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For years, there has been a quiet shift in the B2B payments space. Paper checks — once dominant in all areas of commerce, now extinct for most consumers — have slowly lost ground, slipping to a meager, yet still surprising, 42 percent of all B2B payment types in 2019. However, in the wake of COVID-19, that may no longer be an option.
Order-to-cash solutions provider Billtrust has added Priority Commercial Payments to its Business Payments Network (BPN) to streamline B2B payments reconciliation, the companies said in a press release this week. Acquirers and accounts receivable platforms can also connect to the network to capture transaction data for end-users.
Developed in 2016, the acompay platform integrates with enterprise resource planning or accountingsystems and supports check, automated clearing house (ACH), and card payments.
The platform automates invoice registration, data entry and verification to enable AP professionals to access a digital copy of an invoice within 24 hours. Once approved, A/P One creates a batch file that is sent to accountingsystems to trigger vendor payment.
Bank’s latest offering for corporate treasurers aims to simplify the shift from manual to virtual B2B payments. 26) its latest tool, APConnector, as a way to automate and digitize accountspayable, while integrating that process into existing ERP systems. The bank announced Wednesday (Oct. Bank, reports said.
B2B payments company Comdata wants to streamline the process by which companies can enroll suppliers onto a virtual card program and is seeking a patent for its solution. We already integrate our virtual credit card system to each client’s ERP or accountingsystem to make the payment and reconciliation process seamless.
Commercial cards make up just a fraction of the supplier payments space, but the rise in virtual card technology – and the efficiency and security that come along with it – could help card issuers grab a larger slice of the B2B payments market. But we’ve been focused on different pieces of the puzzle.
Michael Praeger, CEO and co-founder of AvidXchange , said it’s past time to bring automation into the space to optimize invoice management and payment processes. Nanopay CEO Laurence Cooke said that’s why the startup now wants to make its B2B offering applicable across borders, and its cross-border capabilities applicable to businesses.
Michael Praeger, CEO and co-founder of AvidXchange , says it’s past time to bring automation into the space to optimize invoice management and payment processes. Nanopay CEO Laurence Cooke said that’s why the startup now wants to make its B2B offering applicable across borders, and its cross-border capabilities applicable to businesses.
Between treasury management, accounting, invoicing, cash management and all the other money tools corporates have access to today, it’s a wonder CFOs can keep their heads on straight. Brimfield pointed to the rise in third-party financial services systems as one of the strongest forces behind the development of the treasury management space.
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