delta,\u201d as well as the fact that other airlines were able to bounce back in a much faster time period.\n\u201cCrowdStrike\u2019s focus remains on its customers, including Delta. CrowdStrike hopes Delta reconsiders its approach and agrees to work cooperatively with CrowdStrike going forward, as the two sides historically have done,\u201d the company\u2019s counsel added.\nWhat the legal bluster ultimately shows is that, in today\u2019s digital age, the ability to recover quickly from an outage and ensure continuity is paramount for business success.\nRead more:\u00a0Managing Third-Party Risks Emerges as Key B2B\u00a0Issue\nWhen an Outage Becomes an Issue \nReached for comment, a CrowdStrike spokesperson said to PYMNTS: \u201cThe letter speaks for itself. We have expressed our regret and apologies to all of our customers for this incident and the disruption that resulted. Public posturing about potentially bringing a meritless lawsuit against CrowdStrike as a long-time partner is not constructive to any party. We hope that Delta will agree to work cooperatively to find a resolution.\u201d\nEffective disaster recovery planning requires collaboration between businesses and their B2B partners. This includes sharing information about potential risks, coordinating response strategies and conducting joint drills and simulations. By working together, businesses and their partners can ensure a more comprehensive and cohesive approach to resilience.\nWhether it\u2019s due to a cyberattack, natural disaster or technical failure, an outage can disrupt operations, erode customer trust and incur substantial financial losses. For businesses, the ability to swiftly recover from such incidents is a necessity.\nThe repercussions extend beyond immediate financial losses. In the age of social media, news of an outage spreads rapidly, potentially damaging a company\u2019s reputation and eroding customer trust. B2B partners, such as cloud service providers, IT vendors and supply chain partners, are integral to maintaining resilient infrastructure. These partners must prioritize resilience to support their clients\u2019 continuity and success.\nRead more: Crisis as Catalyst: What AT&T, CrowdStrike Incidents Say About Recovery Best Practices\n\u201cWith complex ecosystems, you have a higher\u00a0number of partners than you may have historically had\u201d in the past, Larson McNeil, co-head of marketplaces and digital ecosystems at\u00a0J.P. Morgan Payments, told PYMNTS. \u201cYou\u2019ve got to understand your industry and the various players in the ecosystem \u2014 and as complexity increases, you\u2019ve got to understand the risk and the opportunities that this creates for the business.\u201d\nDigital outages aren\u2019t the only threat to B2B relationships. The latest PYMNTS intelligence report\u00a0finds that timely and reliable payments are fundamental to strong B2B partnerships and are especially critical for small- to medium-sized businesses (SMBs) on the receiving end.\nHowever, the continued use of paper payments and manual accounts payable (AP) and accounts receivable (AR) processes often leads to payment delays and poor communication, threatening the trust and two-way efficiency vital to these connections.\nGood communication is the basis of any effective relationship, and B2B partnerships are no exception, the report noted.\u00a0However, suppliers\u2019 AR teams must be able to collaborate with buyers\u2019 AP teams to ensure the smooth and swift processing of invoices and payment. However,\u00a0communication gaps in legacy payment systems frequently short-circuit these connection.\nThe post Delta, CrowdStrike Fallout Highlights Why Firms Need a Recovery Plan appeared first on PYMNTS.com.", "date_published": "2024-08-06T11:45:59-04:00", "date_modified": "2024-08-06T22:44:28-04:00", "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/2021/09/delta-airlines.jpg", "tags": [ "B2B", "b2b partners", "B2B Payments", "commercial payments", "Connected Economy", "CrowdStrike", "CrowdStrike fallout", "Delta", "digital transformation", "News", "partnerships", "PYMNTS News", "small businesses", "SMBs" ] }, { "id": "https://www.pymnts.com/?p=2022719", "url": "https://www.pymnts.com/news/b2b-payments/2024/8-in-10-execs-have-lost-business-due-to-payment-errors/", "title": "8 in 10 Execs Have Lost Business Due to Payment Errors", "content_html": "The business-to-business (B2B) payments sector is undergoing a transformation as traditional manual processes strain business relationships.
\nLengthy payment cycles, inefficient communication, and error-prone methods are particularly challenging for small and medium-sized businesses (SMBs) that rely on timely payments. The demand for efficiency and trust necessitates adopting automated and digital solutions.
\nIn response, businesses are adopting automation, virtual cards\u00a0and digital payments. These innovations enhance cash flow, reduce costs, and improve customer experiences. Embracing these technologies helps companies strengthen supplier relationships, streamline operations, and stay competitive in the evolving digital landscape.
\nA recent PYMNTS Intelligence report, \u201cBuilding Better B2B Relationships Through Payments Innovation,\u201d in collaboration with American Express, explores challenges and solutions in B2B payments, emphasizing the role of automation and real-time payments. It examines how digital payment methods are reshaping interactions between buyers and suppliers, detailing the shift from manual processes to modern, consumer-like payment experiences. The analysis offers insights on enhancing payment strategies to strengthen and streamline B2B relationships.
\nIn the landscape of B2B transactions, inefficiencies in manual payments are straining relationships and disrupting cash flow. As of 2023, a troubling 42% of businesses reported an average days sales outstanding (DSO) exceeding 60 days, nearly doubling the previous year\u2019s figures.
\n
These delays intensified using paper checks and manual accounting, often drive SMBs to seek alternative working capital sources. This reliance can strain business relationships and increase the likelihood of operational disruptions.
\nIn 2024, more than 80% of executives say they\u2019ve lost business because of a payment process miscommunication. More than half say it\u2019s happened on more than one occasion.
\nThe traditional approach to accounts payable (AP) and accounts receivable (AR) is failing to meet the demands of today\u2019s business environment. Legacy systems are cumbersome and hinder effective communication between buyers and suppliers. More than 80% of SMBs acknowledge the critical role of automation in managing daily financial tasks, yet manual processes continue to dominate. These outdated methods create a bottleneck in financial management, jeopardizing timely payments and risking long-term business relationships.
\nAutomation, virtual cards and digital payments are recognized as vital components of modern B2B transactions. Automation bridges gaps between AR and AP teams, facilitating better communication and reducing disputes. According to a 2023 study, disputes and communication breakdowns between B2B partners lead to an average of $4 million in outstanding invoices per mid-sized company each month. Automation can mitigate these issues by offering real-time communication and streamlined payment processes.
\nReal-time payments are becoming a key preference among businesses, with 66% of SMB receivers expressing a strong preference for this method. The demand is particularly high among freelancers and contractors, with 81% favoring instant payments. Enterprises are responding by integrating real-time payment options, recognizing that 58% of payers view payee satisfaction as a primary motivation for offering these services. This shift toward instant payments is crucial for maintaining a competitive advantage and building stronger B2B relationships.
\nThe \u201cconsumerization\u201d of B2B payments reflects a broader trend toward enhancing the payment experience for business partners. As digital payment methods become more sophisticated in the consumer realm, B2B transactions are also evolving. Nearly 40% of firms still rely on paper checks, highlighting an opportunity for modernization. Innovations such as virtual cards and digital wallets are improving transaction efficiency and overall partner satisfaction.
\nResearch indicates that 84% of manufacturers receiving real-time payments report stronger buyer-supplier relationships. This sentiment is echoed across various industries, with real-time payments proving to be a pivotal factor in fostering trust and collaboration. As businesses increasingly prioritize digital and efficient payment methods, those that embrace these innovations are better positioned to build lasting, profitable relationships with their B2B partners.
\nBy adopting automation and real-time payment solutions, companies can transform the traditional B2B payment landscape, turning challenges into opportunities for growth and improved business relationships.
\nThe post 8 in 10 Execs Have Lost Business Due to Payment Errors appeared first on PYMNTS.com.
\n", "content_text": "The business-to-business (B2B) payments sector is undergoing a transformation as traditional manual processes strain business relationships. \nLengthy payment cycles, inefficient communication, and error-prone methods are particularly challenging for small and medium-sized businesses (SMBs) that rely on timely payments. The demand for efficiency and trust necessitates adopting automated and digital solutions.\nIn response, businesses are adopting automation, virtual cards\u00a0and digital payments. These innovations enhance cash flow, reduce costs, and improve customer experiences. Embracing these technologies helps companies strengthen supplier relationships, streamline operations, and stay competitive in the evolving digital landscape.\nA recent PYMNTS Intelligence report, \u201cBuilding Better B2B Relationships Through Payments Innovation,\u201d in collaboration with American Express, explores challenges and solutions in B2B payments, emphasizing the role of automation and real-time payments. It examines how digital payment methods are reshaping interactions between buyers and suppliers, detailing the shift from manual processes to modern, consumer-like payment experiences. The analysis offers insights on enhancing payment strategies to strengthen and streamline B2B relationships.\nAddressing Payment Inefficiencies\nIn the landscape of B2B transactions, inefficiencies in manual payments are straining relationships and disrupting cash flow. As of 2023, a troubling 42% of businesses reported an average days sales outstanding (DSO) exceeding 60 days, nearly doubling the previous year\u2019s figures.\n\nThese delays intensified using paper checks and manual accounting, often drive SMBs to seek alternative working capital sources. This reliance can strain business relationships and increase the likelihood of operational disruptions.\nIn 2024, more than 80% of executives say they\u2019ve lost business because of a payment process miscommunication. More than half say it\u2019s happened on more than one occasion.\nThe traditional approach to accounts payable (AP) and accounts receivable (AR) is failing to meet the demands of today\u2019s business environment. Legacy systems are cumbersome and hinder effective communication between buyers and suppliers. More than 80% of SMBs acknowledge the critical role of automation in managing daily financial tasks, yet manual processes continue to dominate. These outdated methods create a bottleneck in financial management, jeopardizing timely payments and risking long-term business relationships.\nRise of Automation and Real-Time Payments\nAutomation, virtual cards and digital payments are recognized as vital components of modern B2B transactions. Automation bridges gaps between AR and AP teams, facilitating better communication and reducing disputes. According to a 2023 study, disputes and communication breakdowns between B2B partners lead to an average of $4 million in outstanding invoices per mid-sized company each month. Automation can mitigate these issues by offering real-time communication and streamlined payment processes.\nReal-time payments are becoming a key preference among businesses, with 66% of SMB receivers expressing a strong preference for this method. The demand is particularly high among freelancers and contractors, with 81% favoring instant payments. Enterprises are responding by integrating real-time payment options, recognizing that 58% of payers view payee satisfaction as a primary motivation for offering these services. This shift toward instant payments is crucial for maintaining a competitive advantage and building stronger B2B relationships.\nConsumerization of B2B Payments\nThe \u201cconsumerization\u201d of B2B payments reflects a broader trend toward enhancing the payment experience for business partners. As digital payment methods become more sophisticated in the consumer realm, B2B transactions are also evolving. Nearly 40% of firms still rely on paper checks, highlighting an opportunity for modernization. Innovations such as virtual cards and digital wallets are improving transaction efficiency and overall partner satisfaction.\nResearch indicates that 84% of manufacturers receiving real-time payments report stronger buyer-supplier relationships. This sentiment is echoed across various industries, with real-time payments proving to be a pivotal factor in fostering trust and collaboration. As businesses increasingly prioritize digital and efficient payment methods, those that embrace these innovations are better positioned to build lasting, profitable relationships with their B2B partners.\nBy adopting automation and real-time payment solutions, companies can transform the traditional B2B payment landscape, turning challenges into opportunities for growth and improved business relationships.\nThe post 8 in 10 Execs Have Lost Business Due to Payment Errors appeared first on PYMNTS.com.", "date_published": "2024-08-06T04:00:50-04:00", "date_modified": "2024-08-05T20:14:40-04:00", "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", "accounts receivable", "AP", "AR", "automation", "B2B", "B2B Payments", "commercial payments", "consumerization", "Digital Payments", "digital transformation", "Featured News", "instant payments", "News", "PYMNTS Intelligence", "PYMNTS News", "real time payments", "small business", "SMBs", "The Data Point", "virtual cards" ] }, { "id": "https://www.pymnts.com/?p=2022441", "url": "https://www.pymnts.com/news/b2b-payments/2024/cartona-raises-8-1-million-to-expand-b2b-platform-across-mena/", "title": "Cartona Raises $8.1 Million to Expand B2B Platform Across MENA", "content_html": "Cartona has raised $8.1 million in a Series A extension fundraise to continue growing the product rollout, verticals\u00a0and offerings of its B2B platform for businesses in Egypt and, in the future, other markets in the Middle East and North Africa (MENA) region.
\nThe platform currently digitizes and empowers mom-and-pop stores, hotels, restaurants, cafes, fast-moving consumer goods companies and wholesalers in Egypt, the company said in a Tuesday (July 30) press release.
\n\u201cWe have an exciting future ahead, replicating the successful execution of our business model in other regional markets \u2014 all making trading as easy and accessible as possible for retailers and suppliers,\u201d Mahmoud Talaat, CEO\u00a0and co-founder of Cartona, said in the release.
\nCartona\u2019s B2B platform digitizes the traditional trade market and connects retailers with producers, distributors\u00a0and wholesalers, according to the release.
\nBy doing so, it enables retailers to order inventory through a mobile app; access embedded financing that is integrated into the ordering cycles; and gain detailed market insights on buyer behavior, price competition and market share, the release said.
\nWith these resources, retailers can better manage their stock and working capital via cash or credit orders and improve profit margins, per the release.
\nOmar Khashaba, general partner at Algebra Ventures, which led the funding round, said in the release that Cartona has a capital-efficient model that allows it to grow and profit even amid economic headwinds.
\n\u201cThe asset light nature of its model creates scalable infrastructure that can quickly be adapted for entry into new markets and adjacencies,\u201d Khashaba said in the release. \u201cCartona has also been a driving force for financial inclusion in the retail sector as more and more of its small merchants take advantage of inventory financing options.\u201d
\nWhen Cartona announced an earlier funding round in July 2022, the company said it aimed to digitize Egypt\u2019s trade system, much of which was still operating offline, with its B2B platform.
\nA month earlier, in May 2022, the company said it was working with multinational consumer goods company Unilever in a partnership designed to give Unilever access to a digital network of retailers and to help Cartona\u2019s customers access Unilever products more easily.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Cartona Raises $8.1 Million to Expand B2B Platform Across MENA appeared first on PYMNTS.com.
\n", "content_text": "Cartona has raised $8.1 million in a Series A extension fundraise to continue growing the product rollout, verticals\u00a0and offerings of its B2B platform for businesses in Egypt and, in the future, other markets in the Middle East and North Africa (MENA) region.\nThe platform currently digitizes and empowers mom-and-pop stores, hotels, restaurants, cafes, fast-moving consumer goods companies and wholesalers in Egypt, the company said in a Tuesday (July 30) press release.\n\u201cWe have an exciting future ahead, replicating the successful execution of our business model in other regional markets \u2014 all making trading as easy and accessible as possible for retailers and suppliers,\u201d Mahmoud Talaat, CEO\u00a0and co-founder of Cartona, said in the release.\nCartona\u2019s B2B platform digitizes the traditional trade market and connects retailers with producers, distributors\u00a0and wholesalers, according to the release.\nBy doing so, it enables retailers to order inventory through a mobile app; access embedded financing that is integrated into the ordering cycles; and gain detailed market insights on buyer behavior, price competition and market share, the release said.\nWith these resources, retailers can better manage their stock and working capital via cash or credit orders and improve profit margins, per the release.\nOmar Khashaba, general partner at Algebra Ventures, which led the funding round, said in the release that Cartona has a capital-efficient model that allows it to grow and profit even amid economic headwinds.\n\u201cThe asset light nature of its model creates scalable infrastructure that can quickly be adapted for entry into new markets and adjacencies,\u201d Khashaba said in the release. \u201cCartona has also been a driving force for financial inclusion in the retail sector as more and more of its small merchants take advantage of inventory financing options.\u201d\nWhen Cartona announced an earlier funding round in July 2022, the company said it aimed to digitize Egypt\u2019s trade system, much of which was still operating offline, with its B2B platform.\nA month earlier, in May 2022, the company said it was working with multinational consumer goods company Unilever in a partnership designed to give Unilever access to a digital network of retailers and to help Cartona\u2019s customers access Unilever products more easily.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\n\nThe post Cartona Raises $8.1 Million to Expand B2B Platform Across MENA appeared first on PYMNTS.com.", "date_published": "2024-08-05T13:36:12-04:00", "date_modified": "2024-08-05T13:36:12-04:00", "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/Cartona-b2b-fundraise.jpg", "tags": [ "B2B", "B2B Payments", "Cartona", "commercial payments", "digital transformation", "Egypt", "funding", "Investments", "MENA", "News", "PYMNTS News", "What's Hot", "What's Hot In B2B" ] } ] }